Indian Exchange Launches Lending Program for 5 Cryptocurrencies

[DreamStage]

Indian Crypto Exchange:
Coindcx

Launched Dcxlend lending Program's:
5 Lended Cryptos: BTC, USDT, ETH, XRP, and BNB.

An Indian crypto exchange has launched a program that allows its users to earn interest on their cryptocurrencies held at the exchange. Initially, users can lend BTC, USDT, BNB, XRP, and ETH. The CEO of the exchange has shared details about this new offering with news.Bitcoin.com.



The exchange’s website currently displays monthly interest rates of 2 percent for BTC, 1 percent for USDT, 1 percent for BNB, 0.75 percent for XRP, and 0.75 percent for ETH. CEO Sumit Gupta told news.Bitcoin.com that BTC has the highest interest rate “because our traders mostly do margin trading in BTC markets (hence high demand for BTC lenders).

Full Information and Source: https://news.bitcoin.com/indian-exchange-lending-program-cryptocurrencies/

I believe that something like this it will bring a wider range of Bitcoin and other crypto new users. Opening new doors and probabily a New price boom?

What you guys think about this new Coindcx approach with lending system? Good or Bad? What are you expectations? Tell us your perspective! (As im excited for these new approaches)

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[alisafidel58]

It is good if it's done right but I'm just wondering about the 2% interest rate? Will that 2% interest rate be fixed from the date you made a loan or will that also be volatile?

E.g I lend 1BTC at the price of $100 then the price went $300 after a month will that also be covered by the 2% interest rate?

[Bitinity]

To be honest I dont really like with lending feature on an exchange since Poloniex introduced it long time ago. Logically lending your coins = locking your coins on the exchange, means you can do anything with it just in case there is a big pump of the coin you lend. It is also the same as holding your coin in exchange for long term purpose which is something not recommended. The interest rate is not worth the risks imho.

[Sonu_titu]

In the article you have shared there are many things that once most treat as T&C:

The exchange detailed that there are “three lending term lengths: 7 days, 15 days, and 30 days. The interest rate varies dynamically and goes up to a maximum of 2%, according to market dynamics — demand and supply.”

its is not 2% it is upto 2% and also they mention it depends on market dynamics(not cleared what it means. and is the lending term fix? this interest rate mentioned is for the year or for 30 days?

Bitbank, another regulated Japanese exchange, also offers up to 5 percent interest annually for users lending between 1 and 25 BTC. Besides BTC, the exchange plans to extend the offer to BCH, ETH, LTC, XRP, and MONA.

As it is mentioned here that the interest is annual. The interest rate mentioned by Coindcx is for the year or for 30 days?

I think one should be clear of these points before lending.

[Pursuer]

that is the worst thing that can happen in my opinion.

we all know that keeping your coins with an exchange is the riskiest thing that anybody can do in this market and when that exchange is an Indian one where their government has been trying to prevent bitcoin's adoption for a couple of years now, it becomes even a worse idea.
but unfortunately many users won't see it that way for the time being because they will be blinded by the greed of that small amount of profit until the disaster hits them and we are left with another huge exchange exit scam.

[n0ne]

I don't find this to be functioning without flaws, possibly this is a way to increase the volume on the exchange. When we are making an investment it gets locked to the cold storage of the exchange. Possibly these funds can also be used on mixing up with the trading volume of the exchanges. Initially exchanges won't be having big funds, but the funds through this will help with this.

[Beerwizzard]

It is good if it's done right but I'm just wondering about the 2% interest rate? Will that 2% interest rate be fixed from the date you made a loan or will that also be volatile?

E.g I lend 1BTC at the price of $100 then the price went $300 after a month will that also be covered by the 2% interest rate?

I'm sure it will be fixed in BTC. Like you are lending someone 0.1 BTC and getting back 0.11 BTC. In this case you will be secured from volatility.

I remember that there was (and there is) a similar service in Poloniex but at one day the interest rates have dropped significantly and no one wants to risk his money for such a small revenue.

[hugeblack]

Stop listening to the news contained in Bitcoin.com's website, it's full of lies and misleading information.

We all know that storing coins on platforms is much worse than using banks, so you lose money when using these platforms.
You can earn a lot of money if you trade them properly instead of depositing them at unknown people hoping to get 2% monthly.

