How to use PoloniexLendingBot

Making your cryptocurrency work for you

Before our MarketBit is ready, where you can literally put your bitcoins to work for you, we want to share a automation method we have been studying since 2016, and started using it successfully for just over a few months.

Full Disclosure : We only use the robot and the exchange. We do not own, have any share or affiliation with them. No referral links means no financial rewards for us if you choose to use the services we recommend in this article.

You can find all the documentation on the initial set-up on the link below. Video added here for your own convenience, and below our personal strategy. It’s actually very simple.

https://www.poloniexlendingbot.com/docs/getting-started

 

 PoloniexLendingBot settings

In the screenshot below we have highlighted 3 of the most important aspects of using the bot. Interest rates vary a lot, as we speak they are somewhere at 0.01%/day for BTC. It might not sound like a lot, but unlike trading bots, lending is pretty secure.  Only the exchange going bankrupt can be a loss of funds, but that is true for pretty much anything. Nothing is ever 100% safe (not even cash under the mattress), always have that assumption in mind when investing. Invest only what you afford to lose, and keep your eggs in more than 1 basket.

bot settings

1. The activate/deactivate/pause button can take a long time to take effect (sometime up to three days). After the initial activation, we advise you avoid pausing the bot. If you want to make it stop lending to withdraw some of your funds, it’s easier using the settings button;

2. After pressing the setting button on the coin you want to lend, you will get the following screen

bot loan settings

We recommend keeping the duration to the minimum of 2 days. While lending, you should keep the min rate at 0.01% or less. The bot will always lend at the highest market price, but if your min rate exceeds the market rate, the bot will stop lending, maybe even for weeks. There is no reason for it not to work all the time, except if you want to withdraw. If you consider taking some money out of lending, much better than pausing the bot is to increase the min rate over 1%. Any loans you have open will mature and close after your set max days, and you will be able to withdraw from lending to exchange account on Poloniex.

 Final thoughts

Considering most banks offer something like 0.05% / month, and considering Bitcoin also grows in value wildly, even a 10% per year sounds good, especially if we have to do nothing about it.

robot jobs

robot jobs, lending site front

poloniex robot lending

Robot jobs, Poloniex back end

working botResources:

https://www.poloniexlendingbot.com

https://poloniex.com/exchange

 

 

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