Introduction
Lending Australian Dollar can be a great option for those who want to hold AUD 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. Obtain Australian Dollar (AUD) Tokens
To lend Australian Dollar, you need to possess it. To acquire Australian Dollar, you'll need to buy it. You can select from these popular exchanges.
2. Choose a Australian Dollar lender
Once you have AUD, you'll need to choose a Australian Dollar lending platform to lend your tokens. You can find some options here.
3. Lend Your Australian Dollar
Once you've chosen a platform to lend your Australian Dollar, transfer your Australian Dollar 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. 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.
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