How to Lend Loom Network (NEW) (LOOM): A Step-by-Step Guide for South Africans

Introduction

Lending Loom Network (NEW) can be an excellent choice for those looking to hold LOOM 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 Loom Network (NEW) (LOOM) Tokens

To lend Loom Network (NEW), you first need to possess it. To acquire Loom Network (NEW), you'll need to buy it. You can select from these well-known exchanges.

Platform	Mint	Cost
Binance	Loom Network (NEW) (LOOM)	0,05
Uphold	Loom Network (NEW) (LOOM)	0
BingX	Loom Network (NEW) (LOOM)	0
Bitget	Loom Network (NEW) (LOOM)	0,02
Bitmart	Loom Network (NEW) (LOOM)	0
Bitpanda	Loom Network (NEW) (LOOM)	0,08

View all 17 prices

2. Select a Loom Network (NEW) Lender
Once you have LOOM, you'll need to select a Loom Network (NEW) lending platform to lend your tokens. You can explore some options here.
3. Lend Your Loom Network (NEW)
Once you've selected a platform to lend your Loom Network (NEW), transfer your Loom Network (NEW) 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.