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Introduction

Lending Monero can be an excellent choice for those looking to hold XMR while earning yield. The process may seem a bit overwhelming, particularly for first-timers. That's why we've created this guide to help you navigate through it smoothly.

Step-by-Step Guide

1. 1. Acquire Monero (XMR) Tokens

   To lend Monero, you must first acquire it. To obtain Monero, you'll need to purchase it. You can select from these popular exchanges available in Nigeria.

   Platform	Coin	Price
   Binance	Monero (XMR)	118.7
   BTSE	Monero (XMR)	559.9
   Kraken	Monero (XMR)	564.19
   Azbit	Monero (XMR)	568.18
   BingX	Monero (XMR)	161.9
   Bitfinex	Monero (XMR)	565.32

   See all 27 prices

2. 2. Choose a Monero Lender

   Once you have XMR, you'll need to select a Monero lending platform to lend your tokens. You can explore some options here.

   Platform	Coin	Interest rate
   Kucoin	Monero (XMR)	Up to 0.3% APY

3. 3. Earn Monero

   Once you've selected a platform to earn your Monero, transfer your Monero into your wallet on the earning platform. Once it's deposited, it will begin to earn APY. Some platforms pay interest daily, while others do so weekly or monthly.

4. 4. Earn Interest

   Now all you need to do is relax while your cryptocurrency earns interest. The more you deposit, the higher your potential earnings. Ensure that your earning platform offers compounding APY to maximize your returns.

What to 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 have in place to secure your cryptocurrency.