Consider a situation when your digital currencies stored in the wallet are sitting idle which are not generating any income. You’ve devoted your time and money into these digital assets, waiting for the market to grow, but the market is stagnant and the primary concern is to find a safe and efficient way to make a profit off the crypto balance without exposing yourself to the risk of trading. Fixed income securities such as bonds or savings accounts do not fit well into cryptocurrency space. But here comes the role of Bitfinex Lending Pro at its place.
Introducing Bitfinex Lending Pro:Bitfinex Lending Pro is a new unique concept that is created to satisfy the requirements of cryptocurrency shareholders. It enables the users of this platform to lend their cryptocurrencies to other users who may need them for a range of activities that include trading, margin trading or short term borrowing. For this, the lenders are able to generate some returns on their loaned financial securities.
Make sure that you have atleast $50 of Bitcoin to perform Margin trading in Bitfinex (also called as Funding in Bitfinex). Bitfinex accept deposit in cryptocurrencies and USD.
On Bitfinex, you can lend your cryptocurrencies in two way:
1.Normal funding:Those who want to lend smaller number of cryptocurrencies can use this funding, it is easy to understand even for beginners.
They can see the lending offers here and can even create their own offer.
2.Lending PRO: This is an advance option and a more complex one, available for those who want to lend large amount of cryptocurrency and optimize their lending process.
In below section, we will discuss about Lending Pro option and how to use it.
Visit Bitfinex 3.Lending PROWith lending pro, Your process of lending loan can be automated to maximum level and at optimal rate. Look for Funding option in the navigation menu, it is typically located in the top left corner of the window. By clicking on Lending Pro you will be taken to Lending Pro Interface.
To turn on the automation for your lending process, click on Automation setting button in the top right corner of the screen.
There are lots of option available that you can configure for the cryptocurrency that you are lending.
For auto-lending to be active, you will have to turn on the option for Automatic Lending. Then, select your preferred lending mode: One can select from Dynamic (Under this option the offer get auto adjusted until they are accepted) , Fixed, or Market option (Using recent matched rate on which loan is funded on the platform).
Determine the minimum interest rate (Minimum rate) you can accept and exclude any money that you wish to keep aside (Reserved funds). You can also choose when to reinvest offers that have higher interest rate to allow longer periods for higher interest rates (Rate retention), or choose to have fixed interest rate of the offer and size of offer(Fixed amount and Fixed period).
There must be a maximum amount that you are willing to offer for automated lending (Maximum offer amount). If you want, you can even hide your open offers in case you are very much concerned with your privacy and security (Hide open offers).
After completing the automation, you can go back to interface of Lending PRO and track your lending activity by the reports displayed in the interface.
Besides the usual tabs, following facilities are also present:
Familiarize yourself with the key concepts of Bitfinex Lending Pro:
You can start using this platform to manually or automatically lend your Cryptocurrency and keep track of your cryptos effortlessly. Set your Interest rate, Loan amount and Loan period and start earning a passive interest on your crypto without any risk by making your crypto work for you in stagnant market.
Can I take back my provided funding offer early?No, once funding is taken, it can only be closed by the funding taker or the time when the funding expires.
Can funding be returned before the funding period expires?Yes, the borrower who has taken funding can return it anytime before the expiry of the loan term.
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