How to Lend Canadian Dollar (CAD): A Step-by-Step Guide for South Africans

Introduction

Lending Canadian Dollar can be an excellent choice for those looking to hold CAD while earning a return. The process may seem a bit overwhelming, particularly if it's your first time. That's why we've created this guide to assist you.

Step-by-Step Guide for South African Investors

1. Acquire Canadian Dollar (CAD) Tokens
To lend Canadian Dollar, you first need to possess it. To acquire Canadian Dollar, you'll need to buy it. You can select from these well-known exchanges.
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. 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. 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 South Africa
Now all you need to do is sit back while your cryptocurrency earns APY. The more you deposit, the more interest you can earn. Make sure your lending platform pays compounding interest to maximise your returns.

What to Keep in Mind

Lending your crypto can be risky. Ensure you conduct thorough research before depositing your crypto. Don't lend more than you're prepared to lose. Review their lending practices, customer feedback, and the measures they take to secure your cryptocurrency.