A digital lending platform known since 2017, CoinLoan is attractive to crypto traders and borrowers alike. It is a safe environment for individual and institutional users where they make their assets work. The target audience includes miners, traders, private investors, investment funds, and other parties. Here is everything you need to know about using the platform in 2021.
| Year of foundation | 2017 |
|---|---|
| Average APY (annual interest) | 5.2% – 12.3% |
| Minimum investment | — |
| Available in | All countries |
| Licenses | FinCEN MSB Registration; FATCA FFI Registration; EUIPO – European Trademark; MTR – Virtual Currency Provider; MTR – Financial Institution License |
| Deposit fees | SEPA, SWIFT |
| Who can join | Users under the age of 18 are not accepted |
CoinLoan Pros & Cons
The СoinLoan crypto lending platform lets users get instant loans or make a passive income in different ways. Whether you are an entrepreneur in need of capital, or a consumer planning a big purchase, borrowing is quick and easy when crypto coins serve as collateral. CoinLoan offers up to 70% LTV, so you get maximized value.
HODLers who want to make their portfolios work without selling the assets earn a high-interest rate (up to 12.3% APY). Professional investors use interest accounts, loans, and swaps. Using the deposits, CoinLoan can lend money to other users.
The logic is reminiscent of conventional banking – wise investors make sure their money works 24/7. CoinLoan is a platform where cryptocurrencies bring profit. It works as a loan provider, a trade facilitator, and a safe place for deposits with high interest.
Safety of funds is a top concern. CoinLoan provides reliable asset storage and excellent support, as it is a CeFi environment with stringent security protocols.
The advantages include:
- No withdrawal or deposit commissions, which makes all transactions more profitable.
- CoinLoan accepts assets like Monero (XMR), which competitors still fail to embrace.
- LTV of up to 70% lets you borrow more funds (elsewhere, it is usually capped at 50%).
- Highly competitive interest rates for borrowers (from 4.5% APR).
- Flexible repayment conditions (using another currency or collateral and early payment without fees).
- Automatic depositing and withdrawal of the collateral.
- Instant automatic loan approval.
- Flexible loan conditions: borrow at least $100 for a period between seven days and three years (competitors often require at least $500 with a 1-year term).
- Unique Loan Agreement for every user, which is rare.
- High yield on interest accounts, including XMR deposits, which is unique.
- Attractive exchange rates and simple 1-click swapping within the platform.
So, what about the downsides? First, the inherent volatility of the crypto market may still affect the financial outcome in some cases. Secondly, the highest interest rate on deposits requires staking of the company’s proprietary CLT coin (learn more below).
Who Is Coinloan Best for?
CoinLoan is a convenient platform for both individuals and institutions. Earn interest on your assets, trade the coins for profit, or use them as collateral for loans. Our review confirms the company’s competitiveness in each of these fields. The logic is intuitively understandable to anyone, while the interface is easy to navigate.
Oversight from a European financial regulator and safe storage of both fiat and crypto gives members peace of mind. Low cost of borrowing, the attractive yield on investment, and competitive exchange rates let the target audience make the most of their crypto assets.
Funding Methods
The platform accepts a wide array of payment methods. You can fund your account with crypto coins and stablecoins via the CoinLoan wallet, while fiat currencies (EUR, USD, GBP, and RUB) are accepted through multiple means. For example, you can deposit Euros using SEPA, SWIFT, AdvCash, and TransferWise. CoinLoan has a convenient flow chart in its Help Center section to help users navigate their options.
| FUNDING METHOD | DEPOSIT | WITHDRAWAL |
|---|---|---|
| BANK TRANSFER | ✓ | ✓ |
| CREDIT CARD | ✓ | ✓ |
| CRYPTOCURRENCY | ✓ | ✓ |
CoinLoan Overview
This lending platform was the first of its kind when it emerged in 2017. CoinLoan is based in Estonia and licensed by the financial regulations of the EU. It offers attractive conditions for investors, borrowers, and traders alike, allowing users to earn passive income or cash by pledging their coins as collateral. Both long-term and short-term loans are supported, along with a wide range of digital and fiat currencies. As of this writing, CoinLoan works with EUR, GBP, USDT, USDC, PAX, BTC, TUSD, USDC, BUSD, ETH, BCH, LTC, XMR, XRP, XLM, LINK, DAI, WBTC, UNI, DOT, MKR, and PAXG. It is a secure environment with competitive rates and zero fees on deposits and withdrawals.
