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There are dozens of cryptocurrency lending platforms on the market. In this article, we outline the many different crypto lending platforms and what makes them unique.

Crypto lending is becoming increasingly more mainstream, and with that, an increasing number of crypto lending platforms available. With more choice comes more research for interested users, which can certainly be overwhelming.

Here we’ve compiled the ultimate list of cryptocurrency lending platforms, including our top five tips on what to look for when choosing a platform.

What to look for in a crypto lending platform

Before we dive into the many crypto lending platforms available, it’s important to understand what you should be looking for. Once you have an idea of what you want in a lending platform, it’s a lot easier to make a decision. Here are our top five tips on what you should look for:

Interest rates

The first thing you should look at is interest rates. If you’re looking to lend, you want a higher interest rate so that your crypto is working for you. If you’re looking to borrow, a lower interest rate is naturally better.

Security

The next most important thing you should be looking at is security. How secure is the platform? Have they experienced a hack before and if so, what steps did they take to improve security? It’s important to know that your crypto is in safe hands, and any reputable lending platform should clearly outline what securities they have in place.

Supported cryptocurrencies

It’s also important to consider which cryptocurrencies the platform accepts, especially if you’re a lender. Most lending platforms accept Bitcoin and Ethereum, but if all of your funds are in altcoins and/or stablecoins, you might need to look for other options. Any decent crypto lending platform should have which cryptocurrencies they accept clearly listed on their homepage.

Flexibility

Flexibility when it comes to loan terms is something else that should be considered. How long do you want to lend or borrow for? Is there a penalty for failing to pay back the loan in the designated time frame? How frequent are the loan repayments? Some platforms have fixed terms which you can customize to suit your needs; others let you completely decide the terms for yourself.

Geo-Restrictions

Something you may not have realized is that some crypto lending platforms have geo-restrictions. This means that if you’re in a certain region, you may not be able to join a lending platform. As a result, you should always check to see if you’re able to register for your platform of choice.

Now that you know what to look for, you’ll have a better understanding of which crypto lending platforms are right for you.

The Ultimate List of Crypto Lending 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 focus on supporting a wide variety of cryptocurrencies, others are focused on safety and security, and some do all of the above.