Bitfinex is considered one of the top exchanges. Its advanced cryptocurrencies trading and the ideal Bitfinex Customer Support service make it an interesting platform. It provides with the advanced order forms, margin funding, margin trading, and different cool things. The margin funding is a liquidity feature that goes hand in hand with the margin trading and it plays a main role when it comes to the passive income.
Bitfinex allows you to offer liquidity in the form of bitcoins and/or dollars to the traders, who need to trade on margin. Particularly, Bitfinex permits you to loan your money to traders and gain daily interest.
Registering with Bitfinex
If you own a Bitfinex account, go down to “Setting Up Bitfinex Passive Income Margin Funding (Lending).”
If you do not have the Bitfinex account, it is ideal to set up a Bitfinex trading Account initially. When registration is done, log in and modify these settings:
Default currency for fees - Select “Dollar” as it is simple to track fees in fiat currency, which is not impulsive like bitcoin.
Account Type - Select “Trader” as this option provides you an access to every Bitfinex features: margin trading, margin funding and exchange. While setting up passive income, use exchange, and margin funding features.
So, now you are confident that you are logged in, let’s continue with passive income configuration!
Setting Up Bitfinex Passive Income Margin Funding (Lending)
- Deposit BTC to your Bitfinex account
The initial step is to deposit a few amounts of money to your account
- Transfer BTC to Exchange Wallet
Now, in order to exchange bitcoins to USD, your deposited bitcoin have to be placed in your exchange wallet. (Bitfinex margin funding needs $50 minimum for lending USD, while it needs 1 BTC for BTC lending. USD margin lending rates be usually higher than different currencies, but it differs.)
- Exchange BTC to USD for Margin Lending
When you bitcoin has to be transferred to your Exchange wallet, it is a right moment to exchange them to Dollars.
- Transfer USD to Deposit Account
After trading your bitcoin for USD, you must transfer the USD to your Deposit account. Simply go to “Wallets” then select the account your funds and move at least $50 to your deposit wallet.
- Setup Margin Funding
When you visit the main screen, click “margin funding”. Evaluate the bid as well as ask rates, then choose your loan’s price. Set the numbers and after, that, click activate. It can take a few seconds or days for your offer to be accepted, so cautiously review the rates.
- Enable margin funding “auto-renew” feature
When your lending has been accepted, you may look for the autorenew options. The 2-5 days term is highly recommended, but rest is based on your objective.
In Conclusion
The best point about the Bitfinex margin funding is that you can’t go down. There are several individuals who are lending on Bitfinex for many months and also learned that they can provide with the higher loan rates. It would be a great advantage for the loaners. This based on the market though. Methodical trial as well as error is highly required for efficient trading and loaning.
In case, you are encountering some problem during funding, the Bitfinex Customer Support Number would be of great help. Bitfinex provides fast customer service.
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