BiKi platform now provides lending services where you can pledge your crypto assets for a short-term loan without having to sell your crypto assets.
Step 1: Login BiKi APP and click 【FastLoan】
Step 2: Read the Product Introduction carefully to understand the interest calculation. Check if you meet the lending requirement (i.e. real-name authentication and binding of Google Authentication) before proceeding to click 【Borrow Now】
Step 3: Currently the platform only supports lending in USDT with choice of pledge in BTC, ETH and EOS (other choice of pledge will be available on demand). Please enter the required loan amount in USDT and your choice of pledge.
The system will automatically calculate the pledge amount needed for lending, and the platform will calculate the amount based on 60%±10% pledge rate according to current market conditions. If the available balance of assets is not sufficient to be pledged, please select deposit.
After confirming that the information for the loan is correct, please tick 《Lending Agreement》and click 【Next】
Step 4: After lending is successful, the loan will automatically display under 【My Lendings】 so you can view the details of the loan. The current repayment (USDT) is the sum of the principal and interest of the loan.
Please monitor your risk ratio of the loan caused by market fluctuations. The risk ratio is equal to the pledge rate. When the pledge rate becomes higher, the higher the risk ratio, the pledge rate = the value of loaned amount (including interest) / the value of the pledge. If the risk ratio is at 95% it will trigger the platform to perform forced liquidation automatically in order to repay the loaned amount. When the risk ratio is too high, please increase pledge or repay the loan (in partial or full) to reduce the risk ratio.
Step 5: Reduce the risk ratio through margin call. Click 【Margin】 as shown in the screenshot and enter the margin amount. You may preview the risk ratio after entering the margin amount and click 【Next】 to proceed. Once margin call is successful, the risk ratio will be reduced in real-time which will lower the risk of being liquidated of the pledged assets.
Step 6: Click 【Repay】when you no longer need the loan or want to reduce risk ratio. Click 【My Lendings】at the account management page to check your current loan.
Step 7: Click the current loan to view the current repayment amount (principal + interest). You can also click 【History】to check the interest calculation to confirm that the interest is correct Click 【Repay】and verify information to complete repayment (prior to repayment, please ensure that the account assets are sufficient for the repayment).
Partial repayment is allowed but the pledged assets will not be returned to the borrower until the full loan is settled.
The risk ratio will appear as “0” after the full repayment is completed and no further interest will be incurred. The loan will also appear as “closed” in the 【History】.
