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Our take on MyConstant

MyConstant has options for experienced crypto users and beginners alike. Its USD Deposit Account doesn’t require you to own any cryptocurrency and offers yields as high as 4% — high for an account that accepts deposits in cash. If you deposit stablecoin, you could see returns as high as 8% APY, although those rates aren’t available unless the funds are used to finance a crypto-backed loan.

This crypto lending platform could also be a good option for altcoin investors who want to access the value of those crypto assets without selling. Where many only work with Bitcoin or popular altcoins like Ethereum, MyConstant accepts more than 60 types of cryptocurrencies as collateral. It also offers the option to back your loan with a single-currency or a multicrypto portfolio.

Before you sign up for any of MyConstant‘s accounts, you must set up an account and complete the know your customer (KYC) verification. But while MyConstant offers smart contracts and Prime Trust custody to safeguard your assets, you’re relying on the company and its partners to keep your crypto safe. We recommend reading the terms of use and confirming information with the company if you’re concerned about protecting your assets.

How to sign up with MyConstant

Create an account through MyConstant‘s app or website by entering your email, setting a password and consenting to MyConstant‘s terms and conditions. Or, you can log in with a Google or Facebook account.

Once you’re logged in, verify your email and follow the instructions to verify your identity. MyConstant asks for the following information in the KYC process — typically you need to upload photos of a state-issued ID and a photo of yourself holding your ID and link your bank account.

After you’ve completed these steps, you may be eligible for a trial bonus, where MyConstant deposits money into an account — typically around $4,000 — for a specific time. While it will take back that money after a couple weeks, you can collect on the yields that you received on that bonus.

Pros

• Up to 8% APY on stablecoins and 4% APY on other forms of crypto and USD
• Start earning interest as soon as you initiate a deposit — not when it settles
• Interest on the USD account is compounded and paid every second
• Offers single crypto loans and multicrypto portfolio loans
• Receive and pay back your funds in fiat or stablecoin — or trade your loan for crypto

Cons

• Only earn an APY if you lend your deposits
• Can only initiate one ACH deposit at a time in most cases
• $5,000 limit on ACH deposits
• No in-depth information about security protocols on the website
• Only offers short loan terms of one to six months

MyConstant Deposit USD

MyConstant Deposit USD is a yield-bearing account that earns 4% APY on USD deposits. There are no fees, and you can withdraw from your account at any time. There are some limitations on deposits via ACH transfers, but there are no limits on wire transfers. And even though ACH transfers may take up to seven days to settle, MyConstant will pay you interest while your deposits settle.

How MyConstant Deposit USD works

MyConstant‘s Deposit USD account works by using MyConstant‘s Instant-access investing account to deliver you with a 4% yield. You can choose not to use Instant-access investing, but you won’t earn any yield.

Deposit funds into the account via ACH or wire transfers. Wire transfers are unlimited, though your existing bank may charge a fee for outgoing transfers. Yet you can’t deposit more than $5,000 into the account via ACH transfers in a single transaction, and MyConstant only lets you initiate one ACH deposit at a time. But, while ACH deposits may take up to one week to settle, MyConstant will start paying you interest from the moment you initiate a deposit.

If you qualify for Diamond membership in MyConstant‘s rewards program, you can initiate up to six ACH transfers per month. But you’ll need to invest or borrow at least $100,000 with MyConstant every 180 days to become a Diamond member.

How to earn the highest rate

There are no requirements to earn the advertised 4% APY with MyConstant‘s Deposit USD account. But you can earn up to 7% in returns if you provide a fixed-term loan through MyConstant.

Read our guide to crypto savings accounts to lear more about how they work.

MyConstant crypto-backed loan

In addition to yield accounts, MyConstant also offers crypto-backed loans. Here’s a breakdown of what to expect if you borrow from this lending platform:

How MyConstant crypto loans work

MyConstant lender offers crypto loans backed by either a single-currency or a multicrypto portfolio.

It doesn’t advertise limits on how much you can borrow, but you’ll need to take out multiple loans to borrow more than $50,000. The required loan-to-value (LTV) ratio to get a loan is 66%, which is lower than similar lenders. For example, to get a $50,000 loan with MyConstant, you’d have to pledge the equivalent of $75,757 in crypto to back it up — not $100,000 in crypto required for an LTV of 50%.

MyConstant advertises as soon as it receives your collateral, it deposits funds into your MyConstant account. Once funded, you can either withdraw your loan as US dollars to your bank account for free or withdraw it as a stablecoin to your wallet address for a fee.

