If you want any type of return on your money, you pretty much have no choice but to invest it in the stock market because the interest rate offered by many savings accounts is very close to zero percent. The stock market is not without its share of dangers, that much is certain. Is there a more secure approach to make a greater interest rate without being subject to as much risk?
According to MyConstant, the answer is yes. On deposits of stablecoins, MyConstant offers a return of between 4 and 7 percent. A stablecoin is a cryptocurrency that is linked to fiat money, such as the dollar. This indicates that it does not have the same degree of volatility as other cryptocurrencies, such as Bitcoin.
What exactly is the catch, then? Due to the lack of regulation and absence of any regulatory safeguards, stablecoins come with a high level of risk. There is the potential for a respectable return for those who are ready to accept the risk. Let’s have a look at the features that MyConstant has to give.
What Is MyConstant: The Origins
MyConstant is a mentoring lending system, which means that those individuals who would like to borrow more money as well as those individuals who want to participate will find it most useful. It allows you to invest using both traditional currencies and cryptocurrencies of your choice. You will be able to get interest in the format of the currency of your choice if you proceed in this manner.
Simply depositing cash into a flex bank or any other accounts is sufficient for investors to fulfill their obligations. As immediately as they sign up, they will be able to begin making a profit. There is a 100% money-back guarantee for investors. If you are an investor, you have the ability to withdraw money whenever you like without having to go via a bank.
MyConstant is a peer-to-peer financing system that has only just recently been released (in January 2019), initially functioning as a cryptocurrency platform.
A non-volatile kind of cryptocurrency, that was CONST in this instance, was the goal of the development that went into MyConstant when it was first conceived. Although it is a firm established in the United States, anyone in the globe is free to utilize it.
As of right now, it has rapidly developed into one of the most well-known secured peer-to-peer lending platforms available for issuers and investors.
The Astonishing Operations Of MyConstant
The way that MyConstant works is by combining borrowers who are in need of financial assistance with investors who are looking to generate some more income.
You are not required to pay any costs in order to open an account or to make investments if you are an investor.
When a potential borrower registers with the platform, it attempts to pair them with appropriate investors. Your funds will be held in a flexible account by MyConstant until such time as you are connected with a borrower. While you’re just sitting there doing nothing, the flex account might earn you an APY of 4%.
Your money is protected by a borrower collateral programme that is one hundred fifty percent guaranteed whenever a borrower qualifies for a loan. In this context, “borrower collateral” refers to tangible possessions such as vehicles, property, and other similar items. Because of this, you can begin investing and as minimum as $50 in your account.
What Are The Magnetic Traits Of MyConstant?
You can immediately put your US cash into your account and earn a 4% interest. It’s as simple as clicking on “Deposit USD” under “Invest” in the upper-left corner of the screen.
You can make up to 9% income by lending money to people who need it. In comparison to a Certificate of Deposit, MyConstant pays 20 times as much interest (CD). When lending money, you may also choose how much and how long you wish to give.
MyConstant accepts deposits in 71 different cryptocurrencies, as the name implies. There is a 4% interest rate that can be withdrawn at any time without borrowing it to anyone.
Using P2P crypto-lending, users can earn at least 7% interest on the crypto you store or lend to lenders. Simply choose the sort of cryptocurrency, the amount you want to invest, and the interest rate, and you’re done. Investing with MyConstant is free and you can take your money out whenever you want.
What Is The Process Of Creating An Account On MyConstant?
The Account Creation Requirements
In order to begin trading with MyConstant, you will first need to satisfy the following requirements:
- You must be at least 18 years old to continue.
- You are required to pass the Know Your Customer (KYC) procedure, which includes verifying your ID, your biometric information, your address, and other details.
Trading with MyConstant is a simple process all the way through. The following is a step-by-step guide that will get you started:
Creation Of An Investment Order
To begin investing on MyConstant, you must first create a custom investment order.
The “invest” button in the upper left corner will bring up a variety of investment alternatives. You don’t have to spend a lot of money to get started. Stablecoins or dollars can be used to make an investment.
Additionally, you have the option of customizing your interest rate and investment duration (the default option ensures a match).
Now, you must transfer the money that you specified in your transaction order. You can either wire the cash or deposit it directly into your bank account. The fastest, quickest, and easiest method of depositing funds is Zelle.
Keep in mind that you must invest your funds within three days after finalizing your investment transaction.
You nowadays can withdraw your assets once you’ve been paired with a borrower and the investment period has ended.
For a larger profit, you can choose to spend your money instead. Also, you can transmit your StableCoins or US dollars abroad. Free money withdrawals are available.
There are no fees for you as an investor at MyConstant no matter what type of transaction you’re involved in.
What Are The Charms Of MyConstant For Users?
Investing with MyConstant gives you access to a variety of plans and programmes to choose from. In order to maximize your returns, you will need to expose yourself to more risk and make larger deposits online.
A Flex Account is credited with the funds that you deposit whenever you make a deposit. Therefore, you will continue to make a profit each and every second until you locate someone to borrow from you.
You will receive an annual percentage yield (APY) of 4% on the money that you deposit into the Flex Account.
You are not responsible for any fees associated with withdrawing your funds and can do so whenever you like.
The Crypto-backed Financing service offered by MyConstant makes it possible for you to engage in peer-to-peer lending using bitcoin by connecting you with lenders who are interested in borrowing fiat currency. A crypto-backed loan can be obtained by the borrowers in exchange for multiple coins as security. When debtors put up their cryptocurrencies holdings as collateral, you have the opportunity to exchange your USD for bitcoin.
This plan offers three different investment terms: thirty days, ninety days, and one hundred eighty days. The revenue that you make in the related vein ranges from 6 percent to 6.5 percent to 7 percent, depending on the option you choose.
Because cryptocurrency acts as collateral for the loan, you are assured of receiving both your initial investment and any profits made from the venture.
Wrapping It Up: The Final Legitimacy Verdict
A cryptocurrency loan platform is not likely to pique the interest of anybody who shies away from taking on significant levels of risk, of course. But if you regularly trade cryptocurrencies, you probably already have a good understanding of how a cryptocurrency loan platform like MyConstant operates. MyConstant is a platform that might be useful for beginners who are interested in either investing in cryptocurrency or saving it. It provides fast access to your money while offering annual percentage yields (APY) ranging from 4% to 7% on stablecoins.
However, prospective borrowers of cryptocurrency-backed loans will likely want to explore elsewhere for financing. Although MyConstant’s interest rates are comparable to those offered by their rivals, the company’s matching fees and repayments are not the most borrower-friendly in the industry.
It is also essential to point out that MyConstant only provides interest payments for three cryptocurrencies that are not stablecoins. Therefore, if you hold a diverse portfolio of crypto assets and would like to earn a return on them, you might want to search for a structure that enables a greater number of coins.