We will be looking at Myconstant review, What Myconstant is, if Myconstant is legit or a scam, and a lot more, the first record of online p2p lending was in 2005. However, many have considered this sector to be a shady one, and for good reasons. But, decades later, some online P2P lending platforms have completely transformed the industry and changed its reputation.
What is MyConstant?
MyConstant is an online multi-market p2p lending platform with its headquarters in the United States. Like a CD, MyConstant allows you to lock your money away for 30, 90, and 180-day fixed terms. MyConstant is a secured Peer-to-Peer lending platform built for smart crypto investors who desire to do more with their money.
MyConstant platform promises to help investors earn up to 4 times more interest rates than a Certificate of Deposit (CD). A certificate of deposit is a method of earning money in the traditional banking system. one earns interest on the money they are saving by locking it away for a FIXED period.
It is called a CD because the bank in which you locked your money will give you a certificate documenting and stating the agreement’s details. The details include:
- amount deposited
- interest rate,
- how long the money will be locked before one can request a withdrawal?
Making Withdrawers before the agreed time will attract a penalty. A cd is a good way to earn money on your savings, but it is also a slow way to make good cash on one’s investment. The highest interest rate one can get on their CD is between 0.2 and 1.5% annually; MyConstant offers more than that. Kindly read through to find out more about Myconstant.
MyConstant is the first online P2P lending platform globally that gives users control over the amount, rates, and duration of their investment. MyConstant secures all lending work collateral, and this protects the investors’ funds and also ensures investors never lose their funds to a bad loan.
How MyConstant Works?
MyConstant is seen and considered the world’s first secured p2p lending platform. This is because it operates in a way that makes it impossible for lenders to lose their money, and borrowers always get their collateral back when they pay off their loans.
The loans on MyConstant platform are backed by liquid collateral instead of property collateral which isn’t liquid.
How lending on MyConstant platform Works.
If An investor wants to invest $20,000 for six months for up to 9.6% APR, while a borrower who wants to take a loan has terms that match with yours. Myconstant will pair you and this borrower. The borrower will secure the loan with collateral. This collateral might be either ETH or BTC or any of the other 80+ cryptocurrencies the platform supports.
When the borrower pays back their loan, the lender gets a return on their investment, while the borrower gets their collateral back.
The whole process is automated by smart contract technology. One great feature of MyConstant platform is the security it provides lenders and borrowers alike.
When a borrower defaults on their loans, their collateral is automatically sold. In a situation whereby the collateral falls too much (because of the volatile crypto market), the collateral is also sold. This investor will get their returns while the borrower keeps the loans without getting their collateral back.
This measure ensures that the lender always gets their principal and profits. That is the MyConstant promise, and borrowers are also protected on MyConstant.
When one borrows on MyConstant platform, 30% of their crypto collateral is stored in a third-party wallet, ready to be liquidated in case their collateral falls below the 110% threshold or if they recall excess collateral.
The remaining 70% of their cryptocurrency is stored in MyConstant hot wallets, which are hosted on a dedicated server that’s insured for up to 10 million dollars. Only qualified senior staff have access to these wallets. Occasionally we will move collateral to cold storage, but this depends on the loan term and other operational factors.
This secured loan initiative simply means:
- no credit scores
- no lengthy documentation and risk evaluation,
- and finally, no human error.
With this platform, you get an automatic settlement with no minimum capital or maximum loan amount.
Is MyConstant Legit?
Myconstant is an online P2P lending platform with more than 1,500 reviews and an average rating of 4.7/5 on Trustpilot. Moreover, it uses Prime trust, an accredited U.S. financial institution, for almost every cash handling. In addition, Myconstant is compliant with Anti-Money Laundering (AML) regulations. It also makes use of KYC guidelines to verify the users, and KYC guidelines keep one protected from fraud and every other illegal activity.
- Has Multiple packages with flexible terms and rates
- Secured loans, so the risk of losing one’s investments is relatively low
- Earn up to 15 percent APY on selected stablecoins
- There are no fees for investing or depositing
- Transparent platform
- Gives $4,000 trial bonus for new members
- All loans backed by at least 150percent of crypto collateral
- There is No futures or short selling for U.S investors
- EUR and GBP holders must send USD or crypto for deposits
- Transfers take a long time
- The company is relatively young
- Has a limited number of cryptocurrencies
How to Invest on MyConstant
Investing with MyConstant platform is a straightforward process. Here is a step-by-step guide to getting started with MyConstant:
Create an Investment Order
The first step in investing is Creating an investment order that suits your needs. You have 3 different options to select from and can invest USD or stablecoins, and you can also pick your interest rate.
MyConstant platform makes it easy, allowing users to select the default option for a guaranteed match and investment term.
The next step is to deposit funds from your investment order. You can decide to make a direct deposit or wire the money directly. MyConstant platform recommends depositing the funds using Zelle, considered the fastest, cheapest, and easiest method.
Withdraw Your Funds
Once one is matched to a borrower and has completed the investment term, you will be able to withdraw your funds.
You can decide to reinvest your funds or transfer them to stablecoins like USD. MyConstant makes the withdrawal process simple, and it is free.
Benefits of Investing with MyConstant
Following our Myconstant review, the benefits of investing in this platform are too many to mention.
- You have an iOS and Android App to check your dashboard when you are not on your computer.
- It is available globally for everyone with every currency type, and the other currencies are converted to the U.S Dollar on the platform.
- There are no fees whatsoever.
- A large and vast library of resources to guide you and help you fully understand the platform.
- 24/7 customer support service to help you resolve any issue.
Can I get a bonus for MyConstant?
Yes! You will get a whopping sum of $4000 bonus to earn 4% APY over 15 days when you sign up as a U.S resident.
Can you lose money on MyConstant?
MyConstant claims that one’s investments are secured by collateral or a buyback guarantee. This makes one believe that they can’t lose their money, but in the past, this platform has lacked transparency, which is a red flag.
Is MyConstant FDIC insured?
The 4% APY product, MyConstant Instant Access, allows one to deposit money online with the platform and earn interest as you would in a savings account. However, this account does not provide FDIC insurance coverage like a typical savings account carries.]
Following the MyConstant review and findings, this platform is arguably the number one online P2P lending platform globally. There are loads of privileges for investors and borrowers alike.
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