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10 Best Crypto Lending Platforms in Singapore (2023 Update)

best crypto lending platform
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As we dive into 2023, the world of cryptocurrencies continues to expand, pushing boundaries and revolutionizing traditional finance systems. Nowhere is this trend more apparent than in the ever-evolving cryptocurrency lending industry. As such, crypto lending platforms have found a welcoming environment here, providing users with new avenues for investment and wealth creation.

This guide has a curated list of the best crypto lending platforms available in Singapore, taking into consideration their ease of use, reliability, annual percentage yields (APYs), payout frequencies, security measures, and other unique features. 

In a world where digital assets continue to prove their worth, these platforms provide a seamless way to earn passive income from your crypto holdings, unlock liquidity from your assets, and even get a loan using your cryptocurrency as collateral.

However, while the promise of high returns can be enticing, it’s important to thoroughly understand the risks and rewards associated with crypto lending. Always make informed decisions and consider seeking advice from financial professionals when in doubt. Happy investing!

What is Crypto Lending & How does it Work?

Crypto lending is a financial transaction where a lender loans out crypto assets to a borrower in cash or other crypto assets in return for interest income through a lending platform. A successful crypto lending transaction must take place through the 3 parties.

Crypto lender

A crypto owner lends to borrowers and earns interest on cryptocurrencies in return. He will receive a borrower’s cryptocurrencies as collateral for the loan. If the borrower fails to pay back the loan and defaults on interest payments, the lender will sell the collateral and receive the principal amount with interest owed. A lender cannot trade the assets pledged.

Crypto borrower

A borrower, unwilling to sell crypto assets, pledges digital tokens as collateral to raise funds from a crypto lender and promises to repay the principal and interest to a crypto lender after an agreed-upon time. If the borrower fails to pay back the loan with interest, the lender has a right to sell the collateral to compensate for the loan and interest loss.

Crypto lending platform

Like a bank, the platform is where lenders and borrowers come and make deals. But, unlike a bank, a lending platform does not act as a middle man like guaranteeing or fact-checking a borrower but only provides minimum support like autonomous and standard protocols facilitating transactions.

Business People Analyzing Investment Performance

Types of Crypto Lending Platforms

  • Automated platforms: As a lender, you earn interest income once you deposit crypto assets into a wallet on the platform. Find out more on the best crypto wallet you can get in Singapore.
  • Manual platforms: Like a fixed deposit product offered by a bank, a lender must commit to a fixed amount and a fixed period to earn a specified interest income.

Advantages of using Crypto Lending Platforms

  • Easy access to financing: Borrowers don’t need complicated procedures required by traditional financial institutions like banks to approve loans as decentralized finance. Even credit checks are not necessary except for crypto assets as needed for pledges.
  • Automated programs running loan programs: Crypto lending platforms use automated programs, e.g., “smart contract,” to manage the whole process from “application to monitor” and require little human input, doing most crypto lending work and making the process more efficient.
  • Expeditious access to profits: The procedure is simple: Depositing cryptos into a vault on the platform, lenders start earning interests from their assets. Lending platforms use automated protocols to manage businesses.

Disadvantages of using Crypto Lending Platforms

  • Liquidation risk: Crypto assets are assets of high volatility. Sudden asset-price fall may lead to immediate liquidation of collaterals to repay crypto loans owed to lenders. Even over-collateralized assets are not exempt from the risk.
  • Program breakdown: It is not news that crypto accounts are prey for hackers and computer programs are always subject to attacks. There is a probability that the system can break down by assault, and investors will suffer losses.

As a diversified strategy of passive income investment, a crypto loan is a high-risk investing activity due to its unstable nature, even though a stablecoin’s value is still fluctuating. You should review your risk acceptance level regularly.

Businessman using computer searching for digital data of stock f

The Best Crypto Lending Platforms for 2023

1. BlockFi

BlokFi manages USD15 billion in crypto assets, an established lending platform in the US. They offer flexible options for investors depending on investment amounts and currency types.

