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Loaning Cryptocurrency @ Polo & bitfinex

Discussion in 'CryptoCurrency' started by JV1999, May 18, 2017.

  1. JV1999

    JV1999 Jr. VIP Jr. VIP

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    Hey all you other crypto "investors" ;)

    Now that ethereum is currently being totes stuck, I was playing around with the idea of just sending all my eth to Polo & bitfinex for lending. I mean, it makes sense right?

    Polo offers 2-day loans and other lengths of time. While we're sitting on our stash, why not get some $$$ for it? It's like being a reverse bank!

    I was wondering if you guys had any experiences/thoughts on this. The interest rates are pretty good, you know? They're kinda like those scammish HYIP or other ridiculous loans -- except everyhthing is legit LOL.

    But I feel like there's some kind of catch somewhere. Does anyone know how safe it is to loan your crypto on polo and bitf?
     
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  2. AneaKr

    AneaKr Jr. VIP Jr. VIP

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    Hey, I did this for several months until I pretty much liquidated most of my crypto holdings last week and moved the rest to cold wallets for long term storage.

    I used Polo exclusively, and it actually wasn't too bad. Rates vary, but it was at 0.2%/day for the past month. I would say, though, the real average is closer to .1% or even .05% to be realistic. But if you're up for using some of the Python bots that integrate with Polo's API, they automatically relend at the best current rates for you.

    My takeaways:
    - it's better than cash in a bank account these days
    - it's ironically probably safer than some bank accounts these days
    - lending only makes sense if you don't want to exchange trade (or if the market isn't volatile anymore) because you can easily make so much money that way
    - still, never keep more in an exchange than you're willing to lose

    Realistically you could park $1000 in lending and come back a year later to see ~15-20% gains, not to mention any crypto price increase.
     
  3. faisalmaximus

    faisalmaximus Jr. VIP Jr. VIP

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    I just Googled with "loan your crypto on polo and bitf" and found some scam complains against this, please go through this complain before investing. Giving more profit is not the ultimate goal if you lose your capital.
     
  4. JV1999

    JV1999 Jr. VIP Jr. VIP

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    You always have so much experience AneaKr <3.

    Why did you move all your crypto to cold wallets if lending ws so profitable?

    Also btw, I sold my eth just now at 96 :D now I can buy ltc <3
     
  5. AneaKr

    AneaKr Jr. VIP Jr. VIP

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    I don't really have experience...just dangerous hobbies :)

    Honestly, after the huge spike last week I just wanted to profit while I was ahead & not worry about it too much...have other stuff that I need to focus on! Poloniex is a dangerous draw...
     
  6. JV1999

    JV1999 Jr. VIP Jr. VIP

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    oh so polo is dangerous then? I thought it was just "dangerous" for like margin trading because of all the unreliable server issues when big stuff happens. I assumed for lending it was no risk <3
     
  7. bLtscs

    bLtscs Newbie

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    Hello,

    Aneakr quick question, can you recommend any bot for trading? I tried gunbot and I don't like it..

    Thank you.
     
  8. AneaKr

    AneaKr Jr. VIP Jr. VIP

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    I think it's more dangerous because it's like a drug. I think of all the exchanges I do trust Poloniex the most (I didn't like Bitfinex and Kraken). I trust it more than Coinbase even, for sure. But hacks and crashes happen more and more frequently.
     
  9. tb303

    tb303 Power Member

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    Ive dabbled in lending on Poloniex for a while. Highest rate ive seen recently is 0.3% but those loans will usually get cancelled before they expire as cheaper loans get offered - you still get the % though

    From the other side of it when you borrow on margin your account would get liquidated before you get near to not being able to pay back your loans.

    Your only real risk is the exchange getting hacked or whatever. So its the same advice as for trading - dont keep more on an exchange than you can afford to loose should the shit hit the fan.
     
  10. TheKingGeek

    TheKingGeek Jr. VIP Jr. VIP Premium Member

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    In my opinion is not worth it. Pretty low %. Better to buy altcoins and sell high, I've made over 20k this month doing this. Started with 10k now have porfolio of 30k+
     
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