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MyConstant Review: A High-Yield P2P Investing Platform

Chris Dios - June 09, 2021

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Interest rates are low, and, consequently, investors are having a hard time finding solid yields for their cash. MyConstant and other P2P lending platforms aim to solve this problem with crypto-backed loans, but is it really a practical solution? Read our MyConstant review to see if this peer-to-peer lending platform is the real deal.

MyConstant Review: Overview

MyConstant is a unique p2p lending platform where users can lend and borrow crypto at competitive rates. The company offers competitive rates and many other notable features.

Users can make crypto-backed loans to individuals and businesses that pay yields as high as 9% with loan terms of one to six months. All loans are backed by crypto collateral.

You can also borrow against 71 different cryptocurrencies on MyConstant at interest rates as low as 6%. Borrowing terms vary and can range from one to six months.

MyConstant also makes it easy to access your money with free USD withdrawals and flexible lending terms.

They also have a 24/7 customer support team, and you don’t have to pass a credit check as long as you have crypto collateral to back up the loan.

Most savings accounts pay yields of less than 1% on your cash, and even US Treasury bonds are paying less than 2% these days.

With yields that low, it’s no wonder many investors are looking into p2p lending platforms as a possible solution to the yield problem.

What exactly is p2p lending? It’s a disruptive new technology that could power the financial systems of the future, and MyConstant”s investment platform is built on this cutting-edge technology.

>> Get a Bonus $4,000 Investment when you join MyConstant now <<

How Does MyConstant Work?

P2P lending allows regular folks to access capital markets without the assistance of brokers or other middlemen.

Instead, MyConstant and other p2p platforms directly match borrowers and lenders via a shared lending platform.

They’re open marketplaces where investors and creditors can shop for the best terms without red tape and middlemen getting in the way.

As you may have guessed, this technology is an equalizer for the average investor. Typically, only Wall Street bigwigs could loan out money at rates as high as 9%.

With p2p lending platforms, you don’t need to be a bigshot millionaire to tap into capital markets and get a fair yield on your money.

MyConstant’s p2p lending platform launched in May of 2019. Within just one month, the company had $1 million worth of loans.

Since its launch a little over two years ago, the company has helped investors earn an average return of 7.35% on their crypto. 

Crypto-backed p2p lending seems like a pretty sweet deal, but is there more going on than meets the eye? First, let’s take a deeper dive into MyConstant to see if this company is legit.

myconstant review banner

Is MyConstant.com Legit?

The crypto industry is known for having its fair share of shady operators, but MyConstant doesn’t fall into this category.

This company is a gritty young startup with a vision, and it enjoys backing from some very prominent industry insiders. MyConstant first opened its doors, and it’s grown a lot since then.

At first, the company was a stablecoin project. Stablecoins are specialized cryptocurrencies that aim to consistently trade in line with a stable, widely-used asset like the US Dollar.

MyConstant launched its stablecoin, CONST, at crypto’s biggest annual convention, CES, in Las Vegas in 2019. CONST was a successful project that offered significant benefits for users, but MyConstant wanted to do more

Eventually, MyConstant decided to pursue a different avenue of disruption, p2p lending. However, they took a different approach to it than many platforms.

The company had two primary goals for its lending platform: give users more control of their lending terms and secure all lending with collateral.

MyConstant’s p2p platform launched in 2019, and it’s been an unquestionable success. Since then, the company has been featured in Forbes, U.S. News & World Report, Crypto Gazette, and many more prominent financial publications.

You can count on MyConstant to conduct honest business and deliver on its promises. This is a legitimate company, and you’re in good hands when you do business with them.

>> Get high yields from a reputable company with MyConstant <<

MyConstant Review: Trust and Credibility Summary

  • Trustpilot rated at 4.6 stars out of 5 (250+ reviews).
  • MyConstant uses Prime Trust, an accredited US financial institution, for almost all cash management. This means MyConstant rarely takes ownership of your funds, reducing custodial risk to you.
  • MyConstant has featured in many prominent finance and tech publications, including Forbes, Inc Magazine, Entrepreneur, and Zero Hedge.

myconstant press reviews

Secured vs Unsecured Loans

Most of MyConstant’s available investment options require borrowers to put up collateral. These collateral-backed loans are called secured loans. Conversely, unsecured loans require no upfront borrower collateral.

As you may have guessed, secured loans tend to carry less risk, but they usually pay lower yields. Unsecured loans are the polar opposite, with no upfront borrower collateral and higher yields.