The options offered:

Minimum amounts required

N/A

Lock-in periods

N/A, withdrawal at any time

Annual Percentage Yields(APY) or interest income

  • Non-stablecoins(Bitcoins, Ethereum, Litecoins): up to 5%
  • Stablecoins: up to 9.25%

Payout frequency

Monthly

Extra rewards available

Monthly compound interests

Regulating jurisdiction

  • Ongoing application with the US SEC
  • Bermuda Monetary Authority

What we like about BlockFi:

  • High-interest rates for crypto assets, especially stablecoin
  • Various cryptocurrency types on offer
  • No minimum investment amount and no lock-up period

2. Aqru

Aqru’s registered company, Accru Finance Limited, is a Bulgaria company whose parent company, Accru Finance Ltd, is licensed in the UK. The lending platform offers a high-interest rate of up to 7%. Besides, lenders can deposit fiat currency into an account, and the option makes it appealing to non-crypto investors.

Minimum amounts required

EURO110 or British pound 118

Lock-in periods

N/A, withdrawal at any time

Annual Percentage Yields(APY) or interest income

  • Non-stablecoins(Bitcoins, Ethereum, Litecoins): up to 1%
  • Stablecoins: up to 7%

Payout frequency

Daily

Extra rewards avalaible

N/A

Regulating jurisdiction

Regulated by the Lithuanian Government

What we like about Aqru

  • The attractive interest rate for stablecoin
  • No lock-up period

3. Crypto.com

Registered in Singapore, Crypto.com hosts close to 100 crypto assets. It offers stablecoin investors an attractive rate of 6% without any lock-up requirement. Investors committed to a longer-term will earn a maximum of 10% for their investments. The lending platform offers higher yields on select tokens, e.g., its native tokens, for 14.5% maximum. 

Minimum amounts required

  • Subject to coin types
  • Maximum USD500,000 or equivalent

Lock-in periods

Tailor-made; flexible options

Annual Percentage Yields(APY) or interest income

Subject to coin types

Payout frequency

Weekly

Extra rewards avalaible

Offers available to Crypto.com’s coin only

What we like about Crypto.com

  • Hosting of various cryptocurrencies
  • High-interest rates
  • More rate incentives for crypto.com’s coins

4. YouHodler

Headquartered in London, the UK, the platform emphasizes security and carries USD150 million pooled crime insurance for clients’ assets. YouHodler accepts primary fiat money like USD, GPD, EUR, CHF, and cryptos like Bitcoins, Ethereum, and popular stablecoins, e.g., USDT, USDC. The company uses Ledger Vaults and Fireblocks to enhance asset security.

Minimum amounts required

Minimum USD100

Lock-in periods

N/A, withdrawal at any time

Annual Percentage Yields(APY) or interest income

Up to 12.3%

Payout frequency

Weekly

Extra rewards available

Compounded interest

Regulation

  • A member of the blockchain association
  • 3FA security level

What we like about YouHodler

  • No lock-in period; withdrawal anytime
  • USD150 million pooled crime insurance
  • Support for various crypto assets
  • Suitable for beginning investors

5. Nexo

Like other lending platforms, Nexo offers up to 6% APY on cryptocurrencies. If you stake its native crypto, it gives you 8% APY, the maximum. Stablecoins USDC and USCT can yield up to 20% APY. 

Headquartered in London, the UK, Nexo, similar to YouHodler, carries USD$375 million insurance against clients’ assets.

Minimum amounts required

It depends on crypto-asset types

Lock-in periods

Various from being flexible to one month

Annual Percentage Yields(APY) or interest income

Up to 36%

Payout frequency

Daily

Extra rewards available

High-interest rates on Nexo assets

Regulation

Licensed in states in the US

What we like about Nexo

  • Flexible options for lock-up periods; withdrawal anytime for no lock-up period
  • USD375 million pooled crime insurance
  • Support for various digital assets
  • Up to 20% APY for stablecoins

6. Nebeus

Nebeus is an excellent choice for crypto-backed loans in Singapore. They offer two distinct loan options: Quick Loans and Flexible Loans. Quick Loans are suitable for smaller daily expenses with 0% interest, while Flexible Loans cater to your individual needs with customizable terms, up to 80% LTV, and a 36-month term.

