The cryptocurrency market has been steadily growing as more people embrace these digital assets as a viable investment tool.

Besides swapping and leveraging on crypto coins, P2P lending has also emerged as an even better way of making money with cryptocurrency. The emergence of P2P lending has seen the rise of companies like MyConstant that offer a high-earning lending platform.

MyConstant allows you to earn up to 9% APY on your digital asset through peer lending instead of leaving them idle. Also, the company offers a wide variety of other products to cater to all kinds of crypto holders.

MyConstant Review: What Is MyConstant?

MyConstant is a P2P lending platform that started its operation in 2019. The company is headquartered in Riverside, CA, and has offices in Malta, Hong Kong, and Vietnam.

The original idea behind the company was to create a less volatile Stablecoin. They achieved this with their CONST coin, where the company gets its name but soon also decided to venture into lending and borrowing.

In recent years the company has become one of the most sought-after P2P lending platforms, with various services and products to cater to all kinds of users. What’s more, it now has a global presence with thousands of investors from across the world.

With this platform, crypto holders can lend their idle assets to peers to earn high yields, take crypto-backed loans or deposit their assets or fiat with the company to earn interest.

MyConstant Loan Rates & LTV

Any crypto lend platform you choose to invest your assets in needs to give you good loan terms. For most borrowers, this means getting favorable interest rates and a good LTV to ensure you can get more money without requiring huge collateral.

MyConstant offers crypto-backed loans at an LTV ratio of up to 66%, which is higher than the market average given that many crypto lending platforms out there hardly go beyond 30% to 50%. Therefore, you are always guaranteed to get more money in either fiat or coins from this company.

Also, the company tries to keep the interest low. However, the interest rates for loans you pay on MyConstant will largely depend on the loan term. They range between 6% and 7%. The company charges 6% for 30-day crypto-backed loans, 6.5% for 90-day loan, and 7.5% for 180-day loans.

The minimum you can borrow is $50, but there is no maximum amount, meaning you can get as much money as you want if you have adequate crypto collateral.

MyConstant Savings Account Terms

Besides giving you cryptocurrency collateral loans at favorable terms, MyConstant also allows you to create a savings account and earn higher yields than you would with a regular bank account.

Hence, when on this P2P lending platform, you can make money easily on any idle assets. Like their crypto-backed loans, the savings accounts also have some of the best terms out there. Here is a breakdown of everything you need to know about the MyConstant interest account.

 

  • Supported Crypto Assets

MyConstat P2P lending platform supports over 70 different digital assets that you can deposit with the company to earn interest yields.

These digital assets include all the primary coins like BTC, DGD, XRP, and ETH, Stablecoins like USDT and USDC, and the company’s native token.

Additionally, MyConstant allows for fiat deposits, where investors can add USD to their interest account.

  • Interest Rates (APY)

The interest rate you earn on the assets you invest on this crypto lending platform will depend on the particular interest account you choose to use, given that the company has a few options.

You can choose to keep the crypto assets in instant access or fixed-term accounts. Instant access accounts are accessible anytime and will earn you up to 4% APY and requires you to invest a minimum of $10 or equivalent in crypto.

With the fixed term account, the interest yields are between 6% and 7% depending on the investment term, and you can choose between 1, 3, and 6-month investment periods. For the fixed term interest account, you need to invest at least $50 to start earning yield.

  • Lock-in Terms & Interest Payout Schedule

The lock-in terms and payout schedule on MyConstant will depend on the specific interest rate account that you choose. If you keep your money on a flexible account, there is no lock-in term, and the interest you earn accrues every second.

When using the higher yields fixed interest rate accounts, the interest will also accrue every second but is only payable at the end of the term you agree to when starting. Hence, there is a lock-in term here of 1, 3, or 6 months.

How Does Lending & Borrowing Work On MyConstant?

Crypto lending and borrowing on MyConstant is fairly straightforward compared to other financial institutions as the company tries to simplify everything.

But whether you are borrowing or investing your assets with the company, the first step is always to create an account on their platform and deposit the fiat currency or digital assets you intend to use.

When it comes to lending on this investment platform, you need to pick the asset you want to lend out or deposit into the deposit account and send it to the address the company provides. Once this is done, you will earn interest for the agreed term or for as long as you keep then crypto with the company.