Most of the investment loans available on MyConstant are secured with cryptocurrency as collateral. However, accredited investors can invest in unsecured loans through MyConstant’s loan originator marketplace.

Unsecured loans offer yields as high as 11%. But, unfortunately, accredited investor status is out of reach for most folks, so most users can’t access these high-yielding investments.

However, it’s probably for the best. Unsecured loans are hazardous, and you can still get solid returns from secured loans.

Now that we’ve got the background stuff out of the way let’s pop the hood and take a closer look at this investment platform.

MyConstant Review: Notable Features

  • P2P Lending and Investing
  • Earn Interest on Stablecoins and Fiat Currencies
  • Loan Originator Loans for Accredited Investors
  • Enhanced Investment Protection and Security
  • Crypto Lend
  • 24/7 Customer Support

>> Get started with MyConstant now for a $4,000 Bonus <<

P2P Lending and Investing

MyConstant crypto-backed loans are the company’s flagship offering. These high-yielding investment options pay up to 20 times more than a traditional CD.

You can invest in crypto loans with as little as $10 worth of fiat currencies like the US Dollar. Investment options are also available for certain stablecoins.

After you’ve decided how much you want to invest, you have to choose from a variable or fixed-term loan.

Variable loans have no set term and give you instant access to your cash, but they’re the lowest-yielding option with an interest rate of just 4%.

You can access higher yields with fixed loans. These investments come with preset terms of 30 days, 90 days, and 180 days. Interest rates generally increase along with the term length. 

At the time of writing, 30-day loans offer a 6% annual yield, 90-day loans yield 7%, and 180-day loans provide the top rate of 9%.

You will start earning interest on your money as soon as your deposit it. With the instant access loan, you can withdraw your money at any time for free. There are no investing fees or account setup fees either.

For fixed loans, you can withdraw your money after the term or reinvest it for free. The choice is yours, but there’s no fee either way.

Stablecoins, USD, and Crypto

MyConstant also gives you the option to earn a steady interest rate on deposits of USD, stablecoins, and certain types of cryptocurrencies.

This option allows you to earn interest on your holdings without the risks of direct lending. Yields vary depending on the asset, but the interest rates are highly competitive.

A regular USD-funded account pays a 4% yield. That rate is substantially higher than almost any high-yield savings account you can find right now.

Popular stablecoins like Tether also pay a respectable 4% yield, but regular cryptocurrencies are a bit dicier. For example, BTC deposits earn a variable yield that depends on certain factors.

You’ll have to register to get more detailed information because the numbers can vary. However, MyConstant’s 4% cash yield is impressive. It’s significantly better than just about any mainstream savings return that’s available in this low-rate environment.

>> Get top rates on crypto and USD with MyConstant now <<

Account Setup

Getting started with MyConstant is quick and painless. You can fund your investment account from any US-based bank account by setting up an ACH transfer through your financial institution with Plaid.

There are no fees for funding your investment account. Plus, MyConstant won’t check your credit, so you don’t have to worry about your credit score taking a hit.

If your deposit account is international, you can still use MyConstant. However, you will have to contact your financial institution to set up a wire transfer to fund your account.

As soon as MyConstant receives the funds, you will start earning interest on your investment. It’s that easy. The whole process is simple and straightforward, so you can begin investing quickly.

No-Fee Withdrawals

MyConstant will never charge you a fee for withdrawing money from your account. You can withdraw fiat currencies through Zelle, ACH transfer, or wire without any costs from MyConstant.

However, it’s worth noting that many banks will charge a small fee for receiving a wire. This is an unavoidable reality of the global financial system, so MyConstant doesn’t lose any points here.

You will also have to pay a standard network fee when withdrawing cryptos and stablecoins. Again, this is unavoidable with the decentralized blockchain technology that powers cryptocurrency.

MyConstant never charges you a direct fee. You might have to pay a small fee from your bank for a wire, and crypto withdrawals come with network fees. However, MyConstant never takes a dime.

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Summary

Here’s a summary of MyConstant’s crypto-backed loans offerings:

Crypto-Backed Instant Access (No Minimum Term)

  • 4% APY, compounded and paid every second
  • No fees
  • Anytime withdrawals
  • Minimum investment just $10
  • No maximum investment limit

Crypto-Backed Term

  • Up to 7% APR
  • Flexible terms 1-6 months
  • No fees
  • Collateral-backed
  • Minimum investment $50
  • No maximum investment

Crypto Lend

  • Pays 9% APY on BTC, ETH, and BNB.
  • Interest compounded and paid every second.
  • Unlimited free withdrawals.
  • No minimum investment.
  • Available worldwide (non-US currencies converted to USD).

