CoinLoan Review: A Guide, Review & Comparison for 2021

CoinLoan Review Key Takeaways

General, APR, LTV, etc.
  • Although a relatively new company founded in 2017, this platform has remained clear of any controversy & have never had any significant security breaches or hacks. They have fast established themselves as a key choice for crypto holders, traders and investors alike; with no freezes/lock-ins for savings products and withdrawal fees at any time, with Celsius also covering gas fees.
  • Operates as both an exchange, wallet, interest account & crypto loan service. Customers can buy a currency from their exchange, move it to their interest account and start earning monthly compounding interest on their savings; all without ever leaving the CoinLoan platform. To find a platform that does it all in one is uncommon, especially one that offers such fair exchange rates & great APR; all without credit checks.
  • Offering highly flexible loans with periods of up to 3 years and LTV options ranging from 20, 35, 50 & 70%, each with varying interest rates. The origination fee is approx. 1% of the respective loaned currency, which we feel is very fair & competitive. This origination fee is mostly insignificant unless taking out excessively large loans in expensive currencies such as BTC.
  • The platform is very straightforward and easy to use, with verification/KYC checks only taking around 15-20 minutes (from sign up to email confirmation). The vast majority of funds are kept in cold storage, ensuring security & safeguarding against theft. CoinLoan are further insured for up to $100 million by Lloyds, with their holdings secured by leading cryptocurrency custodian, BitGo.
APY, Fiat, Staking, etc.
  • Earn monthly compounding interest of up to 4.5% on cryptocurrencies & 10.3% APY on Fiat/stablecoins. Users have the choice to further earn up to 2% extra APY on their savings by staking CoinLoan’s native token (CLT), which we explain in greater detail under our “CoinLoan Token explained” section. We feel this platform offers some of the most competitive rates around, waiving any withdrawal/deposit fees, further covering all gas fees; almost unheard of in comparison to their competitors.
  • Very easy for Fiat onboarding, however bank cards requires 24 hour verification process after adding to an account. Choose between 16 supported cryptocurrency/stablecoin & pay with one of three Fiat options (GBP, EUR, RUB); or convert crypto-to-crypto/crypto-to-fiat, all via their exchange. Currently no option for paying in USD.
  • A highly accessible platform, suitable for use on both PC and mobile, with mobile app support on both Apple & Android phones. Their support is extremely responsive, featuring both live chat, email support and a telephone hotline. In our experience with the live chat, we were talking to a support representative within 5 minutes. Our queries were dealt with professionally yet in a calm & friendly manner.

What is CoinLoan? An Overview

Conceptualised in 2017 & taken live in July 2018, CoinLoan’s first exchange service appeared December later that year. CoinLoan are new to the game yet have quickly established themselves as a top choice for crypto-holders. They offer a fairly comprehensive crypto experience, including an exchange, storage wallets, savings accounts with staking and lastly crypto/stablecoin/Fiat loan options; all with very fair rates and minimal fees. This platform excels with easy Fiat onboarding, allowing users to buy/sell/convert approx. 16 crypto assets with relative ease.

Choose from fiat-to-crypto, crypto-to-crypto and crypto-to-fiat transactions when exchanging or loaning. Currently they only support 3 Fiat currencies, GBP, EUR and RUB, with plans to include USD in the future. Using their savings account, users can earn up to 12.3% APY of compounding monthly interest; much better rates than any retail bank. A loan of up to 70% of your chosen collateral, with a margin call of up to 90%.

Fully licensed, regulated & secured

Fully licensed & regulated financial institution licensed under Estonia Financial Authority, their team operate worldwide. Because of this, they must enforce KYC/AML procedures to ensure compliance with European & international regulations. Due to the nature of this company, they have decided to be regulated by Estonian law, one of the world’s most crypto-friendly countries. As it stands, CoinLoan is available for use worldwide, with exceptions for regions where blockchain based currencies remain banned.

Whilst it seems like they’re operating on a small team, their support is remarkably responsive & helpful; often operating better than most mainstream competitors who rely on automated support. Accessibility is a key focus for CoinLoan, allowing users to use the platform via PC or mobile; with the CoinLoan app released for iOS and Android in April 2020. The vast majority of funds remain in cold storage, offering the best protection against security breaches; alongside remaining insured for up to $100 million by Lloyds.

