The lending bot for Bitfinex, Poloniex & Quoinex, Coinlend, is completely automated and is available 24*7. Since the bot is completely automated, there’s no room for human manipulation. The bot is absolutely free and is 100% secure. No one can withdraw funds using API key. The best feature of Coinlend is that it does what a traditional bank does i.e., lends you but at very low-interest rates and limited risk at exchanges like Bitfinex, Poloniex and Quoinex.
In addition to the economic interest rates, Coinlend allows the borrower to pay the loan at any time. The auto-renew function automatically enables the loans to be renewed if its back. Furthermore, the interest will remain the same as the previous loan i.e., you don’t have to pay a higher interest rate. It is structured in a way that it turns out to be affordable and cheap at the same time.
About the technology:
Coinlend has implemented all the advanced security system, so storing API credentials at Coinlend won’t be a risk to its users. Even if Coinlend gets hacked in the alternate multi-universe and the hacker gets a hold of all the credentials, they cannot make the withdrawal of funds, trade or transfer them in cryptocurrencies.
At present, only exchanges like Poloniex, Bitfinex and Quoinex are supported by Coinlend and platforms like BitMex will soon be supported by the bot. The interface is designed in a manner where all the user has to do is, enter the API credentials of Poloniex &/or Bitnex and the Coinlend account will be created.
The Bitfinex API requires a token of $50 but an additional buffer of 10% is added on top of that to compensate for price fluctuations. This means that a loan can be created only if the user has a minimum of $55 in the funding wallet. For Poloniex, the minimum threshold for the coin is, 0.01 BTC, 1 ETH, 10 CLAM, 100 FCT, 100 STR and 100 DOGE.
A Reddit user Cratos333, who uses the bot says,
“I used to use this bot a while ago. Works great once you have it set up and it’s free”
Ideit, a long-term holder says,
“I just started using it again, it’s much better now. There’s a web interface with a graph to see how your lends are going, it supports Bitfinex and there’s an optional lending algorithm that uses moving averages of lending rates to get the best rates.”
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