Platform Ease of Use
Fees & Commissions
Lendable Assets & Markets
When it comes to cryptocurrency, the right lending platform can make all the difference. MyConstant is a decentralized, peer-to-peer cryptocurrency lending platform designed to connect investors with borrowers. It supports lending for fiats, stablecoins, BTC, ETH, and BNB. MyConstant’s various features include lending, borrowing, futures, short selling, and more. Is this the right platform for your crypto lending needs? Read our complete MyConstant review to find out!
MyConstant is a decentralized peer-to-peer cryptocurrency lending platform that connects investors with borrowers. The project was launched in January 2019 with the initial goal of creating a US dollar-backed stablecoin, but by May of that same year, MyConstant made the transition to P2P lending. They have since expanded their operations to include a much wider range of crypto assets and services. Today, MyConstant users can earn interest on a number of lendable assets, receive collateralized loans, participate in crypto futures, and much more as we’ll soon discuss.
Opening an Account on MyConstant
Opening an account with MyConstant, while easy on paper, can be time consuming. They have very strict KYC (know your customer) rules that will require you to verify your identity through email, social security number, government-issued ID, selfie, and proof of address from the last 90 days.
The application review can take up to seven business days to approve, but will usually process within three business days if all your information is correct. If you have all the necessary documents on hand, completing the application should take no more than ten minutes—it’s the waiting period that will get you.
What Cryptos does MyConstant Support?
MyConstant currently supports lending of fiats (such as USD), stablecoins, BTC, ETH, and BNB. Their wallet, however, supports 70+ cryptocurrencies, and collateral in loans can also be in any one of those 70+.
If you are investing USD, there are four tiers of interest rates that can be paid out: a 4% rate with instant access to your funds that pays interest every second; a 6% rate for a 30 day fixed term; a 6.5% rate for a 90 day fixed term; and a 7% rate for a 180 day fixed term. All fixed term interest is paid at the end of the term and if investors wish to withdraw their money before the term’s end, they will only receive 2% interest on the elapsed time.
If you are lending BTC, ETH, or BNB, you will earn 4% interest that is paid every second and can withdraw the interest or principal at any time. MyConstant does, however, have a partnership with Incognito, a network that facilitates private crypto transactions, that will allow you to boost your return to 7%. All you have to do is lend your coins as their privacy counterpart. BTC, for example, is exchanged for pBTC and can be transacted without detailing information on the public ledger. There is a 1:1 relationship between the traditional coin and the privacy counterpart, so they can always be exchanged for the original at face value.
Borrowing on MyConstant
Borrowers through MyConstant can choose from three term lengths: 30 days, 90 days, and 180 days. Interest rates for 30 day terms are 6% and increase .5% with each subsequent duration. The loan-to-value ratio for borrowing is 66% meaning $100 in collateral will afford you a $66 loan and, as mentioned above, collateral for loans can be in any of the 70+ supported cryptos.
MyConstant may not have the most robust futures market, but it does have one. Customers outside the United States may participate in a simplistic form of derivatives to profit on relatively small swings in price. In contrast to more flexible markets, MyConstant pre-structures trades to take profits at 3% and liquidate after a 2% move to the downside. They have also capped each position at $100 and account limits at $5,000 to prevent any excessive losses. Though structuring their futures market in this way can make the process more beginner friendly, they only offer 50x leverage, which is quite high and not advised for beginner traders. Nevertheless, it is a simple and useful tool for anyone interested in levering up.
Short Selling on MyConstant
A service MyConstant offers not frequently found on other platforms is the ability to short sell crypto. Including this unique feature sets MyConstant apart from the many other popular crypto platforms and exchanges, such as Gemini Exchange and PrimeXBT. Normally bears look to derivatives to make their moves, but MyConstant allows users to avoid leverage and still trade moves to the downside. It’s only for customers outside the U.S at the moment and, like with lending, the only supported coins for short selling are BTC, ETH, and BNB.
A potentially useful and under the radar feature of MyConstant is the ability to near instantly transfer funds to other Constant accounts. Users can send any amount anywhere in the world with internet in just a matter of minutes.
MyConstant’s Secondary Market
Under MyConstant’s ‘Pro’ tab is a link to their secondary market where traders can buy or sell existing investments. If you want to end your lending term early, you can sell it through this market. Conversely, if you want to buy an existing term to earn the interest in less time, you can do that as well.
MyConstant Fees & Minimum Withdrawals
MyConstant doesn’t charge any fees to invest assets or any fees to withdraw USD, but will charge $15 for USDT and USDC withdrawals and standard network transaction fees for crypto withdrawals. If your USDT is one of Tron Network’s TRC20 tokens rather than an Ethereum ERC20, your withdrawal fee will only be $1 and your minimum withdrawal amount will be $9 vs $15.
