MyConstant Review

MyConstant Review

MyConstant Review:

In this MyConstant Review, we will be looking into all of MyConstant's features and figure out whether or not this is a good option for you to grow your cryptocurrency assets.

If you would like to get a $4000 Trial Bonus on MyConstant, follow the link below!

MyConstant Review

MyConstant Review: Background

MyConstant is a P2P lending platform based in the US. It started out as a stablecoin project in 2018 but grew to an investment platform due to significant demand from the market. Since then, MyConstant has achieved important milestones namely over $100M volume, 140k users, and over $1M interest paid out. Also, thanks to the over-collateralization mechanism, MyConstant has not lost a single penny from users' funds.

Please note that CONST LLC is not a bank or deposit account, nor is it a regulated financial institution. MyConstant tokens are not financial instruments. No interest will be paid on any funds or other assets held in your MyConstant account and all assets directly held by MyConstant are not insured by MyConstant or, except as set forth below, any third party or any government agency.

MyConstant works with independent third-party financial institutions such as Prime Trust to provide cash management for the fiat deposits backing MyConstant tokens, ensuring that all MyConstant tokens in circulation are matched by an equal amount of fiat deposits. To achieve this, the fiat deposits backing MyConstant are held in one or more depository accounts at US banks or trust companies whose deposits may be insured.

MyConstant Review: Security

How MyConstant manages the risks of investing in Loan Originator loans

Borrower default

If the borrower fails to repay the loan originator, you won’t receive your share of the payment.

How MyConstant manages it

First, MyConstant reviews how the lending company lends to its borrowers, how it conducts its loan monitoring as well as how it pursues the debt recovery process in the event of default.

This forms part of the loan originator’s MyConstant Rating, which you can use to assess the quality of their book of borrowers.

Loan originator default

If the loan originator can’t honor the buy-back guarantee, you will lose part or all of your investment.

How MyConstant manages it

To ensure the team onboards loan originators capable of honoring the buy-back guarantee, MyConstant conducts a thorough due diligence process.

First, it assesses every loan originator’s profile, background, corporate documents, lending practice and credit policy, historical loan performance as well as their financial strengths.

Then the team analyzes the key indicators of the lending company's operational control, risk management, and most importantly, its financial health via its audited and interim financial statements.

MyConstant also takes into account management experience and qualifications and the lending company's transparency and openness.

All these assessments go into the rating model and the team assigns a MyConstant Rating to the lending company.

This MyConstant Rating is a guide to the overall quality of that loan originator, and consequently, indicates its potential for default.

Country risk

Loan originators and borrowers may be from different countries with different markets, jurisdictions, economic conditions, regulatory frameworks, or political stability.

These factors are outside of the borrower’s control and could affect their ability to repay, which might mean you miss out on your share of the repayment.

How MyConstant manages it

While these risks are also outside of MyConstant's control, they take country risk into consideration when calculating the loan originator’s MyConstant Rating.

MyConstant also displays the countries in which the loan originator lends, and with Manual Invest, you can select loans by country to manage country risk.

Currency risk

Since the loan originator receives payments in foreign currency, if that currency substantially depreciates against the US Dollar, the loan originator might not be able to repay via the MyConstant platform.

How MyConstant manages it


Operational risk

All loan originator loans require international transfers that can take several days to process. During this period, you won’t generate a return from pending repayment settlements.

How MyConstant manages it

The team is exploring ways of cutting down on transfer times, such as net settlement (where amounts owed between you and the loan originator are deducted immediately from amounts received).

How MyConstant manages the risks of investing in crypto-backed loans

Borrower default

This is the risk someone you’ve lent to either can’t repay or runs off with your money.

How MyConstant manages it

All lending up to 200% is backed by collateral. If borrowers default, collateral is sold to repay you.

Market crashes

A "flash crash" might affect MyConstant's ability to sell collateral at a price that returns your principal and earned profit.

How MyConstant manages it

All non-stablecoin backed lending is minimum over collateralized at 150-200% of the loan amount.

MyConstant only accepts cryptocurrency collateral that is liquid and backed by the best technology and leadership team.

Borrowers are notified three times before MyConstant sells collateral, giving them the option to repay or top up their collateral.

MyConstant encourages borrowers to use “auto top-up” which allows borrowers to deposit extra collateral just in case their collateral falls in value.

Custodial risk

This is the risk of MyConstant holding your funds or digital assets, such as theft and loss risk.

How MyConstant manage it

Prime Trust, MyConstant's custodial partner, is an accredited US financial institution and a leading cryptocurrency and fiat custodian.

Prime Trust holds all uninvested fiat (USD) in multiple insured bank accounts with an indemnity limit of $130M.

Digital assets are either safely stored in a cold wallet with Prime Trust, an Ethereum smart contract, or a password-protected web wallet hosted on a dedicated server (to which only the MyConstant CEO and CFO have access).

Currently, MyConstant forwards funds and borrower collateral to Prime Trust, but eventually, you will transfer to Prime Trust directly, without MyConstant ever touching your funds or cryptocurrencies.

Every loan also comes with a buy-back guarantee from the loan originator. If borrowers default for 60 days or more, the loan originator will buy back the loan from you, repaying your principal and earned interest.

How MyConstant protects your account against cybercrime

Online security is a shared responsibility.

It involves you, MyConstant, and every other internet entity on the planet.

There’s no room for complacency. Cybercrime is estimated to cost $6 trillion in damages by 2021. The stakes, therefore, are phenomenally high.

MyConstant requires 2-Factor Authorization (2FA) via a 2FA app (Authy or Google Authenticator).