Crypto Loans & Borrowing
Loans backed by cryptocurrency let you get cash without letting go of your assets. If you own coins and want to profit from long-term gains, you can still get money for any purpose. Instant loans let users get cash and profit from market surges simultaneously, as they do not relinquish ownership of the collateral.
- CoinLoan lets you borrow up to 70% of the collateral value, with APR between 4.95% and 11.95% depending on the LTV.
- The repayment period ranges between seven days and three years.
- You can repay early without fees to save on interest. For example, if a 3-year loan is repaid after just three months, CoinLoan will only charge interest for three months.
- Users can repay their loans with different assets. For example, if they borrow euros, they can use Bitcoin to pay the debt.
- If they fail to meet your obligations, the debt will be paid using a portion of the collateral based on its market price. You will still get the rest of it.
- CoinLoan offers maximized flexibility. You can add or withdraw collateral at any time to manage the LTV.
- The margin call is triggered by a 90% LTV, which lets borrowers avoid default in case of substantial market fluctuations. It is one of the most attractive offers in existence.
CoinLoan Crypto Exchange
The platform lets anyone purchase, sell, or swab cryptocurrencies quickly. It offers one-click transactions in an environment that is easy to navigate. CoinLoan users appreciate the simplicity of the process, attractive exchange rates, a wide range of supported assets, and instant execution. The absence of fees for deposits and withdrawals is another strength.
Does CoinLoan Offer Interest Accounts?
CoinLoan’s interest accounts work similarly to bank savings, so you generate compound interest while your assets are stored on the platform. The difference is that profit is massive in comparison with conventional fiat deposits. Here is how this works.
- CoinLoan pays out your interest monthly, but it is accrued daily.
- Users who deposit GBP, EUR or stablecoins, get 10.3% APY, while deposits of BTC bring 5.2 % APY. The highest rates (up to 12.3% and 7.2%, respectively) are achieved via CLT staking – holding the platform’s proprietary coins to support its operations. This adds 2% to any interest rate. Assets like XRP and Link bring up to 7.2%.
- Thanks to the absence of lockups, you can withdraw your crypto whenever you like. The platform supports various coins and currencies, including EUR, BTC, ETH, XRP, XMR, USDT, USDC, PAXG, TUSD, etc.
- CoinLoan will not charge you for any incoming or outgoing transfers, so withdrawals of earnings are free.
CoinLoan Review: Security
CoinLoan has had an impeccable track record since its launch. The company has a physical office in Estonia’s capital city. It is a trailblazer that sets an example for younger competitors.
In August 2021, the platform received an AA Rating from Creditinfo Eesti AS, a global assessment agency administering the Estonian Credit Register. This institution rates all financial companies based in the country.
A thorough inspection of CoinLoan’s practices confirmed its consistently high A-tier credit rating. The Strongest in Estonia certificate shows recognition of its contribution to developing the national economy and ethical business culture.
On CoinLoan, any fiat and crypto asset is safe. Cryptocurrencies are held by qualified custodian BitGo. Its recently published case study highlights the safe and dependable solutions provided by CoinLoan. Moreover, the company has $100 million insurance from Lloyd’s Syndicate.
All fiat assets are stored at the Swiss-based InCore Bank. The platform complies with applicable regulations and holds licenses for both types of assets under supervision by Estonian FIU. Even when 500 Estonian crypto companies had their licenses revoked in June 2020, CoinLoan renewed its license easily.
The company is open about its safety procedures and protocols. It invites researchers from around the world to test its platform and website. The bug bounty program rewards them for finding vulnerabilities.
