Top 3 Cryptocurrency Lending/Exchange Platforms Review

 

A lot of cryptocurrency users are looking for ways to make their  coins generate more revenue. One could argue trading other currencies  and assets is the right way to go. Then again, not everyone wants to  take this route. Lending Bitcoin on exchanges is another way to generate  a small profit over time. Below are three of the main platforms where  cryptocurrency lending is quite popular these days. 

3. Coincheck

Surprisingly enough, Japanese  exchanges do not shy away from lending services. To many people, this  will come as a big surprise. Then again, the open regulation in the  country allows for more leniency when it comes to these types of  services. Coincheck introduced  cryptocurrency lending quite some time ago, and they recently improved  the service even further. As of right now, lenders will earn a maximum  interest rate of 5%, which is quite generous. It is evident the main focus of  Coincheck lies on Bitcoin lending. However, the platform also supports  additional currencies, including Monero, Factom, Augur, Ether, and XRP.  All loans will be refunded together with the usage fee when the loan  period ends. It is not possible to exchange currencies by lending them,  which is only normal. No lending platform supports that functionality at  this time. 

2. Bitfinex

Storing funds long-term in an exchange wallet is never a good idea, and the Bitfinex users found that out the hard way about a year ago.  That being said, the platform still provides lending services, referred  to as Margin Funding. This feature effectively allows users to provide  funding in the form of multiple currencies to Bitfinex traders. Users  can determine their own return rate, duration, and amount, as is the  case with any of these three platforms.    It is rather interesting to note  Bitfinex users can lend money in fiat currency as well. Most platforms  only support cryptocurrency, yet this exchange is quite different. It is  possible to borrow USD as well, which is quite interesting. It is  unclear how popular lending is on Bitfinex right now ever since the  platform got hacked last year, though. Then again, it is an option well  worth considering for everyone who wants to explore lending options in  the world of cryptocurrency. 

1. Poloniex

No one will be surprised to learn most of the cryptocurrency-oriented lending is taking place on Poloniex  right now. The company has been a great source of lending services over  the past few years. Poloniex also supports a wide range of currencies,  which certainly helps to move things along. Right now, the platform  supports currencies including Bitcoin, Ether, Doge, Dash, Litecoin, and  others. There is no fiat currency lending on Poloniex, though, but that  is not necessarily a bad thing. There appears to be quite the market  for lending on Poloniex, which is good to see. Then again, more  competition also means a lot of people will earn a lot less money as a  result. Competition in cryptocurrency lending is both a blessing and a  curse, depending on how you want to look at it. Right now, the loan  offers for Bitcoin are at around 0.15%, which is quite decent. Do keep  in mind the loan offers often outweigh the loan demands, though.