Ledn is doing a bonus referral period, decent offer but keep in mind withdrawal fees which are $10 USDC or the BTC network fee.
Current rates on Ledn are 6.25% APY on Bitcoin and 9.5% APY on USDC.
How to Qualify
Sign up via a referral link
Verify identity
Deposit at least 75 USDC or 0.0015 BTC into the account within 30 days of verifying identity
Maintain balance for 15 consecutive days
Promo ends December 31st
Referrer and referee get 10 USDC if the referee deposits and holds 75 USDC or 0.0015 BTC for 15 days or longer.
Note: Both Referrer and referee need to complete the deposit.
I've personally used Gemini, they allow 10 free withdrawals per month. Transferred LTC to Gemini, sold and bought USDC and transferred out. Total fees and spread around a dollar.
Gonna have to take the $10 hit to transfer out from Ledn unless someone has a workaround?
Ftx using btc, if btc didn't go down. Withdrawal fees will be much lower.
USDC Miner fees will be up towards 10usdc.
Ftx (was blockfolio) pays sending fees for usdc.
Personally I think BTC is the better option.
Thanks very much
Do you know what BTC withdrawal fee Ledn charges?
Just the Miner fee from what I have read.
Why is btc a better option. Don't you get the bonus in usdc?
That means when you withdraw the btc and usdc you have to pay fees for 2 withdrawals.
Whereas if you deposit usdc. You will only make 1 withdrawal.
Unless you are not withdrawing BTC as it has the best rates at the moment for low amounts
I think you can trade the $50 USDC bonus to BTC on Ledn and withdraw everything as BTC.
That might be the cheapest way to do it.
FTX has fees which are partly paid to your referrer like a pyramid scheme. I would just stick with Binance or Crypto.com.
https://help.ftx.com/hc/en-us/articles/360024780431-Referral…
Don't use the crypto.com app to transfer USDC. They will charge you a whopping 25 USDC fee :(
But Binance has the same pyramid scheme style and even has an option where the referer gets 100% of the fee…
FTX (formerly blockfolio) don’t allow USDC purchase/transfers only USDT.
Agreed BTC is the best option on any of the platforms mentioned.
couldn't find anything about regulated financial institution… not even which jurisdiction it is operated under. can ledn be trusted?
You're asking too many questions. You clearly have no FOMO
FinTRAC doesn't work but opengovca.com has recorded of the reg.
Products provided by Ledn Hodl I LP: FINTRAC MSB # M20149921
https://opengovca.com/money-service/M20149921
They’re in Canada
you're right… but it doesn't mention anything about regulated under FCAC or APRA/FCA-equivalents..
Which network do we have to move the usdc in? Erc20?
Nvm: it’s Erc20
So it's only taxable when you cash out?
No tax on cashbacks.
Bonuses aren’t taxable, the proceeds of staking are taxable (DYOR)
It only applies to USDC and BTC, they charge blockchain fees to withdraw.
USDC will be expansive to withdraw. About $10< usd.
Damn that is high. Could always sell to AUD and then withdraw?
What are the BTC withdrawal fees?
Free money is expensive
For people wondering on possible ways to deposit to Ledn for cheap. I withdrew XRP from Binance to FTX. From FTX I converted the XRP to BTC and withdrew (1 free withdrawal a day) to Ledn!
Referal only applies to USDC or BTC. LEDN say they don't charge fees, you only pay Miner fee which should make BTC much cheaper atm.
1 free withdrawal a day
Are you staking FTT?
Ftx (was blockfolio) free withdrawals for all coins no limit.
FTX pro, free withdrawals except erc20/eth
Transfer between each with Solana free.
ahh so the FTX app is old blockfolio
and the FTX.com website is FTX pro
Thanks!
What was your capital gain for the XRP to BTC conversion?
Capital loss of 0.25 cents
Which is tax deductible
@Yuppieshrink: It most definitely is not tax deductible. Capital losses must be rolled forward to offset future gains.
Legends. Thank you Sir Mittens!
I think I’ll do the same as devilbabies and convert the 50 USDC into BTC before withdrawing everything out.
Or I can just leave it in there, it’s the same earnings rate as Celsius Network for me at the moment.
Either they are a Ponzi or exposing you to an insane amount of risk and probably using you to launder money.
You can't offer 10% in these markets with anything. Who would pay such crazy rates apart from people trying to launder money? Or maybe it's just that they are trying to get more customers to prop up their ponzi. Alternatively they are trying to bank on bitcoins value skyrocketing which is insanely risky.
Pick your poison I guess maybe it's all 3.
DeFi has the ability to combine the activity of trading with deposits.