CoinLoan Review: Customer Support
Professional assistance is provided 24/7. Live support provides quick answers to urgent queries. The team is competent and committed. In case of any questions, email the staff at support@CoinLoan.io. CoinLoan is also active on Telegram, where it has a large community, and on social media – Twitter, Facebook, and Instagram.
Usability of CoinLoan
The platform has a clear and well-designed layout, although it differs from most P2P platforms. The interface meets the needs of beginners and finance pros. Members with little knowledge of cryptocurrencies can still navigate it with ease. Borrowers and investors, both individual and institutional, use the same interface. Once you deposit funds to your account, your APY starts accumulating.
Extra Features
Unlike many competitors, CoinLoan combines its lending and investment functionality with trading of the supported assets. Just log into your account and swap any crypto coins you have in your wallet.
The company has a native currency – the CoinLoan Token (CLT). It unlocks the best interest rates depending on the state amount. Within 24 hours after depositing, CTL boosts all interest rates for investors by up to 2% (you gain 0.1% for every 250 coins). There is no mandatory staking time to use the benefits.
Conclusion
CoinLoan is a reliable platform for crypto lending and trading with attractive conditions for all categories of users. It is an officially regulated and secure CeFi space with excellent customer service. CoinLoan is growing exponentially as it offers attractive conditions. Its intuitive interface, competitive rates, and free deposits and withdrawals give it an edge in the crypto market in 2021.
Frequently Asked Questions
Is CoinLoan Safe?
CoinLoan was a pioneer in the crypto lending field. It is a legitimate European company with a physical office and financial licenses. Regulated under an Estonian financial authority, it provides custody and insurance and safely stores both digital and fiat assets.
What Are CoinLoan’s Fees?
CoinLoan is the only exchange platform without withdrawal and deposit fees. Holders of interest accounts do not pay fees, while the origination fee for loans is merely 1%. CoinLoan offers some of the most competitive exchange rates. Overall, the conditions are attractive.
What Are CoinLoan’s Interest Rates?
The base interest rates on deposits reach 10.3% (fiat and stablecoins). This requires staking of CLT, which adds 2% to the base rate (8.3%). Meanwhile, Bitcoin deposits bring up to 6.4%, and rates for other crypto coins vary. Conditions for borrowers depend on the amount of the loan, its term, collateral, and LTV.
What Is CoinLoan Token?
By staking the company’s tokens (CTL), investors benefit from the highest returns. There’s no minimum staking time, and the native token adds 2% to the basic rates. It might also decrease the cost of borrowing.
What Kind of Loans Does CoinLoan Offer?
The platform offers loans backed by cryptocurrency, where the coins work as collateral – similarly to a secured bank loan. This lets you get cash and maintain ownership of your digital assets, as they return to you once the loan is paid. The offer is particularly attractive for long-time HODLers, as they retain potential profit in the crypto market. The company offers highly competitive LTV (70%), allowing users to get the most value from their assets. You can borrow from a period between seven days and three years and repay early without penalties.
Is it mandatory to complete KYC verification for performing any transaction in CoinLoan?
KYC (Know Your Customer) procedures allow providers to prevent financial fraud and money laundering. As a reliable and regulated platform, CoinLoan asks every user to complete the identity verification process before performing any transactions. It only takes a few minutes.
Does CoinLoan perform any credit history checks for loan approval?
The platform uses a simple process that eliminates paperwork, and prior credit history is not considered. All loans are approved based on the collateral only. That is why approval takes seconds.
CoinLoan Requirements
Anyone over 18 years old and has a valid ID document can register on the platform. They need to upload your documents with a selfie and use two-factor authentication for security purposes. The company allows the use of Google Authenticator for convenience. After verification, you can make a deposit.
How Fast Can You Withdraw Your Money?
Unless your internet connection is faulty, you will be able to withdraw your funds immediately. Transactions on CoinLoan are performed without delay.
Who Owns the Platform?
CoinLoan OÜ (former ExFinance OÜ) owns and manages the platform. The company headquarters is in Tallinn, and it has a European Financial License.
The two founders – Alex Faliushin and Max Sapelov – are now the CEO and CTO, respectively.
