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BitcoLoan review & warning [year]

Launched this year, on January 15, BitcoLoan is a decentralized peer-to-peer cryptocurrency lending platform that acts as an intermediary between two parties who are either interested in borrowing or lending. In other words, the platform guarantees smooth operation of the entire process with the help of its quick search function.

There is a lot of talk about BitcoLoan being a scam so we decided to dig a little deeper. Can you trust this crypto lending program or should you avoid this at all costs? 

BitcoLoan Review


Bitcoloan is a crypto lending startup that operates out of Sydney, Australia. They offer a platform where you can invest your cryptocurrency and earn interest or borrow if needed.

We do our best to cover all the important details of the BitcoLoan company and the questions you may have but make sure to read to the end to see our final conclusion as you may find this company is not for you. 


  • Free membership
  • Potential to moon


  • Only able to market the opportunity
  • No products or services for sale
  • Operating on ERC-20 token

Popular Crypto Lending Programs

We have researched the entire crypto market and tested out multiple crypto lending services. We have rated BitcoLoan at the bottom of the list when comparing service, trustworthiness, security, rates and other factors that fall fall below par. 
Here are two of our favorite crypto lending programs that offer competitive rates, have a reputable history and are transparent which is ultra important to us when selecting for our personal use. 

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What is BitcoLoan?

Bitcoloan review

BitcoLoan is not a bank or financial institution per se; they are basically a kind of helping hand to people in need. If you want to loan your cryptocurrency to others but are skeptical about the borrower or the return. In that case, Bitcoloan is just the platform for you which also does not require any kind of paperwork for eligibility. 

On the Bitcoloan platform, both lenders and borrowers can get a suitable offer within a couple of minutes. It is up to the individual about for how long he/she wants to lend or borrow cryptocurrencies. However, the minimum requirement is of 30 days. 

Not just that, using the BitcoLoan services, the interest rate for each loan offer is much favorable for both borrowers and lenders. 

If you are a lender, you can loan your cryptos for days of your choosing(minimum 30 days), and in return, you will yield up to 0.6% to 0.9% profits daily. On the contrary, the interest rate for the borrower is the lowest compared to the market; one needs to pay 1.5% interest per day. 

For instance, suppose you want to borrow $100 worth of BTC for 30 days, the platform will find a lender for you. After the 30 day period ends, you will need to pay $18 value of cryptos other than loan cryptocurrencies. 

BitcoLoan: Business Model

Something to point out in this Bitcoloan review, we found the BitcoLoan lending platform operates on a transparent rating system. If you are someone who wants to invest your cryptocurrency on the forum, you will get a 0.1 rating in the beginning. This initial flat rating, though, can be bettered by carrying out a particular set of actions. At the moment of writing this review, the following are the ratio of yields an investor can get after maintaining specific rating points.

  • An investor having a rating of 0.1 will get 0.7% profit on his/her investment.
  • With a rating of 1.5, the investor will yield 0.85% profit.
  • When an investor gets a rating of 3.0 on the forum, he/she will be receiving 1.0% profit on their investment.

How can you increase your rating on BitcoLoan?

The platform provides a clear set of a to-do list for its users to increase their initial ratings. By carrying out any or all of the following actions, one can increase their ratings:

  • Share a link to a peer-to-business loan. +0.1 rating
  • Test out P2P lending. +0.2 rating
  • Send an invitation to the platform for a 0.1 increment.
  • Get a 0.1 increment on your rating by sharing BitcoLoan.
  • Opinion your thoughts about the platform on social media for 0.1 increments.
  • Share the news from the BitcoLoan blog on social media and increase your rating by 0.1.

BitcoLoan: Why should one choose it?

The BitcoLoan platform offers several rewards and exciting features to its userbase, which makes investors highly attractive to the forum for stable gains against their investments. These features include:

Fast Yield:

A lender can match with a borrower with the help of the platform’s quick search with a repayment period. This repayment period ranges from 30 to 90 days. 

Stable Reward:

Irrespective of the fact that you are a lender or a borrower on the platform, BitcoLoan takes care of everything and ensures that you get paid your due profits on time. 

Favorable Terms:

You can invest on the platform as an individual lender and profit up to 1% daily.

Long-term investment plan:

If you are someone who likes to hold your cryptocurrency for a longer period of time, then BitcoLoan is the right platform for you. On BitcoLoan, you can invest your cryptocurrencies as a business loan as well for a 360-day term for a more extensive profit of 1.4% daily.

Additional Bonus:

Through the BitcoLoan forum, an individual can earn up to a 10% bonus on their investment. All they need to do is lure their social friends to the platform.

BitcoLoan: Key Features

As the BitcoLoan platform facilitates the transaction process between lenders and borrowers, we will discuss features that benefit both.

Features that facilitate the borrowers:

  • Long-term Loans: An excellent feature for all kinds of purposes. You can get a loan for a time of 1 to 3 months per your choice.
  • No KYC:  The platform does not require any proof of identity for you to be eligible for the borrowing.
  • Quick Loans:  The platform is heavily dependent on its algorithm and claims to facilitate its users with a loan within 10 minutes once applied.
  • Low-Interest Rate: The asking interest rate is relatively low if compared with the banks or other lending platforms. Anyone can get a loan at a 1.5% interest rate per day.
  • No Approval:  Once you have applied for a loan on the platform, you will not really need to get the approval of any sort. It is accepted momentarily.