With banks, when you trade shares majority of the trading fees goes to the bank as profit. With DeFi, majority of the trading fees in crypto goes back to the people via deposit APYs in liquidity pools.
Yes yes blockchain magic somehow defies logic and risk.
Comingling funds is usually frowned upon in the finance world but whatever :D
So you loan money out to someone with 50% collateral who actually goes yes 10% is a completely reasonable rate and I am totally not doing this to Launder money.
So in your case you are loaning them money to trade on crypto. I mean there’s a really obvious risk that the entire house of cards falls down with a downwards movement in crypto.
So there’s your gigantic risk. Crypto goes down the collateral the guy puts up drops significantly in value while he also loses big on his crypto trades.
So there’s your gigantic risk. Crypto goes down the collateral the guy puts up drops significantly in value while he also loses big on his crypto trades.
I don't think you fully understand how any of these CeFi or DeFi platforms work.
Just like traditional banks, those who are borrowing need to put up collateral and maintain a certain agreed on LTV otherwise they will get liquidated.
If you don't want to borrow and simply lend out, then there is minimal (if any) risk to you if those who are borrowing are liquidated as the provider keeps the collateral.
In the case of Ledn, they have weathered already a few bear markets and they are independently audited (last time in July 2021). If anything, the fact that Ledn only holds assets in USDC and BTC mitigates their risk exposure greatly.
@Lucille Bluth: I think you don't understand how finance works.
So a traditional loan you are borrowing say Cash for an asset of a house or whatever. The riskier the asset the higher the rates. So houses are fairly low and well cars are fairly high, but I mean cars which are a depreciating asset and well reasonably risky hell you can get for 5%. However blockchain just mints money without risk right so they can magically make 10% work.
Oh an joy read up their faq, their entire lending scheme isn't allowed in the US. I guess that's no red flag there :D I think they are relying on regulators being slow than anything else.
https://ledn.io/en/b2x
No, my case wasn’t referring to borrowing/lending platforms. I was referring to liquidity pools and how these can offer 10%.
@kasp: Yes high risk but you are also compensated with higher reward.
It’s a matter of risk vs. reward preferences.
In regards to money laundering, this will open your eyes on what’s over the fence:
https://www.reddit.com/r/CryptoCurrency/comments/mkoog6/nobo…
@ilovefullprice: People are acting like it’s no risk though. There’s no guarantees iland it’s unregulated.
@kasp: Perhaps people who are commenting on crypto in OzB are from the younger demographic, hence less risk-averse.
Over the long term, crypto returns the highest return when compared with any other asset class. Given Bitcoin has been around for 10+ years now, I think it’s gonna be here to stay.
actually if crypto goes down.. its beneficial to the borrower.. cuz you will be paying back less….
loan 1btc today eqv to say usd50k per btc.
say tmr crashes 50%, you still pay back 1btc but equivalent to usd25k. lol
@oracle365: Realistically though it's not like the borrower took their loan out and bought a house or really hedged it against anything else which could counter that downwards swing.
Nothing about the model makes sense. The only use case I can see for borrowing money and offering such high LVR for the rate is to launder money.
People with short memories shouldn't throw stones in glass houses.
https://coinclarity.com/wp-content/uploads/2018/07/times-hea…
Bitcoin exists because legacy banks played fast and loose with money they didn't have.
Back in your box, banker!
This is a safe space for hodlers.
What if $75 in bitcoin today is worth less than $25 15 days from now.
Possible.
USDC obviously won't fluctuate.
For BTC, it is the quantity in your account at time of deposit instead of what the price will be in future. That is set at 0.0015 BTC. So maintain that and you will get the sign up bonus.
I am currently with Ledn. Apart from their basic website straight out of the early 00s, can't fault them. Currently holding BTC in there earning 6.25% (maximum at this rate is 0.5 BTC).
They have also been through a few bear markets, get independently audited (last time in July 2021) and I do like they have less risk exposure by only dealing with BTC and USDC assets.
As with any CeFi provider, spread the risk between multiple, e.g. Celsius, Nexo, Ledn, FTX, Blockfi etc
Interest is accrued daily but paid out at the start of the next month.
Yes, I concur. I have been using Ledn for a while now and the only issues that I have had is the extradition from Vic to qld. Regards Peter Foster.
Don't forget that it costs approx 25 USDC to withdraw to an external wallet. Changing to fiat will trigger a CGT event and they will want 32% of that 50 USDC (or 16% if you hold for 1+ years)
Sign up bonuses are not subject to taxes. Similar to referral rewards or cashback from Shopback etc.
