Loan money to Traders for Passive Income on BFX exchange.
Disclaimer: The moment coins enter exchange they are not your own, any exchange about OpenLedger which is decentralized can die any day. Always understand that depositing any amount to any 3rd party - exchange, wallet, casino whatever.
Poloniex also has this option but due to loads of issue and red flags on the exchange (ie STEEM wallet down since 3 months) i suggest to skip.
BFX has their bad fame (ie the famous 60 million hack) etc but looks like best place to risk money this way.
Do not use any lending sites - i have lost money on all of them, only BFX gave me constant profits.
Market Data
For start they have 11% of whole BTC volume, currently on USD pair.
They have many currencies right now with cool volumes.
Lend Money to Traders
So unlike some loan services on exchange you lend money to traders so they can play with them, if they lose more than they can pay you back - they get closed and you get cash back. This way this investments are pretty secure but also - you need good amounts to make something. If you have some BTC, LTC, ETH that do nothing its possibly better to make them work than keep in wallet.
Register to BitFinex by Clicking Here
I dont remember if they need verification, surely they didnt need document scans if you dont withdrawal by wire. If needed just do what they say.
Go to Deposits and Choose CUrrency
They have a few but i suggest one that you want to sell right now, best rates are on USD.
Sell for USD
Click Trading then youcoin/USD then click this green button. It will sell all you have into USD.
Move Balance
Go to wallets on top right, move your USD balance to Funding.
Lend It
Go to Funding in the Middle of site and choose USD. Now decide price you want to lend on and the amount.
You can chose few prices and few amounts. It works just like exchange - if needed write to support, they reply really fast.
Profit
Now you will be getting passive money from the investment, with time you will learn more tricks on the platform and will be able to tweak it. This currently and 1broker are two easiest ways imo to make passive cash on crypto without much knowledge.
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Great advice.😁
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Thanks for sharing!
Hi ,
Nice work sir
Guys , you can do this, but remember this falls under income tax, not capital gains
Income tax bc it is revenue from services (providing a loan) and not trading?
exactly
Warning: don't deposit more you couldn't bear to lose. Exchanges have and can stop functioning at moments notice, meaning you could lose your money for good.
thanks for this info
Yeah I was always suspicious of those sites where you loan out your Bitcoin for a percentage return appreciate the guide take care thanks again.
Very useful site for the lenders:
https://cryptolend.net/rates.html
Tip!
very interesting, thanks!
Great idea. I just think that instead of lending, it is better to invest on a good project and leave it for months.
What are your thoughts on ATLANTI (ICO)? The public token offering started this month, was thinking about investing but its success depends on government adoption of blockchain ledgers.
very risky...
Basically this tells me how i can compound the risk of an incredibly speculative investment by unknown multiples for the reward of possible small percentage gains . People please do not risk your own financial future by lending money to people you don't know that lend money to other people you don't know so they can gamble that money betting on something that nobody can possibly know will actually be a good investment in the future.