Xend Finance is a blockchain banking application that allows users to save in stable currencies (USD) and earn high interest of up to 15% per year. In this post, you will learn how to use Xend Finance, how to create an account, how to deposit, how to invest, and many more.
What is Xend Finance, and how does it work?
Backed by Google Launchpad and Binance, Xend Finance is the first blockchain banking application in Africa. It uses decentralized finance (DeFi) to solve currency devaluation.
It is a secure savings platform where users can also buy, sell and deposit cryptocurrencies and then safely store them in their Xend Finance crypto wallet. Users can get up to 15% return on their savings.
You will want to pay attention. Here’s how Xend Finance works.
1. Are you an individual user, cooperative, or Credit Union? You can set your saving targets and save towards achieving them.
2. Stake your money on DeFi networks. Xend Finance will convert your savings to a stable currency and lend it out to other companies.
This is done to make sure that Xend Finance users earn a considerable amount of interest in their earnings, which is usually up to 15%.
3. At the end of the day, you will earn interest in your savings. Xend Finance will add that interest with the amount of cryptocurrency you staked.
Your cryptocurrency will be available for withdrawal.
Is it safe to use Xend Finance?
Yes, it is. Xend Finance was brought into existence through the Google Launchpad Africa Accelerator and the Binance Incubation Programme.
Xend Finance is in sync with the Binance technology ecosystem, with its DeFi products built on the Binance Smart Chain (BSC).
Xend Finance mobile app download
To use Xend Finance, you will have to use the mobile app, as it has no web or desktop version.
How to open a Xend Finance account
After downloading the mobile app, you should follow the steps below to create your Xend Finance account.
- Launch the Xend Finance app
- On the first page, provide your email in the required box
- Press the “Register” button. A verification link will be sent to the email address you provided
- Open your inbox and click the link
- On the next page, create a unique users name and a strong password
You’re good to go. Although you have an option to skip, you should add your payment details at the moment. Here’s how to go about it.
- From your Xend Finance dashboard, navigate to “Profile”
- Press the “Payment Details” button
- On the next page, add your Bank Account details
- Alternatively, you can add your Abeg or Chipper Cash account details
How to deposit money into your Xend Finance Wallet?
The next thing to do is to fund your wallet and start saving. Note that you must have added your payment details before doing this. We’ve talked about that earlier, so you can scroll back to check.
Here’s how to deposit money into your Xend Finance account.
- From your dashboard, click on “Add Money”
- Input the amount of cryptocurrency you want to buy (in NGN). The BUSD equivalent will be shown on your device
- Select your bank details and click on “Buy”
You can also fund your Xend Finance account from a crypto address/wallet.
- Copy the Wallet Address of your Xend Finance account
- Launch the third-party crypto wallet and paste the address
- Send the amount of cryptocurrency that you want to deposit into your Xend Finance account. Only BUSD or $XEND cryptocurrency is supported
How to save and invest on Xend Finance
There are two savings plans on Xend Finance; Flexible and Fixed.
Flexible Savings plan
The FlexiSavings Plan allows you to save, but you can also withdraw whenever you want, even before the maturity period.
- From your dashboard, click on the “+” Circle Button
- Click on “Create FlexiSavings Plan”
- Give your new savings plan a name
- Set a duration for your FlexiSavings Plan and press the “Continue” button
- On the next page, input the amount of cryptocurrency that you will like to save
- Select a Wallet for the debit and then click on “Continue”
Fixed Savings plan
The Fixed Savings plan allows you to save, but you can’t withdraw until the maturity period has been reached.
- From your dashboard, press “New Savings Plan”
- On the next page, click on “Fixed Savings”
- Input a name for your savings plan
- Set a duration for your Fixed Savings duration
- Input the amount of crypto you will like to save
- Select the Wallet for debit and click on “Continue”
How to withdraw money from your Xend Finance account?
Whenever you want to withdraw your crypto savings, either in a Fixed or FlexiSavings plan, here’s how to go about it.
Remember, you must have added your payment details before doing this.
- Input the amount of crypto you want to withdraw in BUSD. Its equivalent (in your local currency) will be shown on your device
- Select your payment details
- Click on “Confirm Sale”
You can also withdraw to a third-party crypto wallet. Follow the steps below.
- If you want to withdraw to a crypto wallet, you should select the “BUSD” or “XEND” coin
- Input the amount you want to withdraw
- Paste the wallet address
- Confirm that the wallet is a BEP-20 Address
- Click on continue
Note: The minimum amount you can withdraw to your local currency is 5 BUSD.
Where is Xend Finance head office located?
Xend Finance has a head office in Nigeria. From this office, they manage the cryptocurrency and decentralized services that they provide.
You can also visit this office for questions and complaints. Xend Finance is located at Suite D6, Bethel Plaza, 36 Garden Ave, 400261, Enugu. State, Nigeria.
Xend Finance customer care and email address
You can always reach out to Xend Finance for any complaints and enquiries. They have customer support staff that will attend to you.