How To Borrow Money From Binance (Step by Step) Binance Crypto Loans

How to borrow money from Binance

Hello guys, welcome to this new video. In today's tutorial, I'm going to show you how you can borrow

a few cryptos on Binance using this awesome feature called crypto loans. So as you can see

already into my Binance account, the first thing you want to do is to enter a login into your

assets, into your account. And after that, you want to select the option that says finance

Now in here, you want to find these three options and we want to select the second one that says

crypto loans. Okay, so now that we are in here, we want to select the option that says I want to

borrow. And where it says I want to borrow, you want to select the token that you want to borrow

So the great feature about this part of the borrow free spot is we can select a lot of

cryptos down in here. So let's try to fill. So if I want to borrow, let's say Dogecoin

I just select this one. And let's say I want to borrow 9000 here. So the collateral amount must be

5 BNV. Now in this case, I only have .02 in order to make the asset. So if I go and select, let's

say a little bit less than that, let's try with USDT. So it says that the minimum amount of the

borrow is had to be $100. And in this case, I need a little bit more of that. Now in the long term

how many times is going to be charged to us. So there's no interest penalty for early repayment

In this case, I'm going to select 14 days if you want to. And if I select, let's say 30 days

you're going to be seeing that the collateral amount has been the maximum amount, the maximum

amount has been reached more than that. If I select 90 days, the liquidation price has been

changed. And that's the reason why the hourly and daily interest rates is going to be changing every

single time. So after we borrow this money, we have to pay also this interest amount. So at the

end of this day, so at the end of the day, we have to pay all of this, the repayment amount

So if we borrow, let's say $50 of USDT, in the end, we have to repay $51 after 90 days

which is actually pretty weird. So and after you have your money and after you have all your

collateral amount, in order to make the transaction, you have to go and select the

option that says start borrowing. Now, you can use this money to spot to margin to futures trading

or you can even stake to earn high APY. And the best part is that you can repay this at any time

And after you make the payment, the collateral that you just paid, you can be receiving it into

your spot account. So after you make the borrow, you can go into your wallet and go into fiat and

spot. Now, if you have any more questions about the crypto loans, or you have any specific

questions, you can scroll down and go into the FIQ section. Or maybe you have a question like

how is the interest calculated and you click in here and there you have the question and the

answer. Or the most popular question, is there any risk when the collateral is used for staking

Binance does not assume liability for any losses incurred due to the project on chain contract

security issues. Even if you go into the Binance section, you can select the option that says learn

a course. So Binance is going to give us free cryptos through learning. There you have it

guys. Don't forget to like and subscribe to this channel. If you want to see more about

the Binance application, leave your comments down below and I'll see you guys on the next one