To start either lending or borrowing, you need to deposit assets on CoinLoan first. Depositing assets is simple with CoinLoan because you have many depositing options. But how do you know when and which depositing method to use?

Here, we present an ultimate guide to depositing on CoinLoan.

With the help of this guide, CoinLoan aims to answer the questions you may have about depositing on the platform. Continue reading for more information on CoinLoan deposits.

In this guide, we shed light on the following topics:

  • How to deal with deposits on the platform;
  • What the difference between crypto, stablecoins, and fiat is when it comes to deposits;
  • How to choose a payment option;
  • What steps need to be taken in each deposit case;
  • The amount of time and money each payment method requires.

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, and doing so allows you to avoid depositing a new currency. However, we will not be covering this method in our depositing guide.

Figure 1: A simplified version of CoinLoan’s depositing options.

Crypto or Stablecoins

If you need to deposit crypto or stablecoins, then all you need to do is transfer coins from your personal wallet to the CoinLoan address.

To find the address, go to the My Wallet tab, choose the desired currency, and press the Deposit button.

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 terms of transaction speed because the transfer has to process. On a busy day, this process can take multiple hours for some cryptocurrencies.

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, GBP, and RUB, as well. 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.

Visa/MasterCard

  • Available for: EUR deposits
  • Best for: Small transfers
  • Limits: No territorial limits
  • Cost: 2 EUR + 4.2% (based on the amount transferred)
  • Speed: Instant

Visa/MasterCard is a highly-recommended, fast, and widely-accepted method. However, this method is not the cheapest one available.

Please be aware that we currently support only Visa and MasterCard bank cards. Also, your card should have “3D Secure” technology support (Verified by Visa or MasterCard SecureCode). If your card is in another currency (not EUR), your bank will automatically convert your payment during the transaction process.

To use Visa/MasterCard on the CoinLoan platform, we need to verify your card. When starting the verification process, you should have a balance of at least 2 EUR (or the equivalent), as we charge a temporary verification transaction fee. After your payment method has been verified, deposits can be made within a few clicks.

How much does a Visa/MasterCard transaction cost?

The easiest way to determine the transaction fees when using a Visa/MasterCard is to check after adding your card. Once your card has been added on CoinLoan, visit My Wallet → Deposit. Then, select the Visa/MasterCard payment method.

Now, choose your verified card and enter the amount you’d like to deposit. Here, you can access your gateway/transaction fee. For example, please see “Figure 2” below.

Figure 2: Example of a Visa/MasterCard deposit’s gateway fee.

TransferWise

Update 07.31.2019: Since TransferWise suspended its support to crypto-related companies, we recommend using similar services, such as Xendpay and WorldRemit.

TransferWise is an online service that allows you to send money internationally. It’s a highly-recommended payment method, and it is the cheapest method available on the CoinLoan platform.

Also, TransferWise is accepted worldwide. Read the full list of supported countries here.

TransferWise has developed an algorithm to match one sum with another. By doing so, TransferWise can take that sum out of a national account and send it to the receiving party. This approach avoids international transfers altogether, meaning your money never actually crosses borders.

With TransferWise, you can make international transfers or create a borderless, multi-currency bank account. It’s like you have local accounts all over the world, making international transactions with non-international fees possible.

How do you use TransferWise as a payment method?

Click here to read the full guide on how to use TransferWise to deposit your funds.

How much does a TransferWise transaction cost?

Visit TransferWise’s price checker to figure out what your transaction fees will be. For instance, according to this price checker, when you send 1,000 EUR, you’ll pay a fee of 4.12 EUR.

Further, you can send money in other currencies, and TransferWise will convert that currency into euros automatically.

How long does a TransferWise transfer take?
Sending your money can take a maximum of two business days, but transfers rarely take this long. You can get an estimate of how long your transfer will take by entering the requested information into TransferWise’s transfer calculator.

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 full 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.

Please note that the minimum amount you can deposit using SEPA is 90 EUR.

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.

Also, almost all neo-banks support SEPA transfers, meaning you can use Revolut, Monese, Monzo, N26, Bunq, Holvi, and many other services to deposit EUR using SEPA.

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 along the way.

On the plus side, it allows you to transfer any currency to anywhere in the world. 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 1000 EUR.

How much does a SWIFT transfer cost?

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

AdvCash

  • Available for: EUR, USD, GBP, and RUB deposits
  • Best for: Deposits in different currencies
  • Limits: Unavailable for US citizens
  • Cost: Check here
  • Speed: 1–3 business days

The advantage of using the AdvCash payment method is that it’s cheap and available for all fiat currencies on the CoinLoan platform. Since SWIFT deposits for USD are temporarily disabled, you can use AdvCash only to transfer USD or GBP to the CoinLoan platform.

So, if you’re going to deposit other currencies outside of euros, it may be useful to create an AdvCash account.

Please note that AdvCash is unavailable for US citizens.

How do you use AdvCash as a payment method?

Click here to read the full guide on how to use AdvCash to deposit your funds. Please be aware that the minimum amount you can deposit using AdvCash is 50 EUR/USD/GBP or 5000 RUB.

How much does an AdvCash transfer cost?

Visit AdvCash Fees page to figure out what your transaction fees will be.


Alfa-Bank

  • Available for: RUB deposits
  • Best for: Transfers from Russia
  • Limits: For Russia only
  • Cost: As a local transfer
  • Speed: Instant

Using Alfa-Bank allows Russian citizens to make cheap and quick domestic transactions in rubles.

How do you use Alfa-Bank as a payment method?

Click on the Deposit button in the My Wallet tab and сhoose Alfa-Bank 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 Alfa-Bank is 5000 RUB.

How much does an Alfa-Bank transfer cost?

You’ll need to pay the fee/rate that your bank charges for a domestic transaction.

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