In this article, we walk you through our newest Marketplace and some of the great lending platforms that are listed. Here’s how to get started.

Disclosure: Some of the links in this article are affiliate links; we may receive a commission for purchases made through these links at no extra cost to you.

Getting started on the Loans Marketplace

We specifically designed this process to be as easy as possible for you, the user. Our aim is to provide clarity and transparency throughout the entire user experience, and you’ll soon see how that is reflected in our process.

Step 1: Download the Wallet

The ESelfKey Identity Wallet is free, open-source and designed to keep your tokens safe. That being said, it offers a lot more than a simple cryptocurrency wallet. Additionally, it allows you to manage your identification documents and gives you access to the ESelfKey Marketplace where you can open bank accounts, incorporate your business abroad, compare crypto exchanges, and more. 

Head over to this page and download the wallet on Windows, Linux or Mac OSX. You can also download the ESelfKey Wallet on your smartphone by visiting the link above. Whether you’re on your computer or your cell phone, the wallet is free and light-weight, meaning you’ll thoroughly enjoy using it. Of course, you own your private keys and can even access the Wallet using Ledger and Trezor.

Step 2: Set up your Wallet

Setting up your wallet couldn’t be easier, but it’s a very important step. As a result, it’s vital to make sure you do it correctly. The first thing you need to do is securely store your public and private keys. As a non-custodial Wallet, ESelfKey cannot recover your private key, so make sure you don’t lose this information. 

Step 3: Complete your ESelfKey ID (optional)

Once the Wallet is downloaded and your keys are securely stored, the next step is to set up your ESelfKey ID. This is a collection of locally stored Know Your Customer (KYC) information used to quickly access new service providers. Thanks to the ESelfKey ID, you can reuse the same KYC data multiple times. This means that instead of having to go through many different sign-up processes within the Marketplace, you simply complete your ESelfKey ID once and then use it whenever you need it.

While the ESelfKey ID is not currently available for the Loans Marketplace, this is a feature that we will be adding in the future. Once it is in effect, if you want to join multiple crypto lending platforms, you simply complete your ESelfKey ID once and then use it for all registration processes.

Step 4: Start borrowing or lending

Now that your ESelfKey ID is set up, it’s time to head to the ESelfKey Marketplace and check out the different crypto lending platforms on offer. When logged into the Wallet, click on the Menu in the top right of your screen and select “Marketplace”. 

Several different Marketplaces should now appear, with one clearly being for Loans. Click on the button to see a screen similar to this one: 

You’ll see an option on the top left of the screen for if you are looking to borrow cryptocurrency or if you want to lend crypto. Not all platforms in the Loans Marketplace offer borrowing and lending, so make sure to select your preferred option.

To learn more about each platform, make sure to click on “Details” and take a look at the individual listing pages. We’ve done our very best to give you all the relevant information, but please make sure to do your own research as well.

Here you can see an example for one of our exchanges, CoinLoan:

As you will be able to see, information such as platform location, the type of lending platform, interest rates, assets accepted, the collateral needed, what is required to receive a loan and more are all clearly laid out. This way it’s easy to see which platforms meet any criteria you have, and which platforms you are eligible to join. 

The Loans Marketplace also has a state-of-the-art loan calculator so you can easily compare and contrast the different crypto lending platforms that are available whether you are looking to lend or borrow. You’ll be able to see which assets are accepted, the interest rates, and more.

Step 5: Sign up

Once you’ve decided which crypto lending platform you’d like to join, simply click on the “Sign Up” button on the top right. From there, you’ll be directed to the platform’s website where you’ll need to register for a new account and follow the instructions they provide. You may need to confirm your identity for KYC purposes, so make sure to have a piece of government-issued ID on hand.

From there, you’ll be guided through the different lending or borrowing options including how long you want your loan to be for, the LTV ratio, how much crypto you want to lend, what fiat currency or stablecoin you want to be paid out in, and more.

And that’s it, you’re well on your way to getting your crypto loan or lending out your crypto!

Featured crypto lending platforms

We have over twenty different crypto lending platforms listed in our Loans Marketplace. While we recommend that you take a look at all of the ones we have on offer, especially since a few offer lending or borrowing, here are some of our featured crypto lending platforms:

CoinLoan

Based in Estonia, CoinLoan is a P2P lending platform for crypto-collateralized loans. Since launching in 2018, it has become one of the most popular European crypto lending platforms. With a simple lending process backed by bank-grade security, it’s easy to see why. The platform offers one of the largest choices of cryptocurrencies, fiat, and stablecoins on the market.

CoinLoan’s lending process is simple. Borrowers deposit a specific amount of cryptocurrency as their collateral for the loan. Additionally, the platform is incredibly transparent. CoinLoan offers borrowers the added benefit of being able to preserve their crypto assets with flexible lending conditions, no credit checks, and convenient withdrawal methods.

