Use Poloniex Lending Bot for Maximum Interest Earning Potential
Hi guys!
Today I decided to publish a video tutorial on how to do Margin Lending on Poloniex. As you all know, Poloniex is an American based exchange platform where you can exchange your Bitcoin for other types of Crypto-currencies at market value.
One of the features on Poloniex is called Lending which enables you to lend out your Crypto-currencies at an interest to other traders on the platform who are interested in Margin Trading.
Margin Trading is when you use borrowed money to buy Crypto-currencies. The benefit of this form of trading is that it allows you to buy more than you would normally be able to buy simply because you are using other peoples coins for trading.
Please note Margin Trading is very risky!
In order to lend out my coins I use a lending bot called Poloniex Lending Bot which enables me to do automatic lending but you can also do it manually if you don't have an account with the lending bot. [image source: poloniexlendingbot.com]
The only downside to manually placing a loan is the fact that you have to monitor your Lending Wallet on Poloniex. This video will show you how to place automatic loans and how to place manual loans.
Just in case you haven't read my previous post on Steemit: Forget about Faucets: Use STEEMIT Earnings to Trade on Poloniex!
HI, the site no longer accepts new sign on and will be winded down. FYI.
Hi @benjust123 sorry about that and thanks for letting me know. Apparently the owner is planning on starting something new. I would recommend using the manual way to place loans until a new lending bot comes along. I plan on doing this when the poloniex lending bot gets discontinued. Thanks again :)
I have been watching this feature... Please tell us:
"Please note Margin Trading is very risky!"
Is our money at risk when lending?
In your own experience what % of benefits are you getting? For how long you had to lend your money to get that benefit?
Thanks a lot for your helpful post.
Hi @marcosespes1 great question my friend. Poloniex has a feature called forced liquidation which protects users from losing their crypto-currencies when they borrow it out.
Use this link to get a better understanding of margin trading and forced liquidation: https://poloniex.com/support/aboutMarginTrading
All earnings varies based on the demand for the coin and the interest people are willing to pay for the coin.
You do get a lot of benefit from lending because risk is very low and if you have a substantial amount of Bitcoin then you can earn a lot.
Hope this helps and thanks for the comment :)
Thanks a lot, following the link and trying to understand force liquidation.
"and if you have a substantial amount of Bitcoin then you can earn a lot." Man, if I had a substantial stack of this magic stuff I would be leaving my job two months ago ;-)
Lol I know what you mean buddy :)
To figure out what you will make just multiply the interest rate with the amount of coins you lend out. If you look at the lending bot picture you will see bitcoin has a lending rate of 0.1785% which means if you have 1 bitcoin it will be 1x0.1785% per day. The same applies for the other coins just different lending rates.
Hope this helps ;)
Thanks a lot, yes it helps and...
May I suggest to take a look to ethtrade.org? I have been using them for almost tthree months now and the returns vary between 0.37% and 0.70 daily.
I am really happy with the results and their web its pretty simple and nice to use.
Im glad it helped and thanks for the recommendation. I will check them out when I have some spare time :)
great stuff, thank you! upvoted and followed :) p7irjw on next genesis mining upgrade if you like ....
Thanks for the support @benzomatic