Contributor, Benzinga
May 20, 2022
MyConstant
Overall Rating:
securely through MyConstant's website

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.

Best For
  • Novice investors who need quick access to their money
  • Experienced investors who can commit to a fixed term for a higher rate
  • Crypto holders wanting new coins or cash without selling their existing assets
  • Long-term cryptocurrency investors that want to earn passive income on idle assets
Pros
  • 2-Factor authentication
  • Much higher APY than traditional savings option
  • Anytime withdrawals
  • No fees for depositing and withdrawing funds
Cons
  • 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

Customer Service
Pricing + Fees
Mobile App
User Benefits
User Experience
Overall

Earn 10 USDT sign-up bonus when you deposit $100 worth of USDT or USDC and hold for 30 consecutive days

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. 

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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 Customer Service

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:

MyConstant Pricing + Fees

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 Mobile App

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 User Benefits

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.

MyConstant User Experience

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.

MyConstant Overall

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

Q

Is MyConstant Legit?

A

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.

Q

How do I borrow money from MyConstant?

A

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

How do you use this product to boost your finances?

They are a fraud, claimed they were collateral backed but actually were using the money to fund other ventures against terms of agreement.

armando

How do you use this product to boost your finances?

Deposit MCT and gain the max APY for stablecoins

Loudee

How do you use this product to boost your finances?

I'm using the app to deposit everywhere from gambling to investment.

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