New to CreditBit? Compare CoinLoan’s financial products side by side with other companies and find the best choice for you. Take a look at our full list of savings accounts, loans, and credit cards.

crypto loan security

CoinLoan Token explained

As part of their loan service, this platform further allows users to stake their own native CoinLoan Token (CLT); also used for paying platform fees, securing loans and guaranteeing greater interest rates. Users can buy CLT directly from the CoinLoan crypto exchange, or via the HitBTC exchange. This initiative allows users to boost their APY by up to 2% and earn even more on their holdings. Their team state that there is no minimal staking time required to receive bonus rates; with all interest rates in the account increasing by 0.1% per 125 CLT held, up to 2,500 CLT:

  • 125 CLT – 0.1% increase
  • 375 CLT – 0.3% increase
  • 1,000 CLT – 0.8% increase
  • 1,250 CLT – 1% increase
  • 2,500 CLT – 2% increase

Please note that holding in excess of 2,500 CLT will not affect interest rates any further.

CoinLoan Loyalty Levels

This platform does not give preferential rates based upon loyalty, with no such “loyalty scheme” in place. Instead, users can stake their own native token for an APY increase of up to 2%, as described above.

Verification, deposit and withdrawals

Verification and KYC

Whilst some may wish to remain anonymous, KYC checks greatly improve security alongside allowing users to deposit/withdraw Fiat currencies. In compliance with Estonian & European financial regulations, CoinLoan are required to conduct KYC checks upon registration. This process is straightforward and easy, with confirmation coming in only 15-30 minutes after registering; much faster than many platforms which often take ~24 hours to confirm.

Applicant data requires an identity document (passport, drivers license, etc.) followed by a verification selfie. CoinLoan utilise a third-party app (Sumsub) for identity document & selfie verification. We found that this app didn’t load on our phone until it was opened in browser, however they did confirm the information very quickly. After these KYC checks, users are free to fully use the platform, including Fiat deposit/withdrawal once your credit/debit card is added & verified.

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Deposit process

As it stands, CoinLoan currently offer free deposits with no hidden fees. Deposits are fairly fast, taking just ~5 minutes to appear in your chosen wallet. Please note that users must verify their card/identity before enabling deposits for Fiat and certain cryptocurrencies.

Withdrawal Process

Much like making a deposit, customers will enjoy free withdrawals no extra fees. Users can also make a withdrawal straight away for all currencies, requiring no verification process.


CoinLoan have yet to undergo any major security breach or hack since founding, utilising both 2FA and KYC checks. They further keep the majority of funds offline in cold storage, the safest way to store cryptocurrency. A mix of these three factors have safeguarded against any hacking or theft, even protecting individual accounts from user error with 2FA/KYC. This platform is individually insured for up to $100 million by Lloyds, covering customers of any loss from security breaches.

They are further safeguarded by BitGo, industry leading crypto-custodians who oversee and safeguard the funds of many platforms, including CoinLoan. BitGo are known as highly secure custodians, never undergoing any security breach. Rest assured that your holdings are secured by one of the biggest custodians in the industry.

Insurance & cold storage

CoinLoan are insured for up to $100 million by Lloyds Bank, considered one of the “Big Four” clearing banks. This platform further enlists the aid of industry-leading BitGo; likely one of, if not the best crypto-custodians available, with a strong track record and no security breaches. As a result, most of CoinLoan’s holdings are stored offline via cold storage wallets, the most secure way to store cryptocurrency.

Account security

All accounts must set up 2FA (Two Factor Authentication) before withdrawal becomes available. This is done via an authenticator app such as Google Authenticator (recommended) or SMS code. Those using the mobile app can also utilise biometric login (fingerprint) for greater security & ease of use; otherwise feel free to stick to the default 6-digit pin.

As previously mentioned, this platform features KYC checks in compliance with European regulation, which also protects against identity theft and fraud. Users have the option to freeze their account from either the mobile app or website. To further increase security, CoinLoan implement a withdrawal hold after a security setting change; resulting in a 24 hour hold period after password change, reset or 2FA deactivation.


How do CoinLoan loans work?

CoinLoan offer loans with instant approval and no credit checks, accepting approx. 10 cryptocurrency assets as collateral. There are 4 options to choose from, each with varying LTV (Loan to Value) ratios; from 20, 35, 50 & 70%, each with varied interest rates respectively. Here’s a quick example of LTV in action, we’ll demonstrate 50% for simplicities sake:

  1. Deposit $1000 of any of the 10 supported collateral currencies into your CoinLoan wallet
  2. Now use this currency as collateral to take out a loan with a 50% LTV, which results in a loan of $500; half of your collateral. In our experience, these funds are quickly transferred to your bank or chosen wallet (if borrowing cryptocurrency/stablecoins). Your collateral is kept by CoinLoan until the loan is repaid.
  3. Assets are instantly returned to your wallet once the respective loan is fully paid off, under the watch of a dynamic collateral monitoring system.

