Everyone loves some extra money, especially when no real active thinking is involved in earning that money. Such income of money is called a passive income. While possible with many things, we will focus on passive income via KuCoin. KuCoin is a great crypto trading platform where you can acquire coins such as Luna, USTC, and KCS. With Kucoin, you can earn passive income with the added security and ease of use of the platform. Kucoin provides numerous methods with which you can maximize your earnings through KuCoin’s passive income methods, so let us talk about them.
KuCoin Crypto Lending
Firstly, this is similar to real-life lending. Instead of lending money, you are lending a cryptocurrency and charging interest. The lending is not without collateral; the person who is borrowing has to transfer an amount of cryptocurrency as collateral in case a major loss is incurred. It has two methods, manual lend, and auto lend. In auto lending, the collateral and loan are locked for a fixed amount of time, 7, 14, or 28 days, and can only be transferred after that period. In manual lending, the borrower can return the loan at any time.
Staking has two methods, soft staking and hard staking. In both instances, the user locks their coins for a fixed amount of time and enjoys rewards. Proof-of-staking is required to do this instead of proof-of-work. It also alleviates risks. Soft staking is flexible on timing, unlike hard staking. In soft staking, you can remove your staked coins at any moment. In hard staking, you have to keep your coins staked and locked for a fixed amount of time which can be over 3 months long.
KCS is the native coin of Kucoin. Owning and holding at least 6 KCS coins, you can receive dividends, which are 50% of the daily trading fees. Owning and using KCS coins as trading fees makes you eligible for a 20% discount.
Kucoin Trading Bot
The trading bot is very useful for beginners as it offers several strategies, such as automatically selling at maximum prices and buying at minimum prices. Due to the automation and preset custom parameters made to minimize losses, the bot is especially good for beginners who do not know trading strategies. There is also the smart rebalance bot, which reinvests profits and losses to minimize sudden losses; for example, if all your assets are divided equally, and one of the spikes in value, then the bot will redistribute the assets equally.
In conclusion, you can earn passively on Kucoin using their bots, staking feature, and cryptocurrency lending. All these features are beginner-friendly and easy to understand. Kucoin is a great choice for beginners and experienced traders alike because of its wide variety of features. Lending allows you to earn via interest, staking allows you to earn in a similar fashion, and the bots do the work for you.