Last Updated on June 19, 2023 by Diana Kelley
To learn more about Firo, visit Firo’s website at firo.org
What is the first thing you think of when hearing about crypto backed loans? Do you know how to advance your FIRO holding experience while using it? In our new article we gathered some insights about it and what should be of your attention about potential use cases of FIRO as collateral at CoinRabbit.
Why to Get FIRO Crypto Loans at CoinRabbit
You have various ways of using your received stablecoins at CoinRabbit. Let’s take a look at several examples and how you can use them to potentially increase your wealth.
Statistically, all crypto markets grow every year and every several months you are able to catch highs and lows. Here are some trading use cases if you believe that FIRO price will increase and decide to take a FIRO backed loan at CoinRabbit. You can use received funds and:
- Buy more FIRO if you believe that annual average growth will be more than 14% (to cover APR). While you will be able to buy your collateral back anytime and potentially earn if FIRO grows, simultaneously reinvesting received loan and buying more FIRO can provide you additional returns. Win-win strategy since one currency is used as collateral and investment at the same time. If you already hold FIRO on your wallets it can be used as an opportunity to trade while saving your holdings
- Buy and diversify your portfolio with another currency without selling your current holdings to decrease the risks of losing your wealth since it will depend on several different assets
- Catch the dip.You can reinvest received funds to buy FIRO or other assets and potentially earn on the upcoming growth. Our low APR and loans with no exact time frames provide you with an additional tool to unlock additional flexibility and stability for that case.
Also, there are several daily use cases:
- You can receive your stablecoin loans and exchange them for fiat at CoinBase or by using any other P2P solutions.
- Spend received funds for your purchases
- Use received stablecoins and spend them at different resources such as Travala, Stax and more
Using CoinRabbit services has many different options and advantages compared with our rivals. Let’s take a brief look at one of them.
Best loan experience for FIRO holders
CoinRabbit is one of the first services that allows you to use your FIRO as collateral along with a few other projects. However, we work to provide the best FIRO lending experience you have ever seen before. Being our client has several advantages:
- CoinRabbit provides the most simple signup solution — you only need a phone number or email. That’s it. Our rivals have an insanely complicated registration process that requires a bunch of documents, personal information, photos and more
- CoinRabbit has all the information extremely transparent and included on the main page of the website. All the terms and conditions are also described on the same exact page. You don’t have to hire a lawyer to understand what you have to do before starting using our services. Other projects supporting FIRO have uncertain and hidden fees. You have to read through the whole ToS (terms of service) to know everything you have to pay back for their services. Loan terms (exact time frames, additional fees if you were not able to close the loan in time) are ridiculous
- CoinRabbit sends you back the funds as soon as it is possible. Usually, it takes under 10 minutes to proceed the transaction. However, it takes 1-2 working days to receive your funds back once everything is paid while using other projects. We bet it can be much longer and differs from time to time
How to buy FIRO?
If you’re interested in buying FIRO, there are a few steps to follow. Firstly, you need to create an account on a cryptocurrency exchange that supports FIRO trading. Some popular exchanges include Bitrue, ProBit, and Bittrex Global.
Once your account is created and verified, the next step is to deposit funds into your account using fiat currency or other cryptocurrencies. After that, navigate to the FIRO trading pair and place an order for how much FIRO you want to buy.
It’s important to note that cryptocurrency prices can be volatile and may fluctuate rapidly. It’s recommended that you do your own research before investing in any cryptocurrency.
Another option for purchasing FIRO is through direct purchase from Firo’s website using a credit card or PayPal. This method may have higher fees but eliminates the need for setting up an exchange account.
Buying FIRO requires some knowledge of cryptocurrency exchanges and market trends. However, with careful consideration and research, it can be a worthwhile investment opportunity.
How to get a FIRO loan in 4 steps
The application process for a FIRO crypto loan has been significantly simplified thanks to crypto loan platforms like CoinRabbit.
- Choose FIRO crypto as your preferred collateral on the homepage, under the Loan calculator section.
- By entering the amount of FIRO crypto you want to deposit as collateral, the Calculator will show you the Loan Amounts you will receive, and click “Get Loan.”
- We will ask you to confirm the details, enter your stablecoin address, and verify your email address after clicking “Get Loan”
- Next, send FIRO to the displayed address. After we receive your collateral, the loan will be sent to you immediately.
Holding FIRO on the wallets for years is good. Day trading is better. Using FIRO as collateral at CoinRabbit is a must.
Not financial advice. Do your own research and take everything moderately.
Crypto-backed loans have their own risks that should be taken respectively.
