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Out of all the different crypto-related services that have popped up on the market in the past few years, cryptocurrency lending and borrowing have to be among the most popular ones. Crypto lending platforms have become a staple in the industry - more and more people choose them over traditional credit and lending institutions!

What’s the entire appeal surrounding crypto lending, though? How are the best crypto loan providers better than your traditional currency lending companies?

We’ll talk about all of that in this article! On top of that, I’ll tell you about 6 of the best crypto lending platforms in the current industry, both in regards to lending your assets, as well as taking out a loan, yourself. Our list will look a bit something like this:

Crypto Lending Platforms: Lending VS Borrowing

While crypto lending platforms are a popular concept, people actually look for these platforms for two very different reasons. The same is likely true with you, if you’re reading this article.

One group of individuals is going to want to lend their assets, and earn passive interest on them, while the other group will want to borrow crypto. While both groups of people have different goals, they are still both going to need the same crypto lending platforms, nonetheless.

Admittedly, most people who are googling “best crypto lending platforms” are actually looking for a place where they could lend out their assets. As mentioned above, you’d do that in order to earn a passive income, over a period of time. So, you’d lend your cryptocurrencies to someone else, with the platform acting as an escrow, of a sort.

Crypto lending platform: physical BTC coins on US dollars.

Then, after the other person repaid their debt, you’d receive interest. Naturally, things are far more technical than that, but the general idea remains the same.

Now, the other group of people looking for the best crypto lending platforms are looking for a top-tier place to take out a loan, for themselves. In this regard, cryptocurrencies have become a method of borrowing money without the need to involve centralized banks and other credit issuers.

Think about it - perhaps you have a poor credit score? Maybe you’ve taken out a loan before, something went wrong, and now your score has suffered because of it? In many cases, traditional credit providers are very strict with their choices, in regards to whom will get a loan, and who will get denied.

On the flip side, crypto lending is a way to solve this, for many individuals out there.

Crypto lending platform: two people discussing loans.

When you take out the best crypto loan, all of the processes are going to happen with the help of smart contracts. This, in turn, means that there’s no room for human error, and there won’t be any foul play involved.

Granted that you put up collateral while taking out a loan, the loan provider can be assured that their assets will are protected, and that you will most likely pay the loan back - if not, you’ll lose your collateral. Note that crypto loans without collateral don’t really exist - anyone offering a service like this shouldn’t be trusted lightly!

Circling back to our list of the best crypto lending platforms, rest assured - here, you’ll find platforms that offer both the option for you to lend out your crypto assets, as well as borrowing features for those who want to take out a loan.

Crypto lending platform: Binance BTC/USD pair.

One last note, though - we won’t be discussing decentralized crypto lending projects. While they do often offer some very attractive APYs and other benefits, there are also certain risks associated with them, as well.

On top of that, those same APYs are also often very volatile - this creates a lot of uncertainty, and if the market one day experiences a worse day than usual, it could result in some unpredictable profit swings.

Instead, in this article, we will focus on established and mostly well-known crypto platforms - those that employ KYC verification checks in regards to their users, as well as offer industry-standard asset and identity security features.

Now that we’ve got that out of the way, let’s get to our list!

1. CEX.IO - Crypto-Backed Loans Without Credit Scoring

Ranks #1 out of 6 Crypto Exchanges

CEX.IO is a prominent name in the crypto exchange industry. Initially, one of the best-known features of the exchange was that it allowed its users to withdraw fiat money into their bank accounts.

Believe it or not, this was a super-rare occurrence - very few exchanges offered this functionality!

With time, though, CEX.IO started offering more and more features to its users, and eventually became one of the best-known names in the space. You may trade multiple different coins on the platform, as well as withdraw fiat money, optimize your fees, and so on. There’s even a handy and beginner-friendly mobile app for the exchange, too!

Among all of those different features of CEX.IO, naturally, you will find crypto lending and borrowing, as well.

Crypto lending platform: CEX.IO lending.

Specifically, CEX.IO allows its users to borrow cryptocurrencies or fiat money, with crypto acting as collateral. The loans are issued within minutes, and you are able to withdraw them instantly.

