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The Full Mechanics of Biterest
Attention! The Biterest administration has the right to make changes to the current mechanics of Biterest Instant. Last updated on 1 September 2020.
1. Ways of lending to Biterest
There are two types of lending services on Biterest that differ in mechanics - lending through Biterest Instant and through Biterest Marketplace. Services are available in the corresponding sections of the platform.

The Biterest Instant loan service allows the Borrower to receive an instant loan secured by Bitcoin on the Biterest platform. The approval and fulfillment process is automated. Biterest approves applications within the Borrower's credit line.

The Biterest Marketplace service allows Biterest users to make credit transactions directly with each other (Peer-to-Peer). The Biterest Marketplace has differences in lending methods:

  • The Lenders market allows lenders to place loan offers. The borrower who has accepted the offers may indicate further information on the loan and create a loan application from the offers. The Lender must transfer the money to the Borrower no later than specified in the payment window.
  • The Borrower's Market allows borrowers to place loan applications on their own terms. The speed of accepting a loan application depends only on its attractiveness to Lenders. The term for the transfer of money to the Borrower on the accepted application depends on the chosen method of securing the application with a collateral.

The Borrower and the Lender may use any of the lending methods at the Biterest Marketplace to complete credit transactions.

As part of the current mechanics, only the Biterest Instant credit service is considered. To familiarize yourself with the mechanics of the Biterest Marketplace, go to the appropriate page - https://markets.biterest.com/en/support/3/1
2. Lending through Biterest Instant
2.1. Balance top-up and credit limit
In order to get a loan secured by Bitcoin through Biterest Instant, the Borrower must top up their account balance with Bitcoin. The bitcoins on the balance sheet will be used as collateral for obtaining a loan, as well as for full or partial repayment of the loan. The borrower can top up balance for any amount.

The account balance on Biterest Instant is different from the account balance on Biterest Marketplace. Each type of balance can only be used within a specific service and within the framework of its mechanics. Funds are not transferred between service balances.

To top up your balance at Biterest Instant, click the Top up balance button on the Instant Credit page. In the window that opens, a Bitcoin address will be available for you to send the necessary amount of Bitcoin to.

You can monitor the progress of funds transfer on the Transaction history page. The amount will be credited to your balance after 3 confirmations of the transaction in the bitcoin network.

An account balance is a special account for storing your bitcoins acting as collateral and determining the size of your credit limit. You can send bitcoin to your balance in any quantity.

Credit limit - the maximum loan amount in USD, which is available for borrowing by the Borrower. The size of the credit limit depends on the amount of bitcoins on the balance sheet and their market value at a particular moment.

The minimum required balance level is 120% of the amount of the used credit limit. To obtain a loan, the minimum required balance level should be 120% of the amount of the used credit limit. You can withdraw funds above this level from the balance sheet at any time within the available balance.

The Instant credit page displays the current status of the account balance in BTC and in USD at the current Bitcoin rate. When the balance changes,the displayed amount changes accordingly.


2.2. Loan Terms
Credits received as part of Biterest Instant do not have a mandatory repayment term. You pay only for the actual days of using the loan until it is fully repaid.

Interest rate - 12% per annum or 0.033% per day. After the loan is issued, the interest will be automatically accrued for the first 14 days of the loan. Starting from the 15th day of the loan, interest will be calculated daily, in the amount of 0.033% of the loan amount.

The accrued interest is taken into account in the used credit limit and it reduces the amount of funds available to the Borrower.

When repaying a loan, accrued interest is automatically repaid first.

If the credit limit has been used up, the next time interest is accrued on the loan, Margin Call will occur.
2.3. Creating a loan application
To obtain a loan secured by Bitcoin, the Borrower must fill out the form on the Instant Loan page and provide the following information:

  • Loan amount in USD. Indicate the desired amount within the credit limit.
  • Amount in the currency of issue. Choose the appropriate fiat currency or cryptocurrency for a loan. The field displays the loan amount in USD in terms of the currency of receipt of funds at the current Biterest exchange rate. To get a loan in cryptocurrency, Bitcoin, Etherium, Tether are available.
  • The required amount of security. The field displays the amount of bitcoins, which is required as a security to receive the requested loan amount in USD.
  • In the Get credit funds section, select the appropriate type of payment depending on the selected currency of the funds issue. You can choose from a transfer to a bank card (only to cards issued in Russia and Ukraine), Payment systems (QIWI, Yandex.Money, WebMoney), Cryptocurrencies (Bitcoin, Etherium, Tether). Indicate your details for receiving funds.
Upon applying for a loan on Bitcoin, it is also available to receive funds not only to the Bitcoin address, but deposit a loan to the Biterest account balance.

