CoinLoan Review

CoinLoan is a cryptocurrency exchange and a crypto backed loan platform. It also offers crypto interest account for crypto investors. The platform is no longer a p2p crypto lending platform.

How CoinLoan Crypto Loans Work

To start using coinloan.io, you need to create an account. If you are a borrower, you will need to deposit crypto assets such as Bitcoin which will be used to secure their loan. You also need to select the best loan terms for you like interest rates and the repayment period. At the end of the crypto loan duration, you need to pay off the principal and interest.

How to Set Up an Account on CoinLoan

• Visit CoinLoan.io page and from the top corner, click Sign Up
• Enter your email and your preferred password for the account
• A verification code will be emailed to you
• Use the verification code to verify your account

You will also need to verify your identity. To do so, select My Account from the top right corner and select Verification. You will need to enter your personal details like name, date of birth, gender and place of birth. Then, you need to upload a photo of yourself holding your ID. After verifying your identity, you can start borrowing.

CoinLoan Features

CoinLoan Exchange

CoinLoan also offers a platform where you can trade in cryptos. It allows one to buy and sell cryptos. You can use SWIFT, Visa and MasterCard to complete fiat currency global transfers. On the other hand, you can use SEPA for fiat transfers with the European region and AdvCash worldwide except in USA.

CoinLoan Token and CoinLoan App

CoinLoan offers Ethereum based utility token. You can use the tokens to pay borrowing fees and if you do so, you get a 50% discount. CoinLoan app is available for Android and iOS users. You can use it to borrow, trade and manage your funds.

CoinLoan Interest Account

CoinLoan allows you to earn interest via CoinLoan interest account. When you make a deposit, you start earning daily interest on your assets. CoinLoan has no monthly fees, transfer fees, and customers’ money is never locked, meaning you can withdraw anytime. You can deposit fiat currency or crypto into your CoinLoan interest account.

CoinLoan Fees

CoinLoan has varying fees depending on the service. CoinLoan pricing is as follows:

• Deposits: Fiat deposits are free. However, if you are using Visa or MasterCard, you will be charged 2 EUR and a 4.2% fee.
• Withdrawals: Free fiat and cryptocurrencies withdrawals
• Liquidation fee: 7%
• Borrowing fee: 1% of the principal amount. You will get a 50% deposit of your payment using CoinLoan Tokens
  CoinLoan token price: Follow live tracking of CoinLoan token price

CoinLoan Customer Support

CoinLoan has excellent customer support who can address your queries. They also have a Telegram community where you can discuss with members.

Is CoinLoan Safe?

CoinLoan has been around since 2016. It is licensed and regulated using Estonian Financial Intelligence and FinCEN in the US. CoinLoan does not store private keys in devices that are within the network thereby securing your data. Besides, funds are stored in cold multi-signature wallets. All withdrawals are processed manually, which leads to some delays but ultimately ensures security.

Pros and Cons of Using CoinLoan

Pros

• It is regulated using the European legislation
• Very secure and easy to use
• Easy to set up and verify an account
• It is available worldwide
• It supports fiat transfers

Cons

• Little information about the owners
• Lacks transparency

CoinLoan Alternative

If you are not satisfied with CoinLoan interest rates and features, there are other CoinLoan alternatives you can opt for. They include:

• YouHodler
• BlockFi
• Nexo
• Lendabit
• BTCPOP
• Xcoins

Final Thoughts on CoinLoan

If you want to earn money through p2p lending or you own cryptos and you are in need of a loan, CoinLoan is one of the platforms you can use. It supports multiple fiat currencies and cryptos. Moreover, it is a regulated platform, which makes it a safe platform to invest in.