Coinlend information
Description
The Coinlend platform currently offers its users an optimized lending bot for 3 different exchanges. To date, lending is available on Bitfinex, Nexo and Poloniex. The user stores his API key on the platform and the rest is done by the bot. With various bot functions and optimizations, Coinlend increases income through fully automatic lending.
Usability
If you are able to create an API key on an exchange and to assign coins internally to a wallet, then you can use Coinlend without any problems. The interface is quick and very clear. The fees are calculated as a percentage and are transferred to an account with the provider in the form of a credit.
Benefits
The platform is very easy to use and provides a very nice report on your earnings.
Disadvantages
Unfortunately, only 3 exchanges are connected and the fees are a bit high with the already very small income from lending.
Questions & answers
We have summarized the most important questions and answers about this provider for you and tried to answer them.
- Does Coinlend generate interest?
- What return can you expect from Coinlend?
- What about Coinlend taxes?
- Are there instructions for Coinlend?
- Is Coinlend reliable?
Does Coinlend generate interest?
In principle, the income from lending can be viewed as a kind of interest. You lend your Coins to traders and receive compensation in return. The risk is usually hedged by the broker and the trader's margin account. Nevertheless, there is always a residual risk.
What return can you expect from Coinlend?
The return depends entirely on supply and demand in the market. In good phases, a return of 6-10% per year can be achieved, but there is no guarantee. Always orientate yourself on longer periods of historical data.
What about Coinlend taxes?
The platform itself has nothing to do with your earnings. Of course, you have to keep an eye on the issue of taxes; depending on the country, your cryptocurrency falls under different tax regulations due to lending. Please contact your tax advisor for this.