How to Lend Filecoin (FIL)

Introduction

Lending Filecoin can be an excellent choice for those looking to hold FIL 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. 1. Acquire Filecoin (FIL) Tokens

   To lend Filecoin, you first need to possess it. To acquire Filecoin, you'll need to buy it. You can select from these well-known exchanges.

   Platform	Mint	Cost
   PrimeXBT	Filecoin (FIL)	1,34
   YouHodler	Filecoin (FIL)	1,34
   Binance	Filecoin (FIL)	1,34
   BTSE	Filecoin (FIL)	1,34
   OKX	Filecoin (FIL)	1,34
   Uphold	Filecoin (FIL)	2,66

   View all 46 prices

2. 2. Select a Filecoin Lender

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

   Platform	Mint	APY
   YouHodler	Filecoin (FIL)	Up to 12% APY
   Bitget	Filecoin (FIL)	Up to 4,2% APY
   Gemini	Filecoin (FIL)	Up to 0,01% APY

   View all 5 lending APYs

3. 3. Lend Your Filecoin

   Once you've selected a platform to lend your Filecoin, transfer your Filecoin 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. 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.