Coinlend, found online at Coinlend.org, is a lending bot for Bitfinex, Poloniex, and Quoinex. Find out how it works today in our review.
What Is Coinlend?
Coinlend is an automated cryptocurrency lending robot that promises to generate easy profits through 24/7 lending. The lending robot currently works on Bitfinex, Poloniex, and Quoinex.
Coinlend’s developers emphasize an easy setup process, free use of the robot, and a safe lending experience. The development team is based in Mannheim, Germany.
Obviously, we’ve seen plenty of automated trading robots on the internet. However, Coinlend isn’t a trading robot; it’s a lending robot. The Coinlend website features lending rates ranging from 7% to 700% per year. Coinlend lends your money on different markets online, then gives the interest to you.
Exchanges like Poloniex and Bitfinex already have these lending schemes in place. Coinlend just automates the process of lending your money through each system. Through this system, investors can earn triple digital ROIs per year.
How Does Coinlend Work?
Coinlend takes advantage of the lending programs available on exchanges like Poloniex and Bitfinex. Today, investors can manually participate in these lending programs. However, manual participation exposes investors to risk (due to volatile interest rates and the fact that loans can be repaid by the borrower at any time).
Coinlend has created an automated lending system where you can avoid manually participating in each lending program. This lending program means you can automatically renew loans to maximize profit. You just login at regular intervals to manage and monitor your loans. Meanwhile, Coinlend will automatically renew loans as soon as they’re paid back. The renewed loans are created with the same interest rates as the previous loan.
The end result of this system is that your money is being lent 24/7. You don’t need to manually review loans or choose borrowers. Instead, you let Coinlend manage your money for you.
To get started with Coinlend, you signup online at Coinlend.org, make a deposit onto a cryptocurrency exchange like Bitfinex, generate an API key, then setup the bot with the API key and begin automatically lending money.
The Bitfinex API requires you to lend a minimum of $50 (in the equivalent amount of tokens). Poloniex, meanwhile, has different thresholds for different cryptocurrencies (a minimum of 0.01 BTC, for example, and 1 ETH). You can lend in major cryptocurrencies like bitcoin and Ethereum, or lend in fiat currencies like EUR and USD.
Some of the features advertised by the Coinlend dev team include:
Simple Setup: “Just two simple steps and your bot is ready to go”, explains the official website.
Free of Charge: The bot is free to use, with all development funded via donations.
Safe: The bot is 100% secure. It’s impossible for the bot to withdraw your funds because the API key only requires trade permissions (not withdrawal permissions).
High Returns: The Coinlend website features a calculator that claims investors can expect to earn 218.59% returns. Based on that number, your $20,000 investment today will turn into over $2 billion within 10 years, according to that calculator. The development team’s Twitter account also posts daily updates on the lending rates from all major crypto exchanges, giving you at-a-glance information on how much money you can make by lending your EUR or USD to investors.
Coinlend is free to use. The website features links to BTC, ETH, and DASH wallets where the developers accept donations.
Who’s Behind Coinlend?
Coinlend is made by a Mannheim, Germany-based team of developers.
Coinlend seems like an unusual opportunity – or even a scam – at first glance. However, the platform seems legitimate. It provides a straightforward service: Coinlend automatically lends money using existing lending programs on Poloniex and Bitfinex. Instead of manually choosing your loans and assigning your money to borrowers, you can setup Coinlend, then lend your money 24/7. The lending robot will re-issue a loan the moment your old loan has been repaid. The end result is higher ROIs through cryptocurrency lending.
The entire service is free to use. However, the developers accept donations.
In terms of returns, ROIs are changing on a daily basis from the major exchanges. However, as of December 2017, interest rates on Bitfinex have been as high as 339.63% (EUR) and 247.08% (USD) on Bitfinex, which means big returns for investors (in exchange for the risk of lending to traders through the platform).
To learn more about Coinlend and how it works, visit online today at Coinlend.org.