To send a request for a loan, click on the button Get a loan. In the window that opens, verify the accuracy of the specified characteristics of your loan request and details and confirm the application for a loan.

You can monitor the progress of the application on the Transaction history page. After the successful execution of the application, the funds will go to you at the specified details.

If within three hours the funds do not arrive at your details, please contact Biterest support on the Help page.

If you were unable to send funds during the execution of your loan application due to inaccurate details, or if additional information is required from you to send funds, an appropriate warning will appear in the interface, which will also be displayed on the Transaction History page. If you receive a notification about a problem with sending funds, please contact Biterest support on the Help page.
2.4. Loan repayment
You can repay the loan in whole or in part. When repaying a loan, accrued interest will be paid first, and then - the loan body.

To repay a loan, on the Get a loan page, click on the Pay off button. In the window that opens, select a loan repayment method:

  • Redeem from account balance - Allows you to use available funds on the account balance to repay. Payment is made by bitcoins, which are on the account balance. Payment from the account balance will be made immediately.
  • Cryptocurrency redemption - Allows you to use cryptocurrency (Bitcoin, Etherium, Tether) to redeem
Payments in cryptocurrency are credited after the Biterest administrator confirms that the funds have been received. You can monitor the status of crediting funds to repay the loan on the Transaction history page.

If the Biterest administration was unable to confirm the receipt of funds when repaying the loan using cryptocurrency, or you need additional information to make a payment, you will receive a warning in the interface, which will also be displayed on the Transaction history page. If you receive a notification about a problem with depositing funds, please contact Biterest Support on the Help page.
2.5. The withdrawal of bitcoins from the account balance.
To withdraw Bitcoins from the balance, click on the Withdraw bitcoin button on the Instant credit page. In the window that opens, enter the Bitcoin address to which you want to receive bitcoins from the balance, and specify the amount of withdrawal. Next, check the correctness of the entered Bitcoin address and confirm the request for withdrawal of funds.

You can withdraw funds from the balance in whole or in part. Only by completely paying off the interest on the current loan and the loan itself, it is possible to withdraw the entire amount from the balance sheet.

The minimum withdrawal amount from the account balance cannot be less than 50 USD. If your available balance is less than 50 USD, you can withdraw your entire balance.

You can always repay the loan in part and withdraw the amount that exceeds the required deposit for the current loan (120% of the amount of the current loan).

You will not be able to withdraw bitcoins from the balance in case Margin Call occurs, since your balance will be liquidated to pay off your debts.

After the withdrawal of bitcoin from the balance, the amount of available funds within the current credit limit will automatically decrease. If the loan is valid, the risk of Margin Call will increase.

You can monitor the status of request approval allowing you to withdraw bitcoins from the account balance on the Transaction history page.

In the event that additional information is required from you to withdraw funds from the balance, an appropriate warning will appear in your interface, which will also be present on the Transaction history page. If you receive a notification about a problem with the withdrawal of funds from the balance, please contact Biterest support on the Help page.


2.6. Margin call
Margin Call is a situation in which the account balance is automatically liquidated to pay off the borrower's debt on the loan.

Margin Call occurs when LTV (Loan to Value) becomes 90%. This is due to a decrease in the rate of bitcoin, when the market value of bitcoins on the balance of your Biterest Instant account becomes equal to the amount of the used credit limit + 10%.

Indicators of the market value of Bitcoin and the value of the account balance at which Margin Call occurs are available on the Instant credit page.

Topping up an account balance or repaying a loan increases the amount of available funds on the balance sheet and reduces the risk of Margin Call.

When Margin Call occurs, the debt of the Borrower is repaid by bitcoins on the account balance.

The borrower can again use the credit line at Biterest Instant. To do this, create a new loan application.
3. General situation
3.1 Currency of loans
All loans for Biterest are fixed in USD (US Dollar).

The borrower has the right to receive a loan in an alternative to US dollar loan currency. The currency is selected by the borrower when generating a loan request. The borrower receives funds in the selected currency at the US dollar rate at the time of transfer of funds. The borrower can repay the loan in any currency and in any of the available ways: from the account balance and cryptocurrency in terms of the US dollar exchange rate at the time of loan repayment.

The borrower assumes all currency risks associated with changes in the exchange rate of the US dollar, as well as the exchange rate of the loan.

Exchange rate data is provided by Openexchangerates.
3.2 Biterest app
The official Biterest applications for Windows, Android and iPhone can be installed only from the official site https://biterest.com

The official Biterest Telegram bot is @Biterest_Crypto_Loan_Bot