As for lenders, CoinLoan offers several guarantees. The platform is registered and licensed in the European Union and is, therefore, subject to EU financial law, which offers unparalleled protections for consumers. Repayments are guaranteed, and all transactions are SSL-encrypted. In fact, since opening in July 2018, every lender has received their repayments in full and on time.

SALT Lending

One of the few platforms registered in the United States, SALT Lending was one of the first crypto lending platforms to hit the market back in 2016 and has continued to grow ever since. SALT Lending offers P2P crypto-backed loans. Similar to the other platforms we’ve listed, the platform allows users to use crypto as collateral for their loan.

The process for getting a loan is very straightforward. Users can be verified the same day, and don’t need to undergo a credit check. The terms of a loan are completely customizable. SALT Lending also operates in over thirty jurisdictions (including 46 US states), making it one of the most comprehensive when it comes to availability.

YouHodler

With offices in Cyprus and Switzerland, YouHodler is a fintech platform focused on crypto-backed lending with fiat, crypto, and stablecoin loans. The platform offers a high and flexible Loan-to-Value (LTV) rate, which is available at 90%, 70%, and 50%. As a result, users can obtain a higher credit line for a lower deposit. However, it’s important to note that YouHodler does not serve U.S. citizens, as well as citizens of China and Korea.

Another major advantage is that YouHodler offers its users access to instant cash, which is provided by the platform’s fiat-based funds. Unlike P2P crypto lending platforms, there is no need to find a creditor. The platform takes a different approach from most crypto platforms; YouHodler works with the banks instead of avoiding them. This allows YouHodler to partner with trusted fiat payment providers and hold its fiat funds in the most reputable banks in Europe to ensure their safety.

Conclusion - The ESelfKey Loans Marketplace

As you can see, signing up for crypto lending or borrowing through our Loans Marketplace is a simple and straightforward process. We encourage you to experience the marketplace for yourself and check out the many excellent crypto lending platforms we have on offer. We’re certain that we’ve got a platform that meets all your criteria!

As always, we advise you to do your own research about any crypto lending platform that you’d like to sign up with. We’ll continue to add more platforms over time, so keep an eye out for new announcements regarding the Loans Marketplace.

Edmund Lowell: This is a really important question. The two sided marketplace is a tough egg to crack - however, ESelfKey has a good head start with a functional, working marketplace in several verticals, with a number of service providers! When compared to some competitors who also claim to have a marketplace, ESelfKey has more products and services available in a functional, working marketplace. For instance, users can set up a bank account (in 14 different countries), open a company in 11 different countries, get an exchange account, and soon users can get a crypto loan, where we compare lots of different companies. This is a good start, now to get users! More on this covered in other questions.

What are your strategies in building a big and strong community? Do you agree that the power of the community will lead your project to grow globally?

EL: An active and engaged community is fundamental to the success of ESelfKey. The question here is what are the strategies to build a big and strong community? There is no one strategy, but we employ many, probably this post would be very long to explain them all, so let's stick to three core ideas - 1) traffic 2) education 3) conversion. 

1) Traffic

First and foremost, we need to get people to the ESelfKey website and wallet. This is done through a number of different traffic strategies; a favorite is SEO. Search engine optimization is a longer term strategy based on writing content, and ranking for specific keywords in search engines like Google. 

Although it takes time, the ROI (return on investment) from SEO is historically quite good, and we are already starting to see dividends. For instance, search traffic has grown about 4x in just this year alone. For SEO, there are writers who have a sole focus on long form content strategy and keyword targeting. 

2) Education

Nextly, once users are on the ESelfKey website, they need to be educated on what the project is, why the product might solve their problems, and how it might be a good solution for the job they need to get done. We are constantly working to improve the website, and just translated it into Chinese. We have social links and encourage users to subscribe to mailing list, join our telegram, and other community channels to further their education. 

3) Conversion

SelfKey’s current website comes after an iteration of 4 or 5 previous websites where we are constantly working to get the messaging right, and for users to perform the next, and arguably most important task: convert into long term users! We need to convert website traffic and casually interested users into ESelfKey Wallet users. We believe that crypto wallets will become even more important in the future, and what makes the ESelfKey Wallet unique, is that it is also an identity wallet. There is no one thing which achieves conversion, but as we mentioned already - it's important to have traffic, and educate that traffic - a certain amount of which will always convert. Next we use a blend of quantitative and qualitative strategies to help build conversions. 

For instance, there are a few community admins who are spread across time zones of the Americas, Europe and Asia to be there to clean out spam. Another good strategy is testing and optimizing the website and applications to improve conversions with iterations with split testing. 

