How to Lend Filecoin (FIL) in Australia

Introduction

Lending Filecoin can be a great option for those who want to hold FIL while earning yield. The steps may seem a bit daunting, especially the first time you do them. That's why we've put this guide together for you.

Step-by-Step Guide

1. 1. Obtain Filecoin (FIL) Tokens

   To lend Filecoin, you need to possess it. To acquire Filecoin, you'll need to buy it. You can select from these popular exchanges.

   Platform	Coin	Cost
   PrimeXBT	Filecoin (FIL)	1.34
   YouHodler	Filecoin (FIL)	1.34
   Binance	Filecoin (FIL)	1.34
   BTSE	Filecoin (FIL)	1.34
   OKX	Filecoin (FIL)	1.34
   Uphold	Filecoin (FIL)	2.66

   See all 46 prices

2. 2. Choose a Filecoin lender

   Once you have FIL, you'll need to choose a Filecoin lending platform to lend your tokens. You can find some options here.

   Platform	Coin	Interest rate
   YouHodler	Filecoin (FIL)	Up to 12% p.a.
   Bitget	Filecoin (FIL)	Up to 4.2% p.a.
   Gemini	Filecoin (FIL)	Up to 0.01% p.a.

   See all 5 lending rates

3. 3. Lend Your Filecoin

   Once you've chosen a platform to lend your Filecoin, transfer your Filecoin into your wallet on the lending platform. Once it's deposited, it will start earning interest. Some platforms pay interest daily, while others do so weekly or monthly.

4. 4. Earn Interest

   Now all you need to do is sit back while your crypto earns interest. The more you deposit, the more interest you can earn. Ensure your lending platform pays compounding interest to maximise your returns.

What to Be Aware Of

Lending your crypto can be risky. Ensure you do your research before depositing your crypto. Don't lend more than you're willing to lose. Check their lending practices, reviews, and how they secure your cryptocurrency.