The LTV is going to range depending on the asset that you wish to borrow, as well as that you’ll place as collateral. However, taking the standard scenario of you borrowing USD for BTC (collateral), the LTV should range around 60%. This is very similar to platforms such as Binance, which is pretty good!

On top of that, anyone whos planning on using CEX.IO as their preferred best crypto lending platform should also be aware of the fact that there is no credit scoring or background checks involved in the process. In other words, CEX.IO won’t check your credit history, or your general financial background.

CEX.IO logo

Overall Score

8.4

Best For

Experienced and Novice Crypto Traders

Operating Countries

Serbia, United States, Jamaica, Georgia, + 200 more

Latest Coupons

See All Coupons of Best Exchanges

Verdict

One of the oldest and most user-friendly crypto exchanges.
Visit site
Read review

Table: Some general information about the CEX.IO exchange

The only thing that matters is whether or not you have the collateral to back up your loan. If you do - you’re good. If not - you won’t receive the loan.

This is actually the core feature behind crypto loans, in general. People’s credit scores could be bad for a variety of reasons - oftentimes, traditional credit institutions don’t really care, though. With crypto, one is able to avoid this issue, altogether.

In short, CEX.IO is definitely one of the better options, as far as best crypto loan providers go!

👉🏻 Visit CEX.IO
...or read our CEX.IO review

2. Coinbase - The Beginner’s Choice

Ranks #2 out of 6 Crypto Exchanges

Coinbase is one of the most well-known and user-friendly cryptocurrency exchanges globally, especially popular in the United States. Founded in 2012 and headquartered in San Francisco, it has grown into a publicly traded company (NASDAQ: COIN), which adds to its credibility and transparency. Coinbase is often the first choice for beginners due to its simple interface and straightforward buying process.

As of 2024, Coinbase supports over 250 cryptocurrencies, including major assets like Bitcoin (BTC), Ethereum (ETH), and a wide range of altcoins. It caters to different user levels through two platforms:

  • Coinbase (Standard Platform): Focused on beginners, offering easy buying, selling, and holding of crypto.
  • Coinbase Advanced (formerly Coinbase Pro): Designed for more experienced traders, providing advanced charting tools, lower fees, and a range of order types.

Coinbase places a strong emphasis on security to protect user funds and data. It secures approximately 98% of customer assets in cold storage, keeping them offline and away from potential hackers. Additionally, two-factor authentication (2FA) is required for account access, adding an extra layer of protection.

Coinbase review summary: Coinbase's security.

For US-based customers, USD balances are FDIC-insured up to $250,000, providing a safety net in case of platform issues. Sensitive user data is safeguarded through encryption protocols, ensuring that personal and financial information remains private. Coinbase also runs a bug bounty program, encouraging security researchers to report vulnerabilities, which helps maintain the platform’s robust defense systems.

👉🏻 Visit Coinbase
...or read our Coinbase review

3. Huobi - Borrow Up to 250,000 USDT

Ranks #3 out of 6 Crypto Exchanges

Huobi is a cryptocurrency exchange known for its low trading fees, 24/7 customer support, and a user-friendly interface. In addition to these features and benefits, Huobi does also offer its users the chance to borrow cryptocurrencies.

Among the best aspects here is the fact that Huobi supports a vast array of different coins and tokens, lending-wise. You’ll be able to pick from a huge list of assets, including stablecoins, some of the most popular cryptos, as well as niche tokens.

The supported collateral list is smaller. However, being one of the best crypto lending platforms on the market, Huobi still supports all of the main coins that you’d expect.

Crypto lending platform: Huobi lending.

On top of all of that, Huobi also allows users to borrow up to 250,000 UDST. That’s equivalent to $250,000. It’s a huge sum of money! Naturally, though, your actual loan limits are going to depend on the collateral that you supply.

Taking a traditional lending pair (USDT/BTC), your daily interest rate will sway around 0,5%, at least at the time of me writing this list. Annually, that number jumps up to 18,25%.