We absolutely agree that the power of the community can lead ESelfKey to grow - the success of the project depends on the community! That's why we routinely ask for feedback, and feature requests - these requests were automatically prioritized and made the top features in the next development release. Your efforts as a community are the most important thing to make ESelfKey succeed - keep up the good work everyone!

The Exchanges Marketplace is great, are there plans to get this in front of new crypto users as an on boarding platform to help navigate the crypto space and exchanges with one click sign up?

EL: Thanks for your comments on the Exchanges Marketplace - we do plan to do much more marketing for the Exchanges Marketplace in particular - first driving traffic, then educating users on various exchanges and the different advantages they bring, and finally, providing an easy way to sign up for the exchanges which is quicker, faster and easier than traditional methods. Also the idea of API integration for in-app trading has come up a lot - but more work needs to be done on this, in particular better ways of managing the funds, so they are non-custodial (some projects are already doing this for instance Kucoin).

In comparison to the other competitors in the blockchain identity space, how is the ESelfKey team feeling about its development and targets?

EL: Although we do pay attention to competitors products, we feel that it's actually better when competitors succeed! Here's why: decentralized identity is a paradigm shift - there needs to be a change in basic consumer behavior and demands on companies. Companies need multiple choices of vendors and will likely avoid vendor locking.

Therefore, we most likely want and need multiple companies to succeed. This will help from an adoption standpoint, and technically should make it easier to acquire users, as properly designed DID's are interoperable. This means a bigger pie for all to share. 

In conclusion, we are different armies fighting the same war. If "A rising tide lifts all boats" then Self Sovereign identity is a tidal wave that will impact lots of different industries, should it be demanded by consumers!

How do you maintain motivation amongst the team?

EL: The ESelfKey team is a really talented group of individuals who all believe in the mission, so many of the team members come to work ready to do what they love, and to work on a project and in a direction they believe in. However, motivating a team to perform is something which good leaders do consistently in any company, team, organization or group setting.  

One small thing we have done for the past few years is to have a weekly teamwide meeting each week, called a level 10 meeting. During this meeting we share various successful updates. Hearing teammates talk about their big and small wins is really motivating. Next we go into any important company wide news and goals for the next cycle. Previously we had 1 quarter goals, but crypto moves so fast! Therefore we shortened our sprint cycle to 6 week "bets". 

Next up in the meeting, we go through culture points/fun questions. This is where we ask everyone to answer (in advance) a question related to how their culture might be different, or just a fun, open ended question. Recent examples: "How late is considered to be late, in your country?", "How do you say hello in your country?", and "If you could have any superpower, what would it be?" We don't want to spend too much time on this, we'd rather be writing software! But we do spend some time each meeting bonding and learning about the personality of our team members. 

Finally, we wrap up with quotes from our #Quotes channel - and call on various teammates to explain why they selected that quote from a famous person, and what they interpret it to mean. Every quarter we try to have a small team meetup in a region (like Europe) and every year we have a global meetup - we try to post pictures of the meetups here in Telegram. 

Also one really recent thing we did with COVID-19 is have a workout challenge. We post pictures/videos of us working out from home, since it's really tough to go to the gym! I read recently that one company got a huge return on investment for investing in employees physical fitness, they got $8 back for every 1$ invested!

Will we be able to buy KEY with fiat?

EL: Based on user feedback, this is being prioritized. This service needs to be provided by a fiat<->crypto onramp. And we are trying to find the right partners. Right now what we've found is a service where users should be able to purchase ETH directly from a bank transfer, and then swap into KEY. Exact implementation details TBD but we've identified several regulated partners who could provide this service, and who have API's. We may need to integrate with several providers or there won't be global coverage.

The crypto market is vast and widely diverse: what makes you unique or what makes you different from others?

EL: From a product perspective, we are always looking to try and meet unmet needs in the Marketplace. If someone else is doing it, usually we won't pursue this idea. ESelfKey places a huge emphasis on innovation and doing things differently, and we hope that shines through. This could be reflected in our industry first Marketplace, the separate R&D team who focuses on innovation, or the uniqueness of our Marketplace verticals.

Very few, if any, crypto/self sovereign identity platforms offer bank account opening, and from what I understand, no one else has incorporation services. These two are massive markets and very unique at this point. A clear way to differentiate is by expanding horizontally to different Marketplace verticals. However, there may be ways to differentiate further in a 'vertical' approach (e.g. a new chain) or a hardware wallet, or other things we are being discussed and validated through user testing, interviews and surveys.

The Wallet needs more/most chains to be a success. Thoughts? Thanks?

EL: We have considered adding more chains to the wallet on many occasions. In fact, we have a pretty exciting update to share about a partnership with a very important upcoming chain! (announcement of an announcement ? ) Like most things, it's the community who will decide this, and there is a poll on this question coming soon - stay tuned!

