Rating: 5/5

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MyConstant Review

MyConstant has suspended the majority of its services, including deposits, investments, and withdrawals. This includes the temporary cessation of customer withdrawals, deposits and investments. The company is currently taking steps to ensure the safety of its customers’ funds and to ensure that all customer transactions comply with relevant regulations.

MyConstant reviews have received almost exclusively positive feedback from customers on Trustpilot like Coinrabbit review. Users have praised the company for its reliability and stellar customer service; in fact, MyConstant has a 4.5-star rating (out of 5). MyConstant uses Prime Trust, an accredited institution based in the US; unlike traditional payment methods, this limits actual custody of users’ money to a few hours each week.

myconstant

What is MyConstant?

MyConstant is attempting to solve the volatility problem that plagues most cryptocurrencies with a stablecoin pegged to the U.S. dollar. Its system uses a decentralized network based on smart contracts. Its developers say it is one of the most secure possible solutions for digital assets tied to fiat currencies. The team has previously worked with several other stablecoins.

MyConstant’s stablecoin, CONST, is pegged to the U.S. dollar and enables low-cost, near-instantaneous international transfers between various currencies. With other cryptocurrencies like bitcoin also improving their transaction capabilities, MyConstant’s CONST could be many options for consumers and businesses looking to minimize fees and secure transactions across borders.

The company’s initial idea was simply a method to facilitate payments. Rather than continuing to serve as a mere payments platform, the company would offer secured P2P loans, a field of financial services ripe for disruption.

The company has facilitated $15.8 million in loans since it launched in early May, and the amount of investor interest continues to grow exponentially.

MyConstant Services

When you choose to invest in MyConstant, your investment is automatically converted to a crypto-collateralized loan and given to an investor looking to get a loan. MyConstant creates pools of these loans and uses them as the collateral for other loans that are given to investors who are looking to make larger investments.

There are three different investment options through MyConstant:

  • Instant Access: With an instant access account, you can have instant liquidity. You can sign up for this type of account with a minimum balance of $10 and earn 4% APY on all balances. If you ever need to access your funds, you’ll be able to do so at any time with no early withdrawal fees.
  • Fixed Term: A fixed-term investment is typically 3 months or 6 months. Investors can usually choose whether or not to reinvest their interest payments into another investment. These investments usually have a minimum of $50 and earn interest rates ranging from 6-7%.
  • Crypto Lend: This high-interest account lets crypto investors earn a handsome 4% APY when parking their funds. The cryptocurrencies offered are Ethereum, Bitcoin, and Binance Coin, with investment minimums set at 0.1 ETH, 0.005 BTC, and 0.01 BNB, respectively. The unique structure of this account means there are no limits on how much an investor can deposit or how often they can make deposits.

 

Crypto Borrow in MyConstant

In addition, to yield accounts, MyConstant also offers crypto-backed loans.

MyConstant is a crypto lending platform that allows customers to borrow crypto against a portfolio of coins the company has selected. MyConstant just decided to launch their own nft platform unlike other nft platforms which have been around for a while.  When borrowing, the customer pays interest on the portion of the portfolio that they use. The service features a user-friendly interface and can process loans quickly through several popular cryptocurrencies.

Although the platform doesn’t advertise a specific loan limit, unlike other crypto lending websites like Nexo, however, some customers have claimed to borrow nearly $1 million on it. A low LTV ratio ― 66 percent ― ensures lenders get enough collateral back if borrowers default. For example, to secure $70,000 in loans, an investor would have to provide $96,200 in trading collateral.

Once you have joined MyConstant and uploaded collateral, funds are transferred to your account. You can then withdraw them in fiat dollars at no additional cost or transfer them to a stablecoin for a small fee.

myconstant borrow services

Cryptocurrencies

MyConstant is the first platform for digital assets which supports more than 71 cryptocurrencies and tokens. The popular ones are Binance Coin, Ethereum, Bitcoin, Ripples, Nexo coin, etc. 

Interest rates of MyConstant

The interest rates of MyConstant depend on the type of plan you are on.

PlanInterest RateNumber of Days/months
 $ US Dollar6%30 days
 $ US Dollar6.5%90 days
 $ US Dollar7%180 days
Crypto Lend: BNB Coin, Bitcoin, and Ethereum.4% respectively.Instant Access

Wallet Address on MyConstant

MyConstant has a wallet. Like the Guarda wallet, the MyConstant wallet is a modern-day multi-crypto wallet used to store, receive and send multi cryptocurrencies.

MyConstant Mobile App

MyConstant offers a mobile app that lets you take your user experience with the platform anywhere. The app is available on iOS and Android smartphones, and you have access to all the features.