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CoinLoan margin calls: What happens if the value of your assets decreases?

The value of your collateral assets decreasing during a loan also means that your LTV increases too. Almost all platforms have a certain LTV limit, known as a margin call. Once this point is reached, part of your collateral assets are liquidated to cover loss and make loan repayments. In terms of this company, CoinLoan maintain one of the best margin call rates we’ve seen to date; allowing for up to 90% of LTV before margin calling/liquidating assets. However before this happens, CoinLoan will notify you and offer the option to add additional funds to lower LTV and prevent any liquidation of assets.

  1. Loan amount: $1000
  2. The original value of collateral: $2000 in ETH
  3. Value of collateral after ETH price decreases: $1400
  4. (1000/1400)*100% = 71.4%.

Referencing the example above, should your ETH collateral decrease from $2000 to $1400 with an outstanding $1000 loan, you will need to repay some of the loan, add more collateral or accept the liquidation of your assets for loan repayments. Due to the volatility of cryptocurrency, this can be fairly risky, with big price drops potentially leading over leveraged holdings to liquidation.

What happens if the value of your assets increases?

The advantage of taking out a loan with platforms like CoinLoan is that users still own the underlying asset. If the value of your collateral assets increase during the initial loaning period, you keep the difference in profit. With the inclusion of a Dynamic Collateral Monitoring System, users can take out another loan against the assets; due to LTV decreasing whilst asset value increases. An example of this is as follows:

  1. You have a $600 loan against $1200 of BTC in your wallet (50% LTV)
  2. The price of BTC has increased, resulting in your asset value rising to $1800
  3. You can now take out an additional $300 (50% LTV) against the collateral asset.

Taking loans is tax efficient!

When taking out a loan, there is no need to sell any assets, meaning that this event is no taxable. As a result, users keep their crypto whilst releasing the capital.

What assets are supported as collateral?

CoinLoan supports the following 10 cryptocurrency assets:


Can’t find your asset? Check out our loan comparison tool for more information >>

coinloan review comparison 2021

What is the minimum loan amount?

The minimum loan requirement varies depending on currency. All 5 of their stablecoin options (USDC, USDT, BUSD, TUSD, PAX) have a minimum loan amount of 1000. For Fiat currencies, GBP/EUR have a min. loan of 100, whereas RUB is 5000. The min. loan requirement for cryptocurrency options are 0.01 for BTC/WBTC & 0.5 for ETH, LTC & XMR.

How long does it take to receive funds?

Coinbase uses an ACH bank transfer system which typically takes 1-2 business days to complete, after sale/withdrawal.

How much do CoinLoan Loans cost?

This platform offers some of the most competitive rates in the industry. Users can enjoy no deposit or withdrawal fees, with even gas fees remaining fully covered by CoinLoan. We were unable to find any fees outside of Annual Percentage Rate (APR); which is the yearly interest percentage paid for taking out the loan. However, this can be paid back at any time without penalty.

Unlike some platforms, CoinLoan forgoes loyalty level type schemes, instead basing fees on LTV. APR only changes depending on your LTV option, with APR’s ranging from 4.95 – 11.95% respectively. Also worth noting is the 1% origination fee when loaning currency, which isn’t expensive unless taking out very large loans. On top of covering all fees, these APR’s are actually very competitive and lower than most leading competitors.

  • 20% LTV: 4.95% APR
  • 35% LTV: 7.95% APR
  • 50% LTV: 9.95% APR
  • 75% LTV: 11.95% APR

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How much can you borrow with CoinLoan?

This platform has no set limit as to how much users can borrow. Instead, they simply loan up to 70% of your collateral, which can amount to anything. For example, $10,000 of collateral will secure a loan of $7,000.

Repaying CoinLoan Loans

Users are free to pay back all or just part of the loan at any time, with interest only paid for the period the loan was taken out; meaning no instalment payments, early repayment fees and any other additional charges. Should users fail to repay or default on their loan, CoinLoan will liquidate user collateral to cover the cost of the loan & any additional fees. However, your LTV must reach 90% before they consider this, an incredibly lenient rate. They will also warn users several times before taking such action.