Just read an article about Zoom having identity verification problems on its platform as well as security issues for user data. They are planning on integrating cryptocurrency payments into it as well. Is this not a perfect use case of Login with ESelfKey and users needing to have self sovereign ID? Partnering with Zoom could start to fix their security issues. Could it be worth a try to partner with them and get them on board for LWS? What are the team's thoughts on this and companies in similar positions?

EL: Great idea! We are always open to suggestions for clever partnerships. Need to keep in mind a lot of this is out of our control, we can't tell another company what to do! That being said, we are aware of the issues with Zoom and think this would be a great partnership opportunity. As a reminder, if you have suggestions or ideas like this, please submit them at ideas.selfkey.org - the success of ESelfKey relies on the efforts of the community!

Update: we did contact Zoom through several contacts on LinkedIn - let's see what can be done here! interestingly, also since this question was asked, Zoom acquired Keybase - we are on the right track!

Can ESelfKey add a Real Estate Marketplace?

EL: This is a good question! Real estate is a very domestically based transaction - for instance, in many countries in Asia, you need to be a local to own land. Furthermore, people usually want to see real estate before they buy it. But - there is a segment that we like which is real estate for passports - this is interesting because it is inherently international - also, you get a passport for yourself and your family if you buy the property - so there is no risk of the country saying "citizens only" - because you are a citizen. We want more feedback on this - would ESelfKey users want to buy real estate and get a citizenship?

Are you preparing to establish a lending platform?

EL: Yes, we have an upcoming crypto loan marketplace - lots of interesting opportunities to evolve this marketplace as well here!

Are there any plans for staking? In my opinion this could bring a lot of users to use the mobile wallet.

EL: We do have some plans around staking - but want to release a full plan before we announce anything. Ideally should be able to do it Q3 - but cannot promise this as there are a few moving parts! Patience is a virtue ? HODL!

Is there going to be a way to buy KEY through the app using a credit card or something similar?

EL: Hopefully yes! It's a great idea - buying KEY through the app with a credit card. Right now the major sticking point is API - we haven't found any company who has an API to receive KYC, and purchase with a credit card. Does the community know anyone?

And that concludes our AMA. Thank you Edmund for taking the time to talk to the community and thank you everyone for participating!

In this article, we walk you through our newest Marketplace and all of the great exchanges that are listed. Here’s how to get started.

Disclosure: Some of the links in this article are affiliate links; we may receive a commission for purchases made through these links at no cost to you.

How to open a crypto exchange account

We specifically designed this process to be as easy for you, the user, as possible. Our aim is to provide clarity and transparency throughout the entire user experience, and you’ll see how that is reflected in our process.

Step 1: Download the Wallet

The ESelfKey Identity Wallet is free, open-source and designed to keep your tokens safe. That being said, it offers a lot more than a simple cryptocurrency wallet. Instead it allows you to manage your identification documents and provides access to the Self!Key Marketplace where you can open bank accounts, incorporate your business abroad, and more. 

Head over to this page and download the wallet on Windows, Linux or Mac OSX. You can also download the ESelfKey Wallet on your smartphone by visiting the above page. Whether you’re on your computer or your phone, the wallet is free and light-weight, meaning you’ll thoroughly enjoy using it. Of course, you own your private keys and can even access the Wallet using Ledger and Trezor.

Step 2: Set up your Wallet

Setting up your wallet couldn’t be easier, but it’s a very important step. As a result, it’s vital to make sure you do it correctly. The first thing you need to do is securely store your public and private keys. As a non-custodial Wallet, ESelfKey cannot recover your private key, so make sure you don’t lose it. 

Step 3: Complete your ESelfKey ID (optional)

Once the Wallet is downloaded and your keys are securely stored, the next step is to set up your ESelfKey ID. This is a collection of locally stored Know Your Customer (KYC) information used to quickly access new service providers. Thanks to the ESelfKey ID, you can reuse the same KYC data multiple times. So instead of having to go through many different sign-up processes within the Marketplace, you simply complete your ESelfKey ID once and then use it whenever you need it.

This feature will be coming soon to our Exchanges Marketplace. Once it is in effect, if you want to join multiple crypto exchanges, you simply complete your ESelfKey ID once and then use it for all registrations.

Step 4: Find your preferred exchange

Now that your ESelfKey ID is set up, it’s time to head to the ESelfKey Marketplace and check out the different crypto exchanges on offer. When logged into the Wallet, click on the Menu in the top right of your screen and select “Marketplace”. 

Six different Marketplaces should now appear, with one clearly being for exchanges. Click on the button to see a screen similar to this one: 

To learn more about each, make sure to click on “Details” and peruse the individual listing pages. We’ve endeavoured to give you all the relevant information, but please make sure to do your own research as well.

