Apply for cryptocurrency loans at Kucoin.

By zuleymagonza | Zuleymagonzalez | 15 Apr 2022


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What is the purpose of borrowing and putting an amount I have as collateral? In other words, if I already have the amount, why borrow it? The reason, to invest the borrowed money for trading, with which I will be earning with borrowed money, in the same way I will also have profit with replanting if I use it and at the end the loan will be paid and I will be earning at the same time. On the other hand other users instead of keeping balance in some cryptocurrency, can place them as a lender and earn interest on loan commissions. Lenders are guaranteed their investment as the collateral amounts to apply for the loan already cover the balance borrowed.

- What I do want to guarantee is how easy it is in Kucoin to lend money or apply for loans, if we compare it with traditional banking where applying for loans in a whole process with a lot of requirements, the difference is overwhelming because of how simple it is as we will describe in the section How to Lend, apply for loans and obtain liabilities.

- Kucoin cryptocurrency exchange located among the top 5 exchanges worldwide and the second in operating with more cryptocurrencies, was founded in 2017, initially based only in Hong Khong, currently has presence in more than 17 countries around the world, South and Central America, Arab Emirates, India, Europe and Asian countries, which is why it supports more than 51 fiat currencies, this year included as a payment dedio to buy cryptocurrencies the Euro currency using the Sepa payment method, In this cryptocurrency exchange platform you can find more than 617 cryptocurrencies and operate with more than 1156 pairs, high volume of capital which gives it a great liquidity, its commissions are low compared to other exchanges, KuCoin offers one of the lowest commissions in the market, starting with a modest 0.1 percentage of commissions and does not charge commission for deposit, for many reasons it is among the 5 best and most reliable cryptocurrency exchange. Its interface is very user-friendly and anyone can join without much effort.

- In its platform you have the functionalities available in the major exchanges, trading with the necessary tools, lending, staking, configuring boots and maintains commissions to operate among the lowest, recently the prestigious Forbes magazine ranked it as one of the leading cryptocurrency exchange and many call it "the exchange of people".

- Earlier this year the company that evaluates financial products called The Ascent awarded it as the best cryptocurrency application.

 

Its KCS token has maintained this year a continuous growth, we observe data taken from Coingecko, that gives us a reason to invest or keep this cryptocurrency and even more when in Kucoin you get a bonus for keeping KCS.

As we can see there are many reasons to select Kucoin as our primary exchange, of course to operate with Kucoin you must have a registered account, if you still do not have it here I leave my referral link so you can register very easily

https://www.kucoin.com/ucenter/signup?rcode=r3UANN6

With your registration you will generally have certain benefits and bonuses.

 

I consider it appropriate to see how easy it is to operate on the Kucoin platform, from the moment you enter the main page.

There are 5 accounts, the main account from which you can make deposits and withdrawals, the other is the trading account from which you can trade cryptocurrencies.

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If you choose to make a deposit, you can do so with Fiat money or cryptocurrency.

 

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Cryptocurrency deposits are very easy, just select the cryptocurrency and the network.

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To withdraw

 

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To move from one account to another, it could be to the main account, market, margin or futures.

 

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Once you are in the trading account, you can trade, indicate the cryptocurrency and the pair to trade.

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Once you have selected the pair, you only have to indicate the amount either to buy or sell, if you want the instant transaction indicate market

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In Kucoin, you can borrow cryptocurrency or lend, Lenders who place funds intended to lend cryptoassets to other users, charging interest for it, and borrowers who borrow by putting funds as collateral to cover the amount borrowed, the idea is that the borrower invests at its choice with the amount borrowed and as soon as possible repay the amount borrowed, All under the supervision of Kucoin, the idea is to obtain liabilities from an own capital in cryptocurrencies, which you do not want to touch, just put as collateral and make investments with the liabilities obtained, On the general page of kucoin select Earn and then select CryptoLending.

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

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You will log in to the loan account page.

https://www.kucoin.com/margin/lend/ETH

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There you will see 3 options, lend, my loans and borrow.

Personally to minimize possible losses, I recommend lending money in stable currencies and likewise if I am going to borrow money as well, the main reason is that if the market is volatile there may be losses if I do not operate with stable currency.

1 Let's describe how the process to lend cryptocurrency works

When selecting to lend,

The process is very simple, The amount to lend and the amount must be available in the main account, if you have it in the trading account remember how it is transferred to the main account as we stated above,

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Indicate lend then confirm, ready, you have placed a loan order and it will be in the history waiting for a user to accept it, you will be earning money for your loans, for those who prefer to keep a cryptocurrency, the option to lend is something very good for them.

Once the term is over, our amount will be available again in the main account, along with the interest earned.

An important option is that if I choose the auto loan option, at the end of a loan it automatically places another loan, however I must clarify that this option will keep the rate that I had already applied and if at that time the rates have dropped, my automatically applied loan order will certainly not be accepted by other users, in general I should not place a very high daily rate because my loan order will be hardly accepted. And the idea is to keep lending my cryptos to keep earning interest. Anyway, in the part where I indicate the rate, the optimal market rate is available as a help.

At any time if you want you can cancel a loan order that has not been taken by any user and create another one with new conditions.

2 How to order a loan

Select loan.

When requesting the loan option you will be shown the screen to request a loan.

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

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The process is very simple and uncomplicated. Just select the loan days, then the daily rate you are willing to pay and the amount requested, the amount borrowed will be available in your margin account.

Before requesting a loan you must have in the margin account the amount to place as a guarantee, equivalent to the amount that you will request in loan, if you don't have it, just select transfer and that's it.

Finally I must mention something important, the Kucoin platform acts as an intermediary and the lender is always guaranteed the amount of the loan, so you must understand that depending on the market conditions and the currency you put as collateral, if the conditions are not favorable the loan will be liquidated and the collateral will go to the lender.

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Apply for a loan on the Kucoin platform in very simple, and a way to obtain liabilities with cryptocurrencies or assets that I do not need but I want to keep, I recommend that when applying for a loan make the planned investment and immediately once obtained the profit for it proceed to repay the amount borrowed.

The confidence and security of select Kucoin to operate loans is guaranteed, as they are operating with an exchange located among the top 3, many recognitions in this year 2022.

If you want to complement and have a broader knowledge on the subject here I leave you 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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zuleymagonza
zuleymagonza

tengo 44 años, T.S.U. en informática, poseo conocimientos en el área de la ofimática, hábil en el manejo de la internet y motores de búsqueda, recopilación y procesamiento de datos, etc.


Zuleymagonzalez
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