Tried and tested

Best Crypto Lending Platforms of November 2022

Crypto lending platforms provide a great way to earn interest on your cryptocurrencies by lending them to other people, or borrow cryptocurrencies such as USDC and Bitcoin to avoid having to sell.

1 min read

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Also Consider: Best Crypto to Lend || Best Crypto Staking Platforms || Bitcoin Lending Platforms


Nexo Savings Accounts

Best overall

Best all-round platform with competitive lending rates

Nexo is considered the gold standard of crypto lending platforms. They offer an easy-to-use platform, a wide range of cryptocurrencies to lend or borrow, a low-fee exchange, a credit card and much more. They are regulated, they have industry-leading wallet insurance and have never suffered from liquidity issues.

NEXO token

In order to get the best borrow and yield rates, you need to stake NEXO tokens. Please consider this when checking their interest rates and comparing it with other platforms that don't have this requirement.

Frequently asked questions

Pros & Cons

Regulated and licensed to operate across the world

There are many different cryptocurrencies to lend or borrow

High interest rates. Up to 36% APY

To get the greatest return on this crypto lending platform, you must stake NEXO tokens

Final Verdict

Nexo offers a suite of features and cryptocurrencies to choose from. With industry-leading insurance, regulation and no history of liquidity issues, it's a great option for borrowing and lending crypto assets.

Open account with Nexo


Ledn Lending Platform

Most responsible lender

Risk-averse and transparent

Ledn differentiates itself by offering risk-averse lending practices and focusing on USDC and Bitcoin only. They provide something called Proof-of-Reserves which is an industry-leading standard of transparency and accountability to their clients.

Similar to other lending platforms listed, they offer both yield products as well as the ability to borrow crypto. In addition to this, they also offer the ability to get a crypto-backed mortgage.

Ledn Proof of Reserves

They raise the bar for transparency

Ledn is the first company in the digital asset lending industry to pioneer a third-party proof-of-reserves standard by a public accounting company. This is an ongoing process that covers all client assets and lending operations.

Ledn Pros & Cons

Doesn’t impose minimum balance requirements

No minimum deposit time on its Saving Accounts

No trading fees

No support for cryptocurrencies other than Bitcoin or USDC

Only accepts Bitcoin as collateral for crypto-backed loans

Bitcoin Mortgage is only available for Ontario residents

Frequently asked questions

Final Verdict

Ledn is the best platform if you're looking to lend or borrow USDC or Bitcoin and you value safety and transparency from a lending platform. Of the platforms listed, it's the only one that also offers a crypto-backed mortgage product. Ledn has proven itself as a responsible crypto lending platform and we highly recommend it.

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YouHodler Savings Accounts


Most collateral options

They offer up to 50 collateral options with the highest LTV

YouHodler offers a very compelling loan product with up to 90% Loan-to-Value (LTV), 50 cryptocurrency collateral options, and withdrawal options in stablecoins, fiat, or crypto via SEPA and SWIFT.

In case you want to pay off your loan sooner than expected, that's not a problem. You only pay for days the loan was active. Additionally, they offer innovative features such as setting a take profit price, increasingly loan-to-value and extending price down limit.

Should you want to lend your crypto to earn yield, YouHolder are also very competitive in this space. Their interest rates are consistently some of the best in the industry and they offer interest on a large variety of cryptocurrencies, stablecoins and fiat currencies.

It also helps that YouHodler is insured, regulated, and has never suffered any liquidity or security issues, even in the very turbulent times of 2022.

Latest YouHodler Interest Rates

Pros & Cons

Registered and licensed to operate by Organismo Agenti e Mediatori (OAM) in Italy

It has a $150m insurance fund

It doesn't require staking a native token to get full benefits

It has a wide range of supported crypto assets

It is intuitive, making it easy for first-time users to get started

Some of the fees for using the platform can be much higher than competitors

It is not available to U.S. residents

Frequently asked questions

Never had liquidity issues

Unlike many of YouHodler's competitors, they have never suffered liquidity issues.

