As of November 2016, MyConstant is the only cryptocurrency exchange that has never lost any money from its users’ funds. It also uses Prime Trust as its custodian, pays 12.5% APY on interest and lets users short certain cryptocurrencies. It also offers futures trading on certain cryptocurrencies. Despite the positives, can you lose money on MyConstant? is a question that every investor should ask.
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MyConstant has never lost a penny from user’s funds
MyConstant allows you to fund your loans with fiat currency. USDT and Tether are free. Other digital currencies incur fees. For example, ETH and BSC require a fee of up to 10 USD. If you want to withdraw your funds in cryptocurrencies, you can choose to receive your money in the form of a gift card. For amounts valued under $10,000, your capital is usually available in less than an hour. The turnaround time for amounts above $10,000 is between one and two days.
Myconstant uses Prime Trust as its custodial partner, which specializes in fiat and cryptocurrency custodianship. Their indemnity limit is $100 million, and they use cold wallets for your assets. Furthermore, they use a dedicated server that is only accessible to the CEO, preventing insider theft. For these reasons, MyConstant has never lost a penny from user funds.
It uses Prime Trust as custodian
The Universal Platform of Prime Trust provides the flexibility to manage a variety of assets, including crypto, traditional assets, and securities. Prime Trust’s custodial services are free to clients, and it has relationships with other firms that offer similar services. Many fintech companies have expanded beyond traditional custody and USD banking to include various asset classes. This universal platform enables maximum integration and convenience. Prime Trust has several account types to meet different client needs. The platform is built on the same infrastructure as traditional Banking-as-a-Service, with the flexibility of PrimeCore.
Prime Trust’s new partnership with Fireblocks adds an extra layer of security to its crypto custody service. With Fireblocks technology, the company provides a secure highway for crypto, eliminating the risk of compromise of private keys, API keys, or deposit addresses. By implementing this patent-pending technology, Prime Trust protects its clients from hackers and ensures the security of their crypto assets. During the last eighteen months, over $3B of digital assets has disappeared from various institutions because of exchange hacks, insider fraud, and human error.
It pays 12.5% APY in interest
If you are looking for a great way to earn interest from your cash, MyConstant may be the right option for you. The company’s Instant Access and Crypto-Backed options both pay interest every second and let you make withdrawals at any time. Withdrawals are made to any crypto wallet, and the company earns a portion of all trading fees. Crypto-Lend allows you to earn up to 15% APY on USDT and USDC, and it gives you the option to withdraw your funds anytime you want.
borrow against crypto is free to use, and deposits and withdrawals are free. However, you may be required to pay a network fee to withdraw funds, which varies depending on the network you choose. For example, if you deposit $10,000, you’ll be charged 0.15 USD, while if you withdraw $1000, you’ll be charged 10 USD. If you deposit less than $100, you’ll only be charged a fee of $1.25.
It offers shorting certain cryptocurrencies and trading cryptocurrency futures
MyConstant is a crypto investment platform that allows you to lend and receive payments in a number of cryptocurrencies, including bitcoin, ethereum, ripple, and litecoin. The platform allows you to earn 4% APY on your funds and offers flexible withdrawal schedules. You can also earn up to 8% APY on your funds by lending them to borrowers or by using them as liquid at decentralized cryptocurrency exchanges.
Conclusion
MyConstant does not charge any fees for transactions and offers a variety of privileges to its users. You can deposit funds in the Instant Access product to get instant access to your account. The platform has a dedicated phone line for customers and supports both BSC and BNB networks. For more information on how to use the service, you can visit the MyConstant YouTube channel.
