Best Crypto Lending Platforms Australia – Top Picks[2022]

Today we will discuss some of the best crypto lending platforms Australia that allows you to earn high interest on lending.

We are familiar with trading in the physical world, that traders do hold their assets for the time being till the values of their assets approach the desired magnitude.

Traders ‌hit the ball before the values drop again. The same procedure is also executed in cryptocurrencies while trading for a profit.

Best Crypto Lending Platforms Australia – Earn High Interests

But, holding your assets in your crypto exchanges or wallets for a long time does not create any profits and thus, in such a scenario the crypto lending platforms come into action and produce a nice passive income on your digital assets.

We will cultivate intuition in this guide about the best Crypto lending platforms Australia to assist you with the right information.  

What Is Crypto Lending Platform Australia? 

To make use of the assets stored in the cryptocurrency exchanges for trading, the traders land on intermediary third parties that connect them to the borrowers.

These third parties working as a bridge between the trader and the borrower are the crypto lending platforms.

By connecting the lenders with buyers, the crypto lending platforms make the lending procedure occur. some of these platforms are CeFI.

Most of these crypto lending platforms ‌we will examine in this review are decentralized ones. Some of the lending platforms allow their users to lend their stable coins as well. This is the secure and safest method for lending.

How Does Crypto Lending Works? 

Unlike traditional lending, crypto lending is based on blockchain technology where there is no governing body.

The lending bodies are the intermediary bodies that connect the lender and the borrower.

Like traditional lending, for the approval of the loan you first put your assets as collateral in the crypto lending platforms, then the lending bodies charge you some sort of applicable interest.

This is the interest that the lender earns for putting their assets on the lending platform. The interest can vary between 3%, 7%, and 20%. Loan, this is how the lending platform charges

However, you must take care of the amount of interest that the landing platform is claiming to provide you.  

Why Would I Want To Borrow Cryptocurrency? 

Yes, this question is ‌frequently asked among crypto holders. Most of the users do not get loans because of the inconvenient feelings.

They are much concerned about paying a high-interest rate on it, and this causes them to sell their assets. 

Getting a loan on Defi is a quicker process than the traditional procedures. You save your time, cars, and other hard-earned collateral assets.

Without signing papers, showing your credit limits, and revealing your identity to the banks you can get loans.

You can borrow assets even when your credit score is low. Borrowing and lending your assets is a hassle-free activity on the crypto lending platforms that save you time. 

What Cryptos Can Lend?

You might think that you can lend all the cryptocurrencies available on one platform. 

But, this isn’t the fact. The fact is that you can lend and borrow the assets according to the acceptance and availability at each platform.

All the platforms do not accept all the coins. Whereas, most platforms like Crypto.com, BlockFi, Celsius Network, etc. ‌accept a significant number of coins.

Such as; Terra, cosmos, Bitcoin, Ethereum, USD Coins, Stellar, Helium, Algorand, etc. For more details about the availability of the coins on each platform, you can read this article further. 

What Services Do Crypto Lending Platforms Offer? 

Don’t go with the term only, ‘the crypto lending platforms’.These Lending platforms come with the great responsibility of securing your assets safely.

Lending platforms not only connect the lenders with the borrower but they provide other crypto-related services too.

From generating profitable income for your assets, the crypto lending platforms also provide services of banking, crypto exchange, buying, and selling of your assets.

Best Crypto Lending Platforms Australia

As there are significant lending platforms available in Australia itself, they can be described according to their services and functioning.

But, down in the article, we describe some of the best crypto lending platforms Australia.

Crypto.com 

Among the best crypto lending platforms, we will place Crypto.com in the 1st position on our best crypto lending platforms Australia review.

The company supports over 250 cryptocurrencies and offers crypto credit cards. The company itself is growing with a mission to make cryptocurrency available in every wallet throughout the world.

This is one of the best marketplaces for NFTs and the trade exchange. Crypto.com stores and trades with over 250+ cryptocurrencies.