Here you can see an example for one of our exchanges, Bitpanda:

As you will be able to see, information such as exchange location, fees, if KYC is required, excluded residents, if fiat currencies are accepted, and more, are all clearly laid out. This way it’s easy to see which exchanges meet any criteria you have, and which exchanges you are eligible to join. 

Step 5: Sign up

Once you’ve decided which exchange you’d like to join, simply click on the “Sign Up” button on the top right. From there, you’ll be directed to the exchange’s website where you’ll need to register for a new account and follow the instructions they provide. You may need to confirm your identity for KYC purposes, so make sure to have a piece of government-issued ID on hand.

And that’s it, you’re all signed up for your new crypto account!

Featured crypto exchanges

We have over twenty different crypto exchanges listed in our Exchanges Marketplace. While we recommend that you take a look at all of the ones we have on offer, here are some of our featured crypto exchanges:

Hotbit

After a successful launch in 2018, Hotbit has been steadily growing. The crypto exchange offers one of the largest markets for trading, with over 500 different trading pairs available. Hotbit boasts over 500,000 active users from over 170 different countries. Hotbit is registered in both Estonia and Hong Kong. Fees are lower than average for both takers and makers at 0.1%

WhiteBIT

WhiteBIT is a centralized crypto exchange based in Estonia that offers not only crypto-to-crypto transactions, but also crypto-to-fiat. Having both European Exchange and Custody licenses, the exchange meets all AML and KYC requirements. Fiat currency in USD, EUR, RUB, and UAH are supported. Fees for makers and takers are relatively low at 0.1%

p2pb2b

Operating out of Estonia and licensed by the relevant authorities in the EU, p2pb2b is an advanced cryptocurrency exchange that is all about its users. The exchange offers 24/7 support in eight different languages, and has an optimized user interface to make your experience more pleasant. The exchange has a strong focus on security: over 95% of user assets are stored in cold wallets, making them far less vulnerable to hacks.

ProBit

Based in South Korea, ProBit offers enhanced security and a cutting edge trading engine. The exchange only lists what it deems to be qualified and deserving cryptocurrency projects, and reportedly has an order matching speed of over 1.5 million orders per second. ProBit offers a totally customizable dashboard, which makes it easy to use for beginners and perfect for professional traders too.

ExMarkets

While ExMarkets is smaller than some of the other exchanges, it offers a great experience to its users. Powered by a proprietary, state-of-the-art trading engine, users can set up an account in minutes and begin buying and selling crypto and some fiat currencies. Users can also access the token sales of promising blockchain and crypto projects through ExMarket’s IEO LaunchPad.

SimpleSwap

SimpleSwap is an instant cryptocurrency exchange that allows customers to swap crypto in an easy way. The platform is free from sign-up and supports more than 300 cryptocurrencies. SimpleSwap provides two exchange types: floating and fixed rate. SimpleSwap has made the cryptocurrency exchange process simple, safe and comfortable

Bitpanda

Based in Austria, Bitpanda is a fintech platform that offers a number of services including the Bitpanda Global Exchange. The Bitpanda Global Exchange already has over one million users and offers state-of-the-art performance with a strong focus on security to ensure that your crypto stays safe. The exchange offers a wide range of payment and payout providers for added flexibility. Bitpanda’s advanced trading platform and digital asset exchange is perfect for experienced traders, professionals and institutions.

Tokens.net

Based in the United Kingdom, Tokens.net is a cryptocurrency exchange operating in a stable and reliable business environment managed by industry pioneers with proven track records. The Tokens.net platform represents a distinctive trading engine with a user-friendly interface, assuring 100% trading volume transparency and fast execution. The primary function of the exchange’s native DTR tokens is providing real-time information on the number of transactions and transparent trading volume. 

Zipmex

Headquartered in Singapore, Zipmex currently operates in Indonesia and Australia and recently launched operations in Thailand. The crypto exchange focuses on fast trades, low buying prices, speed, and high liquidity. The exchange has been engineered to deal with high trading volumes, resulting in low prices for users. 

Mine Digital

Launched in 2019 with offices in Brisbane and Sydney, Mine Digital is a digital asset exchange and brokerage firm. The brokerage side of Mine Digital provides tailored advice and access to investment opportunities thanks to its highly experienced team. The Mine Digital exchange allows users to trade crypto and fiat currency pairings on a state-of-the-art platform, with low fixed fees and insured custody for added security.

Conclusion - The ESelfKey Cryptocurrency Exchange Marketplace

As you can see, signing up for a crypto exchange account through our Exchange Marketplace is a simple and straightforward process. We encourage you to experience the marketplace for yourself and check out the many exchanges we have on offer. We’re certain that we’ve got an exchange that meets all your criteria!

