CoinLend crypto lending bot is Germany’s high-tech Company providing digital asset lending services that hit the market in 2017. Lending is done through selected cryptocurrency exchange platforms like Poloniex, Bitfinex, and Liquid.
If you love holding digital coins, CoinLend could be a better option to earn from the crypto you hold. You do not have to let the dust settle on your digital assets anymore. This unique platform provides loans to individuals and collects returns on behalf of the investor.
The interest you gain from allowing the CoinLend bot to work for you depends on the digital assets you are investing in. What’s more; setting up the lending App is easy and you do need to be tech-savvy. Once you set up your account with Poloniex, Bitfinex or Liquid, your digital coins will start making profits for you.
CoinLend is a fully automated lending system that cushions investors against the crypto volatility. The tool monitors the digital money market for optimal returns on investment. As a user, you need to have an account with CoinLend and link the API with the supported exchange.
Your funds are highly secured against hackers. You are the only one with access to your private keys. Since its launch, in May 2017 the platforms’ popularity continues to grow. The platform has over 20,000 users and a total of has been generated. It processes over 180,000 loans per day.
The crypto market is highly speculative and the CoinLend bot targets investors who have digital assets stashed in wallets and exchanges. This is a tool that helps crypto goers earn in two ways; when the markets appreciate and earning passive interest through lending.
Services offered by CoinLend
By simply sending your crypto to the supported exchanges and setting up the CoinLend lending bot, you are assured of earning some passive income. The platform core service is offering crypto lending options. The lending bot works 24/7 to ensure you get the best rates in the crypto market.
In return, users earn interest. Bitfinex rates are paid on a daily basis while Poloniex pays interest at the time of paying back your loan. However, CoinLend annualize loans to make them more practical. However, you can opt for daily interest rates.
Each supported exchange has daily color-coded rates;
Note: The interest rate is paid using the same digital currency that you invest in.
CoinLend Fee Structure
The CoinLend fee structure is dependent on the plan you choose. These plans come with different features. The choice depends on individual preference. You can choose the plan depending on your budget and anticipated interest.
There three plans with basic having the least functionalities and one bot but charging $1 per week and 5% in the interest earned. Standard comes with three bots and charges a weekly fee of $2 and 5% of the total interest earned. Lastly, premium plan is the most popular charges $3 weekly and 5% on your interest. Premium plan comes with a lot more benefits since it has high polling frequency meaning the lending bot visits the API many times compared to basic and standard plans.
Benefits of using CoinLend
The CoinLend platform benefits both the investor and the borrower. The investor earns passive interest while the borrower utilizes the idle digital assets for businesses or related uses.
As a borrower, you do not have to trade in digital assets to get loans. This lowers the risks involved in the digital asset market.
Lenders offer their digital assets to be given out as loans and in return get competitive interests. Earnings are determined by how long you want to earn interest and the amount of crypto you invest.
The CoinLend lending bot cushions the investor against will crypto market volatility. This feature minimizes any risks associated with holding crypto assets in an unpredictable market.
Comparison with other Crypto Lenders
CoinLend is not a lone player in the crypto lending niche. There are others including CoinLoan, Celsius, BlockFi and Nexo. However, the choice of a lending platform depends on individual needs, interest rates and the fees charged.
CoinLend charges are competitive since they seem to target only high end crypto exchanges. However, their visibility is wanting compared to other crypto lending platforms targeting more exchanges.
CoinLend Pros and Cons
The CoinLend crypto lending bot saves you time. Once you stake up your digital coins, you do not have to do anything. You just wait for your interest depending on the duration you have specified and the coin you are investing in.
The platform has user guides on how to set up your account, activate the lending bot and connect it to the supported exchange of your choice.
The lending and reporting is done from one platform. You do not have to visit each individual exchange and check your earnings.
It helps crypto users utilize the potential of digital assets lying idle in their wallets or exchanges.
CoinLend limits its users to select cryptocurrency exchanges. If you do not have an account with these select platforms, you cannot enjoy the lending bot services.
Compared to the competition like Nexo, CoinLend does not have a native card for customer retention.
CoinLend popularity is on the rise and it is a trusted platform. The app is easy to use and it has a good track record. The platform may not make rich overnight, but a good app to put your idle digital assets to work. The platform is simple and easy to use for both the crypto expert and the newbie.
|CoinLend Interface||Fees||Accepted coins||Customer Support||Supported Exchanges||Payment methods||App compatibility|
|Easy to use||Competitive. See fee structure||Good range|
See historical data
|Support available through [email protected]|| |
|Cryptocurrencies||Android and iOS|