Bonuses and cash back aren’t taxed
I know me being critical of this got downvoted severely but buyer beware.
They aren't allowed to do business in the US. That really points to some sinister shit going on behind the scenes.
Nearly all exchanges don't deal with Americans.
They aren't allowed to do business in the US.
Yes they can, but they have restricted the B2x service (due to SEC regulations). This doesn't mean they are banned in USA from offering their other services. They are just following local regulations which in itself would be a good thing.
The other service being the Bitcoin-backed Loans and being able to earn interest by lending out assets is available to residents from the USA https://ledn.io/en/loans-product.
Another restriction in USA, is Celsius and Nexo for instance, you can opt to receive rewards in their tokens (CEL or NEXO) instead of in-kind (E.g. BTC rewards for BTC). Earning in CEL and NEXO in the above example is not permitted under SEC regulations when earning rewards from BTC holdings.
Celsius the CFO was arrested for fraud and the CEO is heavily linked with it.
That is a definable ponzi as they just lost 50mil in a hack and their response was to up their interest payouts to attract more customers.
It’s just so blatant. Only reason this stuff still stands is because regulations haven’t caught up.
CFO arrested?
Please link the news to Celsius.
Ps, I follow this industry very closely and already know the reason. I just want to see how good the FUD is.
@rektrading: https://www.financemagnates.com/cryptocurrency/news/celsius-…
Just google Celsius CFO. The ceo has ties with the same thing. Seems you don’t follow that closely.
Also Celsius themselves have confirmed it so it’s hardly FUD.
the arrest has nothing to do with his time or work at Celsius.
According to the reports, Shalem’s arrest is mainly related to his previous job at Singulariteam, where he served as Chief Financial Officer (CFO).
Monday, 29/11/2021 | 05:30 GMT-0 by Bilal Jafar
https://www.financemagnates.com/cryptocurrency/news/celsius-…
Are we done here?
“While this is related to a matter that took place over four years ago and before he joined Celsius,
By Jacquelyn Melinek / November 29, 2021
https://blockworks.co/celsius-suspends-cfo-due-to-external-f…
Nocoiners that FUD should at least do some research to make it 👀 creditable.
@rektrading: There are just so many red flags with Celsius.
So we have CFO arrested for fraud.
Token employee hired with no relevant skills and completely unqualified for the role. 24 year old pornstar with zero finance skills as head of institutional lending.
CEO also linked with the fraud the cfo was linked up with.
A business model which is on the face of it unsustainable.
Getting hacked for 50 million then responding by increasing the percentage more.
There are just red flags everywhere with Celsius.
@kasp: I haven't heard that the CEO of Celsius had any connection to the Moshe Hogeg investigation, can you back that up?
@AncientWisdom: https://icobench.com/u/alexmashinsky
Investor and advisor to Sirin Labs
https://sirinlabs.com/about-us/
Moshe Hoheh Founder and Co Ceo of Sirin labs.
Celsius is neck deep in that stuff, and it's no coincidence that the CFO was also involved and arrested for it. Like I said red flags everywhere. However it's all just FUD right :D
The US SEC is the most corrupt financial agency in the world. Their job is to protect legacy US banks from being blockbustered by 21st-century financial innovations.
SEC Chair Gary Gensler testifies before lawmakers on the plan to regulate crypto — 9/14/2021
107,064 viewsStreamed live on Sep 15, 2021
https://www.youtube.com/watch?v=WxxyDMBRu9E
.
The House Financial Services Committee isn't much better.
Crypto CEOs testify before lawmakers on digital assets — 12/8/21
200,596 viewsStreamed live on Dec 9, 2021
https://www.youtube.com/watch?v=F_kZELcynKQ
Binance > LTC > Blockfi (.001 LTC = ~.22 AUD Fee) > USDC (Free) > Ledn
So cheap.
Also what is this BS?
Unable to generate USDC address due to high demand.
SEE MORE
Please try again in 30 minutes. If the problem persists, contact [email protected].
Edit. I just transferred the BTC
This is probably one of the most comprehensive security reviews of all various crypto lenders out there
https://prohashing.com/guides/earning-interest-on-cryptocurr…
Ledn was one of only 3 that passed their review, the other being Gemini and Genesis (who only deal with large institutional clients).
Ledn re-lends to Genesis. They also publish actual proper audit reports every 6 months.
if a complete novice wants to do this what's the cheapest and easiest way to go about it? I've only got a small amount of BTC in Luno which I got through a Luno promotion that was on ozbargain in November.
I have most of my BTC and ETH in BTC markets, what’s the best way to get it out and to an exchange that offers APY?
