With your Elquirex multi-currency wallet, you can request fiat currency loans with your cryptocurrencies.
You can invest your cryptocurrencies for a fixed period of time and earn attractive interest.
Sponsored content by Elquirex
Elquirex is a financial services platform, basically online banking, where you’ll find everything from a multi-currency wallet to the ability to request fiat currency loans with your cryptocurrencies. Interestingly, all these services can be requested and managed from the same portal, which we will show you how to use in the next tutorial.
Since Elquirex is a financial services and investment platform, it is subject to the regulations and laws of the United Kingdom, where it is located registered. The company received an official license to carry out its activities and operates in accordance with international law.
Financial services in Elquirex
Within Elquirex you will have:
- Multicurrency wallet, where you can store Bitcoin, Ether, Ripple, Litecoin and EOS. Plus, it will generate daily interest just by keeping your cryptocurrencies stored, serving as a savings account.
- Exchange between cryptocurrenciesavailable: Bitcoin, Ether, Ripple, Bitcoin Cash, Litecoin, Monero and EOS.
- Loans with warrantythat allow you to get fiat money through PerfectMoney by pledging your cryptocurrencies for a fixed period of time at low interest rates.
- Investments in cryptocurrencieswhich will allow you to earn interest on term deposits.
In this tutorial, we will explain each of the services that Elquirex makes available to you, starting with its backbone, which is the wallet.
If you want to know more about Elquirex, we leave you here his press release in CryptoNoticias.
Registration in Elquirex
To use Elquirex services you will need to register on the platform, but what do you need? Just an email and a password, nothing more. However, there are some services you can use no need to register such as swaps and secured loans. But for the purposes of this tutorial, we will show you how to create your own account and perform operations.
To register and store your cryptocurrencies on Elquirex, You will not have to go through any KYC-AML verification process, except for some services like investments that depending on the amount of the investment, it will require it.
Now, to begin with, the first thing will be to go to the main portal Elquirex. Once there, find the Login option in the upper right corner and click on it.
This short form is the only thing you’ll need to fill out to create your account. In the field Who invited you? (Who invited you?) Enter the code of the person who referred you, just in case you have it, if not, leave this field blank.
To finish, you must click on REGISTER, which will send you a confirmation link to your email, which you must open to confirm your email address and activate your account. Once this is done, you can now start using Elquirex.
Figure 2. Platform Dashboard
Once the registration is complete, the first thing you will see will be the Elquirex dashboard. This is the part of the portfolio that we will explore in detail later.
The organizational structure of Elquirex is very simple. On the left side you will find the main menu, along with different sections, such as:
- Dashboard: We can also call it a portfolio, from where you can manage your wallets in Elquirex.
- investment (inverter): In that part, as the title describes it, you can invest.
- Get a loan: Here you can basically pledge cryptocurrencies for a fraction of their market price.
- Deposits): Here you will find the history of different deposits.
- Affiliate System: Here you will find your affiliate link and you will be able to manage the income they generate in your account.
- Account: Allows you to modify some information about your account, such as your username, email and password.
- Retreat (Retiro): From here you can make cryptocurrency withdrawals to other wallet addresses.
- Log off. Leave the platform
Elquirex cryptocurrency wallet
Elquirex’s operational center lies in your wallet, because it allows you to use different financial services faster. Now, keep in mind that the private keys of each of the addresses that the wallet provides you are managed directly by the Elquirex servers.
The organization of the portfolio is as follows:
- At the top you will see a circle with the general balance of your portfolio (Your Balance). It is the sum of all the net worth of crypto assets you have deposited and distinguished by color.
- Next to the Balance circle, you’ll see some boxes representing:
- Portfolio Starost: account age since your first deposit.
- Profit ($) (Dividends in USD): the amount of interest generated by your portfolio, during the time your funds remained deposited in the portfolio.
- Profit (%) (percentage of profit): This will be the daily percentage (Daily) that Elquirex pays you for the funds deposited in your wallet.
- Best material in 24 hours (Best material in the last 24 hours): This box shows which asset has had the best profit (of those available on Elquirex) in the last 24 hours.
- At the bottom will be a list of cryptocurrencies available in Elquirex, along with the current balance, market price (Market Price) and send, receive, exchange and history actions.
Deposit cryptocurrencies on Elquirex
At this point, we assume that you are already familiar with the data you see on the screen and that you can now locate the various options.
In order to enjoy the financial services of Elquirex, you will need to make a deposit to the public address provided by the platform. You can find it in the RECEIVE option in the list of cryptocurrency stocks of your choice.
After entering, a small box will open (picture on the right) in which you will choose the cryptocurrency to pay along with the amount. Please note that the Elquirex wallet has minimum deposit amounts that vary by cryptocurrency, which are automatically displayed in the Enter Amount field when selecting a cryptocurrency.
You will need to click on Top up balance to continue.
In the popup window you will see your address, in this case bitcoin, along with the amount to send. You copy the address and continue sending funds to the copied address. Remember to send exactly the amount you specified.
Send cryptocurrencies with Elquirex
As with deposits, sending or withdrawing is pretty easy, as with any cryptocurrency wallet. To begin, you must select the Send option from the list of actions.
The next step is to fill in the previous field. You need to choose the cryptocurrency to send, register the amount in the Enter amount field and the destination address (Send). Remember that sending requires minimum amounts, which you can see next to the cryptocurrency you’ve chosen..
Finally, all that remains is to press WITHDRAW, confirm that you are sending to the correct address, and that’s it. This operation has a withdrawal cost or commission that depends on the crypto asset withdrawn.