Features that benefits the Lenders:

  • Quicker Profit Generation: BitcoLoan presents the facility of lending to individuals for a shorter time-period that ranges from 1-3 months. In this way, the lender gets his loan repayments and profits much faster.
  • Become a Lender with what you have: On the BitcoLoan platform, a lender can start earning by investing worth of $10 cryptocurrencies within 24 hours.
  • Secure Individual Lending experience: The BitcoLoan lending platform ensures the safe return of lender’s investments by freezing the collateral funds in the borrower’s account. If borrowers fail to repay the loan, the lending forum compensates the investors via that frozen amount.
  • Invest together and earn more: BitcoLoan lending forum also presents its userbase an opportunity to invest together with others. Say you and your friend want to invest a significant amount together to lend to businesses. In this way, you and your partners can earn more profits in less time. 

BitcoLoan: How it works?

As we have already mentioned, BitcoLoan is kind of an intermediary party or guarantor between a lender and a borrower. Down below, we will discuss how you can join the platform and begin enjoying its features both as a borrower and a lender.

How you can Borrow from BitcoLoan

In order to get a loan from the BitcoLoan platform, you need to follow the simple steps mentioned below.

BitcoLoan review & warning [year] 1

  • Create an Account: Visit BitcoLoan’s official website and click on the “Start now” button showing on the top right corner to create your new account.
  • Make a Pledge: At first, you will be required to pledge an amount to the platform that it asks for against your desired loan amount. 
  • Apply for a loan: Once the pledge amount is deposited, you can now apply for the loan by filling the form. Within minutes, the amount will go to your account.
  • Funds Withdrawal: After receiving the funds, you can quickly cash it out in the shape of a cryptocurrency of your choice. 

How you can lend through BitcoLoan

The lending process to the individuals and to business is pretty much symmetrical; after selecting the desired entity, say to individuals on the platform, you need to perform the following steps.

  • Login to your account and go to the deposit page.
  • On the deposit page, go to the loan to the individual section showing on the extreme left and select the cryptocurrency in which you want to lend and the time limit for return.
  • Press on the “Find Borrower” button and wait for the match the platform does for you.
  • After executing the search, the system will show you all the necessary details of the borrower and your investment, such as the interest rate, payback date, etc.

How Secure is BitcoLoan?

As per BitcoLoan’s claims, the website is one of the secure platforms for your investments. Once you have created your account, you need not be worried about your funds’ safety as the platform implements many of the essential security tools for its protection. 

The platform implements Face ID and two-factor authentication techniques to secure your account, meaning that only you can access your account.

Moreover, the platform employs end-to-end encryptions for data transmission preventing third-party cybercriminals from accessing your account. Besides this, BitcoLoan also uses secure SSL connections to add a layer of security to your account’s assets and data.

BitcoLoan: Payment Methods

Primarily, the Bitcoloan platform’s payment method is in cryptocurrencies, but it is usually reflected as USD in the account. Following is the list of cryptocurrencies that the forum uses for payment.

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Dash (DASH)
  • Litecoin (LTC)
  • Dogecoin (DOGE)
  • Tether (USDT)
  • Monero (XMR)

Is BitcoLoan legit or a scam?

To conclude, we will now discuss about whether this lending platform, BitcoLoan, is legit or not? I will present you with a few details that make me doubtful about the company’s legitimacy. 

But keep in mind, we at are only giving you the facts that we find after researching thoroughly about the platforms. We are not, in any case, influencing you to make decisions based on our findings.

Furthermore, this review is not an attempt to defame or popularize the platform, in this case, BitcoLoan. I am only trying to answer the question, “Is Bitcoloan Legit?” you might have.

  • There is no information about the owner of the company whatsoever on the web. Without knowing who runs the show, indeed, it can create a doubt about the authenticity and legitimacy of the website, as we do not know who to hold responsible for if something goes wrong on their end.
  • The official website claims that there are 12million+ borrowers and 18million+ lenders worldwide using their services. The company also claims that, on average, $12,000 amount is running through the platform daily. It is somewhat surprising to see a company this new be able to get this much traction in such a short time-span. 
  • The website launched this year only, and the domain registration date is from April 07, 2020, to April 07, 2023, which speaks about their plan to stay in the market for a longer time. Still, it’s very unlikely to this kind of growth in short time.
  • The impractical policies for a borrower who is obligated to pledge their cryptocurrency as collateral first. If you have the collateral, then why would you borrow in the first place?
  • Cryptocurrencies are considered mainly as investment assets, so preserving them as collateral will limit your profiting opportunities in times of bullish markets.

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CryptoWhat was created in 2015 and has become one of the most trusted and well-respected sources of information on all things crypto. The blog's authors are dedicated to providing clear, concise, and jargon-free explanations of this complex technology, so that everyone can understand it.