Can I use Coinlend to lend cryptocurrencies in an uncomplicated way and thus make a double payment? What's the deal with the lending bot and does it even work reliably? Does the lending bot really generate fully automatic interest income? The answers to these and other questions can be found in this article.
In the article I share my personal experience with Coinlend with you. I show all advantages and disadvantages and we clarify the question: Is Coinlend serious at all.
You'll find screenshots of my user accounts below, so you can see everything 100% transparent. I'm very happy and I also really want to write this experience report. To anticipate it right away: I think Coinlend is absolutely great.
What is lending / funding?
In principle, lending (loans) and funding (financing) are not new terms for many people. The word Lending stands for lending or borrowing, i. e. the possibility to lend cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.) to other participants of the exchange. On the other hand, traders and traders have the possibility to borrow or finance cryptocurrencies.
Bot is the abbreviation for robot or robot and thus stands for the second important building block, namely automatism. The bot's taking your work away. So it gets exciting when you look at lending in combination with Bot. The bot automates and optimizes the entire process and is also able to generate significantly higher interest income for lending. The lending bot doesn't sleep, the bot works around the clock. The lending bot is also constantly learning and becoming smarter.
What exactly does Coinlend offer?
Coinlend Interest RatesYou can use Coinlend to lend your cryptocurrencies and get a decent interest income. In this way you benefit twice over. On the one hand, because of the rising prices and on the other hand, the interest rates on top. Coinlend's lending bot offers: automated interest income through the lending of cryptographic currencies. I know that sounds too good to be true.
I have been fascinated by the topic of cryptocurrencies for a few months now and am benefiting enormously from the rising prices. But Coinlend is crowning the whole thing with the lending bot. And all this completely free of charge. The Coinlend Bot is now working around the clock. Of course you can also do this by hand, but that would be very time-consuming and not as profitable as the automated lending bot.
To get the bot up and running, you will need to have an account at Coinlend, Bitfinex and Poloniex. With Coinlend you access the public API interfaces of Bitfinex and Poloniex. Once set up, the bot does its job automatically. And around the clock. It took me about 1.5 hours. Click here to register with Coinlend now, then here at Bitfinex, Quoinex and Poloniex. Once you've completed all three registrations, just follow the step-by-step instructions at the bottom of the article.
The bot offers some features that make it very interesting:
- The bot will automatically lend at the best interest rate. Each rental agency can be evaluated by feedback that constantly improves the algorithm.
- No risk due to the storage of API keys. Bots are always created in such a way that there is no access to trading, funding or account information.
- The bot is completely free of charge and has so far only been financed by voluntary donations.
- With the Coinlend Bot on multiple portals at the same time: Bitfinex, Poloniex & QUOINEX
- Regular development by the two founders, Jan and Christopher.
- Additional source of income for long-term investors and low-risk investors
Is Coinlend's lending bot secure?
Safety always comes first, clearly! I make a big bow around dubious providers and portals. Jan and Christopher, the two founders of Coinlend, headquartered in Mannheim, are really doing a great job here. 100% transparent and absolutely serious, otherwise I would have been over all the mountains long ago.
Actually, it's quite simple - either you already have coins in your depot, or at least you love to buy them now, because otherwise you wouldn't read this article at all. Due to the high demand and the resulting increase in prices, your portfolio (if available) is already working for you. The price rises, your portfolio gains in value. Now it is explicitly a matter of using the lending bot to permanently refine your "sleeping" deposit without great effort with additional interest income.
Example: Many traders currently have a clear focus on digital currencies. Many traders who believe that the price of a certain coin will rise soon may not have sufficient liquidity available at times. The trader can now borrow coins from you and buy bitcoin, for example, which he then trades with. Of course, the trader always has to earn not only his own profit but also the cost of interest.
You as the lender are protected by the stock exchange in case of wrong decisions of the trader. So you can earn interest income as a lender with your coins without being exposed to the risk of active trading. If the trader's trade does not open, the position of the trade will be liquidated to secure your money. This is guaranteed by the two exchanges.
The security of your deposit or coins is always the central and most important thing. And the two founders of Coinlend have also found a good way to do this, because the Coinlend lending bot does not need any tricky or problematic authorizations. Neither Bitfinex nor Poloniex. The API interface can never cause money damage. Here is a quote from Jan, one of the founders of Coinlend:
Is there any residual risk?