Nebeus supports 9+ crypto coins as collateral, giving you the flexibility to choose the right asset for your loan.

Minimum amounts

0.001 BTC

Lock-in periods

Maximum 4 months

Annual Percentage Yields (APY)

Up to 8.2%

Payout frequency

Monthly

Extra rewards

Earn NBTK tokens

Regulation

Bank of Spain

What we like about Nebeus

  • Nebeus provides a wide array of services including buying, selling, and storing cryptocurrency, borrowing using crypto as collateral, and earning interest on crypto deposits.
  • Nebeus offers a high Annual Percentage Yield (APY) of up to 8.2%, which allows users to earn a substantial passive income from their crypto holdings.
  • The platform’s native NBTK tokens can be earned by users, providing extra rewards and incentives.

7. CoinLoan

CoinLoan is another popular crypto-lending platform in Singapore. The platform supports a wide range of cryptocurrencies and offers competitive interest rates on loans. With CoinLoan, you can earn up to 12.3% interest on your crypto investments, allowing you to grow your capital over time. The platform also provides a user-friendly interface and extensive customer support, making it an excellent option for both new and experienced crypto enthusiasts.

Minimum amounts

0.005 BTC

Lock-in periods

No lock-in period on flexible accounts

Annual Percentage Yields (APY)

Up to 12.3%

Payout frequency

Monthly

Extra rewards

Up to 2% bonus in CLT tokens

Regulation

Estonia Financial Supervision and Resolution Authority

What we like about CoinLoan

  • CoinLoan is known for its competitive interest rates, with an APY that can reach up to 10.3%, providing a good income stream for lenders.
  • The platform supports a wide variety of cryptocurrencies, offering flexibility for users to lend or borrow.
  • CoinLoan prioritizes user safety with robust security infrastructure, including multi-signature confirmation and 2FA, ensuring the protection of user assets and data.

8. CoinRabbit

CoinRabbit is a promising crypto lending platform in Singapore that offers instant loans against your cryptocurrency holdings. They provide a simple and straightforward process for obtaining a loan of up to 90% LTV, with no credit checks required. It also doesn’t charge any processing fee and funds are never locked.

CoinRabbit supports various popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin as collateral. One of the standout features of CoinRabbit is its competitive interest rates, giving you attractive returns on your crypto investments.

Minimum amounts

$100

Lock-in periods

No lock-in period

Annual Percentage Yields (APY)

Up to 10%

Payout frequency

 

Extra rewards

Earn RABBIT tokens

Regulation

N/A

What we like about CoinRabbit

  • CoinRabbit offers crypto loans of up to 90% LTV.
  • Lenders earn 10% interest on popular coins, including USDT, USDC, BSC, and USD Coin
  • No processing fee and funds are never locked.

9. SpectroCoin

SpectroCoin is a cryptocurrency exchange and wallet platform that offers a range of services, including trading, lending, and payment processing. This Belarus-based DeFi platform has been in the industry since 2013 and has received consistent ratings and reviews.

The platform supports multiple cryptocurrencies, including Bitcoin, Ethereum, and Dash, and offers competitive fees and rates for its services. If you’re taking out a loan, depending on the cryptocurrency you’ll use as collateral, the interest rate will be around 4.95% (if you are using the native BNK token to pay interest).