Available interest rates and providers for most of the popular crypto assets https://docs.google.com/spreadsheets/u/0/d/1vpBQI2DFUk7zXS4T…
I would recommend Ledn (for BTC only) and Celsius and Nexo for both BTC and ETH. It depends how much BTC and ETH you have so just check interest rates and any restrictions
upvote for the spreadsheet….curious if you create it?
I didn't create it. Someone from Reddit maintains it.
Anybody have comments on hodlnaut? They seem to have some good APY rates. Righty now I’m only using Celsius and Nexo, but plan to put a little something into Ledn soon.
Hodlnaut has good rates, but higher withdrawal fees than many others like Celsius. Depends on how much you are depositing whether the higher APY will outweigh this
Hodlnaut has good rates, but higher withdrawal fees than many others like Celsius
Oh nice, I didn't realise they added free withdrawals. I just check my Holdnaut account and I have a bonus 50USDC for some 'season of giving' promo. Score!
They are too knew. I certainly would not be putting substantial amount in. They haven't gone through a proper bear market or two to build trust.
I would imagine at a time when most of the other providers are dropping their rates, it is only a matter of time before Hodlnaut does the same. I would only treat it as a honeymoon rate.
I note they have entities in Hong Kong but based in Singapore, not sure if that is concerning or not by being within arm's reach of China either.
I might give them a go one day when they have properly established themselves though.
How do we know we’ll get the $50 USDC does the status change to “ In progress” under the Your signup bonus section?
Under referrals it should mention it. Once successful it will change to the below
Your signup bonus
Dec XX, 2021
Successful
Reward date: _____
50.00 USDC
Oh okay cheers. Roughly how long after making the deposit did it change to successful?
I made my first deposit before this recent promo. Was "successful" 15 days later.
@Lucille Bluth: Ah I see, sorry I meant how do I know that my referral is pending? Like with Celsius it says Locked until it’s paid when it changes to Claimed.
@bobwokeup: It is in that same referrals section as pending I believe. Scroll all the way to bottom of https://platform.ledn.io/app/referral
@Lucille Bluth: Yeah that’s where it says “in progress” so I guess I’ve done it right and I just need to wait the 15 days.
The person who clicked your referral has to hold the required amount for 15 days
Once you get the USDC bonus, can you do in app swap? Or have to withdraw as USDC?
This post includes the default referral for 10 USDC, does anyone know if we should/shouldn't be using the refferal and if it adds +10 on top?
Also, If we just deposit 0.0015 BTC, do we get our bonus in BTC or is it still USDC, I am looking to deposit/withdraw BTC.
Edit: Just re-read the post, it's part of the referral system with a bonus rate.
Edit2: On looking at their website, they seem to have trading on Ledn for just BTC/USDC pair, so I believe we get paid out in USDC and would likely convert to BTC for the cheaper network fee. My plan is to deposit BTC, convert the bonus to BTC and then withdraw BTC to Binance.
Sent 0.0015 BTC from Coinbase at a cost of 0.000003 (A$0.20), sent to Ledn and it was there within 10 minutes.
If you have to get the BTC, buying via Coinbase is fairly overpriced, depending on how many steps you want to take to save money I can detail a method to get it their on the cheap, as others have as well in the thread.
I just signed up to CB and it tried to charge me $14 to buy $350au of BTC. Unbelieveable. Also no option to add bank deposit, only cards. Pretty weird. Everyone else has bank deposit, bpay etc.
I would recommend Binance with PayID.
@RapidWrench: Are you sure it costs that much for BTC?, In that case I would buy another crypto like Algorand and send it to Coinbase which only cost $0.19 to send to Ledn.
Trading the Algorand for BTC etc.
@Jimbuscus: I think the problem may be I'm only on exchanges atm, and hence the fees.. I have many of them. I have signed up to MetaMask and Crypto.com defi wallet but yet to learn how to use them. That may be the go.
@RapidWrench: On chain Ethereum network is extremely expensive, if the token is on BNC as a BEP-20 token it's very cheap.
Some exchanges have weird prices on certain cryptos as they are running on fractional reserves for the interest, I normally transfer between exchanges with LTC or ALGO as they extremely cheap, then I convert to the crypto I wanted.
Sometimes that involves two trades, Binance is 0.1% trade fees + they have free instant deposit/withdraws with PayID.
Use Coinbase Pro and not the normal Coinbase to save on fees. It's the same login
Alternatively Kraken is a good exchange which also has PayID. They have low spot buying fees and low withdrawal fees for BTC which is 0.00002 compared to Binance for instance which is 0.0005.
Keen to know
Cheapest way to do this? Binance using USDC?