Like many other P2P lending platforms, MyConstant Crypto-backed loans require you to fill up a form with important details like the amount you want to borrow, collateral, and loan term. MyConstant then matches you to a lender, and you get the loan sent straight to your crypto wallet.

MyConstant Other Products & Features

While crypto lending and borrowing are the main products that will draw most investors to MyConstant, there are not the only ones the company offers. The company supports dozens of crypto assets, so there is more you can do on their platform.

One of these other features is short selling, where you can predict the market prices and earn big when they drop. This product is highly risky, but the potential rewards are higher than what you get from crypto lending.

Also, the MyConstant crypto lend platform has a futures market, which entails predicting the future price of crypto, but it is less risky and simpler than short selling. Here you only need to predict the price, borrow crypto from the company at 50x leverage, and hope things go your way to make a profit.

Another product investors and borrowers need to know about is the lending lottery. This platform allows you to win up to $10 million by lending your crypto to decentralized exchanges while earning interest yield.

MyConstant Lending & Borrowing Fees

Any crypto lend service you choose needs to have favorable lending and borrowing fees. Affordable fees help keep the cost of borrowing done and ensure the charges do not eat up your yield earnings.

The good news is that MyConstant has relatively low fees compared to other companies offering crypto-backed loans.

What’s more, unlike other companies, they also make all their fees clear from the onset to ensure you know what you will part with to avoid unplanned costs.

When taking a crypto-backed loan from the company, you can expect to pay a matching fee of 3.5% after depositing the collateral, which is on top of the interest the company charges for the loan you borrow.

MyConstant does not encourage early repayment, and this is clear from the fact that there is a fee charged for prepayments.

Borrowers that opt to repay early need have to pay 50% of the remaining interest if they repay the loans before 75% of the term elapses. If more than 75% of the term elapses, you must pay 100% interest for any remaining term.

Making late repayments also attracts some fees. For example, if you are late on your repayment for 1 to 3 days, MyConstant requires you to pay at least 10% of the interest due in fines.

Insurance Coverage On Deposits

MyConstant is a regulated financial institution. Therefore, one can rightfully expect the platform to have insurance to safeguard the lenders and borrowers by ensuring their money is safe regardless of what happens.

The company does not offer direct insurance coverage for any cryptocurrency assets that the investors or borrowers deposit with them.

However, you can still be sure your collateral or deposit will be safe as the company still has some form of insurance coverage using third part customers.

MyConstant works with Prime Trust, an accredited US financial institution, to provide insurance coverage for the assets that investors deposit with the company or use as collateral for loans.

Prime Trust then uses third parties to provide insurance coverage of up to $100 million for MyConstant investors.

It is also worth noting that Prime Trust is an FDIC-insured company, and some of the set they hold will go to a regular bank account where it has FDIC insurance cover.

Besides the coverage originating from Prime Trust, the company also uses Ethereum smart contract and password-protected hot wallets accessible to senior staff to provide maximum security for the deposits.

Minimum Deposits For Earning Interests & Withdrawal Limits

Every P2P lending will always have some requirements or the minimum amount of money you need to invest on their platform. However, MyConstat tries to keep the requirement as low as possible to accommodate all kinds of lenders and borrowers.

  • Minimum Deposits Required

The actual amount you need when investing on the platform depends on the product you want to invest in and the term you want to keep the account active. However, you need to invest at least $10 or its crypto equivalent for a flexible investment account.

If you prefer to use the fixed period investment account on the platform, you must invest at least $50 to earn interest.

For the crypto holders looking to invest their money on the platform for the long term through crypto lending, the minimum deposit required will depend on the specific asset you are depositing. If you are investing BTC, you need at least 0.005 BTC, while the minimum deposit for investing ETH is 0.1 ETH.

  • Withdrawal Limits

When you want your money back or even take out the profits you make on your cryptocurrency, you need to keep the withdrawal limits in mind to avoid inconveniences.

MyConstant allows you to withdraw your funds when you want and provides a withdrawal limit breakdown on their website. This ensures borrowers and lenders know how much they can take out from their accounts at any particular time.

The company provides withdrawal limits for fiat currency, Stablecoins, and cryptocurrency. The limit for fiat currency is $1,000 per transaction and up to $3,000 per week when using Zelle, but bank transfer ACH does not have any maximum withdrawal limit.

