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- Bitfinex Borrow enables borrowers to use crypto holdings to secure a crypto loan that can be used for trading or be withdrawn from the platform.
- Borrowers can use either bitcoin or Ethereum holdings as collateral to obtain a loan in either Tether (USDt) tokens or US Dollars (USD).
Bitfinex, a state-of-the-art digital token trading platform, has launched Bitfinex Borrow, a peer-to-peer (P2P) digital token loan portal providing a seamless interface for users to borrow.
Bitfinex Borrow enables borrowers to use their bitcoin or Ethereum holdings as collateral to obtain a loan in either Tether (USDt) tokens or US Dollars (USD).
“Bitfinex Borrow is an intuitive and user-friendly service that will facilitate responsible borrowing, with the taking out of personal and corporate loans from our highly liquid peer-to-peer lending markets. We launched this service after carefully considering the needs of our sophisticated and growing customer base.”
–PAOLO ARDOINO, CTO AT BITFINEX
Borrowers can choose between a variable interest rate based upon the Flash Return Rate (FRR) or a fixed-rate loan. The annual and daily interest rates, as well as total lending and repayment amounts, are automatically calculated by Bitfinex Borrow based on the amount of digital token put down as collateral, loan amount, borrowing period and preferred interest rate option. Borrowing rates vary from about 5.5% Annual Percentage Rate (APR) to about 18.25% APR*.
Users can make a partial or full repayment on both the principal and interest of the loan by moving funds back into their Margin wallet, thereby reducing their daily interest rate. Users will have to manage their own risk of fluctuating bitcoin or Ethereum prices.
While fully verified users will have full access to Bitfinex Borrow, users verified at the intermediate level will not be able to withdraw the borrowed funds from the platform. To begin the verification process today, please visit here.
About Bitfinex
Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for digital currency traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital tokens. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world. Visit Bitfinex’s website to learn more.
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