How to Create a MyConstant Account?

You can create an account at MyConstant, which allows you to deposit money using your debit card or credit card and carryout crypto exchange. For those that wish to make fiat deposits, they must provide information for Know Your Customer (KYC) ID verification.  Also during the signup process, you can put Myconstant invitation code and receive a bonus.

While most of these checks are done automatically, some take more time. Most exchanges conduct the following KYC procedure: a photo ID scan, a selfie holding your ID, location details for your credit cards and/or bank account numbers, and your full name, address, and date of birth. It will take less than 5 minutes to fill out this form with the minimum amount of information requested. However, the verification process can take longer.

Note; For all new members, there is a bonus waiting to be grabbed. MyConstant sign up bonus is as high as $4,000 which you can use to trade and carry out transactions. This bonus is for you to just test how reliable and fast the platform can be. After Seven days, MyConstant collects the $4,000 bonus and leaves the accumulated interest. 

How To Deposit Money on MyConstant

After logging into your account, click on Interest at the top. This will bring you to a new screen to select Deposit USD or Deposit Crypto.

You should now see a screen that pops up. Here, you will click the total in USD that you want to deposit and select the type of currency you would like to use (stablecoins or USD).

Sending funds by ACH

To send money via ACH, users must link their bank account through Plaid (US residents only). This can be done by clicking on the ACH tab and selecting Link Bank Account from the dropdown. A screen will appear.

Click the Add bank icon in the upper right corner, select your bank, and enter your account details.

All ACH transfers, as long as they are initiated during business hours and there are no processing errors, will be processed in 10 business days or less. However, if you encounter a problem such as a bank error, this may extend the processing time. You’ll be emailed when you open an order when your funds have reached your account, and if your order times out.

If a transaction is not completed and the funds do not reach us, your account will still be credited. However, if this happens, the amount will take longer to appear in your account balance as the transaction status will have to be checked.

To avoid any mishaps, we require that all transfers be completed within 3-5 days after opening, or we will close the order. Additionally, ACH deposits are subject to a 7-day hold period. This helps to ensure that your deposit clears, protecting you from account reversals (which cost you money) and allowing the continuous provision of free ACH withdrawals.

Sending funds by Wire Transfer

Before you can start a Wire Transfer, you should click on the Wire Transfer icon that’s placed on the upper left side of your screen.

Immediately after this has been done, a page will appear where all the details needed to wire your transfer will appear. You can use the bank option to wire your transfer or other wire transfer apps.

When that is done, send an email to finance@myconstant.com with your confirmation number and wire transfer details, and we will update your balance after verifying the transfer.

Depositing Stablecoins

If you want to deposit or withdraw fiat money, you must provide KYC information. If you want to deposit or withdraw a stablecoin, you do not need to provide this information. Click Start Growing and scroll to the bottom of the screen, type your stablecoin address in the Deposit field, and click Start Withdrawing.

On the MyConstant platform, you can use the Send Cryptocurrency button on any page to send your coins. To send a coin, you must copy the wallet address or scan the QR code.

For small transactions, the process takes a couple of minutes. For larger transactions, transfers can take anywhere between an hour to a full business day.

After you transfer your stablecoins successfully, your balance will be updated on the main account page.

How to Start Borrowing?

The process is easy and straightforward, just like how you would place an online order for something from Amazon:

  1. Verify your ID (KYC)

    1. Verifying your ID is one of the many steps to make sure it’s really you and take the provided identification to protect personal data on MC.
  2. Deposit Crypto

    1. You don’t have to wait around. Once you deposit, you can borrow USD or other cryptos immediately. Your crypto collateral is available to get instant crypto loans.
  3. Choose the desired loan term and amount, and get loans instantly!

    1. No credit checks, no paperwork, or waiting for approval. You’ll be charged interest only on the days you borrow—no repayment fees. Funds are returned to you as soon as you repay your loan.

MyConstant compares to other platforms

MyConstant offers the lowest APR in the market, as well as several other benefits that make their platform the most advantageous for those looking for a Crypto loan.

Their fast and easy process is one of their biggest selling points. You can access a loan in minutes, and receive your funds as soon as they receive your crypto in the Coin Balance. In addition, they do not require a credit check, so you can get the USD you need.

What’s more, their platform is designed to accommodate borrowers of all experience levels. Whether you’re new to Crypto or have been investing for years, MyConstant has a loan product that’s right for you.

  • Premium service for $1m+ loans: The platform offers a personal and customized service for large borrowers, including institutions and companies.

Plus, their loans are funded by their community of lenders, so you can be assured that your money is in good hands.