The numbers are decent, especially when you keep in mind just how simple it is to take out a loan with Huobi. You register or log into your account, submit a loan request, and that’s it - all that’s left to do is wait for your collateral to be distributed, and your loan paid out!

👉🏻 Visit HTX
...or read our HTX review

Compare Crypto Exchanges Side by Side With Others

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Compare Crypto Exchanges Side by Side With Others

All Crypto Exchanges may look similar to you but they're NOT all the same!

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4. BitMart - An Alternative Approach to Cryptocurrency Lending

Ranks #4 out of 6 Crypto Exchanges

BitMart is one of the less-known names on this list of the best crypto lending platforms. That being said, it’s a platform that still does offer its users a lot of different benefits. They include things such as fiat-crypto acquisition, low trading fees, beginner-friendliness, and so on.

Among those benefits, there’s also crypto lending functionality, as well.

With BitMart, crypto lending works a tad bit differently than with most other platforms. Specifically, BitMart allows users to purchase a specific crypto asset (coin or token), and then lend it to certain institutions.

This form of lending happens with different projects. These projects have their own yields and interest rates, as well as different investment terms, too. Once a project comes to an end (specifically, once the redemption date comes), the earnings will be distributed to the lender, automatically.

Crypto lending platform: BitMart lending.

So, with BitMart, you don’t lend your assets out to other individuals. Instead, you lend them to institutional partners of the BitMart platform - this makes the process safer and more stable, especially from the lender’s point of view!

In order to use BitMart as your option of the best crypto lending platform, all that you need to do is log into your account (or create one), select the coin of your choosing (depending on the project, at that point in time), and clickSubscribe”. Assuming that you have sufficient funds in your account, that’s it - you are now lending your assets!

👉🏻 Visit BitMart
...or read our BitMart review

5. Kraken - Secure, Compliant, and Versatile

Ranks #5 out of 6 Crypto Exchanges

Kraken is one of the longest-standing and most reputable cryptocurrency exchanges in the world, founded in 2011 and based in San Francisco, USA. It is known for its strong focus on security, regulatory compliance, and a diverse range of supported cryptocurrencies. As of 2024, Kraken supports over 360 cryptocurrencies, making it one of the more versatile platforms for traders and investors looking to access a broad selection of digital assets.

Kraken review summary: Kraken's statistics.

Kraken is popular among both beginners and experienced traders because it offers a variety of trading options, including spot trading, margin trading, futures contracts, and staking services. Its trading fees are competitive, typically ranging between 0.00% and 0.4%, depending on the user’s trading volume and order type.

Security is one of Kraken’s most notable strengths. It employs cold storage for the majority of user funds, two-factor authentication (2FA), SSL encryption, and strict surveillance of its systems. Additionally, Kraken has a Proof of Reserves audit feature, ensuring customers that their funds are adequately backed.

At the moment of writing, Kraken has never suffered a major hack, a rarity in the cryptocurrency industry.

The platform also follows regulations in multiple regions worldwide, including the US, UK, Canada, and Australia. So, it is a great option if you’re looking for a platform with strong regulatory compliance.

👉🏻 Visit Kraken
...or read our Kraken review

6. Uphold - Trade Crypto, Fiat, Metals, and More

Ranks #6 out of 6 Crypto Exchanges

Uphold is a digital money platform that allows users to buy, sell, and trade a wide range of assets, including cryptocurrencies, fiat currencies, and even some precious metals. Founded in 2013 by Halsey Minor, Uphold aims to make financial services more accessible and transparent.

The platform supports more than 300 different cryptocurrencies, including popular ones like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), as well as many lesser-known altcoins.

One of its key features is the ability to trade directly between different asset classes in a single step. For example, you can easily exchange Bitcoin (BTC) for gold or US dollars for euros without multiple transactions or conversions.

Uphold review summary: Uphold's homepage.

In terms of crypto investment, Uphold also offers staking, allowing you to lock up your assets and receive rewards of up to 17.6% APY. As of now, Uphold supports 19 digital assets on its staking platform.

