Take Your Finances Into Your Own Hands
Many people who choose to buy Salt with credit card instantly are going to keep the altcoin in their usually-hardware wallet. This way, the asset belongs to them, and them alone – since the altcoins arent being kept in some bank or other centralized institution, theres no risk of them being lost due to a sudden bankruptcy or a financial crisis.
What Are The Risks Of Crypto Lending
Cryptocurrency loans are at risk of smart contract security failures and custodian security issues. Lending platforms may be the target for decentralized finance cyber attacks. In addition, there are still unclear cryptocurrency lending regulations.
Cryptocurrency has historically been a volatile alternative asset. Therefore, there is a risk to the borrower should they sell or short the borrowed asset only to be required to buy back the same cryptocurrency amount at a higher U.S. Dollar value. There is also a risk to the lender should a borrower’s collateral in non-stable cryptocurrencies lose its value.
Investing in cryptocurrencies and other Initial Coin Offerings is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.
Where To Store Salt
Because SALT is an ERC20 token, you have a few different options on where to store it. A popular online option is MyEtherWallet.
The most secure way to store your tokens is by using a hardware wallet like Trezor or the Ledger Nano S. Using hardware wallets keeps your funds offline and out of the reach of hackers and ill-intended software.
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Who Are The Founders Of Salt
SALT was founded in 2016 in Denver, Colorado by a group of Bitcoin enthusiasts and finance professionals, who aimed to bring to the market a product that enabled its users the ability to leverage their cryptocurrency to secure a cash loan while retaining ownership. SALT introduced asset backed lending to the cryptocurrency marketplace with the original blockchain-backed loan, providing a new level of versatility to digital asset holders seeking liquidity.
Fast-forward to today and you discover a regulated and licensed company that builds not only crypto-backed lending technology but also scalable, insured institutional-grade crypto custody and blockchain monitoring products. SALT now has over a 40 person team of core employees, technical developers and advisors with experience in various spheres.
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What Is Salt Cryptocurrency
To utilise the services of SALT platform, borrowers must first purchase SALT membership which has different levels, depending on the maximum quantum of loan. If the maximum sum that you are looking to borrow does not exceed $10,000, then you can go for the Membership plan. If you need to borrow more, then you can either consider Premier or Enterprise plan.
You pay for these membership plans with SALT tokens, which can be purchased either on the SALT platform or on any of the numerous cryptocurrency exchanges. You can think of SALT tokens as the fees that you need to pay to utilise the services offered by the lending platform.
Buy Coins With Fiat Money
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer. You will be charged higher fees when using cards but you will also make an instant purchase. While a bank transfer will be cheaper but slower, depending on the country of your residence, some countries will offer instant cash deposit with low fees, such as iDeal in some European countries.
Now you are all set, click the Trade button at the top left, choose the coin you want to buy and confirm your transactionand congrats! Youve just made your first crypto purchase.
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Perks Of Buying Salt With Fiat
If you want to buy Salt, one of the best ways to do so is with fiat money, meaning with a credit or debit card. When you buy cryptocurrency with fiat money, the process is going to be much faster and – more importantly – simpler than doing so with another cryptocurrency. You don’t need to already own crypto, the buying process is very easy, it usually requires no account creation & minimal KYC verification. By buying your Salt with a credit card, you will receive instant confirmation & lightning fast payouts.
Loan Terms Interest And Fees
The loan term can range from three months to 12 months and SALT does not charge an origination fee for setting up the loan. Borrowers are charged interest on the loan, as they would be on any other loan, and the rate charged across all loan terms is currently 9.99%. Also, if stabilization is triggered, SALT may charge a fee for converting the digital assets, which may equal 5% of their total value.
However, the rates and terms are subject to change, which can vary based on several factors including the loan amount, qualifications, and collateral. Also, there is no interest earned on the deposited funds held as collateral.
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What Are The Advantages Of Salt
SALT Lending was one of the first companies that started to provide a crypto loan service. Now they have a number of competitive advantages:
- Borrowing money with crypto assetsThis is the most significant feature of a platform.
- No need to sell owned crypto assetsBorrowers only deposit their crypto assets for a lifetime of a loan.
- Easy to useOn the official website users can find all the necessary instructions on how the platform works. Plus there are all sorts of notifications to make the monitoring process more comfortable.
Where To Buy Salt Tokens
SALT platform is still relatively new and is in its early operational stages. For the time being, it is available only in the United States but the company has plans to expand its operations and services. Secondly, SALT tokens are like Ether – they hold value only on their respective platforms. Therefore, it is hard to predict if SALT tokens will follow the typical cryptocurrency path and swell in value.
Nonetheless, you can buy SALT tokens on Changelly, Shapeshift, Binance, and Coinspot cryptocurrency exchanges. You can also purchase SALT on the official website of the lending platform – saltlending.com.
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Head Over To Pancakeswap And Connect Your Wallet
Visit the official PancakeSwap Website, please make sure to look at the URL as there are phishing sites that are similar to the official website.
Once you are on the website, click the “Connect Wallet” button on the top right corner and select Meta Mask.
Make sure to change the network on your Meta Mask to the Binance Smartchain as well
How To Buy Salt On Binance In Under 5 Minutes
Binance is one of the best places to buy . Registration is quick and simple, and the exchange offers very good liquidity its likely youll be able to find SALT on Binance at the best price available, and your trade will complete within seconds. Binance also lists a huge selection of other cryptocurrencies, so you can easily convert your SALT to another coin later.