[DreamStage]

Stop listening to the news contained in Bitcoin.com's website, it's full of lies and misleading information.

We all know that storing coins on platforms is much worse than using banks, so you lose money when using these platforms.
You can earn a lot of money if you trade them properly instead of depositing them at unknown people hoping to get 2% monthly.

Stop replying if you do not read everything that was posted + read the full source of it + checkout the truth of the content:



Here's the site with the lending option: https://coindcx.com/lend

[Beerwizzard]

Stop listening to the news contained in Bitcoin.com's website, it's full of lies and misleading information.

We all know that storing coins on platforms is much worse than using banks, so you lose money when using these platforms.
You can earn a lot of money if you trade them properly instead of depositing them at unknown people hoping to get 2% monthly.

Unfortunately, not everyone knows how to trade cryptocurrencies and how to trade at all. Now it is not 2017 and it is not enough to pick a random shitcoin and trade it in its pumps. Even people who know how to trade are still risking to loose their money while lending seems to be a safer way even for newbies. Ofc if there would be a proper system that will help to get their money back.

[stompix]

its is not 2% it is upto 2% and also they mention it depends on market dynamics(not cleared what it means. and is the lending term fix? this interest rate mentioned is for the year or for 30 days?

It's a monthly rate of 2%, that means 24% annually.
My mortgage from ING is 2.8% a year for comparison, and my credit card after the grace period 11%

that is the worst thing that can happen in my opinion.

we all know that keeping your coins with an exchange is the riskiest thing that anybody can do in this market and when that exchange is an Indian one where their government has been trying to prevent bitcoin's adoption for a couple of years now, it becomes even a worse idea.
but unfortunately many users won't see it that way for the time being because they will be blinded by the greed of that small amount of profit until the disaster hits them and we are left with another huge exchange exit scam.

I'm giving it 12 months before it gets "hacked" or something along the line.

Funny stuff:
https://coindcx.com/about-us

We believe that the core principles of Bitcoin, the blockchain, the distributed ledger, and smart contracts can reshape the way in which people trust each other. This transformation can eliminate barriers in transactions, increase their efficiency across the world, and eventually have a significant impact on the global economy.

One principle of bitcoin is to keep your damn coins in your own wallet !!!!!

To make this possible, we have foregone handsome salaries elsewhere and devoted ourselves to the blockchain technology revolution. By doing this, we hope to change the world together, along with you, our users.

As for this, if it looks like bs, it smells like bs...what it is?

Stop listening to the news contained in Bitcoin.com's website, it's full of lies and misleading information.

We all know that storing coins on platforms is much worse than using banks, so you lose money when using these platforms.
You can earn a lot of money if you trade them properly instead of depositing them at unknown people hoping to get 2% monthly.

Stop replying if you do not read everything that was posted + read the full source of it + checkout the truth of the content:



Here's the site with the lending option: https://coindcx.com/lend

Use your head..
A small exchange that does 4 BTC volume a day has just launched a lending service and has 170 BTC already loaned.

[lyks15]

I think this is good idea. Loan will become more accessable,fast and without many forms and requirements needed. But in terms of interset I think this is more higher than the bank. Here in PH loan using crypto is now very popular. But I dont think how long it's take to be loss. In type of netizens that we have I think loan is not a good type of business.

[100bitcoin]

that is the worst thing that can happen in my opinion.

we all know that keeping your coins with an exchange is the riskiest thing that anybody can do in this market and when that exchange is an Indian one where their government has been trying to prevent bitcoin's adoption for a couple of years now, it becomes even a worse idea.
but unfortunately many users won't see it that way for the time being because they will be blinded by the greed of that small amount of profit until the disaster hits them and we are left with another huge exchange exit scam.

I think, most of the users have not yet got their money back from the CoinSecure scam. And here is another wannabe in the market.

[DreamStage]

Use your head..
A small exchange that does 4 BTC volume a day has just launched a lending service and has 170 BTC already loaned.

Well we are debating if it's true or not and what are your thoughts about it.
I did validated that the News from Bitcoin.com is true thus we don't know it from Coindcx as how it will all be played out (the end of it).

We will just have to wait to see how it will turn out in the next following days / weeks.