When you need options and flexibility

YouHodler is the ideal crypto loan platform for those who want flexibility with borrowing or lending. During the loan period, you can quickly and easily change the terms to meet your needs. Furthermore, it helps that they offer so many collateral and LTV options. They also offer high interest rates on a large range of cryptocurrencies, stablecoins and fiat. For these reasons, we believe YouHodler is a strong choice for your lending needs.

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What is a crypto lending platform?

Before we delve more deeply into how crypto lending platforms work, you must understand precisely what they are. Essentially, a crypto lending platform functions as a traditional lending platform.

You use a crypto lending platform to a crypto asset to earn passive income with an annual percentage yield, which gets lent on your behalf via a third party. Instead of dealing with funds in fiat, your funds get held in a cryptocurrency of your choice.

To begin earning money on your cryptos, it's as simple as opening an account. This step lets your crypto assets start working for you. As you can see, this approach represents an excellent way to break into the crypto investing world without diving immediately into the deep end of the pool.

How does a crypto lending platform work?

Admittedly, there are some essential differences between a traditional lending platform and a crypto lending platform. Instead of simply depositing money into your account, you transfer it into a crypto assets wallet. This wallet gets controlled by the lending platform provider you choose.

Once you've funded your wallet, you'll begin to earn interest every time another platform user borrows your crypto assets at a pre-arranged interest rate. This interest rate will vary based on a variety of factors, including market prices.

After all, when demand proves high, and the supply side of things struggles to keep up, expect to see interest rates skyrocket. Of course, the lending platform you choose significantly impacts the final price you'll receive for lending cryptos.

For this reason, the platform you choose remains among the most vital components of a successful cryptocurrency lending strategy.

A crypto lending platform versus a traditional lending platform

So far, we've focused on the similarities between traditional and crypto lending platforms. But you must also be aware of some critical differences before you start to earn interest in cryptos. These differences relate to:

  • Collateralization

  • FDIC Insurance

  • Yields

  • Fund access

What do you need to know about each of these critical areas of difference? Let's take a closer look.

That way, you'll know what to expect before picking a platform and funding your first crypto wallet. We'll start by tackling the topic of collateralization.


Many crypto lending platforms require what's known as the collateralization of crypto assets. Why? Because collateralization significantly reduces the risks associated with dealing with cryptos.

For example, BlockFi requires a 50 percent [loan-to-value (LTV) collateralization. This LTV rate compares the amount of a loan a consumer wants to take out against a potential purchase value.

As for collateralization? It refers to the fair market value of the assets used to secure a loan.

How do companies determine collateral value? By looking at the recent sale prices of similar assets. In some cases, this process may involve appraisal by a qualified expert, too.

Collateralization permits cryptocurrency companies to maintain a large buffer. This buffer protects the exchange or platform should the borrower neglect to pay interest payments on a loan.

The buffer also provides safeguards should the market correct. This approach to lending shields companies against the capriciousness of the crypto market.

The collateralization approach does something else. It nixes the need to perform traditional credit checks.

Why? Because the collateral provided guarantees the assets in question.

Of course, you won't find this level of collateralization with a traditional bank loan. For this reason, traditional banks prove far more vulnerable to loan defaults. That's why they perform credit checks to estimate whether a borrower proves creditworthy.

FDIC Insurance

What's another key difference between a traditional lending platform through a bank and one through a crypto exchange or platform? FDIC insurance.

Most traditional bank lending platforms come with a $250,000 Federal Deposit Insurance Corporation (FDIC) policy. For this reason, many people assume that crypto lending platforms have similar safeguards.

But don't make this faulty assumption. Such is not the case.

Many crypto lending platforms don’t have any associated federal insurance. That said, a growing number of them are making up for this with private insurance provided via companies like Lloyd's of London and AON.