As always, we advise you to do your own research about any crypto exchange that you’d like to sign up with. We’ll continue to add more crypto exchanges over time, so keep an eye out for new announcements regarding the Exchanges Marketplace.

While trading cryptocurrencies is now pretty mainstream, it is not the only way to earn a profit. The crypto market offers several other investment tools, and digital currency lending is on the rise. It allows borrowers and lenders to transact money with good interest rates, low fees, and a sufficient level of safety.

As the popularity of crypto lending has increased, traditional financial instruments have begun to make their way into this emerging market. Crypto users can now make use of margin lending, crypto-to-fiat lending, and crypto-to-crypto lending for a multitude of purposes. In this article we cover how crypto lending works, and the three best crypto lending platforms that are currently on the market.

How crypto lending works

The process of crypto lending is pretty straightforward on most platforms that offer it as a service. Lenders deposit part of their crypto holdings onto the platform, and the coins are then made available to borrowers at a pre-established interest rate. Borrowers can then take out a loan for an agreed upon period of time. Once the lending time has ended, the borrower must return the funds and pay the interest rate.

In order to help mitigate risks (such as borrowers being unable to pay back their loans) and increase trustworthiness, most crypto lending platforms have guarantees, or set up collateral or loan backing systems. Some platforms hold onto a borrower’s cryptocurrency as collateral for their loan, meaning that you don’t lose your crypto unless you default on your payments.

There are two primary reasons why borrowers make use of crypto lending: to cover day-to-day expenses or for margin trading. Day-to-day expenses are self-explanatory; they cover the basic costs of living or business expenses. Margin trading means that the borrowed funds are used to make riskier and higher value trades. If a proper trading decision is made, the trader receives a higher profit, but in the case of a bad deal, the trader will have to pay back the losses out of their own pocket.

Unlike a traditional bank loan, crypto lending is mostly peer-to-peer (P2P). This means that users are borrowing directly from each other instead of a financial institution or the lending platform itself. Crypto lending platforms set the interest rates, lending times, and any other terms in addition to enabling the transactions. Some platforms simplify the process further and supply the loan amount from their own stored funds so that borrowers don’t have to find a lender.

Crypto lending has several advantages compared to traditional lending, which are the following:

• Extremely low transaction fees, especially when compared to banks
• No need for a bank account (1.7 billion adults are currently unbanked and crypto lending is sometimes their only option for a loan)
• Quick approval times
• Reduced bureaucracy and conditions
• Diversified loans
• Very few limits on what services can be used based on factors such as citizenship or nationality

Naturally, there are risks associated with crypto lending and these include:

• A higher default rate on loans, especially when compared to fiat loans
• Lending platform safety
• The volatility of the cryptocurrency market which can lead to borrowers having to pay back more than they originally borrowed and lenders potentially losing profits

As you can see, crypto lending offers a number of benefits, but there are risks too. It’s important that you do your due diligence and have a good understanding of the cryptocurrency market.

The best crypto loan platforms

The popularity of crypto lending has been steadily rising. As such, there are lots of options available for those interested in using their crypto for loans. Naturally, different loan platforms offer different benefits. Some have the lowest interest rates, others are focused on safety and security. The three following crypto lending platforms are the ones we think are the best on the market.

1. CoinLoan

Based in Estonia, CoinLoan is a P2P lending platform for crypto-collateralized loans. Since launching in 2018, it has become one of the most popular European crypto lending platforms. With a simple lending process backed by bank-grade security, it’s easy to see why. Additionally, CoinLoan offers one of the largest choices of cryptocurrencies, fiat, and stablecoins.

CoinLoan’s lending process is simple. Borrowers deposit a specific amount of cryptocurrency as their collateral for the loan. Additionally, the platform is incredibly transparent. Prior to borrowing, potential debtors are presented with the exact numbers for the lending contract. CoinLoan offers borrowers the added benefit of being able to preserve their crypto assets with flexible lending conditions, no credit checks, and convenient withdrawal methods.

As for lenders, CoinLoan offers several guarantees. The platform is registered and licensed in the European Union and is, therefore, subject to EU financial law which offers unparalleled protections for consumers. Repayments are guaranteed, and all transactions are SSL-encrypted. In fact, since opening in July 2018, every lender has received their repayments in full and on time.

Here at ESelfKey, we certainly see the amazing potential CoinLoan has to disrupt the loans industry, which is why we entered a comprehensive partnership with them this year.

2. YouHodler

With offices in Cyprus and Switzerland, YouHodler is a fintech platform focused on crypto-backed lending with fiat, crypto, and stablecoin loans. However, the platform offers so much more than just crypto loans. The Turbocharge service allows users to borrow additional crypto and use it as collateral for other loans. Multi HODL allows users to boost their savings by making small, speculative investments with crypto. YouHodler also offers a cryptocurrency wallet app available for iOS and Android smartphones.

