I've noticed a lot of new people entering the crypto space, which is why we're going to share this little tutorial on secured loans.
Step 1: Go to Earn and then Loans.
Step 2: Once there we go to request a loan.
Step 3: Once there, all you have to do is use any of the cryptocurrencies you have in your Spot wallet to leave as collateral and take out the loan.
Enter the amount of cryptocurrency you want to order and that's it, they will be available in your spot wallet.
As a suggestion, I can say that you should not take more than 30% or 40% of the value of your collateral. If you take the loan in a market correction, you can take on a little more risk by taking advantage of the opportunity to buy other cryptocurrencies at a good price with borrowed money.
It is also important to regularly check that the LTV price does not get too close to the liquidation price and in that case we would have to add collateral to reduce the risk and pay the loan when a profit has been made on the money lent.
Follow us and comment if you are interested in this type of content and I will bring more about it since there are other applications that give you loans even without charging you interest and paying only a commission of only 0.05% per transaction.