You can deposit any crypto here out of 40+ cryptocurrencies and carn earn interest up to 14.5%. The popular assets that crypto.com supports are as follows :

• Polkadot
• Dogecoin
• Ethereum
• Bitcoin
• Cardano.

BlockFi Crypto Lending Platform Australia

BlockFi is the most prominent crypto lending platform Australia with $10 billion in assets that have reached up to 1+ Million users worldwide and have earned rewards and interests whose amount goes up to $700+ million.

Besides crypto exchange, BlockFI provides its interest account also, where users can earn interest up to 11% on the monthly basis. BlockFi supports mainly stable coins. and provides trading on a few crypto assets.

The lending platform, BlockFi allows its users to borrow assets against the collateral. Keeping in mind the needs of the users that they would have not to sell their assets in need, it borrows assets from them at a low-interest rate of 4.5% APR. 

YouHodler

You can not forget YouHodler, one of the best crypto lending platforms Australia. YouHodler is not only a lending body but also a crypto exchange that sustains over 40 cryptocurrencies.

The highest interest of 12.3% APY + compounding interest is delivered to its lenders.

YouHodler allows its users to store their assets as collateral and get an instant loan in cash and cryptos for their daily essentials. 

You can get a quick loan over 40 crypto assets that include credit and bank withdrawals.

A single most diversified crypto exchange that serves for crypto, fiat, and stable coins exchange.

Celsius Network Crypto Lending Platform Australia

One of the highest interest rate providers, the Celsius network, is trusted by 1.7+ Million users globally in over 150 countries. Which has delivered up to $1B+ interests and rewards since 2018. At the date of writing, it possesses a huge amount of $23 B+ assets.

Celsius Network is one of the high profitable passive income providing platforms. You can lend your assets here and can earn up to 17.1% APY per week.

By referring the celsius network to a friend, you both will collect $50 in BTC. You can get a loan instantly with a minimum of 1% starting interest by dropping your assets as collateral.

Point Pay

You, for sure, have heard of banking, but banking based on blockchain is a revolutionary trend, of which the PointPay is a part.

PointPay allows you not only to open your checking and saving bank accounts, but it goes beyond that. It Comes with the daily compound interests on your crypto assets available in your accounts.

This is a platform where you can trade on your assets with its strategic market research. PointPay is a crypto product and service providing industry that accepts several payment methods for buying and selling coins such as Bitcoin and Ethereum.

Buying and selling process can occur directly from your bank accounts and credit cards. PointPay is also a crypto school that enables new users to learn about crypto trading and banking.

Nexo Crypto Lending Platform Australia

Nexo is one of the most admired and trusted crypto lending platforms Australia. Which helps you unlock the power of your assets, whether they be physical or digital.

It provides a high-interest rate on your digital assets as the YouHodler does. Investors can earn daily interest up to 17% on their investments. Nexo, a 4M+ user’s trusted platform, maintains $12M+ digital assets.

It supports trading over‌ 38 tokens. You can add and withdraw your funds‌ anytime. If you do not want to sell your assets, you can use the tokens as collateral and can borrow the crypto at a 0% interest rate.

Gemini Earn 

Gemini earn is a well-known lending body in the crypto industry because of its safety and security features.

Gemini earn is the crypto lending platform Australia where you can get an incredible rate of 8% APY on your digital assets. You need to open an account on Gemini Earn for holding your assets for better interest.

Gemini earn is the safe option for selling, storing, and lending your assets like Bitcoin and other digital currencies. You can redeem your crypto assets and interests earned easily with the Gemini Earn protecting features. 

AQRU Crypto Lending Platform Australia

AQRU is one of the simple crypto lending platforms that generate up to 12% of interest in the assets that you hold, transfer and buy. It is famous worldwide for its simplicity and safety.

You can redeem your annually earned interests daily. There are no hidden charges for investing and buying the assets.

What you need to do first to generate passive income is a deposit from your bank account directly or with a credit card. You will start earning a good amount of interest of 12% from the day you deposit your assets. Then, with an easy withdrawal, you can redeem buying assets and interest in real money or crypto with no questions asked.