The lending features on YouHodler are pretty similar to most of its market competitors. However, it does have the advantage of a high and flexible Loan-to-Value (LTV) rate, which is available at 90%, 70%, and 50%. As a result, users can obtain a higher credit line for a lower deposit. Loan management solutions are also available, including the option to increase the LTV, borrow additional crypto, and more.

Another major advantage is that YouHodler offers its users access to instant cash, which is provided by the platform’s fiat-base funds. Unlike P2P crypto lending platforms, there is no need to find a creditor. Additionally, the platform prides itself in transparency, meaning there are no hidden fees.

The platform takes a different approach from most crypto platforms; YouHodler works with the banks instead of avoiding them. This allows YouHodler to partner with trusted fiat payment providers and hold its fiat funds in the most reputable banks in Europe to ensure their safety.

3. SALT Lending

One of the few platforms registered in the United States, SALT Lending was one of the first crypto lending platforms to hit the market back in 2016. It has a great reputation, and one that it has certainly earned. SALT Lending offers P2P crypto-backed loans. Similar to the other platforms we’ve listed, the platform allows users to use crypto as collateral for their loan.

The process for getting a loan is very straightforward. Users can be verified the same day, and don’t need to undergo a credit check. The terms of a loan are completely customizable, from LTV to loan length. SALT Lending also operates in over thirty jurisdictions (including 46 US states), which is one of the most comprehensive when it comes to availability.

When it comes to security, SALT Lending is top level. All loans are backed by assets that have been insured and all crypto assets are held in cold wallets. Additionally, all digital assets are covered by insurance in the event of theft or fraud. These protections should be industry standard, and SALT Lending sets the bar high for competitors when it comes to security. 

Conclusion - The upcoming ESelfKey Cryptocurrency Loans Marketplace

Currently, there is no aggregated list of crypto loan platforms. If you are interested in crypto lending, you have to do a lot of research yourself. However, the future is about to change. Here at ESelfKey, we offer a number of different marketplaces to users of our ESelfKey Wallet. We have marketplaces for incorporations, bank accounts, and cryptocurrency exchanges, with more on the way.

Our next release is the ESelfKey Cryptocurrency Loans Marketplace where ESelfKey Wallet users can get access to the world’s most exciting lending platforms and use cryptocurrencies as collateral to withdraw fiat loans. This is an exciting prospect for the ESelfKey community and adds impressive new functionality to the Wallet. We already have some great platforms on board, such as CoinLoan, and more will be joining. 

If you want to start exploring the ESelfKey Wallet now, download it here and keep an eye out for the launch of the ESelfKey Cryptocurrency Loans Marketplace.

1. Czech Republic - The Best Country To Open An Offshore Bank Account

We start off our list with one of the most inexpensive countries to open an account. The bank we work with in the Czech Republic requires no minimum deposit and has no ongoing balance requirements. You can open EUR, USD, RUB, CZK, and GBP accounts, plus you can do all of your banking online. At only $850, it’s one of the cheapest options to set up an account, and no in-person visit is required. If you want to access the European market, this is one of the best options available. 

2. Puerto Rico - Bank Account in the Caribbean 

Another great option for an offshore bank account is Puerto Rico. While the country enjoys a close political and economic relationship with the United States, it still maintains some autonomy regarding it’s fiscal and economic policies. An initial deposit of $500 is all that is required to open an account, and set up only costs $550, making it one of the cheaper options on our list. No in-person visit is required, and it only takes about two weeks to set up your bank account, making it a great option.

3. Singapore - Top Offshore Bank Account in Asia

If you are interested in accessing the burgeoning Asian market, Singapore is one of the best options for opening an offshore bank account. It is one of the worlds largest financial centers with an incredibly stable economy. The minimum deposit required to open an account is relatively low (about $730 in USD), but an in-person visit is necessary. That being said, the process is relatively fast; it only takes about one week, and is relatively inexpensive, costing only $850 to open an account. With the most technologically-advanced private banking facilities, excellent customer service and a capital gains tax-free environment, Singapore is the top Asia-Pacific destination for international wealth management services.

4. Hong Kong - Safe and Strong Economy

Another great option that gives you access to the Asia-Pacific market is Hong Kong. It boasts the largest financial market in Asia and is one of the safest places to do your banking. If investing is of interest to you, then look no further as a large variety of options are available. An in-person visit is required to open an account, but the minimum deposit is only around $1,275 in USD. At two to three weeks, it does take slightly longer to open an account, and it is a slightly more expensive option as set-up costs $1,150. However, Hong Kong remains one of the most popular places to open an offshore bank account for a reason, as it has strong wealth management and investment services.

