Get quick cash with loans at Kucoin

By Eliza_coraspe | Kucoin_eli | 16 Apr 2022


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Points to consider

*  Introduction.

*  Kucoin among the major cryptocurrency exchanges

*  Lending and earning passive income with KuCoin Lending

*  Conclusions.

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Cryptocurrency loans are similar to traditional loans, the difference is that they are not paper money, they are decentralized and do not depend on a financial or traditional entity.  Loans seem to be the missing piece in the virtual market, as people can obtain using their cryptocurrencies as collateral, and they can keep their assets, get money instantly.  Some use this way to pay their bills without selling their cryptocurrencies, others borrow money for trading or other investments.

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Kucoin Information

Kucoin is a cryptocurrency exchange, headquartered in Hong Kong. The cryptocurrency exchange was founded in 2013 and formally opened in September 2007. It currently has locations in more than 18 countries around the world, counting more than 10 million registered users, it also has a presence in more than 207 countries. 

It offers a wide range of products and services, allows trading, invest in staking set up trading bots, plus a range of products and services in the field of cryptocurrencies, which puts at your disposal kucoin, with more than 600 coins available for exchange, their commissions on operations are the lowest.

Kucoin has its own token, which is the KSC or KuCoin Token, which is ERC-20 token, which offers us benefits when using them, or even keeping it within the platform. In addition kucoin is setting up its own blockchain to host hundreds of Defi projects.

Kucoin does not charge fees for deposits and its registration is completely free, for withdrawals the fees vary depending on the cryptocurrency moving on the network. But lower than those charged by most other exchanges, making it one of the most important exchange is this year 2022.

Buying cryptocurrencies in KuCoin is very easy, once you have your account click on buy cryptocurrencies at the top of the page,

To buy cryptocurrencies, go to where it says buy crypto and we will have three options: quick purchase, P2P operations, between users, and purchases using third parties or intermediaries.

In the quick purchase we can use Visa or MasterCard cards, when buying use a stable currency such as USDT or another currency that is linked to the value of the dollar, to have sufficient funds when obtaining other cryptocurrencies. Here you must have your account verified.

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The platform uses high security encryption much safer, works very well, is easy to navigate, has one of the best commission programs for centralized exchanges, the site is much more complete than other exchanges, are attracting many users.

The kucoin platform is very easy to use, when you create your account, you must verify your account by placing your ID, your profile picture to be able to operate in the vast majority of functions, on the platform, but you can use the platform even without verifying it, you can make deposits, use spot trading, margin trading, but if you verify it you will have many more benefits, for example; per day you can withdraw 1bitcoin, higher limits on leverage and negotiations.

In the market part, is where are all the currency pairs that exist on the platform, for example the currency pairs that you can acquire using bitcoin, but if you want to acquire cryptocurrencies using a stable currency you can use the USDT currency and then use the currency you want.

In Trading, you have three options, the Spot market which is the common market, where we can buy and sell cryptocurrencies, the margin market which is quite similar to the spot market in its operation with the difference that here positions are opened with leverage and then there is the trading bot, which is a program that allows us to automate the buying and selling to make trading automatically.

The spot market is the most important. In the upper left part we have the currency pair to be traded at this moment, by default bitcoin appears against USDT, below we have the price chart, which we can adjust to our needs, using the time scales you want and we also have some technical analysis tools.  On the right side we have the order book that shows the depth of the market and the current price formation, all this is useful when you want to do short term trading.

The lower part is the order box, is where we will make our purchases or sales.

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If you don't have a Kucoin account yet, here is my referral link for you to sign up easily.

https://www.kucoin.com/ucenter/signup?rcode=rPPVTNQ

Kucoin usually has promotions or rewards for new users.

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In the Earn part, we have the cryto lending loans where we can earn interest, in this section, the first thing we must do is select the currency we want to lend and of course we must have that currency in our main account, to be able to lend it you can not lend the currency you do not have, for example if you have USDT that is the currency you are going to offer, you select the amount you are going to lend, you select the amount of percentage of what you have in your portfolio, then you select the amount of days you want to lend that money, if less are the amount of days, will also be our interest, then select the amount of interest rate you want to lend from 1% daily, also appears an optimal rate that is the average of supply and demand that is being generated at that time and then click to lend, then a brief summary will appear verify and then confirm and ready and we have the funds on loan, which will be generating passive income.

If you want to cancel your loan click on cancel, if you cancel it you will not get any interest.

https://www.kucoin.com/assets/main-account

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https://www.kucoin.com/margin/lend?spm=kcWeb.B1homepage.Header6.1

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In My Lendings are those loans, which we have already lent.

Going down we see a minus with the openOrders, it is when you open a loan offer, unsettled, it is when someone is going to accept the loan settled order history is when they are already completed.

In Barrow, is the option to borrow from other people who have placed their loans on offer, you are not the person who earns interest, but you are the person requesting the loan, for example that is Etherum and looking for an interest of 0.015%, you look for it and if available you can get them. Also from Barrow we can accept even our own loans.

The menu is almost the same as in crypto Lending, where we can filter the function of the daily interest and the amount, we want to request, and the terms in terms of the duration of days of the loan and there basically will appear a list where they appear that are available.

A summary of the loans we have applied for also appears. We must take into account that the loans that we request will go directly to the margin account, it will not go to the main account nor to the trading account, it will go directly to the margin account. When we want to repay the loan, we will also need the money in the margin account.

To request a loan of 9 thousand USDT, we must go to the Debit Radio, where the ratio of the debt to total assets appears, that is, if the ratio is greater than 95%, the system will send you a notification and will liquidate the money when it reaches 97%, i.e. 95% is notification and 97% is liquid in the reimbursement account.

This is to ensure that you are going to repay the loan, KuCoin makes sure that when you are going to request a loan, you will always have a capital with which to repay it, and in this way you can always guarantee to the lender the repayment of the loan with interest. The platform automatically performs these calculations so that when your capital reaches 95% of covering the requested loan, it sends you the notification and when it approaches 97% it is automatically liquidated, it takes away your capital and gives it to the person who had the loan, this is to guarantee to those who have offered the loan that they will be returned the amount borrowed with interest. You will not be able to apply for a loan without an amount of money that you will be able to use to pay back in the future.

When you apply for a loan, operating on margin or in futures, you will always have a level of margin before your funds are liquidated because the level of debt or the percentage level of money that you owe to other people or to the KuCoin platform will reach a point where you will not be able to pay your capital and before that happens, that you will not be able to repay the loan to the platform or to another user, what KuCoin does is to take the money from you and gives it to the lender, this is important to know.

https://www.kucoin.com/margin/borrow/USDT

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Loans on the Kucoin platform are very simple and a way to obtain liabilities with cryptocurrencies or assets that I do not need but I want to keep,

On the other hand as for the confidence and security of selecting Kucoin to operate loans, you can have total security because they are operating with an exchange located among the top 5, many recognitions in this year 2022.

If you want to complement and have a broader knowledge on the subject here are some official links of the Kucoin platform

https://www.kucoin.com/blog/5-things-you-need-to-know-about-kucoin-crypto-lending

 https://www.kucoin.com/blog/everything-you-need-to-know-about-crypto-lending

 

 

 

 

 

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Eliza_coraspe
Eliza_coraspe

Business administrator, expert in cryptocurrencies and blockchain technologies.


Kucoin_eli
Kucoin_eli

Kucoin in the top 3

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