Borrowing and returning with interest is an old profession. If you are in a crypto investment, you know that cashing in your coins or trading is not the only way to get money. Investors who have registered their coins on trusted platforms that earn interest can also borrow cryptocurrency or fiat currency and use their deposited digital assets as collateral.
Any investor who is considering seizing this opportunity should first know how to borrow money from BTC. The good news is that there is a lot of information to help you make informed decisions about Bitcoin lending sites, and this article just happens to be one of the sources.
How To Borrow Money From BTC – What You Need
- A reliable crypto-lending platform – These platforms offer loans while allowing investors to save and earn interest. So while choosing, find one with affordable crypto loan rates and high interest rates on your savings. There are many platforms as we will see shortly. Once you’ve chosen one, open an account and start saving.
- Bitcoins – Before you even know how to borrow money from BTC, you need to have BTC that you will use as collateral. For now, they can be in your digital wallet ready to be deposited into your crypto savings account. However, well-established platforms like YouHodler allow you to directly top up your account with BTC using fiat currency or other cryptos through their inbuilt exchange.
How to borrow money from BTC – best platforms
To successfully borrow Bitcoin online, a reliable and trusted crypto-lending platform plays a major role. Since they all claim to be the best, take your time to research and figure out how to borrow BTC money on each of them. This list will help you make up your mind.
- YouHodler – Are you looking for a platform to securely register your Bitcoin to earn interest and later borrow money against it? YouHodler is one of the most trusted platforms for several good reasons. The interest rates on your investment are excellent and the loan rates are affordable. In addition, it is very secure. In addition to “hodling” and borrowing money for Bitcoin, YouHodler opens up a lot of other crypto opportunities, especially when connecting with other members of the community.
- Hodlnaut – It’s an alternative to YouHodler, and it has a pretty similar concept. If you are wondering how to borrow money from BTC on another platform, opening a Hodlnaut account will open up great opportunities for you. The platform handles BTC and many other cryptocurrencies, and it’s worth checking out.
- CoinLoan – Looking for the best way to ‘lend my crypto’ to a trusted community? CoinLoan is a platform that will help you grow your assets and offer loans against the crypto you have registered. Their minimum deposits are attractive, as are the loan fees. If you are a beginner, this might be an ideal option.
Now that you know how to borrow money from BTC, don’t leave your digital investment in a digital wallet idle. The above information is invaluable for any new crypto enthusiast or even any seasoned investor. This will help you understand crypto loans.