Is this insurance essential? Absolutely.

Cryptocurrency companies have had to get creative about how they protect digital assets. As more money continues to flow into the crypto-asset market, digital currency companies will present tempting targets to hackers.

As losses from hacks continue to rise, we expect a growing number of companies to turn to outside-of-the-box security strategies. These strategies will protect the funds consumers entrust to crypto lending platforms.


We've been conditioned to expect very little from traditional bank lending platforms when it comes to yields. In a survey of the top high-yield online lending platforms, Bankrate annual percentage yields hovered between 0.52 percent with CIBC Bank USA and 0.65 percent with Quontic Bank.

These rates are nothing to write home about. Yet, they represent some of the highest-yield lending platforms available in the traditional banking world today!

As for crypto lending platforms? Get ready for much larger yield numbers.

Yields on cryptocurrencies range from about one percent to twenty percent or more. Yes, you read that right.

As you can see, these yields prove significantly higher than what you'll get with traditional lending platforms.

Why such a substantial difference? Crypto banks can’t produce money supply, so they attract investors with high yields.

As a result, supply and demand for cryptos determine interest rates. Because demand remains far higher than supply across a broad range of cryptocurrencies, expect to make more when lending digital coins via a lending platform.

Fund Access

Another significant factor you must get used to with crypto lending platforms is limited fund access. Traditional lending platforms let you freely withdraw funds up to six times per month without restrictions or penalties. But crypto lending platforms function differently.

They may limit your access to assets for a set amount of time from the date you make a deposit. They may also charge you fees for withdrawals, especially when you need to liquidate assets before the end of the pre-set period.

This reality can prove a nasty surprise for consumers who don't understand all aspects of dealing with cryptos. After all, there's currently no standardized guidance when it comes to withdrawal limits. For this reason, it can be tough to summarize what's standard across the industry.

Always read the fine print before funding a wallet through any platform or exchange. It doesn't hurt to read the company's frequently asked questions (FAQs), either. That way, you can learn more about potential fees.

Or, if you're lucky enough to work with a company that offers live customer service, ask a representative about how to gain access to funds. That way, you'll never get charged more than you should.

What to look for in a crypto lending platform

After considering the yields listed above, are you ready to learn more about earning interest on your cryptos? If so, you're far from alone. But you'll need to keep a few factors in mind as you begin to explore which platform is right for you.

Some things to research when selecting a crypto lending platform provider include:

  • The coins supported by the company

  • The withdrawal restrictions in place

  • The availability of crypto assets for purchase

  • The loan-to-value (LTV) rates offered by the brand

  • Whether compound interest is provided via the platform

  • The security of the platform

Each of these factors will tell you a wealth about what working with a specific company will look like. With that in mind, let's take a closer look at what you should consider when searching out the right crypto savings platform for your financial needs.

Coins that crypto lending platforms offer

When dealing with a traditional bank account, you don't have to make decisions about currencies. Your nation's fiat currency chooses you.

But different crypto lending platforms providers different types of cryptocurrencies. You must be prepared to deal with this significant deviation from mainstream lending platforms.

Where to start when it comes to selecting a cryptocurrency? Bear in mind that no account provider will permit you to earn interest on every coin on the market. After all, these platforms need to make a profit, too.

For this reason, you should carefully verify which digital currencies are supported by each company you consider. What's more, if you already own cryptocurrency, you may need to get even pickier.

What do we mean? There's no point in selecting a provider that can't support the coins you possess. If you're lucky enough to hold assets in Bitcoin (BTC), Ethereum (ETH), or even Litecoin (LTC), this likely won't prove an issue.

These are widely accepted cryptos among almost the entire crypto lending space. But if you're the proud owner of a stash of Dogecoin, DentaCoin, or KodakCoin, you'll need to dig deep to find a company that supports your weird and wacky assets.

