The consultant Adila Fin y Play revealed how operations and money flows work in different crypto and finance applications in Argentina. Both bank accounts and CVU accounts (Uniform Virtual Account) of fintechs were used. The idea of the research was to find which of the applications offered the best returns and the best usability.
The report, which was developed for ten days during the month of April of the current year, analyzed the flows of money through bank and fintech accounts and from the crypto applications of Belo, Bitso, Buenbit, Lemoncash and Ripio.
The work methodology was that two researchers made exactly the same money movements, only changing the entities that receive and move the money. In addition, the work carried out the tests with CVU one after the other to know the real loss in pesos and in the case of banking transactions by CBU, DAI was held during the ten days of investigation.
The first data that the investigation throws is that, in the exchanges, only three steps are needed to complete the DAI purchase operation, these being the selection of the token, the selection of the amount to buy and the confirmation of the operation.
Regarding costs, Belo is the cheapest, followed by Buenbit, Lemon, Bitso and finally Ripio; which ranks last. When it comes to returns, first place went to Lemon with returns of 3.50% on Bitcoin, 4% on Ethereum, 7% on USDT and 13% on DAI. Lemon competes with two other companies that also offer returns in crypto, the other players in the market do not have this option. Buenbit offers 10% per year in DAI, 7% in Solana and 5% in Polkadot. Lastly, Belo offers only 8.5% in DAI and 5% in both Bitcoin and Ethereum.
When it comes to commissions, Lemon is the most expensive option, with a 1% commission on both sales and purchases and 0.3% on conversions.
On the contrary, Belo or Buenbit are the most convenient since they do not charge a commission in any of the three operations mentioned above. All three offer cashback systems of at least 2%, but Belo contemplates the possibility of receiving cashback of up to 21%.
It should be noted that, in the case of cashback, Belo allows you to choose in which crypto to receive the cashback when spending pesos, while Buenbit randomly chooses between DAI, Bitcoin and Ethereum. Using Lemon, only Bitcoin is received, but the company charges 0.5% due to the costs of converting fiat pesos to cryptocurrencies.
To see the full report, go here.
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