What is SALT Lending & How to Buy SALT Crypto
What is SALT Lending and How Do You Purchase SALT Crypto
What is SALT Lending? This is a question anyone having an impressive portfolio of blockchain assets should ask. Although you can use physical assets as collateral for a loan, the same cannot be said of blockchain assets. Or can it? With SALT Lending, it can. So back to the above question.
What is Salt Lending?
The SALT (Secured Automated Lending Technology) platform lends against your blockchain assets – a world first. So how does the technology work? You open a SALT Oracle wallet, convert your blockchain assets into SALT crypto-currency, deposit the currency into the wallet as collateral, and receive funds in your bank account. It’s that simple - SALT doesn’t even check your credit score.
What it does do, however, is an anti-money laundering check. And when you repay the debt, you receive your assets back. If default on your loan, platform liquidates all or part of your collateral to cover the loan, depending on current value of the assets. So let’s start by how where you can buy crypto-currencies with which to buy SALT.
Where to Buy Bitcoins, Ethereum and other Crypto-Currencies
Always buy digital currency at a safe and secure currency exchange. Note carefully those two words - “safe” and “secure.” Remember, interest and investment in digital currencies has skyrocketed in the past few years, causing exchanges to crop up almost daily. If you guessed it, few can be trusted, and one of the few happens to be also the most trustworthy of them all - Coinbase.com
How to Buy Digital Currency at the Coinbase Exchange
In existence since 2012, Coinbase has earned its name as the top exchange in both size and reputation. One look at the figures tells you why. The exchange trades $40 billion annually, serves 12 million people, and operates in over 30 countries spread across North America, Asia, Europe, and Australia.
Even better, unlike other exchanges, Coinbase lets you exchange currencies at a set price, speeding up the exchange. What’s more, you buy through bank transfers and all the major debit and credit cards. And as if that’s not enough, you have very high daily limits - $50,000 for US citizens and €20,000 for EU citizens.
How to Open and Use a Coinbase Account
But to trade at the exchange, you must first open an account. So visit Coinbase.com and sign up for an account using your email address and a strong password. After confirming the email address, choose between a business and a personal account, then, verify your phone number.
This two-step verification process – email address and phone number – secures your account from intrusion. Now, you’re ready to set up your preferred payment method. If you prefer credit or debit cards, submit a screenshot of your card for instant verification.
On the other hand, if you prefer bank transfers, Coinbase sends and receives two tiny sums from your account. However, verification takes up to 3 days in the EU and 5 days in the US. Finally, you can link a PayPal account.
Once the Coinbase account is set up, deposit funds and buy all the digital currency you want. To do so, go to the Accounts tab, click on the Coinbase wallet where you’ll deposit the crypto-currency before clicking receive.
To send the currency elsewhere, go to the Send tab, enter the amount, enter the recipient address, and click send. But where do you send the funds, you ask? You send them to the Binance Exchange wallet with which you buy the SALT currency.
How to Buy SALT Crypto from Binance
But why choose Binance? Because of its notable stability and low fees, that’s why. And don’t forget, it’s the fastest exchange out there, capable of processing close to 1.5 million transactions every second.
Also, its dashboard displays the most in-depth analyses of different currencies over time. These features makes it stand out among the many exchanges trading one crypto-currency for another. And so much so, 5 million people use it.
How to Open and Trade with a Binance Account
Like with other exchanges, first sign up for an account before trading. In this case, do so at Binance.com using your email address. After verifying your identity, choose an account type of which two exist. Basic or Level 1 accounts let you trade two Bitcoins daily.
In contrast, Advanced or Level 2 accounts let you trade 100 or more Bitcoins. For transactions exceeding 100 Bitcoins, contact Binance for approval. Next, deposit funds from fiat currency or your Coinbase wallet into to you Binance wallet. Go to the Funds tab, click on Deposits, choose a currency, and the wallet address.
However, it’s recommended you trade with Bitcoins or Ethereum. With the funds securely in your wallet, you’re now ready to buy SALT crypto-currency. Select the Exchange tab, then your account type to load a dashboard showing a long list of currency trading pairs.
At the right of the screen, choose the currency with which to trade, and at the left, the currency to buy – in our case, SALT. Now place an order by entering your buying price at the center, then withdraw the SALT crypto-currency into your wallet. Finally, deposit this currency into your SALT wallet as collateral for the loan.
As demonstrated, you can leverage your blockchain assets as collateral when you need a loan. Simply open a SALT account and a SALT Oracle Wallet. Next, buy digital currency from Coinbase or any other trustworthy exchange. Then, use the Binance trading platform to exchange your crypto-currency for SALT crypto-currency. Now, use the latter as collateral for your loan.
DISCLAIMER: Cryptocurrencies like Bitcoin and Ethereum are highly volatile and risky. We cannot give you advice about what to invest in or how much to invest. You should take the information we provide in our courses and blog posts, do your own additional research on specific cryptocurrencies, and plan to decide what kind of investments work for you. We highly recommend talking to a financial advisor to understand the level of risk that you are comfortable with.
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