Fees for borrowers include a 3.5% matching fee, late repayment fees of 10% of total interest, and a 2% fee when repayment is with collateral. There are also collateral withdrawals fees for each crypto asset. However, if you pay your loan back before 75% of the term has elapsed, you will pay 50% of the specified interest for the remainder of that term.
If you are short selling, there is a 7% APR calculated every few seconds and a matching fee of 1% of the opening value of your short.
MyConstant also charges a 0.2% fee on the total leveraged position for futures contracts. This means if you open a position of $10 with the 50x leverage, your fee would be $1 (0.2% of (10 x 50) = $1). This boils down to a 10% fee and is certainly high for the industry, especially considering the lack of flexibility with orders.
MyConstant’s interface is extremely easy to navigate. They have well-written and conveniently-located explanations of all their services so users don’t have to do a lot of guess work to find what they are looking for. Their layout is as intuitive as it is aesthetic and structured to avoid frustrating page hopping, which beginners will greatly appreciate.
MyConstant Mobile App
The interface for MyConstant’s mobile app is perhaps even more well done than their desktop version. The whole app is beautifully designed and offers easy access to all their services aside from futures. Anyone using MyConstant’s services will absolutely want to check out the mobile app.
MyConstant’s wallet supports over 70 cryptos and is accessible through both the desktop and mobile app. Though users will not have the option to custodian their private keys.
MyConstant allows users to enable two-factor authentication, SMS authentication, and email confirmation for withdrawals and transfers to ensure security. The mobile app can also integrate Face ID for quicker access. The investments and collateral held by MyConstant are stored in Prime Trust custody, Ethereum smart contracts, or web wallets to which only the CEO and CIO of MyConstant have access. So far, no investors have lost any of their earned profits or principal since MyConstant was launched.
One very enticing special offer MyConstant is currently running is a lending lottery for a chance to win $10 million. Users can lend USD to earn 1% interest and one lottery ticket for every $100 they invest.
MyConstant also offers a $10 reward for every referral. You will even earn 10% of their instant-access investment interest. These rewards can increase to 15, 17, and 20 each as you move up their membership levels. For every dollar you invest or borrow within 180 days, you will earn 1 membership point. MyConstant has three membership levels starting with Gold (25k points), then Platinum (50k points), and Diamond (100k points).
MyConstant Customer Support
MyConstant places huge emphasis on their customer support. Not only does each page have helpful and well-organized walkthroughs of all their respective services, but their ‘Help & Support’ section includes categorized selections to help with more specific questions you may have.
They also have a robust community constantly participating in a live chat you can access via the ‘Community’ tab on the homepage and their own blog with tons of crypto-related information. If that wasn’t enough, users also have the option to email or call support Mon-Fri 9am-5pm and Mon-Thurs 7pm-4am PST. You can even schedule an appointment for MyConstant to call you at a specified time.
Differentiators for MyConstant
MyConstant’s major differentiators are undoubtedly their interface (both mobile and desktop), customer support, and their partnership with Incognito. Very few platforms will make the processes around lending and borrowing as straightforward as MyConstant has and even fewer will offer you APYs as high as their 7% through Incognito.
Another distinctive feature MyConstant offers that many other platforms do not is short selling. Most bearish sentiment in crypto manifests through derivatives, but not every trader will want to use leverage, so short selling can be a very useful tool.
MyConstant’s lending lottery is another very unique feature. Earning 1% interest on your lottery tickets and getting that money back at the end might seem too good to be true, but I’d encourage anyone interested to witness it first hand.
The last differentiator worth mentioning is MyConstant is a decentralized platform primarily ran through smart contracts. Centralization may not be much of a consideration for some, but advocates of the crypto ethos will appreciate it greatly.
Conclusion: Is MyConstant Worth Using?
While the services and interest rates MyConstant offers are fairly standard for the industry, their user-friendly interface and exceptional customer service give them an edge over many of their competitors. Customer support may not be as important to some, but an easy to use platform is something everyone can appreciate. Admittedly, MyConstant has a small list of lendable assets compared to other platforms, but it remains a competitive option if you’re interested in lending one of the coins they do support, especially if you exchange those coins for their Incognito counterpart. It may be a slightly more confusing process, but you’d be hard pressed to find anyone who can match that 7% return. If you are a borrower or interested in futures, there may be better opportunities out there considering the amount of fees or lack of flexibility (in the case of futures), but using these services is still very easy which has its advantages. Overall, MyConstant has an exceptional platform and offers very competitive services. Some services may fall a little short of the competition, but they are all very easy to use and anyone interested in investing will certainly want to keep MyConstant on their radar.