Uphold is known for its transparency, publishing its assets and liabilities every 30 seconds for anyone to see. This "100%+ reserve" model aims to assure users that their funds are safe and available. The platform also has SOC 2 Type 2 and ISO 27001 certifications, which further enhances its credibility and demonstrates its commitment to secure and reliable operations.

Uphold is registered as a FinCEN Registered Money Services Business (MSB) in the United States and as an EMD Agent of an Electronic Money Issuer regulated by the FCA in the United Kingdom.

👉🏻 Visit Uphold
...or read our Uphold review

Disclaimer: don’t invest unless you’re prepared to lose all the money you invest.

Conclusions

While crypto lending might not be as popular of a service as staking or crypto asset exchanging, in general, it’s still an area that many people utilize in order to make a passive profit. Naturally, if you’re not looking to lend assets, and instead need to borrow some money, this area becomes even more important.

That’s because, with the best crypto loans, you won’t need to worry about your credit score, or your financial background, in general. All that matters, in most cases, is that you have the backing (collateral) to cover your loan. If you do, you should be able to take out a loan on most crypto lending platforms.

All 6 lending & borrowing options discussed in the list above offer their users awesome features, and a variety of different benefits, both related and unrelated to loans. While Binance does often stand at the top of the suggested service provider list, you may also take a look at some alternative options like Bybit, if the aforementioned platform isn’t your cup of tea.

All of that being said, thanks for reading, and good luck with all of your crypto lending ventures to come!


Other Crypto Exchanges in This Category

Here are other crypto exchanges related to the category but not as favored by BitDegree readers yet. In my personal opinion, today there are much more optimal crypto exchanges in the list with the higher rating that I'd recommend for the same price range or less.

Gemini - Up to 8,05% APY on Your Cryptos

Gemini positions its crypto lending services as ‘earning interest’ on your crypto. In the case of this particular cryptocurrency service provider, you would lend out your cryptos not to other individuals (retail borrowers) but to large-scale institutions. However, from the perspective of the lender, this doesn’t really make any difference.

One of the more-notable features of Gemini Earn (that’s the name of the crypto lending side of the Gemini platform) are the APYs. Individuals are able to earn up to 8,05% annual percentage yield on their cryptocurrencies, including stablecoins.

That’s a very high APY! Now, I say this with the knowledge that there are other platforms that offer APYs that are tens and even hundreds of times bigger. That being said, Gemini is a reliable and established crypto exchange - those other platforms are usually quite shady, and there’s often a huge amount of risk involved.

Crypto lending platform: Gemini lending.

Somewhat of a niche benefit of Gemini is the fact that all US citizens, no matter in which state they are located, are able to use the lending services of the platform. This is notable since it’s definitely not the case with other cryptocurrency lending platforms, or exchanges, in general.

To be more specific, more often than not, each US state will have some strict regulations in place - regulations that prevent the residents of that state to participate in crypto lending and borrowing. With Gemini, this is possible to do, no matter which state you might be based in.

Gemini also offers its users daily interest payouts, so you won’t have to worry about waiting for your yield for an entire month, or even a year. A huge convenience factor here is also the fact that, within the Gemini mobile app, there’s a separate “Earn” section, too.

Gemini logo

Overall Score

8.5

Best For

Trading a Variety of Cryptocurrencies

Operating Countries

United States, Singapore, United Kingdom, Canada, India

Latest Coupons

See All Coupons of Best Exchanges

Verdict

Recommended cryptocurrency exchange platform.
Visit site
Read review

Table: General information about the Gemini crypto exchange platform

You are able to track your earnings, and see the interest that you’ve accumulated to date. Furthermore, you’ll also be able to perform all of the core functions of the service, on your phone - lend crypto, withdraw it, set a recurring payment, and so on.

All things considered, Gemini offers very decent APYs, as well as a beginner-friendly approach to crypto lending. So, if you’re looking for the best crypt lending platforms, and are just starting out, you might definitely appreciate Gemini’s approach to the matter!

