Lending Bots

This article will describe how lending bots work and the associated risks.

What is cryptocurrency lending? How does it work?

Cryptocurrency lending allows users to lend and borrow cryptocurrencies for a fee or interest. 

Cryptocurrency lending works by taking cryptocurrency from one user and offering it to another user for a fee. The exact method of administering the loan varies by platform. 

Cryptocurrency lending services can be found on both centralized and decentralized platforms, but the core principles remain the same. 

Since the Morphlin lending bot supports the Bitfinex exchange, the following begins to introduce Bitfinex.

Is Bitfinex safe? Is it a scam?

Bitfinex exchange developed by iFinex.Inc. It was established in Hong Kong in 2012 and has developed since then. Since its establishment, Bitfinex has had a good development trend, providing users with a variety of trading ecosystems, including spot trading, simulation Trading, Staking, Lending, etc. The daily trading volume has reached 1 billion US dollars, making it a world-class exchange.

Features of Bitfinex "Lending"

Compared with other competing exchanges, Bitfinex's lending freedom is relatively high, and he uses the bidding method to do lending. 

Users can freely customize the parameters of borrowing under this model, such as loan amount, loan daily interest rate, and loan days, thus providing a very high degree of freedom. 

Also because of the use of auction-style rubbing, the interest rate will change with market fluctuations, and higher rewards can be obtained when the market is relatively good.

Start Bitfinex Lending on Morphlin

Get Bitfinex's API KEY to allow Morphlin to place orders for you.

1. Set the API KEY for lending on Bitfinex. 

Click "Manage Account" and select API KEYS.

2. Create API KEY Click "Create New Key" 

Set relevant API permissions according to the picture, Morphlin will not ask for extra permissions. 

Enter your API KEY tab and click "Generate API KEY".

3. Verify API KEY according to Bitfinex requirements.

- 2FA verification

- Email verification

- 拿到API KEY

Setting Morphlin Parameters

- Enter a policy name 

- Select the currency you want to lend 

- Set your API KEY (for the first time), if you have set it in Morphlin, you can choose it directly. 

- Active your strategy 

- Save Settings

I want to use my funds temporarily

You only need to modify the reserved amount to the number that needs to be spent, by Morphlin's dynamic lending mechanism, funds can be returned to users within hours.