Coinlend

About Coinlend Android App

** What's the purpose of this service?

It is possible to lend bitcoins as well as other cryptocurrencies at very lucrative interest rates and limited risk at exchanges like Poloniex or Bitfinex. The difficulties in doing this manually are:

- The interest rates are very volatile.
- The loans can be paid back by the borrower at any time.

For the best possible revenue, it is needed to log in at regular intervals to manage and renew the loans. On the platforms, there is an auto-renew functionality, which renews loans automatically, if they are paid back. The renewed loans are created with the same interest rate as the previous one. That's why they are now probably above or below the current optimal interest rate. Therefore, the loans are priced to cheap and potential interest is thrown away - or the loans are priced too expensive and will not be taken by borrowers. During the time, the loan is not taken, you are missing out on interest as well. Here comes to Coinlend bot into play: The bot lends out all your funds for the best possible rates and this fully automated and 24 hours around the clock.

** How does the service work?

Our main goal was to make this as easy as possible and to create a simple to use interface. You just have to register an account at Coinlend and enter your API credentials for Poloniex and/or Bitfinex on the account page. A step-by-step guide is contained in the app for all the platforms. The Bot will then check your accounts on Poloniex and/or Bitfinex and create new loans with optimal interest rate if necessary.

** What is the risk?

Storing your API credentials at Coinlend does not contain any risk. No withdrawal of funds or trading is possible with these credentials. Even with the slight chance that Coinlend gets hacked and your credentials get stolen - the hacker could not do anything harmful with them.

** Which platforms are supported?

Currently, we support the exchanges Poloniex, Bitfinex and Liquid. Further, platforms like BitMEX will follow in the future.

** Is there a minimum threshold for the lending amounts?

Yes, the Bitfinex API expects an equivalent token amount of $50. We add an additional buffer on top of it to compensate for price fluctuations. This means the bot can only create a loan offer if you have at least $55 or more in your funding wallet. For Poloniex the following minimum thresholds:

- Bitcoin: 0.01 BTC
- Ethereum: 1 ETH
- Clams: 5 CLAM
- Factom: 5 FCT
- Stellar: 100 STR
- Dogecoin: 100 DOGE