11 September, 2022 seen 1,527Deribit is my latest discovery from the crazy crypto world. It all started with simple buy-and-hold operations back in…
A couple of weeks ago I purchased first crypto coins at coinbase.com, about a week ago I decided to invest them on Poloniex.com, today I decided to use bot-investor to manage my crypto investments, I choose CoinLend.org
The service seems is quite new and is built by German enthusiasts / crypto investors, a pretty good introduction post about this service is provided here: Coinlend.org - The Lending-Bot for Poloniex & Bitfinex
Remember your capital is at risk, never invest capital you cannot afford to loose!
We are currently a small team of cryptocurrency investors and we are lending out our coins for years now. Initially we started lending manually on the exchanges, but soon noticed how cumbersome it is to monitor and renew your loans all the time. That's why we created Coinlend.org. At first only for ourselves, but as we noticed that the fully automated lending is much more profitable than the manual lending, we now made it publicly available for free, so everyone can benefit from it.
Opening account at CoinLend.org took me less than a minute, setting up the robot took another minute. As I currently have investments just with Poloniex.com, I configured bot to work with it only:
Configuring CoinLend.org bot
From my Poloniex.com account I had to enable API access, and there I got both my API Key and API Secret to enter in Coinlend.org. Simple and straightforward. Now speaking about security, here is what is told by CoinLend.org:
IMPORTANT: There is no risk in providing your API-Key to Coinlend. There is no trading or withdrawal of funds possible with the key. So to use our service, you don't need have to trust us.
As soon as the credentials are stored, the bot will start it's work and lend all funds available in your lending wallets. All other cryptocurrencies which are supported by the exchanges can be lent via the bot as well.
For the sake of a good sleep I double checked settings from Poloniex.com and made sure withdrawals with API access are not enabled
API settings for Poloniex.com
Robo investing with CoinLend.org
Now, as I had already some loans invested manually on Poloniex.com , I went to the lending page and turned off auto-renew for all loans. From now on - CoinLend bot should do the job!
Turning auto-renew off
From CoinLend settings page for Poloniex I left everything intact, but you have some options to play with there:
Setting for CoinLend robo invest
It's nice that developers have enabled Reserved amount option - although there is one thing I'm missing - maximum investment in one loan.
Almost instantly CoinLend account was synced with Poloniex and from My loans tab I could see all of my investments, as I had some bitcoin already lent manually, robo investor took non invested litecoins and automatically lent them out.
CoinLend My Loans page
For the best possible revenue, it is needed to login at regular interval to manage and renew the loans. On the platforms there is an auto-renew functionality, which renews loans automatically, if they are paid back. The renewed loans are created with the same interest rate as the previous one. That's why they are now probably above or below the current optimal interest rate. Therefore, the loans are priced to cheap and potential interest is thrown away - or the loans are price to expensive and will not be taken by borrowers. During the time, the loan is not taken, you are missing out on interest as well. Here comes to Coinlend bot into play: The bot lends out all your funds for the best possible rates and this fully automated and 24 hours around the clock.
I like that there are My interest tab showing total interest earned, as in case with Poloniex it's pretty complicated to get out actual return rate and it involves a lot of excel stuff.
CoinLend will do it automatically. Sure, if you keep your excel sheets, you will need to take raw data still from Poloniex at the end of month and make your accurate calculations, as of right now, CoinLend shows interest for 30 day cycle. Good and informative. For better reporting I would love to see more in deep analytics but still, this is great as it is.
CoinLend My interest tab
CoinLend is completely free to use, API service connecting it to other exchanges (Poloniex and Bitfinex) makes your coins kind of save, even if CoinLend.org gets hacked. Attackers cannot withdraw money using CoinLend APi access. At least I hope so!
As service is free of charge, it's funded by donations, in case you like service, consider donating a small coin, see: Donations.