CoinEx, a global crypto exchange, has recently introduced Crypto Loans to provide a more comprehensive range of financial products and services for crypto users worldwide. Crypto Loans, a financial service for short-term liquidity needs, allows users to borrow cryptos for trading, investment, or withdrawal by collateralizing one or more types of other crypto assets, thereby increasing the liquidity and utilization of personal funds.
This new feature offers a number of advantages, including easy access, wide collateral coverage, simple operations, and flexible repayment. When borrowing from CoinEx, users can also enjoy higher loan-to-value ratios (LTV), along with a diverse range of repayment options. Plus, there are no additional fees for late repayment.
It’s a cakewalk to borrow Crypto Loans from the platform, and the process includes four steps: 1) Add Collateral, 2) Receive Loan, 3) Repay Loan, and 4) Receive Collateral. That said, what about the specifics? How do we borrow loans from CoinEx to boost our liquidity and capital efficiency? Let’s go through a detailed tutorial about Crypto Loans.
I. Find Crypto Loans in Finance on CoinEx
Start by visiting the CoinEx official website (https://www.coinex.com) through your web browser. After logging in, access the [Finance] section from the top navigation menu, and click on [Loans].
II. Borrow the Loan You Need
1. Locate the [Loanable Coins] section on the [Crypto Loans] page, find the target coin, and click on [Borrow].
2. Click on [Add Collateral] in the pop-up window to choose a coin you’d like to collateralize from a range of cryptos supported by CoinEx.
3. Enter the amount of the loan and collateral, then click on [Confirm]; verify the details in the pop-up window, and check the “I’ve read and agreed to “Crypto Loan Agreement” box to confirm your loan.
III. Review Loan Information and Adjust Your Collateral
1. After borrowing a loan, you can check the details through [Loan Account - Assets].
2. Adjust collateral
(1) Hover your mouse over the [...] icon on the page and click on [Adjust] in the pop-up window.
(2) You can also choose to [Add Collateral] or [Reduce Collateral]
If you wish to add collateral, choose the target coin from a range of collaterals supported by CoinEx, input the amount, and click on [Confirm] to complete the addition.
If you wish to reduce collateral, choose the target coin, input the amount, and click on [Confirm] to complete the reduction. Note that when collateral is reduced, the adjusted LTV must not exceed the current LTV.
IV. Repayment on CoinEx
1. Find the loan you borrowed in [Loan Account - Assets], hover your mouse over the [...] icon, and then click on [Repay].
2. Enter the repayment amount and click on [Confirm] to repay the loan. By default, the system will use the borrowed crypto for repayment, and you have the option to either partially repay the loan or make the full repayment.
It should be noted that you can also choose to [Repay with Collateral] using the button at the bottom. This option only supports full repayment, and the system will automatically convert the collateral into the borrowed crypto for repayment.
V. Check Your Borrowing/Repayment Records
1. Find the loan you borrowed in [Loan Account - Assets], hover your mouse over the [...] icon, and then click on [Details].
2. You can choose to view your [Borrowing Records], [Repaid Records], [Adjustment Records], and [Interest Details] in the pop-up window.
CoinEx plans to introduce more loanable cryptos, and users can stay updated on CoinEx’s announcements through its official website and SNS accounts for future updates. Moving forward, the exchange will strive to provide superior crypto trading services for investors worldwide and meet the evolving demands for crypto finance and investment.
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