Today we will be reviewing a platform called BitcoLoan. Is BitcoLoan legit? Find out in this BitcoLoan scam review.
This year has been very challenging. The epidemic is still going on, people are still becoming sick, and many people are still attempting to adjust. I believe we all understood how little we valued life at the time before the pandemic.
Things do not seem to be returning to normal anytime soon. After all, the infection still hasn’t been solved. Governments can only vaccinate people and establish limitations.
Many enterprises have halted as a result of the ongoing restrictions. People have lost their jobs and money. Making ends meet has gotten more challenging in recent years.
As a result of this predicament, many individuals are launching side hustles in order to supplement their income. Prices for goods and utilities continue to rise, and the only way to respond accordingly is to work more jobs and earn more money.
Because there has been a lot of chatter regarding BitcoLoan being a fraud, we decided to investigate more. Is this a crypto loan service you can trust, or should you avoid it at all costs?
What brought you to this BitcoLoan scam review is the prospect of making some money on the side. Luckily for you, I did my research, so I’ll be able to tell you whether this program can help you find your way to financial freedom.
Before you decide to commit to this platform, you should read this BitcoLoan scam review first. You should check if it is worth your time before you pay for it.
DISCLAIMER: This is a fully independent review. I’m not affiliated with BitcoLoan in any shape or form whatsoever.
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What is BitcoLoan?
BitcoLoan is a decentralized peer-to-peer bitcoin lending platform that was launched on January 15 of this year. It functions as an intermediary between two parties that are either interested in borrowing or lending.
Bitcoloan is an Australian crypto lending firm based in Sydney. They provide a platform for you to invest your cryptocurrencies and earn income, as well as borrow money if you need it.
BitcoLoan isn’t a bank or a financial organization in the traditional sense; rather, it’s a form of lending body to those in need. If you want to lend your cryptocurrencies to others but are concerned about the borrower or the return, here is the place to go.
In such situation, BitcoLoan can be the perfect platform for you, since it does not need any papers to be eligible.
Both lenders and borrowers may acquire a suitable offer on the Bitcoloan platform in a matter of minutes. It is entirely up to the person to choose how long he or she wants to lend or borrow cryptocurrency. However, a minimum of 30 days is required.
Not only that, but by utilizing BitcoLoan’s services, both borrowers and lenders benefit from lower interest rates on each loan offer.
If you’re a lender, you may loan your cryptos for any number of days (minimum 30 days) and earn up to 0.6 percent to 0.9 percent daily in return.
On the other hand, the borrower’s interest rate is the lowest in the market; one must pay 1.5 percent interest every day.
For example, if you wish to borrow $100 in BTC for 30 days, the site will locate you a lender. After the 30-day time has expired, you will be required to pay $18 in cryptos (excluding loan cryptocurrencies).
BitcoLoan Overview
In this Bitcoloan review, we discovered that the BitcoLoan lending platform uses a clear grading system.
If you wish to invest your bitcoin on the forum, you will start with a 0.1 rating. This initial flat rating, however, may be improved by doing a certain series of activities.
The following are the yield ratios that an investor may get when keeping specified rating points at the time of writing this evaluation.
- An investor with a rating of 0.1 will make a profit of 0.7 percent on his or her investment.
- With a grade of 1.5, the investor will benefit by 0.85%.
- When an investor receives a 3.0 rating on the forum, he or she will earn 1.0 percent on their investment.
How do you increase your rating?
To improve their first ratings, the site presents a clear set of to-do items for its users. Anyone may improve their ratings by doing any or all of the following actions:
- Spread the word about a peer-to-peer loan. (+0.1)
- Test the P2P lending function. (+0.1)
- Send an invite to the platform. (+0.1)
- Share BitcoLoan on social media. (+0.1)
- Comment your opinions regarding the platform on social media. (+0.1)
- Share information from the BitcoLoan blog on social media. (+0.1)
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BitcoLoan Features
In this part of the BitcoLoan scam review, we will be looking into the features of this platform.
We’ll highlight aspects that assist both lenders and borrowers since the BitcoLoan platform streamlines the transaction process between them.
Borrowers’ convenience features include:
- Long-term loans: This is a fantastic feature for a variety of situations. You have the option of taking out a loan for 1 to 3 months.
- No KYC required: To be qualified for a loan, you do not need to provide any evidence of identification.
- Quick loans: The platform is highly reliant on its algorithm, and it promises to be able to provide its consumers with a loan in as little as 10 minutes after they apply.
- Low-interest rate: When compared to banks or other lending sites, the asking interest rate is quite modest. A loan at a daily interest rate of 1.5 percent is available to everybody.
- No approval needed: If you apply for a loan on the site, you won’t require any kind of approval. Momentarily, it is accepted.
Lender-friendly features include:
- Faster profit generation: BitcoLoan allows users to borrow money for a shorter period of time, ranging from 1-3 months. The lender receives his loan repayments and earnings considerably more quickly as a result of this arrangement.
- Become a lender in 24 hours: Within 24 hours of investing $10 in cryptocurrencies on the BitcoLoan platform, a lender may start making money.
- Experience secure lending: By freezing the collateral money in the borrower’s account, the BitcoLoan lending platform assures that the lender’s investment is protected. If borrowers default on their loans, the lending forum rewards the investors with the frozen funds.
- Invest with others and earn more: The BitcoLoan lending platform also allows its users to pool their funds. Let’s say you and a buddy wish to pool your money to make a large loan to a company. You and your partners will be able to make more money in less time as a result of this strategy.