BlockFi - Low APRs, Borrow USD

BlockFi is one of the more-interesting crypto service providers on the market. The platform is best-known for providing users with the chance to both store and trade cryptos, as well as earn a passive yield on idle assets that you hold in your account.

With time, BlockFi has established itself as a leading crypto service provider within the industry. This is partly because of its straightforward approach to crypto lending and yield earning, as well as the various promotions and deals that it hosts.

That said, let’s get into the specifics - what makes BlockFi one of the best crypt lending platforms out there?

Crypto lending platform: BlockFi lending.

Well, for starters, BlockFi allows users to borrow USD. As in, fiat money. This isn’t a common occurrence with cryptocurrency lending projects, whatsoever! In most cases, you will only be able to borrow crypto - oftentimes, this is even preferable, actually.

However, if you DO want to borrow USD, this is possible with BlockFi. To be more specific, BlockFi will allow you to borrow US dollars, by backing your loan up with crypto.

The cryptocurrencies that you may use as collateral for your loan are Bitcoin, Ethereum, and Litecoin. Not a wide list, but it still contains all of the most-notable names!

As you apply for a loan, it will take just a couple of minutes to get everything sorted. Then, the entire loan confirmation and issuance process should take up to 90 minutes. If your loan is approved, you’ll receive USD into your bank account. If you choose to borrow coins such as USDC or GUSD, though, they will be credited to your crypto wallet.

Robinhood logo

Overall Score

8.3

Best For

Beginner Traders

Operating Countries

United States, United Kingdom

Latest Coupons

All Robinhood Coupons

Verdict

A great investing platform, but a poor option for trading cryptocurrencies.
Visit site
Read review

Table: General information about the BlockFi platform

Another great feature of BlockFi, when it comes to the best crypto lending platforms, is the APR - Annual Percentage Rate - on your loan. You could receive an APR as low as 4,5% - that’s definitely not too bad! Sure, you have to keep in mind the volatility of the crypto space, but APRs like these are still very decent!

Lastly, as far as LTVs go, BlockFi offers its borrowers an LTV of 50%. So, it’s not as good as with, say, Binance lending, but it’s still pretty decent, nonetheless!

All in all, if you’re looking for the best crypto lending platform that would offer USD (or, simply - fiat money) support, and have some BTC, ETH, or LTC at your disposal, to use as collateral, BlockFi could be right for you!

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.


Scientific References

About Article's Experts & Analysts

By Aaron S.

Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era. W...
Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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FAQ

What is crypto lending?

Crypto lending is a service that allows you to either lend out your cryptocurrencies, or borrow some crypto or fiat money, by putting your crypto as collateral. Crypto lenders will be able to earn passive interest for the crypto that they lend out. On the flip side, this type of borrowing is attractive because it allows individuals to access a loan without the need to have a great credit score, or a spotless financial background, in general. You can find crypto lending services on platforms like Bybit or Binance.

What types of crypto lending platforms are there?

In general, there are two types of cryptocurrency lending platforms out there - decentralized lenders, and established, regulated institutions. The former are going to be most attractive to people who want to keep their identity a secret, at all cost. On the other hand, established and well-known lending platforms like Bybit will allow users to access advanced features, as well as provide better asset security guarantees.

How to pick the best crypto exchange for yourself?

Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally. For example, all of the best exchanges should possess top-tier security features, but if you're looking to trade only the main cryptocurrencies, you probably don't really care too much about the variety of coins available on the exchange. It's all a case-by-case scenario!

Which cryptocurrency exchange is best for beginners?

Reading through various best crypto exchange reviews online, you're bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn't encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market.

What is the difference between a crypto exchange and a brokerage?

In layman's terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman - it connects you (your offer or request) with that other person (the seller or the buyer). With a brokerage, however, there is no "other person" - you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term - exchange. This is done for the sake of simplicity.

Are all the top cryptocurrency exchanges based in the United States?

No, definitely not! While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e. KuCoin or Kraken), there are other very well-known industry leaders that are located all over the world. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. While there are many reasons for why an exchange would prefer to be based in one location over another, most of them boil down to business intricacies, and usually have no effect on the user of the platform.

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