Highlight the benefits of using MyConstant

Since their P2P lending service offers some of the most competitive interest rates on the market, which means you can save big on your loan repayments.

But that’s not all! MyConstant also offers a number of other great benefits that make our platform the best choice for crypto borrowers. Here are just a few of the reasons why you should use MyConstant for your next loan:

  • They offer extremely fast funding times. In most cases, they can fund your loan within minutes or less.
  • They have no hidden fees or agendas. What you see is what you get.

And if you’re worried about volatility, don’t be! MyConstant has a built-in collateral system that ensures that whether the market goes up or down, you’re always notified and protected.

  • Auto top-up feature: When you make the loan, you can also opt to increase your collateral when the market is volatile. Make sure to have the amount of money in your MyConstant account that you’ll need for this transaction.
  • 100m fund to protect against losses: In the unlikely event of any funds being lost due to security issues or theft, MyConstant has a $100m fund available for compensation.

In addition, loans on MyConstant are often much more flexible than traditional loans, so borrowers can customize their repayment plan to suit their needs.

Offer a discount for first-time borrowers – new borrowers can get a 100% discount on their first loan of a 30-day term when you use promo code “COINLIVE

They offer this discount limited only for first-time borrowers – new borrowers get a 100% discount on their first loan of a 30-day term.

This means that you can borrow up to $50,000 for free APR! And your repayment schedule is flexible, so you can choose to pay back your loan at any time or in one lump sum.

There’s also a matching fee. This is set at 3.5% of the loan value.

Is MyConstant legit?

MyConstant has earned a 4.5-star rating from 960 reviews on Trustpilot, an online review platform for businesses. The positive reviews highlight the security and protection that MyConstant provides to its users, making it a reliable online money lending platform.

AML and KYC regulations are integrated into the platform, which keeps everyone safe. The verification process is quick and simple.

Contact & Support

There are several ways to contact MyConstant. Live chat is available on its website. Other methods include:

Email: hello@MyConstant.com

Phone: 646-809-8338

Mon – Fri: 9 am – 5 pm

Mail: 21800 Opportunity Way, Riverside, CA 92508

Conclusion

With all the bad news about centralized exchanges lately, it’s hard to know who to trust. But we’ve been following MyConstant for almost 6 months now, and we can tell you that they’re the real deal. No investor on their platform has lost a cent since it started in 2019.

So if you’re looking for a trusted and reliable source of crypto loans, we recommend you check out MyConstant.

If you’re new to this, don’t worry – try an offer for your first order of a 30-day term at 0% APR with no early repayment fees either! So just come back whenever during the term period and earn a 10 USDT bonus when you complete borrowing $500 in a crypto-backed loan(s)!

Check out MyConstant today and see for yourself why they’re the best in the business!

Author: Rudolph Taylor
Site Editor at CoinLive.io
Rudolph Taylor is Editor-in-Chief at Coinlive.io which is located at Wymondham in Norfolk, United Kingdom. His main job is writing about cryptography to keep his readers updated on current trends and industry news in detail. Rudolph has been able to achieve this in the past few years by providing well-structured write-ups.

Frequently Asked Questions

1. Is MyConstant safe?

Most of MyConstant‘s products are not as safe as traditional loans or yield accounts. The USD deposit account is FDIC insured, up to a maximum of $130 million. You have more than 500 times the amount of insurance you would get on most accounts. But protections on crypto assets are less clear. If you take out a loan, your collateral protection depends on the type of crypto you pledge. Keep in mind that crypto lending platforms generally aren’t FDIC-insured for non-USD deposits. This means there’s a risk of losing your crypto assets if MyConstant goes out of business or becomes insolvent. While this risk is mitigated by insurance through Prime Trust, we couldn’t verify with the company the coverage amounts or the scenarios under which your funds would be covered.

2. How does MyConstant work?

MyConstant is a unique service that offers interest-earning accounts for cryptocurrency investors. It works by matching borrowers with lenders to receive the investment of their choosing and earn a share of the profits. The platform combines both short-selling and futures trading, allowing traders to take advantage of price movements as they happen.

3. How Does Myсonstant Compare to Other Platforms?

Crypto-lending platforms are similar but vary in interest rate and coin offering. Use this table to see how these platforms stack up against each other: MyConstant supports more than 70 currencies while BlockFi and Nexo support 15 and 20 currencies respectively. MyConstant APR for lending is about 9%. While BlockFi and Nexo are 9.3% and 12%. Finally, the APR for borrowing at MyConstant stands at 6%, unlike BlockFi which is 4.5%, and Nexo at 6.9%.