Introduction

Lending Canadian Dollar can be an excellent choice for those looking to hold CAD while earning some returns. The process might seem a bit overwhelming, particularly if you're doing it for the first time. That's why we've created this guide to help you navigate through it smoothly.

Step-by-Step Guide for Ugandan Investors

1. 1. Acquire Canadian Dollar (CAD) Tokens

   To lend Canadian Dollar, you first need to possess it. To acquire Canadian Dollar, you will have to buy it. You can select from these popular exchanges available in Uganda.

2. 2. Select a Canadian Dollar Lender

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

3. 3. Lend Your Canadian Dollar

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

4. 4. Grow Your Savings

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

What to Keep in Mind

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.