P2P Crypto Borrowing

You can also use MyConstant to take out loans using your existing crypto holdings as collateral.

MyConstant’s crypto borrowing programs can be very useful for crypto investors who want to turn their existing holdings into working capital.

>> Get started with MyConstant’s high-yield loan options now <<

Crypto-Backed Loans

Borrowers represent the other side of the crypto-backed lending coin. You can use MyConstant to borrow against your portfolio in minutes with interest rates as low as 6%.

Better yet, you can even borrow against your total balance if your portfolio is split among multiple cryptocurrencies. MyConstant accepts more than 71 types of cryptocurrency as collateral.

You can withdraw your loan in crypto or USD. Of course, you must maintain margin requirements to support your loan. Still, MyConstant will give you several chances to add to your collateral before they liquidate it in the event your crypto loses value.

If your crypto goes up, you can instantly recall excess collateral in the middle of your loan term, and they offer auto top-up if you want to automatically ensure your collateral requirements are met.

Futures and Short-Selling

MyConstant allows some investors to speculate on the price of cryptocurrency using their borrowing program. They have two different offerings: futures and short-selling.

Unfortunately, neither of these services are open to US-based investors. Only investors located outside of the US can use MyConstant’s short-selling and futures loans.

Since these products aren’t available in the US, we won’t spend too much time on them. However, if you’re interested, you should know that MyConstant offers competitive rates and account features.

If you’re a sophisticated cryptocurrency investor, you should consider giving MyConstant’s speculation loans a look.

Loan Originator Loans

As we mentioned earlier, this tier of investments includes both secured and unsecured loans. However, these offerings are only open to accredited investors.

If you’re an accredited investor, you can choose from a wide selection of investments with yields ranging as high as 11%. Unfortunately, however, most people don’t meet the criteria.

See what it takes to become an accredited investorhere.

As you can see, these loans are less accessible. As a result, they’re much riskier than traditional loans, but they offer higher yields and more flexibility in return.

Investor Protection and Security

Investing in p2p loans can be risky. Fortunately, MyConstant offers some extra protections for its users.

Crypto Collateral

Every crypto-backed loan is secured with a sizeable amount of borrower collateral. Borrowers must provide 200% worth of collateral to protect lenders from taking a complete loss.

If a borrower defaults, MyConstant automatically liquidates the borrower’s collateral to repay the lenders. This ensures you won’t take a loss in the event your borrower disappears or defaults.

MyConstant also takes steps to protect you from a possible crypto market crash. Crypto’s volatility is one of the main reasons all non-stablecoin-backed loans carry a 200% collateral requirement.

>> Get no-fee yields up to 9% with MyConstant now <<

Collateral Maintenance Requirements

If the crypto collateral’s value falls below 150% of the loan total, the borrow must add additional collateral, or MyConstant will liquidate to reimburse lenders.

To further mitigate the damage a ‘flash crash’ could cause, MyConstant only accepts highly liquid cryptocurrencies backed by quality leadership teams.

MyConstant also protects you from custodial risk. Custodial risk includes the potential the MyConstant or one of its partners could somehow lose your money in the event of a theft or insolvency.

Deposit Account Insurance

To protect you against these slim possibilities, MyConstant covers your uninvested USD funds with insured bank accounts through its accredited US financial institution partner, Prime Trust. These insured accounts carry indemnity limits of up to $100 million.

Plus, MyConstant digital assets are securely stored. The company either holds cryptocurrencies through a Prime Trust cold wallet, an Ethereum smart contract, or a password-protected web wallet hosted on a dedicated server that only the CFO and CEO can access.

As you can see, MyConstant takes securing your funds seriously. The company does its best to ensure your investments are protected against borrower, market, and custodial risks.

Customer Support

MyConstant has around-the-clock customer service available through their website. You can also contact the support team via email, live chat, and phone. 

The company has policies against call centers and automated messages, so it’s easy to talk to a real person when you have an issue.

They also have a vast library of online support resources that answer many of the most common questions. In most cases, you can find a solution to your problem in a matter of minutes.

For more challenging problems, you can quickly contact the MyConstant support team via live chat or email 24/7. If you prefer to talk to someone directly, they also take calls from 9 a.m. to 5 p.m., Monday through Friday, and 6 p.m. to 3 a.m., Monday through Thursday, Pacific Time. 

