What is the Fuly.ai lending robot? What’s the difference with the Bitfinex lending robot? Are there risks in lending?
Table of contents
What is lending? The Best Lending Platform Bitfinex!
Why do you need automated lending robots?
What is Fuly.ai
Fuly.ai lending robot setting tutorial
Fuly charging method
Join the community and ask questions
Fuly Frequently Asked Questions (FAQs)
What is lending? The Best Lending Platform Bitfinex!
Lending, simply put, means lending your funds to people in need. The borrower needs to repay the loan principal and interest within a certain period of time. This can help the borrower solve their financial needs and also help the lender obtain income.
In the cryptocurrency world, investors also need funds, so platforms have emerged to help match lending funds. Among them, Bitfinex exchange is currently the platform with the highest lending rate, and it can also use US dollars, USD, and cryptocurrency USD. For operations with $USDT, the average annualized rate may be as high as 15% (depending on lending status).
Because lending is a relatively stable method of operation in the cryptocurrency world, it has attracted many investors with idle assets to operate. Compared with the low interest rates of traditional assets, Bitfinex’s lending rate has greatly attracted the attention of investors. It is also one of Bitfinex’s most popular services from the past to the present.
Since investors in the cryptocurrency world can take relatively high risks in the short term, the interest rate at which users are willing to borrow money is usually higher, but the borrowing time is usually shorter and most repayments are made in advance.
Why do you need automated lending robots?
One of the inefficiencies of manual lending is actually very poor. Sometimes the money you earn may not be higher than directly using the coins for other investment operations, so at this time we need automatic lending services.
Therefore, the Bitfinex exchange launched the free automatic lending robot Lending PRO in 2020, which can help users perform automatic matching.
However, because it is a tool launched by the Bitfinex exchange platform itself, it must consider maximizing the benefits of both borrowing and lending parties. Therefore, in fact, the interest rate it obtains from lending may not be as good as that of some specialized lenders. Products that maximize profits.
Fortunately, the Bitfinex exchange has an open API, so lending robots in the market can use the API to connect to the Bitfinex exchange. The platform that currently has a good reputation, good performance, has been operating normally for a period of time, and has no problems itself is the platform we are going to introduce today, Fuly.ai.
For details on the differences between the two products, please refer to the video we made previously about the automatic lending robots of Fuly.ai and Bitfinex.
What is Fuly.ai
Fuly.ai is a Taiwanese team that focuses on developing various investment strategy robots. The products currently developed include "Lending Bot Intelligent Investment Strategy Robot", "JRB Volatility Trend Strategy Indicator" and the joint development of "GT Radar Radar Multi-Strategy Automatic Copying Platform" ”.
Among them, Lending Bot is currently the most popular product. This product allows users to easily connect to the Bitfinex API to perform automatic lending operations, achieving higher interest rates and capital utilization rates than those on the market. According to official website information, its average annualized rate is approximately At 8-20%, it is much higher than the interest rate of Bitfinex’s internal robot.
Moreover, Fuly is not a trading platform, it is an auxiliary tool. Users do not need to transfer funds to Fuly for operations. All lending activities are still performed on Bitfinex. Fuly only provides the best lending strategies to help users obtain higher benefits in the lending market, so users do not have to worry about security. question.
Fuly.ai lending robot setting tutorial
Register Bitfinex Exchange
Send and transfer funds
Register Fuly.ai
Go to the Bitfinex web version to obtain and set up the API
Connect the API to Fuly and start lending
View interest rates and returns
1. Register on Bitfinex exchange
2. Remit and transfer funds
Bitfinex's current main deposit methods are mainly divided into cryptocurrency transfers, wire transfers and credit cards. Among them, those who have a Taiwan exchange account can use cryptocurrency transfers to deposit funds.
To use Bitfinex's lending function, you must transfer funds from the "spot wallet" to the "financing wallet". If you want to obtain stable income, we recommend using USD or USDT for lending.
3. Register Fuly.ai
Go to the Fuly page and select the lending robot
Choose a free trial
Users can register a new account or log in with a Google account
4. Go to the Bitfinex web version to obtain and set the API
After completing the registration of Bitfinex and Fuly, the next step is to set up the API service connection. First, you must go to the "Portrait" in the upper right corner of the Bitfinex web version and select "Generate New Key" of "API Key"
Please enable at least the following five services, name your API in the lower right corner, and click to generate an API key
Check historical balance and transaction records
Check financing status and information
Offer, cancel and close financing
Check wallet balance and address
Allow access from any IP address
Go to your email to receive the email and click CREATE API KEY to generate the key
Save your "API Key" and "API Key Password"
5. Connect API to Fuly and start lending
Return to the Fuly page, select Loan Robot Settings, and enter the following information. Once completed, you can start lending.
API KEY: Please fill in the API key
API Secret: Please fill in the API key password
Whether to turn on the robot: If you want to start lending immediately, you can choose to turn it on
Lending currency: It is recommended to use USD or USDT for lending, which is relatively unaffected by market price fluctuations.
Amount to be retained not to be lent: whether it is necessary to retain funds that are not to be lent
Lending method: It is recommended to use fully automatic lending (Dave high-interest mode) or fully automatic lending (Dave speed mode), unless you want to set your own parameters and then choose other modes
Note: 1. Lending funds need to be placed in the financing wallet, not the spot wallet 2. Before using the Fuly robot, Bitfinex’s automatic lending robot Lending Pro must be closed, otherwise it will not operate
6. Check interest rates and returns
After completing the settings, users can check the latest lending status in the real-time report, and the lending interest rate will be adjusted according to the lending situation in the market.
Image transferred from Fuly.aiFuly charging method
Fuly is currently divided into quarterly payment and annual payment plans. The choice is mainly based on the "amount of loan" you want. However, if the loan amount is too small, it is not cost-effective and you may not even be able to earn back the service fee, so it is recommended to have it first A sum of funds can then be used for long-term lending operations, which is both stable and can charge higher interest than traditional financial products.
Fuly.ai FAQ
Q1: Is Fuly.ai safe?
A: Fuly.ai uses Bitfinex API connection. Users do not need to transfer funds to Fuly for operation. As long as the API is not leaked to others at will, there is less need to worry about security issues.
Q2: Are there risks in lending on Bitfinex?
A: The biggest risk in Bitfinex lending is "platform failure" or problems with the "lending currency"
Risk of platform failure: Bitfinex was founded in 2012. Although it encountered some problems in the middle, it has been operating stably for more than ten years so far.
Lending currency risk: Currently, lending is mainly based on the legal currency USD and the cryptocurrency USDT. USDT occasionally has exchange rate decoupling events. Users need to pay attention to this.
Q3: How to withdraw money from Fuly.ai?
A: Since Fuly only assists in Bitfinex lending, all funds are still in the Bitfinex account, and users only need to follow the Bitfinex withdrawal method.