Can I Use a Wallet With Crypto Lending Platforms?

Yes, you can use a crypto wallet for the crypto lending platform as that is how you are supposed to receive your payments.

All the crypto coins that you’d receive from a crypto lending platform need to be delivered at a particular place and that place is going to be your crypto wallet which will make sure that all your digital assets are stored in a secure and safe environment without the hassle of transferring them offline.

You can use any digital crypto wallet or you can use a hardware wallet for extra security of your digital assets. 

Types Of Cryptocurrency Lends 

There are many ways for you to lend your money on crypto lending platforms. Some of the useful lending methods are as follows.

Lending Crypto To a Platform 

In this type of lending, there is an involvement of three bodies. A lending platform., borrower and the lender For the lending to happen, there must exist a platform that acts as a bridge between the borrower and the lender.

A lender puts an amount of money on the lending platform for some time to generate interest. If you remove your stakes before the period, then there will not be any interest received on your assets.

Lending Crypto From a Site

There are various methods that you can use for lending crypto from a site. 

Here is the collateral that will make a loan for you from a site.  You provide the websites with the collateral to ensure them the funds that you will borrow from will be returned within the given period.

Crypto Peer To Peer Lending

This type of lending needs to find the borrower. In peer-to-peer lending, sometimes it becomes a hectic task to find the borrower.

Whereas in platform lending, the borrower itself comes to you. The lending platform protects your assets from hackers. But in peer-to-peer lending, it is difficult to trust someone and hand over your assets to a completely strange peer.

How To Minimize Risk With Crypto Lending

There is always the involvement of risks in trade and investments. But, by applying some techniques, you can reduce the chances of risks. 

In the crypto lending platforms, there are two obvious risks. One is for the lending platform to be hacked and the second is that the person borrowing money can be a fraudster. Most crypto lending platforms do not guarantee the loss of assets.

Hence, it is better that you must not lend your hard-earned assets to a single platform. try lending on some other platforms, thus you can minimize the risks.

How To Lend Cryptocurrency In Australia

The lending process on all the Australian crypto lending platforms is simple. 

You do need to open up an account in the lending platforms to get started, followed by depositing funds

Open An Account 

On most of the crypto lending platforms, you can open an account in one go, there you do not need to be concerned. Select the platform ‌you think is the best for you. 

Write the email address and choose the strong password. Click on create an account button to access your lending account.

Deposit Funds

After opening an account, first, go through the account verification process. Some lending platforms may ask you for an I’d. 

Now, select the payment methods. These methods can be bank transfers, credit card deposits, and crypto deposits. With your suitable method, you can deposit your funds in the lending platform.

Earn Interest

After selecting the crypto coin ‌you will invest in, the lending platform will connect you with the borrower. As soon the lending platform finds the borrower, it will borrow your assets against the collateral. It will start you earning your passive income shortly.

Is It Safe To Lend Bitcoin And Other Coins? 

As we know that there are always risks involved in losing money on crypto lending platforms.

Though it is easier to lend money on platforms because they automate the procedures and make it hustle-free for us. but it does not mean that you forget the assets after lending them. Take always care of the assets and keep monitoring.

Are Crypto Lending Platforms Legit In Australia?

Intensive research supported the review that we have shared with you here in this article. 

While doing the research, we did not find any customer reviews against these platforms. These platforms are legitimate and trustful. Have a precautionary eye before lending your assets to reduce the odds.

Best Crypto Lending Platforms Australia: Conclusion 

This article on the best crypto lending platforms Australia isn’t meant for financial advice. The article only delivers a review of various operating lending platforms in the crypto industry. Lending crypto is quite simple nowadays because of blockchain technology.

The process for getting loans was quite hectic in the traditional methods through which the governing bodies and banks can access our credit scores with personal information.

Now anybody who invests in crypto can generate passive income and can borrow the assets without standing in queues and repeating arrival at banks. Now you do not have to use your house or cars as collateral assets anymore.