What we like about SpectroCoin

  • SpectroCoin is not just a crypto wallet or exchange—it’s an all-in-one solution for dealing with digital currencies. It offers buying and selling services, a digital wallet, a prepaid card for spending your crypto, and merchant tools for businesses.
  • The platform supports a broad range of cryptocurrencies, including Bitcoin, Ethereum, Dash, XEM, and many others, providing users with plenty of options.
  • SpectroCoin’s prepaid card is a distinct feature that allows users to spend their crypto in everyday transactions, enhancing the practical usability of cryptocurrencies.

10. Binance

Binance is one of the largest and most well-known cryptocurrency exchanges globally. It offers a wide range of services including trading, digital asset management, blockchain and crypto education. Locals can buy Bitcoin, Ethereum, and Binance Coin in Singapore. If you need to borrow, Binance offers an LTV Range of 60% to 65% depending on the collateral. The interest rates for crypto loans will vary based on loan term as well as the VIP level.

The platform supports hundreds of cryptocurrencies and is known for its robust security, intuitive interface, and impressive liquidity. Binance also provides advanced features for experienced traders, such as futures and margin trading. It has its own native token, Binance Coin (BNB), which can be used for transaction fee discounts and participation in token sales.

Minimum amounts

0.0001 BTC

Lock-in periods

1 day for regular products 

Annual Percentage Yields (APY)

Up to 20%

Payout frequency

Daily

Extra rewards

Up to 40% commission with referral program; BNB coin benefits

Regulation

Multiple jurisdictions including Malta and the Cayman Islands

What we like about Binance

  • Binance offers a wide range of services and features, including spot trading, futures trading, and a fully-fledged decentralized exchange. It also provides a wallet, educational resources, and even charity initiatives.
  • As one of the world’s largest crypto exchanges by trading volume, Binance boasts high liquidity, ensuring fast and efficient transactions.
  • Binance’s native cryptocurrency, BNB, provides various benefits for holders, such as discounted trading fees, participation in token sales, and more. This incentivizes usage and promotes a vibrant ecosystem around the platform.

What Is The Safest Crypto Lending Platform?

When choosing a crypto lending platform, safety should be one of your top priorities. In this section, you’ll learn about some of the safest crypto lending platforms that are available to users in Singapore.

Nexo is a popular choice for many users due to its focus on both high interest rates and safety. With Nexo, you can buy, swap, and sell your digital assets on its crypto exchange while enjoying instant crypto loans. Furthermore, the platform’s commitment to user safety makes it an attractive option.

Another reputable platform is Binance, which is known for its competitive rates and strong security measures. Binance has an extensive user base, and its lending platform is easy to use, adding to its high level of trustworthiness.

Likewise, YouHodler is considered one of the most flexible and secure crypto lending platforms available. It enables users to borrow, lend, and earn interest on their cryptocurrencies while providing a simple interface and various tools to manage risk effectively.

When evaluating the safety of a crypto lending platform, consider the following factors:

  • Security measures in place, such as multi-factor authentication and cold storage of assets
  • User reviews and reputation within the industry
  • Availability of insurance or protection funds to ensure safe lending and borrowing
  • Platform transparency, including the team behind the project and their track record

By assessing these factors and comparing different platforms, you can make an informed decision about the safest option for your crypto lending needs.

golden bitcoin hands suit

Which Crypto Lending Platform Would You Recommend And Why?

When looking for the best crypto lending platform in Singapore, it is essential to consider your needs and preferences. Here are some recommendations based on different factors that may help you make an informed decision.

  1. Interest Rates: If you’re seeking high interest rates on your deposited cryptocurrencies, consider BlockFi. They offer up to 8.50% Annual Percentage Yield (APY) on certain cryptocurrencies.
  2. Reputation: For a well-known and trustworthy platform, Binance is a popular choice due to its competitive rates and established presence in the crypto world.
  3.  Flexibility: YouHodler stands out as the most flexible crypto lending platform, allowing you to use any of the top 50 cryptos when taking a loan.
  4. Low Risk: If minimizing risk is your primary concern, OKX could be the best option for you. They offer lower risk rates compared to other platforms and are one of the top crypto lending platforms for short-term loans.
  5. Full Ecosystem: For a platform that offers a range of services such as borrowing, earning, trading, and even insuring your cryptocurrencies, consider Nebeus. They offer competitive rates through four different earning programs.

