Poloniex Lending Bots Guide of 2022

Poloniex Lending Bots automatically allows you to start lending on the platform, which harvests higher returns on all your trading with minimal effort. As one of the new and upcoming players in the industry, Poloniex’s decentralized finance system works to allow more accessible lending, which is much more convenient and efficient and experiences a positive carry.

In Poloniex, you can manually start lending money or choose to use a Poloniex lending Bot to do your job for you. The Poloniex lending bot is a convenient solution to help keep a steady passive income inflow without putting in a lot of effort. The Poloniex lending rates are set at a flat 15% of the interest rate that the lender learns.

Let’s look at a detailed Poloniex lending bot review, focusing on how it works and if it is safe for use. 

How Does Poloniex Lending Work?

Lending is a very reliable tool when it comes to crypto investments. For many experienced traders, lending is the Go-to strategy for earning passive income.

We covered the basics of Poloniex lending already, but here’s a quick rundown on the process:

  • After successfully signing up at Poloniex, at the top of the page, click on the lending button
  • Make sure you have already transferred funds to your lending account before you offer your coins for a loan
  • On the “my balances” box, select the currency you want to lend.
  • Enter the amount you are willing to lend if you are doing manual lending; or configure the lending bot to a specific lending strategy if you are using a bot.

What Is A Poloniex Lending Bot?

In Poloniex, you can manually start lending money or choose to use a Poloniex lending Bot to do your job for you. The Poloniex lending bot is a convenient solution to help keep a steady passive income inflow without putting in a lot of effort. The Poloniex lending rates are set at a flat 15% of the interest rate that the lender learns.

Available Poloniex Lending Bots

There are many lending bots made available to use. The main reason behind this is that it makes the job of lending coins on Poloniex easier and less time-consuming. Manually lending on Poloniex is a much more complicated process since you have to set up your interest rates and meticulously monitor each step of the process.

Using lending bots lets you achieve higher and better interest rates and keep a check on your earnings by lending cryptocurrencies. Poloniex lending risks are lower, especially when you look at P2P lending compared to other Bitcoin sending platforms like BitBond or BTCPOP. However, the returns on Poloniex are also smaller due to the more negligible risk.

Additionally, after the new American regulations, Poloniex removes all loaning features for US customers after seeing red flags on the platform’s verification process. The decision came after a regulatory consensus on all the legal issues piling up online about the cryptocurrency platform.

Poloniex Lending Bot Tutorial

To use the Poloniex lending bot, you need to follow these steps:

  1. You will need Python 2.7x to install the bot on your computer.
  2. Download the bot through https://github.com/BitBotFactory/poloniexlendingbot if you already have git installed. Or you can download the .zip file from the GitHub page.
  3. Next, you need to configure the bot by choosing the correct API key.
  4. Copy default.cfg.example to default.cfg or run lendingbot.py
  5. Open default. cfg and insert whatever settings you want for your bot.
  6. Save your changes on default.cfg
  7. Click on lendingbot.py or run python lendingbot.py when prompted.

Is Poloniex Lending Bot Safe?

Yes, it is safe to use Poloniex lending bot. It is a hand-off approach in P2P margin lending that, if when used properly, can generate a lot of income for you on the cryptocurrency exchange platform.

Unlike the experience of short bubbles with a high market cap one moment followed by a sharp decrease, lending digital assets can credit a lot of money to your account through interests and loan agreements, even if it is in the medium rates. The bots act like your workers who lend your balance on the platform and ensure that you get passive revenue through this process. 

Although the peer-to-peer loans market has competitive prices, when you have lending bots that do all the hard work for you, the process of receiving significantly passive revenue is never a bad idea. Whether Poloniex is a safe exchange to use, you can learn more about in our full Poloniex review.

Poloniex Lending Bot Alternatives

There are many similar services to the Poloniex lending bot, which also perform the same functions. 

Coinlend

It is one of the biggest names in crypto lending bot services, and it is pretty simple to use Coinlend. Follow these steps to install the service:

  1. You should already have an account with Poloniex.
  2. Create an account with the bot service provider
  3. Transfer some funds to your lending account on Poloniex
  4. Navigate to the API menu and create an API key.
  5. Ensure that the API key is created with minimum rights so that it won’t allow trading or withdrawal of funds without your knowledge
  6. Activate the Poloniex IP Access Restriction feature
  7. Enter the IP addresses of both your 2 bots in the “My Account page” section. This will ensure that you can sue the service outside the system.
  8. Input your Poloniex API key along with the secret code
  9. Choose a desirable strategy from the dashboard.
  10. Sit back and enjoy while the bot does all the work for you.

Gimmer

Gimmer is also another lending bot you can use on the Poloniex platform. You can create your bots utilizing this service and monitor your revenue minutely. The bots on the Gimmer platform are advanced but user-friendly, so you don’t need extensive knowledge of programming to use their bots.

For investors and traders of all experience levels, Gimmer is an ideal lending bot that can help get the most substantial returns on passive income.

How it works:

  • The lending bots on Gimmer choose the digital assets that have the highest profitability daily
  • Funds are added to the platform automatically by the lending bots
  • You can enjoy good returns on your lending with no risk to safety and security.

Poloniex Lending Calculator

After a couple of margin trading and lending, when you want to know how much you’ve earned through lending crypto assets on the platform, you can use the Poloniex lending calculator to work out the interest payments of your earnings in USD.

  • The Poloniex lending calculator will acquire details of your earnings through the private API key from the Poloniex platform
  • Certain currency filters are applied
  • Obtains a USDT to currency trade through a public API key
  • Get the USD value of earnings (multiply trade value with incomes)
  • Get your API key and secret from Poloniex.

Poloniex Lending Bots FAQs

What are the Poloniex lending rates?

Poloniex charges 15% of the total interest income of the lender as part of lending rates. In addition to this, if you use the Poloniex lending bot, you will be charged 10% of the realized PNL you earn in revenue.

Are there fees when lending in Poloniex?

You need to pay 15% of the interest earned when lending to Poloniex as lending fees.

How much can you make lending on Poloniex?

Poloniex offers 65% interest for borrowing USD coin stack, which means that you can easily earn 65% of your lending amount as profit when lending on the platform.

Crypto Affiliate Programs » Poloniex Lending Bots Guide of 2022
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