Introduction
Lending Australian Dollar can be an excellent option for those who wish to hold AUD while earning a yield. The steps may seem a bit daunting, particularly the first time you undertake them. That's why we've compiled this guide for you.
Step-by-Step Guide
1. Obtain Australian Dollar (AUD) Tokens
To lend Australian Dollar, you need to possess it. To obtain Australian Dollar, you'll need to purchase it. You can choose from these popular exchanges in the UK.
2. Choose a Australian Dollar Lender in the UK
Once you have AUD, you'll need to choose a Australian Dollar lending platform to lend your tokens. You can see 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 AER. Some platforms pay interest daily, while others do so weekly or monthly.
4. Earn AER
Now all you need to do is sit back while your cryptocurrency earns interest. The more you deposit, the more interest you can earn. Try to ensure your lending platform pays compounding interest to maximise your returns.
What to Be Aware Of
Lending your cryptocurrency can be risky. Ensure you conduct thorough research before depositing your crypto. Do not lend more than you are prepared to lose. Review their lending practices, customer feedback, and the measures they take to secure your cryptocurrency.
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