Keep in mind that it is always essential to conduct thorough research before choosing a platform. Assess the security, fees, customer support, and transparency of each platform to ensure it aligns with your needs. Remember to stay updated on the latest industry developments and changes in lending rates to maximize your gains.

What Is The Best NFT Lending Platform?

As you explore the world of crypto lending, finding the best NFT lending platform can be crucial for maximizing your investments. In 2023, several platforms stand out for their features, security, and reliability.

Arcade is a DeFi marketplace and lending platform for loans backed by NFTs. Being a user-friendly platform, you can access a liquid lending market and utilize your NFTs as collateral for loans.

Another top-rated NFT lending platform is Nexo. With a strong presence in the digital finance market since 2018, Nexo is a trusted lending institution that offers NFT lending services. It is also known for offering high-yield NFTs. The platform currently focuses on high-value NFT collections and has issued one of the largest NFT-backed loans, worth more than $3.3 million.

While these platforms are noteworthy, remember that the best NFT lending platform for you will depend on your unique needs and preferences. Consider factors such as:

  • Ease of use
  • Supported NFT types
  • Loan terms and interest rates
  • Security and reputation

By carefully evaluating these elements and researching each platform, you can choose the most suitable NFT lending platform for your asset management.

Factors to Consider in Choosing a Crypto Loan

You should review and consider offers by lending platforms. Besides crypto lending rates, the following factors listed are critical to decisions on the appropriate institution.

1. Collateral

Most lending platforms accept popular cryptocurrencies as collateral yet may not be willing to allow all token types for financing. You should consult your platform if you intend to use particular cryptocurrencies as a loan pledge.

2. Loan-to-value(LTV)

It is a loan ratio to a crypto asset value as collateral. For example, if a platform has a 35% LTV for a maximum limit of an approved loan, you can get a 35% loan subject to a collateral value. The LTV varies depending on asset types and lending platforms. You should research before applying. 

3. Loan currency

First, you should decide what loan currency. If you think fiat or hard money is your choice, you should find a lending company with sufficient reserve for your needs. Likewise, you must ensure a lending platform has enough reserve for a cryptocurrency you require if you choose a crypto asset as your loan currency.

Second, platforms may deviate from one another in loan terms even if the same loan currency is available. Comparisons are necessary for your needs to minimize the costs.

4. Loan terms

You should admit an old saying: “The devil is in the details.” Loan agreements may differ considerably among various lending platforms concerning collateral liquidation. The institutions have different requirements regarding conditions, e.g., the grace period and the admitted percentage fall in the collateral value under which they liquidate an asset. They are the essential terms you should consider.

5. Annual percentage rate (APR)

The APR is the loan interest rate a landing platform charges. Like others, different platforms charge different rates on different crypto assets. You should study them based on your requirements to minimize interest costs.

How to Borrow

Though lending platforms have borrowing procedures different from others, basic requirements are the same for all. You can access their apps or websites and follow guidelines. The standard requirements are collateral types, loan amounts, and loan terms. The time of getting a loan is quicker from a lending platform than in a conventional institution.

Final Thoughts

The Crypto lending industry, with a related industry boom, has flourished in recent years. But the lending platforms differ on investment borrowing terms, among others. Both crypto-asset lenders and borrowers should research before making decisions.

Key takeaways

  • 3 pillars from the crypto industry: lenders, borrowers, and lending platforms
  • Lending platforms offer attractive returns to lenders, especially the native cryptos.
  • Lending crypto lending platforms have various requirements concerning LTV, loan terms, and collateral, among others.
  • Lenders should examine their risk acceptance level concerning terms like annual percentage yields and lock-in periods.
  • Lenders should be vigilant about legal development.

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