Yes, of course there is a residual risk. In fact, there's a residual risk with everything you do every day. No matter how well insured and padded you are. At this point I would like to quote Wikipedia:
What concrete residual risks do still exist and can I prepare myself a little bit for them? You should never blindly run into an open knife, of course we can minimize the risk. In addition to the lending bot, which is regarded as reliable, safe and serious, there are the following other factors that should be classified as a risk. Interest can only be earned if the coins are stored at Bitfinex and Poloniex. In principle, this is not a problem at first, but you should diversify very cleverly at the beginning, you should store one half at Bitfinex and the other half at Poloniex. For example, if one of the stock exchanges goes bankrupt, you are thus secured by 50%.
Of course, this is also a fundamental problem with the issue of cryptocurrencies, because investing in bitcoin, ethereum or litecoin alone carries a potential risk. No one can make a reliable forecast here. At this point I would like to emphasize that very clearly. However, these are factors that the two founders of Coinlend cannot influence.
At this point, a look into my portfolio fits like a fist on the eye. Well, curious?
I, Oliver Schmid, stumbled upon the topic of cryptocurrencies while browsing the net on 09.10.2017. How and why I don't know anymore. Of course, I've come across this topic again and again over the last few years, but I haven't been interested in it so far. Since 2009 I have been working as an independent sole trader on the net. I earn my money with websites and online marketing. I'm actually at home. But the themes of digital currencies and blockchain were there and did not go away.
Since 09.10.2017 I do nothing else day and night. I read the necessary knowledge on the record for hours, write a lot about it and above all I do one thing: try it out. Do. Make it easy. My first action was a 600 Euro investment via Coinbase* Since I was very fast in the green area, I increased my investment via Coinbase and Bitcoin.de*, so it was nearly 2.000 Euro investment. The storage was totally chaotic at the beginning, but I got to grips with that relatively quickly. And parallel to absorbing knowledge, the course went through the ceiling. Until yesterday this was only Bitcoin, Ethereum and BCH. When I discovered Coinlend a few days ago, I thought I was crazy. Now I pack up the coins, which are already going through the roof anyway, so that I can also take interest income. Crazy. Because I wanted to diversify a little bit, I added yesterday and today (29.11.2017) again for about 300 Euro Stellar (XML) and IOTA (IOT).
Two days ago, I moved my entire portfolio to Bitfinex and Poloniex and, thanks to Coinlend, I have it further enhanced with interest income. I can't possibly think of a better way to do this, not even in my wildest fantasies. Since I do not intend to prematurely destroy the portfolio in the event of price fluctuations, the lending bot strategy is virtually perfect. In one year, on 30.11.2018, settlement will be made here. Of course you're welcome.
One thing is very important to me personally at this point, if you have pushed your coins to Bitfinex and Poloniex to decorate them with the lending bot of Coinlend with interest, then please think about security. Please take your time and use all available measures to maximize the security of your account. Every action. Bitfinex in particular offers here really extensive possibilities to protect the account like a fortress. Poloniex also gives you solid tools. Bitfinex and Poloniex give you a box full of tools to hand, increase the security level, use it, all of them. All of them, really. Here is the promised screenshot of my portfolio from 29.11.2017:
About Coinlend
Jan and Christopher, the two founders of Coinlend, based in Mannheim, take the further development of Coinlend and support seriously. Almost omnipresent Jan is already active in several forums, publishes updates to the product in an impressive frequency and always responds friendly and sympathetic to every question, no matter how small. He also answers quickly.
Both operators take the Coinlend project and obviously every single customer seriously. This is extremely smart, because they collect valuable feedback from experienced market participants, which the two implement consistently and promptly. That's very impressive, what the two of them are putting together, it's really great fun to watch this and of course to be able to participate and benefit from it!
In addition, it is worth mentioning that Coinlend is currently 100% free of charge. At the moment, Coinlend is financed exclusively by donations, and a premium model is planned that offers extended functions. One premium feature is the Iceberg strategy, for example, which distributes fixed assets over several loans and over time. These are of particular interest to users with large fixed assets.
Contact:
Coinlend – Jan Pumpe, Carl-Reiß-Platz 11, 68165 Mannheim
☎ +49 173 3074721
E-Mail: [email protected]
Facebook / Twitter / Telegram / Webseite
Kind regards,
Oliver
PS: This article was written by me in German and first published on my blog Crossbot.de. Since I only write on Steemit from now on, I move all articles here piece by piece.