How Does BitcoLoan Work?
For this part of the BitcoLoan scam review, I will walk you through the process of securing a loan and lending crypto.
As previously stated, BitcoLoan acts as an intermediary or guarantor between a lender and a borrower. We’ll go through how you can join the platform and start using its features as both a borrower and a lender in this section.
How to Secure a Loan
- Register to the website. Create an account by going to BitcoLoan’s official website and clicking the “Start now” button in the upper right corner.
- Make a pledge. Initially, you will be needed to pledge some amount to the platform in exchange for the loan amount you wish.
- Apply for a loan. Once the pledge money has been placed, you may fill out the form to apply for a loan. The money will be deposited into your account in a matter of minutes.
- Withdraw your funds. Once you’ve received your funds, you may rapidly cash them out in the form of the cryptocurrency of your choosing.
How to Lend Funds
- Go to the Deposit page after logging into your account.
- Go to the loan to the person area on the deposit page and choose the cryptocurrency you wish to lend and the return time limit.
- Wait for the platform to find a match for you by pressing the “Find Borrower” button.
- Following the completion of the search, the system will provide all relevant information about the borrower and your investment, including the interest rate, repayment date, and so on.
You may make as many loans as you like. Your daily earnings will be immediately added to your Balance and shown in your Dashboard’s Transactions section.
The whole deposit amount will be reimbursed to your Balance after the loan terms have finished. You won’t be able to withdraw this money until the loan period is up. Your daily profit, on the other hand, is accessible for withdrawal at any moment.
The terms of a business loan are different. The loan duration ranges from 90 to 360 days, with a $100 minimum commitment.
Depending on the loan conditions, the profit % may vary. In the menu, you can always find essential information about a certain Business loan.
A business loan is a group loan, which means it includes a large number of lenders to raise the required loan amount. You may invest in a loan like this as many times as you like until the whole money is raised.
Profits from your Business loan are immediately credited to your account and shown in the Transactions area of your Dashboard.
The whole investment amount is repaid to your Balance and becomes accessible for withdrawal after the loan terms have ended.
To invest in a Business loan, first choose the loan that interests you and then input the amount you’re prepared to put down. Then choose “Create deposit” from the drop-down menu. Every 24 hours, your daily earnings will be credited to your account.
You may have noticed that the loan conditions now include an extra profit percentage.
This percentage is determined by your account’s overall rating. You may increase your earnings by 0.01 percent for every 0.1 rating score.
Payment Methods
The Bitcoloan platform accepts cryptocurrency as a payment mechanism, however the account is normally shown in USD. The list of cryptocurrencies accepted by the platform are as follows:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Dash (DASH)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Litecoin (LTC)
- Monero (XMR)
- Tether (USDT)
Is BitcoLoan Safe?
For this part of the BitcoLoan scam review, I will be answering an important question: Is the platform safe to use?
According to BitcoLoan’s promises, the website is one of the safest investing platforms available. Once you’ve made your account, you won’t have to worry about your cash being secure since the platform has many of the necessary security features.
Face ID and two-factor authentication are used to safeguard your account, ensuring that only you have access to it.
Furthermore, the platform uses end-to-end encryption for data transfer, preventing thieves from gaining access to your account. Apart from that, BitcoLoan employs secure SSL connections to protect your account’s funds and data.
That doesn’t really assure me that they are a safe platform to use, as I have spotted some red flags during my investigation. I will discuss those in another section.
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Is BitcoLoan Legit?
Finally, we’ll talk about whether BitcoLoan is a legitimate loan platform. In this section of the BitcoLoan scam review, I’ll give you a few things that make me question the company’s validity.
However, remember that this review is merely providing you with the information that we have discovered after doing extensive research on the platform.
In any event, we are not trying to persuade you to make choices based on our results.
Furthermore, the purpose of this evaluation is not to discredit or publicize the platform in question, which is BitcoLoan.
On the web, there is no information on the company’s owner. Without knowing who controls the business, there is a risk that the website’s authenticity and credibility will be questioned, since we won’t know who to blame if anything goes wrong on their end.
According to the company’s official website, its services are used by more than 12 million borrowers and 18 million lenders globally. The business also says that $12,000 is passed via the site on a daily basis.
It’s astonishing, and questionable to see a young startup get so much momentum in such a short period of time.
There are also ridiculous rules for a borrower who is required to first pledge their crypto as security. Why would you borrow in the first place if you already have the collateral?
Because cryptocurrencies are primarily used as investment assets, keeping them as collateral may restrict your profit potential under strong market conditions.
Like I said before, it is completely in your hands whether you decide to place your trust in this platform or not.
Final Verdict – BitcoLoan
Before I end this BitcoLoan scam review, I would like to share a few more insights that could help you.
If this investing in cryptocurrency is something you’re interested in, I believe that this platform can do wonders for you. On the other hand, you’ve undoubtedly figured out how tiresome this may be as a side hustle.
It might be difficult if you are a total novice with no prior experience in the field. After all, there’s only so much that the internet can teach you. It’s possible that you would face a lot of losses if you venture into crypto without sufficient knowledge.
Remember that you may select from a variety of side hustles. You may put your money into starting an online store.
You may always ask for a business loan if you don’t have enough money for these endeavors. But don’t forget to keep an eye on your credit score.
However, if you ask me, I would recommend a different opportunity to get into. It’s something that’s a simpler to grasp and master. Something that does not need a large initial investment from you.
Continue reading to learn more about that opportunity.
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