Cryptocurrency

CoinLoan Review 2021: Crypto Loans, Lending, and Saving

The crypto economy is slowly becoming a real alternative to traditional finances. However, while demand is on the rise, concerns over security and legality continue to circulate.  

Although the crypto market has already grown up its own super-players like Binance, Uniswap, and so on, some areas are remaining uncovered at first glance. Let’s take a deeper look at one of the most significant projects introducing bank-like services in the crypto assets’ world, intended for those looking for a reliable way to manage their money flow and multiply savings. 

CoinLoan is an excellent example of a platform with such tools. It offers a traditional set of financial services, like storing and borrowing funds,  but for digital assets. Compared to traditional banks, CoinLoan provides a much better interest rate without an obligation to lock the funds or early withdrawal fines. 

How CoinLoan works

CoinLoan is a regulated European crypto lending platform acting under the license of the Estonian Financial Authority. Founded in 2017, CoinLoan has a clean reputation, covering all funds with $100 million insurance from Lloyds. All the client assets staked on the platform as deposits or loan collateral are kept at BitGo Custody, while Swiss-regulated InCore Bank AG safeguards the fiat deposits.

CoinLoan provides three primary financial services: interest-earning deposits, fiat & crypto loans, and crypto exchange. The latter, among accessing the instant swaps between 140+ crypto pairs, allows buying and selling crypto for fiat. The platform operates in 160+ countries worldwide, including the US, UK, and major EU countries. 

CoinLoan currently supports 15+ digital assets for a deposit, instant crypto exchange, or loan. Users can deposit and withdraw fiat through all commonly used payment options, SWIFT, SEPA, Visa, MasterCard, and others. The only thing needed to access the full platform’s functionality is the easy KYC procedure, which proceeds within several minutes. 

CoinLoan has mobile apps both for Android and iOS devices for convenient access to digital assets and financial products.

CoinLoan Earn (Interest Account)

CoinLoan’s Interest Account is one of the basic options available on the platform that deserves separate consideration. 

With interest rates of up to 12,3% APY for deposits in EUR, GBP, and several popular stablecoins like BUSD or DAI, CoinLoan’s Interest Account stands out on the market compared to traditional banking alternatives. 

CoinLoan Interest Account interface

However, the high APY is not the only advantage. CoinLoan’s Interest Account doesn’t lock the funds and guarantees you complete control over them. In a nutshell, it means you can withdraw your assets anytime without any fines. Add a daily-delivered interest, and you’ll have a safe and flexible tool for growing your savings while having full access to them. 

CoinLoan Borrow (Instant loan)

CoinLoan Borrow is the name for the set of borrowing options available on the platform. This highly customizable tool comprises crypto-backed loans both for digital and fiat currencies. 

Despite staying legit and secured financial service, CoinLoan will never ask you for credit history, a collateral asset as a guarantee of future repayment is enough for getting a loan. So that means no paperwork issues and no requirement to prove solvency with anything other than your funds. The whole borrowing process is clear and transparent, allowing instant loan decisions without the need to wait for ages for the lender to consider your application.

Active loans management screen on CoinLoan website

The loan period could be set between 30 days and 3 years, and the borrower is free to commit an early repayment without covering the remaining costs. You could pay the rest of a  loan with the asset of their choice or with one, you used as collateral.

When it comes to the interest rates, their final level depends on the Loan-to-Value (LTV) rate. The higher collateral you provide, the better terms you get. You can even increase the collateral amount after getting a loan. This way, you can lower the lending interest anytime with no hassle. 

CoinLoan Trade (Instant crypto exchange)

Last but not least, among the list of services provided is an advanced crypto trading option offering instant swaps between 140+ crypto pairs, fiat-to-crypto purchases, and crypto-to-fiat payouts. 

CoinLoan crypto exchange interface

Due to its intuitive interface and competitive rates, CoinLoan’s crypto exchange is easy to use and allows navigating through the options with no hassle. As mentioned above, CoinLoan supports all major fiat payment systems, including bank cards. Everyone will find a proper deposit and withdrawal option regardless of their region of residence. 

24/7 Clients Support 

CoinLoan offers around-the-clock live customer support, always ready to answer any inquiries clients might have. These high service standards put CoinLoan at an advantage over many other crypto services.  

Conclusion

CoinLoan could be considered a reliable interest-earning and borrowing platform for crypto assets. 

This officially licensed and regulated platform offers excellent terms and a high level of security,  a pretty rare combination among the still growing and maturating crypto market. With plenty of excellent features & qualities onboard, like around-the-clock live support, intuitive interface, and company’s transparency, it is suitable for use by both crypto-veterans and the industry’s newbies. 

Another strong argument for trying out the CoinLoan option is their state-of-art mobile app, which allows managing your digital assets literally on the go. 

Check out CoinLoan Blog to learn more about its products and its features.

Angela Scott-Briggs

Editor, TechBullion.com | Interested in Innovations in Business, Finance, and Technology .

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Angela Scott-Briggs

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