All cryptocurrency holders know how valuable it is to keep Bitcoin and other cryptocurrencies. Often holders sooner or later face a situation when they need a certain cryptocurrency or dollars, but do not want to sell the asset. That’s when a Crypto Loan platform comes to the rescue. For example, CoinRabbit.
What is CoinRabbit
CoinRabbit is a centralized platform (CeFi) that lends to users on favorable terms. This platform appeared in 2020 and its goal is for crypto-asset holders to save their currencies.
By choosing CoinRabbit, borrowers can be assured of receiving interest without the risk of losing their assets. There is also the assurance of keeping the collateral and getting the currency they need.
How CoinRabbit works
Using this site, borrowers will be able to get any cryptocurrency they need. It’s very easy — you can borrow when the currency goes up or when it goes down. The collateral that you leave behind will be returned to you in full upon repayment of the loan. In addition, the collateral will be subject to all the rate changes that occur in the market. If the collateral starts to depreciate, it may be taken away, but you’ll get several notifications before that so that you can increase the amount of the collateral and not lose it.
There is no maximum for the loan amount on the site, so you can take as much money as you need. You can take out a loan with any LTV, starting at 50%.
Why to use CoinRabbit
Crypto loans are a great option when you need certain crypto assets, but don’t want to get rid of your savings — you can use them as collateral. Investors can be drawn to cryptocurrencies loans for a variety of reasons. For instance, the borrowers are able to get an interest income. If you pledge BTC as security for a BUSD loan and BTC will increase throughout the course of the loan, you’ll be left with a profit.
You can make a profit on changes in the value of virtual assets, and in this case, crypto loans also come to the rescue. If you have a positive experience in trading, you can repay the loan quickly, and then work on your profit.
How to open an account at CoinRabbit
On this site you’ll be able to take a loan in a couple of minutes, and you do not need to leave any of your personal information, provide solvency documents and so on. You only need a phone number and a crypto address.
Is it safe to use CoinRabbit
This site has a good reputation because it has not been seen to have any violations. Assets that are pledged by users are stored on a system of cold wallets. You can withdraw funds instantly at any time. you’ll also have the ability to provide your account with an extra layer of 2FA security.
To protect customer money, CoinRabbit combines hot and cold wallets. The access to cold wallets is provided by multisignature.
Advantages and disadvantages of CoinRabbit platform
Thus, we can highlight the pros and cons of this platform for crypto loans:
• You can get instant cash on your wallet in 5-10 minutes;
• No need to provide KYC and other personal information;
• Good interest rates;
• Over 130 currency options that you can use to borrow;
• Sufficient collateral, as well as warning of potential liquidation;
• You can contact the customer service at any time 24/7 and get help with any issue;
Talking about disadvantages:
• You can’t deposit fiat currency or convert cryptocurrency;
• The site does not have a mobile app yet.
Is CoinRabbit better than the competitors?
The annual interest rate on CoinRabbit ranges from 12% to 17%. It all depends on which cryptocurrency you choose. Interest will accrue to the repayment amount each month until the end of the loan period, but you can pay it off at any time.
You can take more than one loan. Then you can use the Stablecoins to buy what you need, or to borrow the necessary cryptocurrency for trading on the exchange or for other purposes.
How to contact CoinRabbit support
If the users will have any questions or they will need to contact the site staff with any problem, they can easily do it in the online chat on the official website. CoinRabbit’s support team is available 24/7 and you’ll get an answer within 10 minutes. If you’re more used to email, you can email support@coinrabbit.io.
Is it worth borrowing from CoinRabbit?
If you are looking for a site where you can make a loan that you can trust, CoinRabbit is a great fit. This site offers really good rates with high interest rates and is pretty transparent about asset insurance, fees and processes. You can get instant cash on favorable terms and reinvest your investments.
Founder Dinis Guarda
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