Your guide to getting started with MyConstant in 2022

Your guide to getting started with MyConstant in 2022

MyConstant is a peer-to-peer lending service that works to connect investors and borrowers, which is based in the US. The platform offers a number of different investment products with generous interest rates, some reaching as much as 15% a year.

Investors can generate returns potentially higher than they would be able to through a conventional financial institution.

MyConstant launched an international developer group at the beginning of 2019 to create a stablecoin. This stablecoin, CONST, soon became fact. Then, the team moved to an area they believed had excellent potential: crypto-backed peer-to-peer loans.

How MyConstant works

The first step in investing through this platform is to create a suitable investment order. You can invest stablecoins or US dollars and select your interest rate. MyConstant lets users select the default option for a set investment term and a guaranteed match.

The next step is to deposit funds. You can do this by wire transfer or make a direct deposit. One option that’s recommended by the platform is Zelle. It is cheap, quick, and simple.

Investors can withdraw their funds after they are matched to a borrower, and the investment term has ended. It is free and simple to make withdrawals. Investors can convert their funds into stablecoins or US dollars or reinvest them.

MyConstant redistributes crypto funds among exchange partners after they are sent to its lending pool. Crypto loans offer exchange and swapping partners liquidity. Investors can get instant returns as interest is paid and compounded at regular intervals. They can also get a portion of the trading fees.

Key features

A few of MyConstant’s notable features include instant growth potential, no investment fees, passive income, and instant withdrawals. Evidence suggests that crypto funds have the potential to grow as soon as the investment is made.

While there might be network fees for sending crypto, MyConstant doesn’t charge you to deposit or invest.

The platform makes it possible to keep earning money between trades. Idle crypto can bring as much as 12.5% APY. You can withdraw your crypto whenever you need it.

The Instant Access feature, which brings 4% APY, lets people deposit funds with the platform online and earn interest, similar to what they would with a savings account.

It’s important to point out that Instant Access does not come with FDIC insurance coverage. You earn interest by giving the platform liquidity.

If you place the funds with Prime Trust, your deposit will not go into Instant Access by default. All deposits made to the platform are converted to CONST, MyConstant’s stablecoin.

You don’t need to maintain an account minimum to use Instant Access. You will get 4% APY on deposits in return.

The feature could be a flexible alternative investment with potentially better interest compared to conventional savings accounts. 

Pros

·         2-Factor authentication

·         Anytime withdrawals

·         No fees for depositing and withdrawing funds

·         Much higher APY than traditional savings option

Cons

·         Complex investment options

·         Confusing lending plans

·         Limited currency offering

Why should you sign up with MyConstant?

The platform offers a higher investment return than banks or similar institutions. You can choose between different investment options, which makes it a good choice for people of all experience levels.

Higher risk is inherent to crypto, but MyConstant is user-friendly and transparent. It is a good option for people willing to risk more to earn more. 

What makes My Constant unique?

Compared to similar platforms, MyConstant offers a higher level of security. It does this through the MyConstant Guarantee, a fund containing fiat and crypto worth a total of $10 million. The funds are stored in cold wallets and bank accounts.

You will be compensated for any losses by the MyConstant Guarantee if they occur while your funds are in the platform’s custody or in that of third parties. This also applies if the platform or the third party was at fault. 

The guarantee wouldn’t be effective if you don’t take the recommended measures to protect your assets or if severe market volatility occurs.

The guarantee applies to cyber risk, loss of private keys, and custodial risk. It does not apply in cases of market risk, default risk, or personal security risk. In other words, it won’t cover losses if your collateral is devalued. 

It will not be effective when a borrower doesn’t repay their loan, or you suffer identity theft, login data theft, theft of a 2FA device, etc.

The bottom line

New users might find the interface confusing initially, but it’s overall easy to navigate. MyConstant is a very well-known peer-to-peer lending platform that appeals to borrowers and lenders alike and has an average Trustpilot rating of 4.7/5.

Investors of all experience levels and backgrounds will enjoy their experience with this platform. The lack of deposit fees and the option to invest just $10 are two of the many things that appeal to users.

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