5. Belize - Convenience in South America

Belize is another great option as its banking system is closely modeled on those of the United Kingdom and the United States. While bank cards are not available, online banking is, which makes it great for savings accounts. A minimum deposit of $1,000 is required, and set up is one of the cheaper options, costing only $550. An in-person visit is not required, and it takes about two weeks to open an account from start to finish.

6. St. Lucia - A Robust Financial Sector

St. Lucia is a small island state in the Caribbean Sea and is a member of the Commonwealth. It has developed a robust financial center, currently offering financial services such as offshore trusts, mutual funds, insurance, and offshore banking. Opening an account here does not require an in-person visit, and the minimum deposit required is $5,000. Internet banking is available, and you can open a multi-currency account. Setting up your account takes about two weeks and costs $550.

7. Antigua & Barbuda - Citizenship Through Investment

Antigua & Barbuda boasts the second largest banking sector in the Caribbean, making it another great place to open an offshore bank account. An offshore account here is best for savings, as the only card you can get is a prepaid Mastercard. The minimum deposit needed to open an account is $5,000 and the set-up fee is only $550. No in-person visit is required, and opening an account takes around two weeks. Antigua also offers an Economic Citizenship Program, where it is possible to obtain a passport through investment.

8. Saint Kitts & Nevis - Confidentiality and Privacy

Saint Kitts and Nevis has a stable political and financial system which is focused on confidentiality and privacy, making it a preferred place to open an offshore bank account. While geographically it might be the smallest country on our list, it offers a surprising amount of benefits. No in-person visit is required, and a minimum balance of $10,000 is needed to open a bank account and maintain it. The official language is English, which makes communication a breeze, and naturally online banking is available. It costs $550 to set up an account, and it can take up to two weeks for everything to get set up. St Kitts and Nevis also has one of the most renowned, affordable and efficient Citizenship by Investment programs out there. 

9. The Seychelles 

While a visit to the bank isn’t required to open an offshore account in the Seychelles, it is a good excuse for a vacation! As one of the major financial hubs in Africa, it offers a stable economy, and you can open USD, EUR, and GBP accounts. The minimum deposit to open a bank account in the Seychelles is $10,000 and the bank requires you to keep at least that amount in your account at all times. However,the fee to set up an account is quite low at $550. If you are in a rush, the Seychelles might not be the best option as it can take three to five weeks to open your account. But if you have the time, and the money, the Seychelles can be a good option to start your offshore banking experience.

10. The Cook Islands

The Cook Islands are one of the most common countries you hear about when it comes to offshore banking, and they are popular for a reason. You will need to be willing to open up your wallet as personal and trading accounts need a minimum deposit of $20,000.. Online banking is included with both types of accounts, and you can open USD, EUR, and GBP accounts. For either type of account, no in-person visit is needed, the fee is $950, and the process only takes two weeks. The Cook Islands are focused on privacy and anonymity for those who choose to open offshore accounts, making it a very popular option. 

11. Mauritius

Mauritius is a politically stable jurisdiction and one of the largest financial hubs in Africa. It’s banking sector is made up of sophisticated financial institutions that offer a wide range of global banking services to corporations and individuals. An initial deposit ranges anywhere from $50,000 to $100,000 depending on what services you are looking for, and accounts need to maintain a minimum balance of $10,000. It is one of the faster options on our list, only taking one to two weeks to open your account, and no in-person visit is necessary. Multi-currency accounts and online banking services are both available.

12. Armenia

Last, but not least on our list is Armenia, which boasts a steadily growing financial sector. As a result, interest rates are high, ranging from 5% to 10%. While no in-person visit is required, you will need at least $50,000 to open an offshore account here. It will also take slightly longer to open your account - anywhere from three to five weeks - but the cost of setting everything up is only $950. Of course, online banking is available, and you can open AMD, EUR, RUB, and USD accounts. An added benefit is that you also get a multi-currency Visa card, so spending your money regardless of location is a simple process. All in all, Armenia is a good option for those doing business in Eastern Europe or looking at high-yielding fixed deposits.

Conclusion - The best countries to open an offshore bank account

As you can see, there are many options available if you want to open an offshore bank account. Important questions to ask yourself include how much money you want to deposit, what markets you want to access, if you want to invest your money, and if you want to pay a visit to the country in which you are opening your new bank account. 

If any of the countries we listed sound appealing to you, check them out in the ESelfKey Marketplace under “Bank Accounts - Personal Accounts”. There you can see all the details and what exactly is needed for you to open an offshore bank account in your country of choice. All the countries we have listed above are in our Marketplace and opening an offshore account can be as easy as clicking a button.