What happens if my crypto drops in value?

If the value of your crypto significantly decreases, MyConstant asks you to add more collateral to your loan to bring the LTV to an acceptable level.

This is what most lenders refer to as a margin call. Margin calls happen when the LTV reaches a specific threshold.

MyConstant‘s has three margin call thresholds:

• 87% LTV
• 83% LTV
• 80% LTV

If your account reaches 90.9% LTV either due to inaction or a “flash crash” in value, your collateral is automatically liquidated. You get to keep the loan, but you will lose your crypto.

Pay attention to these notices and take corrective action by either paying off the loan or adding more collateral to bring the LTV down to avoid liquidation.

Read our guide to crypto loans to learn more about how borrowing works.

MyConstant Deposit Crypto

MyConstant Deposit Crypto product is a digital wallet that holds more than 70 types of cryptocurrencies. You can choose to lend particular types of crypto on MyConstant‘s platform and earn a yield in exchange.

You’ll earn 8% APY on USDT and USDC and up to 4% APY on ADA, BAT, BCH, BNB, BTC, DAI, DOT, ETH, LINK, LTC and MATIC. But you’ll only earn a return if you lend your crypto to borrowers. Otherwise, crypto in your wallet won’t earn anything.

MyConstant also lets you borrow against your crypto portfolio or top-up existing loans with a multicollateral credit line. Rates start at 6% APR, and you can withdraw anytime to any wallet.

MCT Token

MyConstant recently launched the MyConstant Token (MCT), which you can use to earn higher APYs and pay lower APRs on MyConstant‘s platform. You can also stake MCT to earn rewards and voting rights in the direction of MyConstant‘s future. And if you buy NFTs, you can pay with MCT to save on fees.

Alternatives to MyConstant

MyConstant is one of the few platforms that’s focused on crypto lending. Use our table to compare crypto savings accounts, which may offer more attractive alternatives to those interested in earning yields. Or, compare other crypto lenders to find longer terms and more competitive rates.

Is MyConstant safe?

Most of MyConstant‘s products are not as safe as a traditional loan or yield account. The USD deposit account offers FDIC insurance up to $130 million. That’s more than 500 times the amount of insurance most accounts provide.

But protections on crypto assets are less clear. If you take out a loan, protection of your collateral depends on the type of crypto you pledge. The company says that it holds your collateral with:

• The third-party custodian Prime Trust.
• An Ethereum smart contract.
• A password-protected web wallet on a dedicated server.

Like most crypto lenders, MyConstant will retain ownership of your collateral with its third-party custodian while the loan is active.

Keep in mind that crypto lending platforms generally aren’t FDIC-insured when it comes to non-USD deposits. This means there’s a risk of losing your crypto assets if MyConstant goes out of business or becomes insolvent. While this risk is mitigated by insurance through Prime Trust, we weren’t able to verify with the company the coverage amounts or the scenarios under which your funds would be covered.

MyConstant reviews are overwhelmingly positive

MyConstant earns almost entirely positive reviews on sites like Trustpilot. Satisfied customers like being able to use the platform to earn interest on deposits and mention low rates and fees.

The few negative reviews mention the app not working as expected, slow wait times on customer service queries and problems with making deposits.

However, MyConstant isn’t registered with the Better Business Bureau and earns an F business rating for how it’s handled five customer complaints over the past three years. Complaints are related to funds not being released to customers in a timely manner after they’re requested.

How to contact customer support

Contact MyConstant‘s customer support team in the following ways:

• Chat live on the website or app.
• Call 646-809-8338.
• Email .
• Tweet at or direct message @myconstantp2p on Twitter and Facebook.

The customer support team is available from 9 a.m. to 5 p.m. PST on weekdays. On Monday to Thursday, the team also offers additional support hours from 6 p.m. to 3 a.m. If you need assistance outside of these hours, you can also schedule a call with customer service through the MyConstant app or website.

Bottom line

MyConstant could be a particularly good option for altcoin investors who want to lend their crypto assets or borrow against their crypto. But with limited security features, it might not be the safest choice — especially compared to more established competitors. Read our guide to crypto lending to learn more about your options.

Kat Aoki is a writer at Finder focusing on cryptocurrency, mortgages and personal finance products. Since 2011, she’s written hundreds of thoughtful and informative articles to help consumers make better decisions with their money. She’s well versed in working with leading brands in the finance and mortgage industry, including AMEX, Citibank and RealEstate.com.au. She earned a BS in Business Administration and Marketing from California State University and enjoys travel, hiking and yoga in her spare time.