MyConstant requires password formats that are difficult to hack.

MyConstant hashes password data using SHA-256 so it’s impossible to decrypt.

MyConstant maintains multi-level security protocols on its servers.

MyConstant uses SSL connections only (the little padlock or HTTPS before a URL).

Nevertheless, these measures alone can’t protect your account against all risks. You are the first line of defence against cybercrime.

MyConstant Review: Investing

When you invest with MyConstant, you first send your funds (either fiat like USD or stablecoins) to MyConstant's custodial partner Prime Trust, an accredited US financial institution.

Prime Trust then converts your funds to a relevant stablecoin which MyConstant then lends on your behalf to collateralized borrowers, liquidity pools, and decentralized exchanges in return for interest.

When you’re ready to withdraw, Prime Trust converts your invested stablecoins back to the relevant currency of your withdrawal request. There is no charge or fees for fiat (USD etc) withdrawals. You’ll keep the interest you earn up to the moment you withdraw your funds.

You can choose MyConstant's instant access account or invest for a fixed term. The instant access account has a 24-hour term that’s automatically extended every 24 hours unless you choose to disable the product or withdraw your funds.

All account statements for MyConstant investment products are stated in USD equivalent terms at all times.

MyConstant's current rates are as follow:

30 days at 6% APR / 90 days at 6.5% APR / 180 days at 7% APR.

You also get a bank-beating 4% APY in your instant-access account.

MyConstant Review: MyConstant Guarantee

MyConstant is committed to protecting you from loss or theft of cash and cryptocurrency assets while in its custody or that of third parties.

As a result, MyConstant has set up the MyConstant Guarantee, a mixed-asset fund (cash and crypto) worth $10 million stored across bank accounts and cold wallets.

The MyConstant Guarantee, is designed to reimburse some or all losses incurred by you in the following scenarios:

  1. Theft or loss of your cryptocurrency while in MyConstant's custody or that of third parties, and
  2. Theft or loss of your USD or stablecoins in MyConstant's custody or that of third parties

Where MyConstant or the third-party is at fault only.

The MyConstant guarantee does not cover scenarios in which you have failed to take recommended precautions to safeguard your cash or cryptocurrency assets, nor does it cover the inherent risks associated with investing in crypto-backed lending.

Risks where the MyConstant Guarantee applies include (but are not limited to):

  • Cyber risk. Should an attack on MyConstant servers result in loss or theft of cash or cryptocurrency assets, you’ll be reimbursed some or all of your lost funds.
  • Loss of private keys. Should MyConstant or a third-party lose the private keys to your assets, you’ll be reimbursed some or all of your lost funds.
  • Custodial risk. Should your cash or cryptocurrency be lost or stolen while in MyConstant's custody or that of a third party, you’ll be reimbursed some or all of your lost funds.

Risks where the MyConstant Guarantee does not apply (include but are not limited to):

  • Default risk. Such as when borrowers don’t repay and the collateral mechanism fails (or if there is no collateral such as in Loan Originator investments).
  • Market risk. Such as the risk of collateral devaluation resulting in a loss to you.
  • Personal security risk. Such as identity theft, theft of 2FA devices, theft of login credentials, and so on where the mitigation of such risk is under your control.

While MyConstant endeavors to maintain the value of the MyConstant Guarantee at $10 million, the actual value might vary due to market conditions (such as cryptocurrency price changes).

The MyConstant Guarantee is a total limit to which MyConstant can reimburse qualifying losses. It’s not a per customer, per product, or per event limit, but a combined limit for all qualifying losses on the platform. This might affect whether your claim is paid fully, partially, or not at all.

Payments under the MyConstant Guarantee will temporarily diminish the fund until such time as MyConstant can replenish it. This also might affect whether your claim is paid partially, fully, or not at all.

Please note the MyConstant Guarantee is not an insurance and all decisions to reimburse you for qualifying losses are MyConstant's. Such decisions are non-negotiable and final. If you’re concerned about the aforementioned risks please consider whether MyConstant is the right platform for you. All investment involves risk and the MyConstant Guarantee will not cover them all.

MyConstant Review: Pricing and Fees

While MyConstant processes your deposits and withdrawals free of charge, transaction fees may be applied separately by your financial institution.

Keep in mind that USD is free, fees only apply for crypto.

If you'd like to check all the latest pricing and fees, please follow the link below.

MyConstant Review: Pros & Cons

MyConstant: Pros

  • Multiple packages with flexible terms and rates
  • Secured loans so the risk of losing your investments is relatively low
  • No fees for investing or depositing
  • Transparent platform
  • $4,000 trial bonus for new members
  • All loans backed by up to 200% of crypto collateral

MyConstant: Cons

  • No futures or short-selling for US investors
  • EUR and GBP holders must send USD or crypto for deposits
  • Transfers take some time
  • The company is relatively young
  • Limited number of cryptocurrencies

MyConstant Review: Verdict

After our MyConstant review, we found this to be one of the most transparent, stable, and promising lending platforms in the market.

MyConstant has introduced a lot of security measures in order to keep your assets as secure as possible, it offers multiple packages with flexible terms and rates, and there are no fees for investing or depositing.

When compared to other similar platforms, MyConstant is still missing a lot of features and a lot of cryptocurrencies, this is expected to change in the future as the company is still relatively new.

The app is ok, but at times it could be more intuitive, trnasfers are a bit lengthy.

If you would like to get a $4000 Trial Bonus on MyConstant, follow our referral link below!


MyConstant Review 2

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