For all people interested in passive income and interest generation, I will present you a new project of us: Coinlend. Our service allows you to automatically generate interest with margin funding on Poloniex and Bitfinex.
Check out our website to see the latest interest rates and how profitable lending is:
https://www.coinlend.org/Our goal was to make this service super simple. You just generate your API-Keys at Poloniex/Bitfinex and store them in your Coinlend Bot in a couple of simple and well-explained steps.
IMPORTANT: There is no risk in providing your API-Key to Coinlend. There is no trading or withdrawal of funds possible with the key. So to use our service, you don't need to have to trust us.
As soon as the credentials are stored, the bot will start its work and lend all funds available in your lending wallets. All other cryptocurrencies which are supported by the exchanges can be lent via the bot as well.
To get a first impression about our service I will attach some images and the most asked questions. If you have additional questions, feel free to ask. Feedback is also very welcome.
What's the purpose of this service?It is possible to lend bitcoins as well as other cryptocurrencies at very lucrative interest rates and limited risk at exchanges like Poloniex or Bitfinex. The difficulties in doing this manually are:
* The interest rates are very volatile.
* The loans can be paid back by the borrower at any time.
For the best possible revenue, it is needed to log in at regular intervals to manage and renew the loans. On the platforms, there is an auto-renew functionality, which renews loans automatically if they are paid back. The renewed loans are created with the same interest rate as the previous one. That's why they are now probably above or below the current optimal interest rate. Therefore, the loans are priced to cheap and potential interest is thrown away - or the loans are priced to expensive and will not be taken by borrowers. During the time, the loan is not taken, you are missing out on interest as well. Here comes to Coinlend bot into play: The bot lends out all your funds for the best possible rates and this fully automated and 24 hours around the clock.
How does the service work?Our main goal was to make this as easy as possible and create a simple to the user interface. You just have to register an account at Coinlend and enter your API credentials for Poloniex and/or Bitfinex on the account page. A step-by-step guide can be found here (Poloniex) and here (Bitfinex). The Bot will then check your accounts on Poloniex and/or Bitfinex and create new loans with optimal interest rate if necessary.
What is the risk?Storing your API credentials at Coinlend does not contain any risk. No withdrawal of funds or trading is possible with these credentials. Even with the slight chance that Coinlend gets hacked and your credentials get stolen - the hacker could not do anything harmful with them.
Which platforms are supported?
Currently, we support the exchanges Poloniex and Bitfinex. Further, platforms like Quoine will follow in the future.
Are there minimum thresholds for the lending amounts?Yes, the Bitfinex API expects an equivalent token amount of $50. This means the bot can only create a loan offer if this threshold is present on the funding wallet. For Poloniex the following minimum thresholds:
Bitcoin: 0.01 BTC
Ethereum: 1 ETH
Clams: 10 CLAM
Factom: 10 FCT
Stellar: 100 STR
Dogecoin: 100 DOGE
What's the cost of the service?The service is free of charge. The project is financed by donations.
https://www.coinlend.org
