To start either lending or borrowing, you need to deposit assets on CoinLoan first. Depositing assets is simple with CoinLoan because you have the most popular depositing options: SEPA and SWIFT. With the help of this guide, CoinLoan aims to answer the questions you may have about depositing on the platform.

How to Make a Deposit on CoinLoan

Step-by-step, we’ll review all* depositing methods available for each available currency on the CoinLoan platform.

*While this guide will be covering a majority of depositing methods, it is not feasible to discuss all of the available methods. For example, you can buy coins using the CoinLoan Crypto Exchange, allowing you to avoid depositing a new currency. However, we will not be covering this method in our depositing guide.

Payment Methods

A simplified version of CoinLoan’s depositing options

Crypto or Stablecoins

If you need to deposit crypto or stablecoins, you should transfer coins from your personal wallet to the CoinLoan address. Go to the My Wallet tab, choose the desired currency, and press the Deposit button to find the address.

Note: all Ethereum based currencies should be sent only via the Ethereum network.

How much does a crypto or stablecoin transaction cost?

CoinLoan charges no fees for depositing coins to the platform. However, there are some blockchain fees collected in order to process the transaction on the network. Here, you can find the average transaction fee for the top cryptocurrencies.

As most stablecoins are ERC-20 tokens, their fees are included in the Ethereum network fees system.

How long does a crypto or stablecoin transfer take? 

Different coins vary in transaction speed because the transfer has to process. This process can take multiple hours for some cryptocurrencies on a busy day.

Fiat Money

When depositing fiat, you need to decide which fiat currency you’d like to use on the platform first. Currently, euro transfer is the most convenient depositing method.

However, you can also transfer USD and GBP. You can even use your local currency, and your bank will automatically convert your money into the desired fiat currency.

In the next section of this guide, we will review each of the available payment methods on CoinLoan. We will highlight each method’s main features, pros, and cons.

SEPA

  • Available for: EUR deposits

  • Best for: Small and large transfers

  • Limits: For Eurozone only

  • Cost: As a local transfer

  • Speed: 1 business day

SEPA is a cheap and fast, internationally-recognized payment method. However, SEPA payments are only available for euros and European countries. Here is the complete list of countries that can use SEPA.

How do you use SEPA as a payment method?

Select the Deposit button in the My Wallet tab and сhoose SEPA as your payment method. After doing so, you will receive bank details with a unique reference number. Use this information to send a transfer and deposit funds in your CoinLoan Wallet.

Please include the full reference number in the transfer details. Otherwise, CoinLoan will not be able to find or process your transfer.

How much does a SEPA transfer cost?

Per EU regulations, transfers between bank accounts in two different SEPA countries shouldn’t cost any more than a regular, local transfer.

SWIFT (Wire Transfer)

  • Available for: EUR deposits

  • Best for: Large transfers

  • Limits: No territorial limits

  • Cost: ~30–50 EUR

  • Speed: 1–3 business days

SWIFT is a secure messaging system that banks use to send each other information quickly, including instructions for international wire transfers. However, SWIFT doesn’t always mean a direct transaction; sometimes, the instructions have to go through a few intermediary banks.

On the plus side, it allows you to transfer any currency anywhere. Unfortunately, it’s a costly, time-consuming transfer method.

How do you use SWIFT as a payment method?

Click on the Deposit button in the My Wallet tab and сhoose SWIFT as your payment method. After doing so, you will receive bank details with a unique reference number. Use this information to send a transfer and deposit funds in your CoinLoan Wallet.

Please include the full reference number in the transfer details. Otherwise, CoinLoan will not be able to find or process your transfer.

Please note that the minimum amount you can deposit using SWIFT is 1,000 EUR.

How much does a SWIFT transfer cost?

Transfer costs can vary widely from bank to bank when using SWIFT. When considering different fees and exchange rates, SWIFT transfers fees typically range from 30 EUR to 50 EUR.

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