The team gets good marks in customer reviews, and MyConstant makes it easy to get in touch with a support specialist. This platform’s customer support team is top-notch.

How Much Does MyConstant Cost?

MyConstant is 100% fee-free. Of course, there are unavoidable charges for withdrawing funds in some instances, but, as we discussed previously, they don’t come from MyConstant. 

The only time you will have to pay MyConstant is if you’re a borrower covering the interest on your crypto-backed loan. Outside of that, you’ll never pay a dime to utilize MyConstant’s platform.

>> Get the most out of your money with MyConstant today <<

MyConstant Review: Pros and Cons

That most sums up our MyConstant review. Here’s a brief rundown of the best and worst things about the service.

MyConstant Pros

  • Earn interest rates as high as 9% on your crypto
  • Get a 4% yield on your USD and fiat currencies
  • No account or withdrawal fees
  • Customer support available 24/7
  • Get instant access to your cash with certain accounts
  • All loans backed by up to 200% of crypto collateral
  • Competitive rates for cryptocurrency loans
  • No credit checks ever!
  • Flexible term options
  • No minimum investment on Instant Access deposits; term loans start at just $10
  • Excellent Trustpilot reviews
  • An established company that’s respected within the financial industry
  • Borrow on your crypto holdings with rates as low as 6% APR
  • Withdraw USD via Zelle, ACH, or wire to any US-based bank account
  • Borrow against 71 cryptocurrencies and counting
  • Earn a 4% return on qualified cryptocurrency with Crypto Lend
  • $4,000 bonus for new members

MyConstant Cons

  • No futures or short-selling for US investors
  • Loan originator loans only available for accredited investors

>> Enjoy these benefits and more with MyConstant <<

Is MyConstant a Good Investment?

Like most investments, p2p investing has its risks. Although MyConstant’s crypto loans pay excellent returns, they typically carry higher risks than safer mainstream investments like Treasury bonds.

Every investor has different goals and timelines, so there’s no one-size-fits-all answer to this question. Furthermore, we’re not qualified to give you financial advice.

If you really want to know if p2p loans are a good investment for you, you should talk to a qualified investment advisor.

However, we can say that investing in crypto-backed loans often works out favorably for many people.

MyConstant’s average interest rate blows most banks out of the water. So by that metric alone, P2P investing has some noteworthy perks.

With interest rates like that, an investment in cryptocurrency loans could fill an essential need in many people’s portfolios. In addition, it’s a great way to diversify your holdings with a high-yielding asset.

MyConstant Reviews by Investors

MyConstant gets excellent reviews from both borrowers and lenders on its Trustpilot page. Here are some notable examples:

Trustpilot reviews

And, here are a few more:

myconstant testimonials

As you can see, MyConstant gets good marks from its clients. The company is a stand-up, US-based firm that you can count on to handle your money with professionalism and honesty.

Final Review: Is MyConstant Worth It?

MyConstant pays an excellent interest rate on both cash and cryptocurrency holdings. So whether you’re interested in borrowing or investing, MyConstant could be a very valuable addition to your portfolio.

The Instant Access account yields 4% and gives you instant access to your cash when you need it. You will have a hard time finding a reliable yield like that anywhere in the mainstream financial world.

If you’re into cryptocurrency investing, MyConstant is even more useful. You can easily borrow real US Dollars against your crypto holdings at very competitive interest rates.

MyConstant’s vast array of lending and investing options make it a no-brainer for any serious crypto investor. However, more traditional-minded investors will also appreciate the platform for its excellent yields on cash.

Plus, MyConstant is a respected, high-quality firm. The company charges almost no fees, has a top-rated support staff available 24/7, and protects every account against custodial risk with a robust insurance policy through First Trust.

With great rates, excellent reviews from customers, low fees, and a respected business reputation, MyConstant checks all the boxes for most investors.

We highly recommend you give MyConstant a shot. Getting a 4% yield on your cash is a good enough reason to get started, and you can invest with the confidence of knowing you’re dealing with a reputable firm.

Get started with MyConstant now and see if you qualify for a 15-day trial bonus of $4,000 for FREE.

PLUS, get $15 cash back on every deposit of $1,000 or larger.

Chris Dios is an American writer and entrepreneur based in the Greater NYC area. He studied accounting at Drexel University, and he first started investing back in 2018. Chris's trading style favors a combination of fundamental and technical analysis, and he primarily targets swing trades and longer-term investments.