The crypto-economy is gradually becoming a real alternative to traditional finances. However, as demand increases, concerns about security and legality continue to circulate.
Although the crypto market has already developed its own superplayers like Binance, Uniswap, etc., there are some areas that remain to be discovered at first glance. Let’s take a closer look at one of the most important projects bringing banking-style services to the world of crypto assets, aimed at those looking for a reliable way to manage their money flow and multiply their savings.
Loan of parts is a great example of a platform with such tools. It offers a traditional set of financial services, like the storage and borrowing of funds, but for digital assets. Compared to traditional banks, CoinLoan offers a much better interest rate with no obligation to freeze funds or early withdrawal fines.
How CoinLoan Works
CoinLoan is a regulated European crypto lending platform licensed by the Estonian Financial Authority. Founded in 2017, CoinLoan has a good reputation, covering all funds with $ 100 million insurance from Lloyds. All client assets put into play on the platform as deposits or loan guarantees are kept at BitGo Custody, while Swiss-regulated InCore Bank AG protects fiduciary deposits.
CoinLoan provides three main financial services: interest-bearing deposits, fiat and crypto loans, and crypto exchange. The latter, among the access to instant exchanges between more than 140 crypto pairs, allows you to buy and sell cryptos for fiat. The platform operates in over 160 countries around the world, including the US, UK and major EU countries.
CoinLoan currently supports over 15 digital assets for 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 all the platform’s features is the simple KYC procedure, which takes place in a matter of minutes.
CoinLoan Earn (Interest Account)
Loan of parts Interest Account is one of the basic options available on the platform that deserves a separate review.
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 in the market compared to traditional banking alternatives. .
However, the high APY is not the only advantage. CoinLoan’s interest account does not block funds and guarantees you full control over them. In a nutshell, this means that you can withdraw your assets at any time without any fines. Add daily interest and you’ll have a secure and flexible tool to grow your savings while having full access to them.
CoinLoan Borrow (instant loan)
Borrow coins is the name of all the borrowing options available on the platform. This highly customizable tool includes cryptocurrency backed loans for both digital and fiat currencies.
Although it remains a legitimate and secure financial service, CoinLoan will never ask you for a credit history, collateral asset as collateral for future repayment is sufficient to secure a loan. So that means no paperwork problem and no requirement to prove creditworthiness with anything other than your funds. The entire borrowing process is clear and transparent, allowing instant loan decisions without having to wait a long time for the lender to review your application.
The loan term could be set between 30 days and 3 years, and the borrower is free to commit to early repayment without covering the remaining costs. You could pay off the remainder of a loan with the asset of your choice or with the one you used as collateral.
Regarding interest rates, their final level depends on the Loan-to-Value (LTV) rate. The higher guarantees you provide, the better the terms you get. You can even increase the collateral amount after getting a loan. This way, you can reduce the interest on the loan at any time without hassle.
CoinLoan Trade (instant crypto exchange)
Last but not least, among the list of services provided is a crypto trading option offering instant exchanges between over 140 crypto pairs, fiat-to-crypto purchases, and crypto-to-fiat payments.
Due to its intuitive interface and competitive pricing, CoinLoan’s crypto exchange is easy to use and has hassle-free browsing through options. As mentioned above, CoinLoan supports all major fiat payment systems, including bank cards. Everyone will find a suitable deposit and withdrawal option regardless of their region of residence.
24/7 customer support
CoinLoan offers 24 hour live customer support, always ready to answer any questions customers might have. These high service standards give CoinLoan an edge over many other crypto services.
CoinLoan could be considered a reliable income and borrowing platform for crypto assets.
This officially licensed and regulated platform offers excellent conditions and a high level of security, a combination quite rare among the still growing and maturing crypto market. With many excellent features and qualities on board, like 24-hour live support, an intuitive interface, and company transparency, it is suitable for both crypto veterans and newcomers to the industry.
Another strong argument for trying the CoinLoan option is their cutting edge mobile app, which allows you to manage your digital assets literally on the go.
To verify CoinLoan Blog to learn more about its products and features.