KuCoin Academy Lesson 10|Don’t Wanna Trade Recently, How To Make Passive Income on KuCoin?
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In the first week, we said that the most convenient and easiest way to get crypto assets is to directly purchase them through an exchange. In addition to knowing how to buy cryptocurrency using fiat currency, you also need to know how to make transactions between cryptocurrencies if you want to become a senior crypto investor.
In KuCoin Academy lesson 10, we will demonstrate how to make passive income on KuCoin?
If you don’t want to trade crypto assets frequently, how else can you make money with cryptocurrencies? KuCoin offers multiple ways to make passive income, such as Lending, Staking, Soft Staking, and the KCS Bonus. You can use these products to earn money while you sleep.
Contents:
*What is KuCoin Lend?
*What is Staking?
*What is Soft Staking?
*What is the KCS Bonus?
1. What is KuCoin Lend?
KuCoin Lend is a C2C product launched by the KuCoin Spot Trading Platform. Users can lend their crypto assets through the KuCoin Lend platform. Users that need to borrow funds will match with appropriate lending orders on their own. Once the transaction is matched, the lending user will receive value-added income.
The KuCoin Lending platform has the advantages of low fees, high annualized yield (annual yield is about 8–12%) and low risk. It currently supports 17 cryptocurrencies and has a perfect risk control system, which can better protect the users’ assets. You can easily earn a steady passive income by simply lending funds, no matter how volatile the market is.
How to lend funds on KuCoin? Taking USDT as an example, there are only three steps to start lending your crypto assets:
1. Log into the website and ensure that the assets that are to be lent are in your main account. Assets in the trading account cannot be directly lent. If you want to lend them, you need to transfer them to the main account.
2. Go to “Earn” and click to proceed to the “Lend” page.
3. Fill in the USDT amount to lend and the range for the daily interest rate ([0–0.2%]), select the period (7, 14, 28 days), and then click on “Confirm ” to complete.
For more information about KuCoin Lend, you can refer to KuCoin Help Center article How To Lend.
2. What is Staking?
Staking is the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. Most commonly, users are rewarded for simply depositing and holding coins on an exchange.
By staking on Pool-X, users can earn double income: namely the staking income and POL mining income, which will be released daily.
Currently, Pool-X has two types of staking products: Flexible Deposit and Fixed Deposit. Flexible Deposit products can be staked at any time, and you can apply for redemption at any time (though you will need to wait for the redemption waiting period determined by the project). The staking period for Fixed Deposit products is fixed and can only be redeemed after they have expired. The staking period varies for each Fixed Deposit product. Usually, the periods for Pool-X Fixed Deposit products are 21, 30, and 90 days. Just like with the product COTI-30D, the staking period is 30 days.
How to participate in staking on Pool-X? There are only three steps to start staking on Pool-X. The procedures of staking flexible and fixed products are similar. Taking the ATOM flexible product to demonstrate, this is what the process involves.
1. Log into the website, go to “Earn” and then “Pool-X”. Click on “Staking” and select ATOM-Staking (which is “Proceeding”) then click “Stake Now”
2. Enter the “Amount of Staking” and your “Trading Password”, agree with the Cryptocurrency Mining Agreement, and click “Stake Now”. You should read the information on each product carefully and cautiously.
3. Users can check the lockup history directly by clicking “Lockup History” once you have staked successfully, or by clicking “Assets” in the upper right corner of the Pool-X webpage. Then, click “Lockup History” and select the coin type you staked whenever you need.
3. What is Soft Staking?
Soft Staking was one of KuCoin’s inventions that went online back in July 2019. Users only need to deposit related coins on Pool-X with the minimum required amount, and then they can earn a return.
At present, Pool-X Soft Staking supports a total of 31 coins and more high-quality projects will be added. Users do not need to stake to earn a return, and they can withdraw assets at any time and without a redemption waiting period, ensuring maximum liquidity. The returns from Soft Staking will be distributed to Pool-X accounts on a daily basis. In cases where the user does not withdraw, the daily returns will be included in the user’s Soft Staking share, and their income will be accumulated.
How to Soft Stake on Pool-X: It only takes two steps to start Soft Staking. To more clearly demonstrate the process, we take the KSM Soft Staking product as an example:
1. Log into the website, go to “Earn” and click “Soft Staking”. Once there, select the coin.
2. If the corresponding coins aren’t in your account, click “Deposit” and follow the pop-ups on the page to continue and deposit the coins to the corresponding address;
If the corresponding coins are in your KuCoin account, click “Transfer”, fill in the amount, and click Confirm.
4. What is the KCS Bonus?
The KCS Bonus is an exclusive benefit prepared by the KuCoin platform for KCS holders. Holders of 6 KCS or more can share 50% of the daily trading fees of the KuCoin Exchange.
How to receive the KCS bonus? Users with Google 2FA or mobile phones and at least 6 KCS can receive KCS Bonus. Log in to the website and go to “Assets Overview” and look under “My Bonus” to view it. Or log into the app and click Avatar and look under “My Bonus” to view it
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