[aad140386]

This is definitely good news, but I don’t quite understand how this exchange operates in India when the Indian government prohibited the activity of crypto-burg. Cryptobirths were prohibited from interacting with banking institutions and so on. I didn’t know much about this issue, but it’s just a matter of concern to me. Will the citizens of India suffer if they use this cryptobirth from the Indian authorities? Well, of course, if the exchange is located in India. I like the idea, and I will probably consider the possibility of investing in this exchange myself. True, I first study its activities.

[Pursuer]

that is the worst thing that can happen in my opinion.

we all know that keeping your coins with an exchange is the riskiest thing that anybody can do in this market and when that exchange is an Indian one where their government has been trying to prevent bitcoin's adoption for a couple of years now, it becomes even a worse idea.
but unfortunately many users won't see it that way for the time being because they will be blinded by the greed of that small amount of profit until the disaster hits them and we are left with another huge exchange exit scam.

I'm giving it 12 months before it gets "hacked" or something along the line.

Funny stuff:
https://coindcx.com/about-us
....

if I  was only doubting their legitimacy before, now I am absolutely sure that they plan on running a Ponzi Scheme and call it an "exchange service with monthly profit" and that is a 100% guaranteed to have an expiration date where they scam and run away.
how long it would take is going to only depend on how many people are going to fall for it and actually make a deposit. so it can go belly up in a month or a year.

[kryptqnick]

To be honest I dont really like with lending feature on an exchange since Poloniex introduced it long time ago. Logically lending your coins = locking your coins on the exchange, means you can do anything with it just in case there is a big pump of the coin you lend. It is also the same as holding your coin in exchange for long term purpose which is something not recommended. The interest rate is not worth the risks imho.

If the idea is that people will be able to receive some additional btc because of holding it, it's not bad per se. Although I agree that I would not trust any exchange with my coins. But what I really think is a bad idea is to lend money to people. If a trader already lost everything, lending money from the exchange will only make one's problems more serious, because apart from not having money there'll also be debts. It's risky for the exchanges as well as inhumane toward people with addiction. It heavily breaks the rule of investing only as much as one can afford to lose.

[stompix]

I think this is good idea. Loan will become more accessable,fast and without many forms and requirements needed.

But what I really think is a bad idea is to lend money to people. If a trader already lost everything, lending money from the exchange will only make one's problems more serious, because apart from not having money there'll also be debts.

You people have the wrong impression on how this will work, nobody is giving you money that you can withdraw or for free and then wait for you to pay back.

Funds are then lent to the users only when the margin trade is open, with no withdrawal access and hard liquidation with 7.5% maintenance margin.

If you don't have money and you don't trade with those funds there is no way you get a "loan".

if I  was only doubting their legitimacy before, now I am absolutely sure that they plan on running a Ponzi Scheme and call it an "exchange service with monthly profit" and that is a 100% guaranteed to have an expiration date where they scam and run away.

I've changed my way of thinking about any new crypto venture.
I start by looking at it as a scam and only if I can't find anything shady I will categorize it as a project that might not be scam!
And they all stay like this till ...they finally scam some users!

[Leonardo7]

This is a good step which can encourage investment in cryptocurrency with the hope of receiving profit at the end of the month. And it's good too since interest will be paid in coin and not fait. But the problem I have with lending in crypto is that: Past lending I know off do fail and folded up, although the past ones had a very high daily interest rate and they couldn't survive. Let's hope this proof to be good.

[dothebeats]

This is like a much complicated version of losing money within a short span of time. No one is allowed to withdraw and no one would borrow coins until margin trading is open. This clearly is a money-grab masked as a lending site. If one resorts to borrowing coins, I think they should not be meddling with cryptocurrencies if they don't have enough capital of their own.

To be honest I dont really like with lending feature on an exchange since Poloniex introduced it long time ago. Logically lending your coins = locking your coins on the exchange, means you can do anything with it just in case there is a big pump of the coin you lend. It is also the same as holding your coin in exchange for long term purpose which is something not recommended. The interest rate is not worth the risks imho.

I remember this when it was introduced in Poloniex although it was short-lived. No one really wanted to risk a huge portion of their money for a tiny percent of gain (?) so it died pretty quickly. What more about a relatively unknown exchange with little to almost no volume? :/