Currently Elquirex wallet only works for web browser. However, its mobile app is scheduled to be released for both iOS and Android in 2020, increasing the portability of the platform.
Cryptocurrency Exchanges with Elquirex
Note that we will show you how to trade with Elquirex from your account, but the method does not change at all if you want to do it externally without registration.
To get started, you’ll need to locate the Exchange option in the side menu or in the list of stocks in your portfolio.
After entering, you will be able to see lists of which cryptocurrencies you want to send (Send) and which crypto you want to receive (Receive). Interestingly, you can exchange cryptocurrencies that are not available in your wallet, and sending can be done to external addresses regardless of whether they are available in your wallet or not.
To begin with, you need to choose a cryptocurrency to send (Send) and receive (Receive). You will then need to write down the amount to send or receive. No matter which you fill in, the sidebox will automatically fill in with the equivalent value.
The next step is to enter the destination address (Enter Your Wallet), which can be internal or external.
To finish, you’ll just need to provide your email (as this is an internal operation, it will be automatically filled in with your account email) and click Start Exchange.
Now we just have to wait for the process to finish. It may take some time depending on the required confirmations depending on the type of cryptocurrency and network saturation.
Apply for a loan at Elquirex
As exchanges, loans They can be searched externally.
Another of Elquirex’s financial services is a loan, which is basically a pawn. Here you will provide some of your cryptocurrencies as collateral (currently BTC, ETH or LTC) and you will be paid in exchange, in USD, 60% of the value of your cryptocurrencies according to the current market price.
The advantages of this type of loan are that it allows you to quickly have liquidity in fiat money without selling your cryptocurrencies. To pay them back, you only need to pay the amount you owe plus the interest charged at the time of payment. There is no time limit for loans.
Fiat money loans are made through the PerfectMoney platform, so you will need to have your PerfectMoney wallet number available.
When everything is ready, the first thing you should do is go to the Get a loan section.
The first step is to fill out the previous form, where you will need:
- Choose a cryptocurrency for payment.
- Specify the amount to pay or the amount you want to receive, regardless of which you enter, the surrounding field is automatically filled.
- After that, you need to enter your PerfectMoney wallet number in the Enter your wallet field.
- Finally, you will need to provide your email address. Since we carry out the process internally, the email of our account is automatically set.
You must click Continue to continue.
The next step is the guarantee of your loan (deposit) —In our case, we chose bitcoin, so the appropriate address is shown to us— You will pay the deposit to the address shown on the screen. When you’re done, you’ll need to record the hash or transaction identifier (TXID) you sent in the field Enter your package.
You will need to click PAID to finish.
What is interesting here is that you will not be asked for any kind of documentation or identity verification.
Also note that this is a manual process performed by Elquirex operators. This means that after the transaction has been confirmed, the waiting time is from 30 minutes to 12 hours. to view your account balance. Therefore, you must save the order identifier (Order ID) so that, in case of any downtime, you can contact technical support.
An important fact about the operation of Elquirex loans is that the platform has its own security fund that allows you to cover any pledged capital, making it easy for you to keep your cryptocurrencies safe and to be able to return them whenever you want.
Invest in Elquirex
Investments are another of the rather impressive financial services that Elquirex makes available to you. This is basically a fixed term investment for approximately 160 days depending on the cryptocurrency you choose, with a daily interest rate of 1%, which may vary depending on the volatility of the cryptocurrency.
This type of service requires identity verification, as large investors, exceeding USD 10,000, will have to go through the AML-KYC verification process.
Also, to use this service you must have an Elquirex account, as it is a purely internal process.
To get started, you’ll need to go to the Investing option from the side menu.
The first thing you will need to indicate is the cryptocurrency for payment. Please note that this process is internal and you must have funds in your Elquirex wallet to make the necessary investment deposits.
After that, you need to enter the amount of cryptocurrency to deposit. Each cryptocurrency has a minimum investment limit which you can see on the minimum investment sticker..
To the right of each cryptocurrency you will see a box that will indicate the estimated total interest you will receive based on the amount of your investment. Based on the estimated daily interest (0.99% for BTC) the estimated total profit during the investment period would be more than 150%. But note, the daily interest rate is variable, depends on the volatility of the cryptocurrency as well as the amount of interest to be charged. This is defined by a team of Elquirex experts, who manually determine the daily interest rate you can earn.
When everything is ready, now you will have to click on Pay to make the investment, confirm the action and that’s it.
In this way, your funds will be blocked for a prescribed period – in the case of Bitcoin it is 160 days – and you will be able to withdraw them together with interest only on the specified day of the end of the period.
Financial services provided by traditional banking are an essential part of the economy. It is normal to have a savings account or opt for a loan (mortgage, health, housing) that allows us to improve the quality of our life. But, in the fast-growing world, traditional banking has been largely suppressed, especially in the field of cryptocurrencies.
This delay, while perhaps due to the fact that cryptocurrencies are new, has created needs that traditional banking has not been able to cover. And we’re talking about having them around 100 million Bitcoin users,—not counting other cryptocurrencies—who may find it of great interest to have access to these tools directly with their cryptocurrencies.
This is where Elquirex Financial Services becomes an option to use our cryptocurrencies as we do with fiat money in traditional banking. Not only in buying and selling or exchanging, but also in being able to access these other financial tools.
In short, the existence of cryptocurrency “online banking” – if you can define it that way – makes the use of cryptocurrencies more attractive not only to regular users, but also to new users who have never used cryptocurrency before.