What is this website about?
The Bitfinex platform allows their user to lend their money through margin funding. A user will typically place loan offers manually (which is tedious) or let Bitfinex's bot, Lending Pro, do it (which performs poorly). This website (Lend It For Me) offers an alternative, and a replacement, to the Lending Pro bot which performs a lot better.
Is it free?
Following the discontinuation of Bitfinex Lending Pro, LIFM is free until October 28th 2024, then you'll have to credit your account and will be charged a percentage of your earnings to keep your bot running.
Can I use LIFM as a replacement for Bitfinex Lending Pro?
As a trading bot for the USD currency, absolutely, and it will perform better. However, LIFM does not yet support other currencies. It also does not provide the visualisation dashboard and charts which Lending Pro offered.
Basically, LIFM does a small part of what Lending Pro did (lending USD automatically), but does it better (earns more).
Do I need to send you my money so that you can lend it?
No, you need to provide us with your API key and secret, which you can create from your Bitfinex account, and that will allow us to lend your money directly from your Bitfinex account.
Who is providing this website?
Lend It For Me is edited by Nashnod and is based in Paris, France.
When was this service created?
We actually created the first version of our bot in early 2021. It was only used by a very few persons until 2024, when we decided to make it available to everyone.
Can I use LIFM in addition to another funding bot such as Bitfinex's Lending Pro?
Yes, as long as you only use one bot per currency, you should be fine. If you actually want to use several bots for the same currency, you can create a Bitfinex sub-account for each additional bot.
Are you associated with Bitfinex?
No.
Which currencies can I lend using Bitfinex?
For now, only US dollars (USD), however we are planning to add support for other currencies in the future.
Why is that?
USD is by far the currency with the biggest volume in margin funding, and also the one with the highest return rates on the long run. Our goal is to offer the best performing bot (as in, the one that will provide the highest earnings), so we have tweaked our bot's strategy for the USD.
What do you mean by 'tweaked for USD'? Isn't lending USD the same as lending any other currency?
The optimal lending strategy for USD will differ from other currencies because they are different types of market. USD is a relatively stable and predictable market with a high volume, with return rates that are never extremely low, and change rather slowly. On the other hand, most of the other currencies often drop to ridiculously low rates, and their rate can surge very quickly because of low volumes.
Because of these differences, the optimal strategy for USD isn't optimal for the other currencies, also, it's easier to craft an excellent strategy for USD than for currencies that are less predictable.
Can I tweak the strategy myself, like Lending Pro allows?
Users can modify the maximum period and the minimum rate of the lending offers. There are no other settings because we want to offer the best strategy we can to all our users, and we often tweak it under the hood.
Is margin funding secure?
That's a question for Bitfinex; see their answer here.
Are my funds secure when I'm using LIFM?
LIFM cannot withdraw or trade your funds, as you will provide an API key which only permits placing funding offers.
What if the key I give you actually permits withdrawals?
That key would be rejected (it wouldn't be saved in our database). But ultimately, you are responsible for setting up the key's permissions correctly.