CoinLoan Loan Summary / Verdict

Although new to the scene, CoinLoan have quickly established themselves as a top tier centralised finance (CeFi) crypto loan provider. Their platform is easily accessible, suitable for use on PC alongside mobile app support for both iOS and Android phones. Users have a variety of options to choose for their loan, from 20, 35, 50 & 70% LTV ratios, each with varying APR. Feel free to loan Fiat, stablecoin or cryptocurrency with approx. 15 assets to pick from, all with incredibly flexible loan times ranging from 1 month to 3 years. Alongside this, users can further use Fiat, stablecoin or cryptocurrency as collateral against their loan; with 11 asset options to use as collateral.

CoinLoan boast brilliant rates & one of the best margin calls we’ve seen at 90% LTV. Their support is always helpful & responsive, which is exactly what you need when money is on the line. We feel that CoinLoan is the perfect choice for for those looking to take out a Fiat, stablecoin or cryptocurrency loan. This platform provides great collateral & asset options, competitive rates, flexible loan lengths, superb support & one of the best margin call rates to date. As such, we feel that CoinLoan is definitely a top pick for any crypto investor in 2021. Learn more about their loans with our in-depth CoinLoan loan comparison/review.

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New to CreditBit? Compare CoinLoan’s financial products side by side with other companies and find the best choice for you. Take a look at our full list of savings accounts, loans, and credit cards.

How to use the CoinLoan savings account

To start earning interest on your cryptocurrency, simply go to the “interest account” section and deposit to your respective currency wallet. Once this is done, enjoy instant rates with monthly compounding interest. Users can earn up to 12.3% APY on their assets with the inclusion of staking options. Interest accumulated daily at 14:00 UTC, with compounded interest credited to accounts on the first day of the month at 15:00 UTC.  Overall, a simple & straightforward process, free of any withdrawal/deposit fees, gas fees or lock-in period.

Flexible savings account (no lockup term)

As it stands, flexible savings accounts with no lockup terms are the only option offered by this platform. We feel that this is the right option, in comparison to how Nexo recently implemented fixed savings accounts to a negative reception. These flexible savings accounts give users much more control & security over their own holdings & avoiding unnecessary restrictions. This platform cover the vast majority of fees, including withdrawal, deposit & gas fees. Learn more in greater detail in our CoinLoan savings account review.

Fixed savings account (minimum lockup term)

Unlike mainstream bank deposits and other competitors, CoinLoan has no lock-up periods. As a result, users can deposit or withdraw holdings from their savings account at any time. Whether this platform plans to implement minimum lockup terms/fixed savings in the future remains unknown.

Savings loyalty levels

Normally, such platforms offer varying levels of membership at a subscription. CoinLoan have made it clear that no typical “loyalty scheme” is in place, instead allowing users to opt into their staking options for better rates. As mentioned above, users can further stake their native token (CLT) to increase their APY by up to 2% (based on holdings). In a sense, staking is their own take at loyalty levels.

Compounding monthly interest

In addition to the vast majority of platforms, CoinLoan opt for monthly compounding interest; with rates rising (compounding) each month, essentially it’s interest on top of interest. This compounded interest is always paid at the same time, at the first day of the month at 15:00 UTC. Users can further improve their interest rates by staking their native token, CLT.


Although founded in 2017, CoinLoan’s crypto-exchange service wasn’t added until December 2018. Although supporting only 16 assets and 3 Fiat options, the exchange offers extremely easy Fiat onboarding and a variety of options; such as Fiat-to-crypto, crypto-to-crypto & crypto-to-Fiat exchanging. The user interface is sparse yet clean, showing just two boxes on the page. We feel that whilst a price graph is always nice, this straightforward design is somewhat refreshing. Users are quoted which update every 30 seconds, with rates very close to matching current buying/bidding price.

From what we’ve seen, there are no additional fees or hidden rates. Instead we believe CoinLoan make profit from the tiny margin of difference between their exchange rate and other exchanges. Some trading pairs are limited, for example BCH can only buy BTC, CLT or WBTC. Otherwise, users have a choice of 5 stablecoin & 10 cryptocurrency assets to exchange. Definitely an extremely easy to use platform, if not one of the simpler exchanges. Perfect for beginners, casuals or those who are sick of looking at candlestick charts; although it’s worth noting that this platform contains far less features than your average exchange, with fairly limited pairs.

coinloan asset exchange

The CoinLoan Cons:

Whilst a top choice for many, no company is free from flaws. After a while of using this platform, you do notice a couple of discrepancies between competitors, such as missing features, asset options and more. Here are just a few of the cons behind using CoinLoan:

