Poloniex lending bot Unboxing
I just started today running the Poloniex Lending Bot and wanted to write about my first impressions
In the Poloniex loans market ,coins can be lent to other users ,usually margin traders , for a period of time of 2 days of more ,this periods can be extended automatically, but you may no want it to be extended in some situations , the trader would have to be checking the trading console too often if he wans to optimize earnings
Poloniex lending robot will take care of this , so the traders will not have to dedicate any time matching trades
After login to the bot admin console will find the Bot Dashboard , whith info about our open and closed loans,earnings,etc.. also most of the bot settings can be changed from here including :
Although I have just used so far BTC and Ethereum for lending , there are up to 12 coins available, During my test BTC rated moved in the range (0.0100% - 0.0500%) while Ethereum went more stable close to the 0.0080 % rate
For each Coin we can configure both the number of days we want the loan to be active and the minimum rate we are going to accept to get
The bots eats (10%) of the earnings , we may start running the robot , it will work fine , but after you generate 10 sat , some of the configure options will be blocked until the outstanding is payed
Open positions are instantly reported
This picture from Poloniex lending page , shows a new loan offer which is open at the rate we already set at bot Dashboard (0.0294%)
We get info about the closed orders
Well, I hope you find useful this review, if so I will work on a deeper analysis .... ciao
Take a look to this video to know how to run your bot
Also checkout Coinlend.org!-> It's free of charge and supports Poloniex & Bitfinex
Interesting ! thanks
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Wow :O One question - is it profitable?
Lending is very profitable -> thanks to the compound interest effect
Coinlend.org!
well,I have not yet made numbers , but I would say that it is probable moving earnings up , I would say that at leaast 25 % if you use the "minimum rate" wisely
I will tell you how is it going if interested .. :)
I'm always looking for additional ways to "be the bank." Will check this out. I've traded equities on margin for years so understand the borrowing/lending. Nice to be on the lending side for a change :-)
Yeah!! It is nice to be in the the bank side now , can not write any longer now , since I am starting my golf private lessons : P