When withdrawing your stablecoins, the daily withdrawal limit is $2,000 when making automatic withdrawals, but the platform will allow you to take out up to $60,000 manually.

The limit for cryptocurrency collateral withdrawal is up to $10,000, and anything above this takes up to 2 days to process. But, the company has several other requirements before taking out your collateral.

Supported Countries

MyConstant is a global cryptocurrency platform that is designed to accommodate users from anywhere in the world. However, this is subject to local cryptocurrency regulations and other things like international financial sanctions.

That said, MyConstant allows you to fund your account using US-based bank accounts through ACH transfer and wire transfer for international customers. Hence, you should not have any difficulties adding funds to the account, no matter your location.

While their website is not clear whether their services are available globally or not, there is enough evidence you can use the company from anywhere.

What’s more, the company accepts a wide variety of fiat currencies that are converted to USD when you transfer them to MyConstant. Therefore, the bottom line is that you should be able to use the cryptocurrency platform from anywhere.

Safety & Security Features

MyConstant offers a safe and secure platform for investing your idle assets or using them as collateral to take loans. Like most other top P2P lending companies, they use a wide variety of security protocols to ensure minimal risk of losing your assets even when a borrower defaults.

Key among these security features entails ensuring that only genuine investors use the platform for genuine investing and not money laundering. The company ensures this by being AML (anti-money laundering) compliant and requiring mandatory KYC verification by all users before investing.

Additionally, the company uses multiple security features to protect user data against unauthorized access. They include 2FA to make account access harder for anyone other than the actual account owner. Also, the company makes it hard to decrypt the password by hashing the data with SHA-256.

Other security features include multi-lever serve security and the use of SSL connections only. What’s more, the company uses a custodian (Prime Trust) to manage most of the user assets.

The custodian provides insurance for the hot wallets and keeps a huge chunk of them insecure offline cold storage, making it hard for hackers to access them.

Customer Support

MyConstant offers one the best customer support systems you can expect from any crypto company. Therefore, you can be sure all issues are resolved fast and to your satisfaction. Better yet, the company gives you multiple support channels.

The support is round the clock through their live chat. What’s more, the live chat is monitored by real humans, and the response is usually swift to ensure you can have your issues resolved in just a few minutes.

Other channels include email and phone support. If you prefer to use email support, you only need to open a ticket and wait for the support team to respond, which typically takes less than a day.

You can also book a phone call at your convenience as the company allows you to set your preferred time. The company takes calls between 9 am and 5 pm from Monday to Friday.

Besides the direct support, the company also provides lots of online resources that can be highly useful for investors and borrowers. They include comprehensive FAQs and several articles that will ensure you get the help you need in just a few minutes without even taking to the support team.

Signing Up on My Constant

Getting started on MyConstant is quite easy and should take most people under 5 minutes to start lending or borrowing against their crypto assets. The company provides a user-friendly interface for its web-based platform to ensure things are even easier for you.

Before starting the sign-up process, it is important to remember that the company has mandatory KYC verification requirements. Therefore, it is good to have necessary documents like your ID ready to avoid time wastage.

Here are the few steps you need to follow when setting up an account on this platform.

  • Go to their home page https://www.myconstant.com/
  • Click on the green “Create Account” button on the top right corner
  • Choose to continue with Facebook or Google account or enter your email account
  • Create a strong password
  • Fill in the invitation code if you have one
  • Tick to agree to their terms/conditions
  • Click “Sign Up” and continue to verify your email
  • Follow the prompts to do KYC verification
  • Add crypto or fiat currency to your account, and you are ready to go

Final Thoughts

MyConstant is a reliable P2P company that allows you to take loans using your digital assets as collateral, deposit them with the company to earn interest or lend to others to get some yield.

The company supports dozens of assets that you can use to borrow the loans and offers one of the securest platforms. Additionally, they have great support available around the clock, so you never have to worry when you have issues that need intervention by the company.

But, what crowns all this and makes the company worth giving a try is that they offer some highly attractive interest yields for fiat and cryptocurrency deposits.

Hence with all said and done, it is clear from this MyConstant review that the company is worth trying for anyone into peer-to-peer lending and borrowing.