I am looking for a new crypto lending platform and I will update you if and when I find one. Keep reading to find out why.
Must all good things come to an end?
I was about to write my monthly update for how MyConstant was working for me and although it is still doing pretty good I was sad to see that the interest rate for crypto was going down. It was previously 8% APR and I thought is was awesome. That is one reason I was a big advocate for the platform. It was subsequently reduced to 6% and I just received a heartbreaking email letting me know that the rate was dropping even further to 4%.
The reason for the 4% return was that there was less of a demand for crypto loans by the exchanges. Talk about a buzzkill. I was not overly surprised by the drop in the rates though. Recently MyConstant had lowered the fiat rates as well. I am not entirely sure why they dropped, but I would guess that the site is getting bigger and they have more capital to work with and as such they can afford to lower rates.
So I have some choices to make and I do not think they are going to be easy. I am on the hunt for a new crytpo lending site and I think I have some contacts who have been using a couple other ones with some success. I have not decided if I will shift some of my fiat money out of MyConstant but I generally like to find one site that can provide all my needs. The idea of tracking several different sites with money in each of them gets complicated the more I seem to have.
I used to use worthy as a spot to keep my emergency funds but when I saw that MyConstant was offering a percent higher return it only made sense to shift everything to MyConstant, especially with the outstanding rate they were giving me on my crypto.
I know a few months back I mentionedFebruary 2021 MyConstant Update that I was moving and thought that I would need some extra funds for the move, so I was keeping the majority of my fiat in the flex account. It earns 4% APR which is not too shabby but, and there is always a but. I initially was a huge fan of the ACH transfer ability with MyConstant but the entire system got jacked up with so many reversals that they suspended the ACH function.
I tried the Zelle feature and it seemed to work fine sending money from my account to MyConstant. I was getting an error when I tried to send from MyConstant to my account. I am not really sure what the deal was with Zelle and I am not really a fan of Zelle anyhow. My biggest complaint with Zelle is the limits, which I consider to be way on the low side. I just tried to move some money via ACH (apparently it has been fixed) and I should have my funds back in my account in a few business days.
So I kind of went off on a tangent there, my moving experience has yet to be finished as finding a suitable home has been difficult and I may end up shifting focus to an entirely different region. With the possibility of having to make a major move I am still keeping a few thousand dollars in my Flex account.
I am looking for a new crypto lending platform and I will update you if and when I find one. So, until I find a better option I will keep my crypto in the MyConstant account. I mean 4% is better than no percent which is what most wallets or sites like crypto.com give you.
I know I have been slacking with my blog for the past few months as I have been on the road staying in various AirBNBs and have been working on a couple of other websites and projects. Not to say this one is not important but I have been dividing my time and taking a little break while I pursue some other avenues that have been in the works for quite some time. I will make a concerted effort to provide more content as I can see that my page views has gone down significantly with the absence of updated content.
As always thank you for reading, I would say leave a comment but I am disabling comments for now since I have been getting lambasted with spam comments and I just do not have the time to filter through them in order to get to the legitimate comments.