How to Lend Polkadot (DOT): A Step-by-Step Guide for Canadians

Introduction to Cryptocurrency in Canada

Lending Polkadot can be an excellent choice for Canadians looking to hold DOT while earning a yield. The process may seem a bit overwhelming, particularly for first-time users. That’s why we’ve created this guide specifically for you.

Step-by-Step Guide for Canadians

1. Acquire Polkadot (DOT) Tokens in Canada
To lend Polkadot in Canada, you first need to acquire it. To obtain Polkadot, you'll need to purchase it from one of these popular exchanges available in the Canadian market.
Platform Coin Cost
Nexo Polkadot (DOT) 1.75
PrimeXBT Polkadot (DOT) 1.74
EarnPark Polkadot (DOT) 1.74
YouHodler Polkadot (DOT) 1.74
Binance Polkadot (DOT) 1.74
BTSE Polkadot (DOT) 1.74
See all 67 prices in Canada

Platform	Coin	Cost
Nexo	Polkadot (DOT)	1.75
PrimeXBT	Polkadot (DOT)	1.74
EarnPark	Polkadot (DOT)	1.74
YouHodler	Polkadot (DOT)	1.74
Binance	Polkadot (DOT)	1.74
BTSE	Polkadot (DOT)	1.74

2. Choose a Polkadot Lender in Canada

Once you have DOT, you'll need to choose a Polkadot lending platform to lend your tokens. You can explore some options available in Canada here.

Platform	Coin	APY
Nexo	Polkadot (DOT)	Up to 15% APY in Canada
EarnPark	Polkadot (DOT)	Up to 5.5% APY in Canada
YouHodler	Polkadot (DOT)	Up to 16% APY in Canada
Bitget	Polkadot (DOT)	Up to 8.6% APY in Canada
Blockchain.com	Polkadot (DOT)	Up to 5% APY in Canada

See all 16 lending rates in Canada

3. Lend Your Polkadot in Canada
Once you've selected a platform to lend your Polkadot, transfer your Polkadot into your wallet on the lending platform. Once it's deposited, it will begin to earn APY. Some platforms pay interest daily, while others do so weekly or monthly.
4. Earn Interest in Canada
Now all you need to do is sit back while your cryptocurrency earns interest. The more you deposit, the more interest you can earn. Be sure to choose a lending platform that offers compounding interest to maximise your returns.

What Canadians Should Be Aware Of

Lending your cryptocurrency can be risky. Ensure you conduct thorough research before depositing your crypto. Only lend what you can afford to lose. Review their lending practices, customer feedback, and the measures they take to secure your cryptocurrency.