  1. Limited asset options – Currently, this platform only offers 10 cryptocurrency & 5 stablecoin assets. Although they cover most major currencies (TUSD, BTC, ETH, etc.), we still feel that offering more options will come as a welcome addition.
  2. Currently no USD Fiat option – Although they potentially plan to add USD support, CoinLoan currently do not accept USD as a Fiat option; a fairly strange move considering the huge market and crypto-traders operating in this currency. However, we did ask support and they stated that they do still have plans to implement USD.
  3. 1000 minimum for stablecoin loans – A fairly straightforward negative, we feel that this minimum loan requirement for all stablecoins is a little much. Whilst most taking out loans will probably look to borrow more than this, we believe this cuts out options for smaller holders with less crypto to put up as collateral.
  4. Best rates only available when staking – Although advertising an APY of 12.3%, these rates are only attainable via staking their native CLT (CoinLoan Token). Users need to hold approx. 2500 CLT for an APY increase of 2%. This is a pretty big ask for smaller investors, considering CLT is currently valued at ~$6.80 each; requiring an up-front investment of $17,000 for 2500 CLT. Even big investors might shy away from this option, considering the volatility of the crypto market.

Is CoinLoan legit?

As a fairly new platform, we feel like it’s too early to tell. However, from what we’ve seen and experienced, we feel that CoinLoan are genuine & somewhat more transparent than other platforms. Alongside this, they also cover their customers nicely, paying off and additional gas fees & voiding any withdrawal/deposit fees. Their support is stellar, maintaining a rapid response time to any questions or queries.

They have never had any security breaches or hacks since conception. Whilst the exchange is fairly sparse and stripped of features, this service clearly isn’t their priority. Their loans are fair & flexible, with a decent amount of options and no additional fees; all whilst maintaining compliance with Estonian & European regulations. All in all, we feel as though CoinLoan is definitely legit. Please leave a comment/user review & let us know your thoughts, or read below for more information.

is coinloan a good company?

Summary: is CoinLoan a good company?

Using this platform in detail, we feel that CoinLoan offer a host of quality services at fair rates. For savings, although compounding monthly interest is a little slow, their rates are still better than most competitors. However, we dislike that the best rates require users must stake/hold approx. 2500 CLT (CoinLoan Token); approx. $17,000 in CLT. As a result, most retail investors are confined to standard rates of ~10.3%, which we feel still very good. The exclusion of additional withdrawal, deposit and gas fees also helps to set this platform apart from the rest.

After reviewing their security measures and protocols, we felt that our funds were safe & secure. This is especially true with the inclusion of many industry standards such as cold storage. They also follow suit with many other mainstream platforms by using crypto-custodians to further secure holdings. Whilst we feel that their asset options were okay, 15 currencies & 3 Fiat options (with no USD) are only good for so long.

Although, CoinLoan’s highly competitive & flexible rates make borrowing from this platform a good option. Their margin call rate is one of the best we’ve seen so far and the fees are fair and on par with other platforms. To conclude, we feel that CoinLoan is a modest yet surprisingly comprehensive & highly competitive platform with more options than most.


Do I earn interest on my currency if I take out a loan?

No. When you take out a loan, your asset is transferred to your loan wallet which does not earn interest.

Does CoinLoan have an affiliate or referral program?

Yes, feel free to check out their affiliate program here.

Will a CoinLoan loan show up on my credit history?

No. There are no credit checks, as your collateral assets are all that’s required.

What happens if CoinLoan goes bust?

If CoinLoan becomes insolvent, it is unclear what will happen to customer funds. However, we do know that they are insured for up to $100 million by Lloyds Bank.

Do you earn interest on CoinLoan Token?

No. There is no interest on CLT, instead users can hold/stake this token for boosted APY rates.
9 Total Score
CoinLoan Review: Key Points

Here are a handful of essential pros/cons surrounding CoinLoan; perfect for those seeking a short, concise conclusion. Learn more about this platform and uncover our official trust rating, scoring on reputation, product offerings, customer support and fees. Know something we don't? Please tell us in your user review!

Trust & Reputation
Product Offerings
Customer Support
  • No early repayment fees
  • Some of the best APY rates
  • 1 month to 3 year loan period
  • Insured for up to $100 by Lloyds
  • Secure - 2FA, KYC & cold storage
  • No withdrawal, deposit or gas fees
  • Highly helpful & responsive support
  • One of the highest margin call LTV's (90%)
  • Staking options available with native token
  • Highly accessible - suitable for use on PC or mobile
  • Selection of services - Loans, exchange, savings accounts, etc.
  • No USD
  • Only 3 Fiat options
  • 1000 minimum stablecoin loan
  • Slacking a little on asset options
  • Less collateral options than some competitors
  • Staking APY requirements are a little excessive
  • 1% origination fee is expensive for very large loans
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