Are you ready to find out more about the most popular cryptocurrencies and altcoins on the market today? If so, take a look at our comprehensive list of the most commonly used cryptos, from Binance USD to Gemini Dollar and EOS.

Purchase availability of various crypto assets

Purchase availability issues may or may not apply to you. It all depends on whether you already hold crypto assets.

If not, you should select a crypto savings provider that offers accounts with market access. What does this mean? Market access stipulates that you can buy cryptocurrency via the platform and set up your lending platform with that company.

Going this route will streamline and simplify the entire crypto onboarding process. In turn, it means you can start earning yields on your crypto holdings sooner. And you nix unnecessary paperwork, transactions, etc.

Compound interest and whether it applies

Many consumers assume they'll earn compound interest on their crypto lending platform. But such is not always the case.

For this reason, you must inquire about whether a compound interest rate applies to the lending platform you're interested in applying for.

What if you find yourself in the unenviable position of having a lending platform that lacks a compound interest rate? Understand that you'll still earn interest on your initial deposit over time. But it won't be anywhere near what you'd see with a compounding interest account.

In other words, you'll have to trade or spend the interest to realize its potential fully. This situation proves incredibly frustrating for investors who prefer a hands-off approach. You owe it to yourself to ensure any account you fund comes with the advantages of compound interest.

The security of the platform

We've already touched on this issue tentatively in discussing the differences between traditional bank lending platforms and crypto lending platforms. As you know, companies have had to up their games significantly in response to threats from hackers.

Hence the new focus on insurance companies such as Lloyd's of London as security provision solutions. But the safety of a given platform shouldn't stop at insurance alone. Look for companies that provide two-factor authentication (2FA), a vital step in safeguarding your digital assets.

Because crypto companies don’t have FDIC insurance, the account provider's financial stability matters that much more. The best companies also offer cold storage solutions, providing additional layers of financial security.

Crypto lending regulation

Crypto lending is a new phenomenon and regulators in the US and around the world are struggling to keep up with it. It's important to understand the regulatory environment in your country to make sure you're not breaking any laws. You can learn more about crypto lending regulations.

While most countries have opted to either regulate or ignore crypto altogether, others have opted to take a more aggressive approach and ban its ownership and use outright. The list of countries is not large and doesn't appear to be growing, however, it's something you should be aware of and take precautions in case something like that happens in the future. We recommend checking whether crypto lending is legal in your country before opening an account.

Can you make money with crypto lending platforms?

Now we come to the question that everyone's been waiting for. Can you turn a decent profit with a lending account? The short and simple answer is yes, especially if you deposit your funds into a high-yield crypto lending platform.

That said, you'll receive the yield in the cryptocurrency of your choice. In other words, if what you're most concerned about is generating revenue in a fiat currency such as the dollar, you may not reap the results you want with a crypto lending platform.

It's hard to beat the yields many cryptocurrency exchanges and platforms offer. These fantastic yields (up to 20 percent) on USDC prove tempting even to the most skeptical of crypto users.

Remember, there's a very close parity between the US dollar and the USDC coin, making USDC an excellent asset to hold under the right circumstances. Nevertheless, sudden fluctuations in demand--particularly drops in demand for the USDC--could wipe out your initial investment and subsequent returns.

Yes, you may see fantastic returns when investing in cryptos, but nothing is guaranteed.

That said, if you already own cryptocurrency or would like to purchase some, a crypto lending platform comes with genuine value. And, yes, a lending platform can generate money if you know what you're doing.

Crypto lending platforms: The takeaway

We've covered plenty of ground in this best crypto lending platform article. We started by exploring what crypto lending platforms are and how they work. Next, we considered the pros and cons of these new lending platform options in the context of traditional lending platforms.

Despite listing some of the highest standard bank account yields, it quickly became evident how much more you stand to gain with a crypto lending platform.

After listing some of the most popular platforms in each category, we considered each system's features, providing you with a better understanding of which technology is right for you and your crypto assets when choosing the best crypto lending platform.