KuCoin is one of the world’s most well-known Crypto trading platform, and with good reason. It has a solid user experience, works across multiple platforms, and provides an especially easy way to borrow against your crypto holdings.
Borrowing Against Crypto – A KuCoin Guide
Crypto currency exchange is a booming industry, with the value of Bitcoin and other digital currencies rising steadily over the past year. While many investors are making money with cryptocurrencies, some are also looking for ways to profit from their gains. Some invest in cryptocurrency, and others borrow against it.
Buying Bitcoin or other cryptocurrencies has become increasingly popular as an investment vehicle over the past few years. However, buying cryptocurrencies has its risks and challenges. Buying Crypto currency exchange directly can be profitable but risky if you don’t know what you’re doing. That’s where borrowing against your crypto comes in handy!
You can borrow against your cryptocurrency holdings and use that money to buy more cryptocurrencies or invest in other assets like stocks or bonds. You can increase your profit potential without risking too much capital by using leverage or borrowing money to increase your return on investment (ROI) for an asset like stocks or bonds. Borrowing against crypto allows investors who do not have enough capital for a full purchase of an asset like bitcoin to take advantage of leverage (borrowing) by purchasing smaller chunks of crypto instead of large amounts at once, which would result in higher risk.
Assuming That You Are Keen On Getting Against Your Crypto, Then Follow This Guide
– Open a KuCoin account (you can register for free)
– Deposit some of the coins from your wallet into the exchange wallet
– Go to “Withdraw” and select “Coins” as your withdrawal method
– Enter the amount of KCS you want to withdraw (1KCS equals 1 USD) and click the “Withdrawal” button. Note that this cycle might require some investment since it requires affirmations (2 affirmations). When all means have been finished effectively, your solicitation will be shipped off our framework for handling. The assets will be credited into your account within 48 hours or so.
It’s a simple idea: if you have crypto, you can use it to borrow money. The only problem is that most crypto-based loans aren’t available for retail investors—they’re reserved for high-net-worth individuals and businesses. That’s why KuCoin, one of the world’s top exchange platforms, decided to offer its own crypto-based lending service to make crypto accessible to everyone.
SHIB
The service is called SHIB or SHIB price, short for Secure High-Interest Borrowing, and it’s designed specifically for people needing short-term loans. You deposit your crypto into an account with KuCoin, allowing you to borrow against it at an interest rate of 2.5% APR (average daily percentage rate) or higher. If you don’t repay your loan on time, or if you pay too much interest, then KuCoin will take back some of your borrowed money—and they’ll do this automatically every month.
So What Does This Mean In Practice?
If you’re short on cash and need some extra funds right away (like paying off your credit card bill), then SHIB can help you without selling any of your crypto holdings first!
Conclusion
KuCoin also offers lending services for users who want to borrow against their crypto balance without having to sell any of their coins. The platform uses its own KCS token as collateral until you repay your loan.
