MyConstant is a U.S.-based peer-to-peer lending platform that strives to match borrowers with investors. The service offers a variety of different investment products with interest rates up to 15% APY. This option allows investors to generate returns that potentially exceed the most competitive interest rates offered by financial institutions around the country.
An international group of developers launched MyConstant in January 2019 with the purpose of building a stablecoin. However, soon after creating its stablecoin, CONST, the team quickly pivoted to offering crypto-backed P2P loans, an area they believed was ripe for innovation.
Since then, MyConstant has been featured as a recommended money app in many finance news and tech apps and publications, including Forbes, Entrepreneur, Inc Magazine and Zero Hedge.
- 2-Factor authentication
- Much higher APY than traditional savings option
- Anytime withdrawals
- No fees for depositing and withdrawing funds
- Cryptocurrencies are inherently volatile
- Complex investment options with over five different lending plans that can confuse novices
- Limited currency offering
MyConstant Ratings at a Glance
How to Invest on MyConstant
Investing with MyConstant is a straightforward process. Here’s the step-by-step guide to get started with MyConstant:
Step 1: Create an Investment Order
Creating an investment order that suits your needs is the first step in investing on MyConstant. You have three different options to choose from and can invest USD or stablecoins. You can also choose your interest rate.
MyConstant makes it easy, allowing users to choose the default option for a guaranteed match and investment term.
Step 2: Deposit Funds
Next, deposit funds from your investment order. You can choose to make a direct deposit or wire the money directly. MyConstant recommends depositing the funds using Zelle, which is considered to be the fastest, cheapest and easiest way.
Step 3: Withdraw Your Funds
Once you have been matched to a borrower and completed the investment term, you will be able to withdraw your funds.
You can choose to reinvest your funds or transfer them to stablecoins such as USD. MyConstant makes the withdrawal process simple, and it is completely free.
How Crypto Lending Works on MyConstant
MyConstant makes crypto lending simple and straightforward. Once your crypto is sent to its lending pool, MyConstant will automatically redistribute it among its trusted exchange partners.
Your crypto provides liquidity to exchange and swapping partners, and you effectively earn a portion of the trading fees, potentially generating up to 12.5% APY (up to 15% for MCT token holders). Interest is paid and compounded every second, giving your immediate returns.
The Payment Process
MyConstant pays through ACH, Zelle, wire transfer and gift cards to various stores. You can withdraw as much as you like for free and can also withdraw crypto in any crypto wallet.
MyConstant has a reliable and friendly team of customer support that works 24/7. You can contact the support team at your earliest convenience. Here are ways you can contact MyConstant:
- Phone: +1 646 809 8338
- Email: hello@myconstant.com
- MyConstant Live Chat
- Book a call
MyConstant has no deposit fees; however, users may be subject to network fees when dealing with specific cryptocurrencies. In the matching process, investors are subject to no fees whereas borrowers are subject to a 3.5% fee. To learn more about customer pricing visit MyConstant.
MyConstant users can access their account using a mobile app that’s available on Android and iPhone smartphones. Overall, the MyConstant mobile app provides the same experience as a desktop website and allows you to access all the same features.
MyConstant has a suite of features that benefit users and their investing experience. A few of these notable features are as follows:
- Potential for immediate growth: Your crypto has the potential to grow from the moment you invest.
- Passive income: MyConstant allows you to keep earning between trades with a generous 12.5% APY in your idle cryptos.
- No investing fees: MyConstant doesn’t charge you to invest or deposit; however, you might pay network fees to send your crypto.
- Withdraw anytime: Withdraw your cryptocurrency instantly whenever you need it.
You gain a myriad of other privileges as an investor or borrower. Sign up and start enjoying consistent interest on your investment.
While the interface may be initially confusing for new and inexperienced users, overall, it is relatively straightforward and easy to navigate. This is a key reason why MyConstant has an average rating of 4.7/5 on Trustpilot and has become one of the most famous secured P2P lending platforms for investors and borrowers.
The ability to start investing with as little as $10, in addition to zero deposit fees for investors, makes the platform an enjoyable experience for investors of all backgrounds.
MyConstant vs Competitors
While MyConstant is regarded as the world’s first secured peer-to-peer lending platform and has a strong reputation, there are many competitors in the P2P lending industry. Other notable P2P investment platforms include Nexo, BlockFi and YouHodler.
- Best For:Earning Passive IncomeVIEW PROS & CONS:securely through MyConstant's website
- Best For:long-term cryptocurrency investorsVIEW PROS & CONS:securely through Nexo's website
Overall, MyConstant provides better return on investment than other platforms or banks. The ability to choose from the different investment options makes it a great choice for all investors regardless of their level of experience.
The website is suitable for both investors and borrowers. Investors can lend or borrow U.S. dollars and cryptocurrencies based on their own preferred terms and conditions.
Although there are risks because of its crypto-backed products, the platform is easy to use and transparent. All things considered, MyConstant is a fantastic option for investors who are willing to take on a bit more risk for higher potential returns.
MyConstant Video Tutorial
Explore MyConstant’s YouTube Channel to learn more about the platform. Its YouTube Channel provides useful tutorials and tips for new users.
Frequently Asked Questions
Is MyConstant Legit?
MyConstant is a P2P lending platform with over 1,500 reviews and an average rating of 4.7/5 on Trustpilot. Moreover, it uses Prime trust, which is an accredited U.S. financial institution, for almost all cash handling. In addition, the platform is compliant with Anti-Money Laundering (AML) regulations. It also uses KYC guidelines to verify the users. KYC guidelines keep you protected from fraud and other illegal activities.
How do I borrow money from MyConstant?
Borrowers must put up 150% of the loan amount in cryptocurrency or a portfolio of cryptocurrencies as collateral to obtain the loan from MyConstant.
User Reviews
Investor
They are a fraud, claimed they were collateral backed but actually were using the money to fund other ventures against terms of agreement.
armando
Deposit MCT and gain the max APY for stablecoins
Loudee
I'm using the app to deposit everywhere from gambling to investment.