In order to buy on Binance, you first need to open an account.
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Requirements For Salt Loan Approval
Since there are assets securing the loan, the lender has no risk since the crypto assets can be liquidated if the borrower fails to repay the loana process called default. As a result, there is no credit check of the borrower’s credit history.
Also, the loan approval is not based on the borrower’s , which is a numerical representation of a person’s ability to pay back their debts on time and in full. Typically, traditional lending from a bank would require pay stubs to prove a source of income and a credit check, including a minimum credit score.
With SALT loans, eligibility is based mostly on the value of the borrower’s blockchain assets. However, SALT does perform verification of each borrower, which complies with Anti Money Laundering and Know Your Customer regulations. Once a member has been deemed eligible, SALT allows the loan inquiry to move forward.
Are There Any Alternative Platforms To Buy Salt Or Bitcoin With Credit Cards
Yes. Changelly is besides a very easy to use platform for buying Bitcoin with credit cards. It is an blink of an eye cryptocurrency exchange that allows you to exchange crypto fast and buy it with a bank tease. Its exploiter interface is very easy to use and the buy steps are reasonably self-explanatory .
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Benefits Of Salt Loans
A SALT borrower would likely be someone who believes their digital assets used as collateral will increase in value over time or at least, remain the same. SALT loans allow borrowers to maintain ownership of their blockchain assets, while also gaining access to cash via a loan.
If a borrower plans on holding their digital asset over the long term, or the value of the crypto has increased significantly, a SALT loan provides the borrower with access to cash without having to liquidate their digital assets. As a result, the borrower can still participate in any market moves higher for the digital currency that they own.
Despite the new type of collateral, the factors to consider when borrowing money from any kind of company remain much the same. Anyone interested in taking out a personal loan should first use a personal loan calculator to determine the amount they can afford to repay each month.
Buy Salt With A Credit Card Debit Card Or Visa Instantly
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Place A Buy Order For Salt
To place an order, go to Exchange > Basic.
For this step, we will assume you deposited BTC. If you deposited ETH, don’t worry the process itself is exactly the same.
On the top right corner, select BTC and search for SALT, which is the ticker for SALT. The SALT/BTC trading pair should appear.
After clicking on the trading pair, a price chart will appear in the center. You can place your buy order under the chart. If you want to buy SALT when it reaches a specific price, use the Limit order. Enter the desired price and the amount of SALT you want to buy, then click the Buy SALT button.
Tip 1: If you’re planning to trade different cryptocurrencies, purchase some first. The BNB token is used to pay the exchange fees on Binance with a 50% discount. To enable the 50% discount, click on the user icon, select the Account menu and turn the discount on.
Tip 2: If you deposited a large amount of coins, try not to purchase your SALT all at once instead, consider buying it at different price levels.This strategy is called unit cost averaging.
If you want to buy SALT at its current price, click on the tab and enter the amount of SALT you wish to buy. The order should be executed almost instantly and the SALT will be added to your balance soon.
Transfer Btc To An Altcoin Exchange
But we are not done yet, since SALT is an altcoin we need to transfer our BTC to an exchange that SALT can be traded, here we will use Gate.io as our exchange. Gate.io is a popular exchange to trade altcoins and it has a large number of tradable altcoins pairs. Use the link below to register your new account.
If you are planning to keep your SALT for a considerable long time, you may want to explore ways of keeping it safe, although Binance is one of the safest cryptocurrency exchange there had been hacking incidents and funds were lost. Because of the very nature of the wallets in exchanges, they will be always online, therefore exposing certain aspects of vulnerabilities. The safest way of storing your coins to date is always putting them into a type of “Cold Wallets”, where the wallet will only have access to the blockchain when you send out funds, reducing the chances of hacking incidents. A paper wallet is a type of free cold wallet, it’s basically an offline-generated pair of public and private address and you will have it written somewhere, and keep it safe. However, it is not durable and is susceptible to various hazards.
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Where To Buy Salt In Nigeria
Find an exchange to buy, sell and trade SALT by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
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|Go to Gate.io Cryptocurrency Exchange|
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose this information can be found in our table by clicking on ‘view details’.
- Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase SALT by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for SALT on the spot market to see what cryptocurrencies it can be traded for.
How Do I Sell Salt
To sell SALT, simply reverse the buying process described above. You will likely need to trade your SALT into a USD coin like USDT. Look for a “Sell” button in your account wallet and sell for Dollars, then initiate a transfer to your bank account. To withdraw cash to your bank, you will likely need to complete a full KYC process if you haven’t already.
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Salt Lending Team & Progress
The SALT team is over 15 members strong and was led by Shawn Owen as CEO. Owen is a serial entrepreneur with years of experience in hospitality operations. In July 2018, Owen left the company leaving CTO Bill Sinclair to take his place.
SALT reached a big milestone in January 2018 by officially beginning to provide loans for top-tier members. The platform already has over 70,000 loans and has funded over $50,000,000 in those loans.
Plans for 2018 included launching credit cards, creating loan funds, and expanding collateralization to other alternative coins as well. The team only hit some of those milestones. The company expanded support, adding Litecoin and Dogecoin loans. But, it looks as if credit cards and developer tools are still some time out.