Blog Getting started How to Deposit Cryptocurrency on MyConstant

How to Deposit Cryptocurrency on MyConstant

date May 18, 2021 time 3 min read 654 views

Investing on MyConstant is fairly straightforward: transfer money from your bank to your MyConstant account and put it in fixed-term loans or leave it in instant access.

However, If you need a loan or you need to top-up a loan, then you must deposit crypto onto your MyConstant account. However, unlike sending money to your account, buying and depositing crypto loan is a little more involved. But don’t sweat it, I’ll walk you through the process. 

Follow Peter as he deposits crypto on MyConstant.

Where can you buy cryptocurrency?

Crypto can only be bought on an exchange such as Binance or Coinbase. Download either of those apps on your phone, create a profile and link your bank account to make a purchase. These exchanges will also allow you to buy crypto with your credit or debit card too — usually with an additional fee. 

Once you have an account, you can buy any number of cryptos and do two things:

Store your crypto directly on the exchange wallet (the site you purchased them on).

Or

Store your crypto in a separate hot or cold wallet. 

Just remember, crypto exchanges and hot wallets (wallets connected to the internet) are susceptible to cybercriminals. So if you do start accumulating large amounts of crypto, you should consider a cold wallet.

Make the transfer on your MyConstant account 

Now that you’ve purchased crypto, log onto MyConstant to deposit some in your MyConstant wallet. Once you’re on the main page, click the Deposit Crypto icon. 

You’ll then come to the screen below where you can choose from over 70 cryptos to deposit. 

Once you select your crypto, a long QR code will appear. Copy that code, or scan the QR code with your smartphone if you’re using your desktop. 

After you copy the QR code, log back into your crypto exchange or wallet (in this case I’m using Binance). I can now enter the amount of bitcoin I want to send to MyConstant. Once I click Preview Withdrawal I’ll be prompted to paste the QR code.

Keep in mind, when you transfer crypto from an exchange like Binance or Coinbase, a fee is incurred. These fees are known as ‘network fees’ — compensation for the computing energy required to transfer crypto. 

After entering the QR code click Send. You can then go back onto your MyConstant account and click the wallet icon at the bottom right part of the screen.  

And that’s it! Your crypto is now on MyConstant ready to be used as collateral or to top-up an existing loan.

Remember, only borrow what you can afford to repay. And if you have more questions about depositing crypto, send us an email at [email protected].

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Trevor Kraus

Trevor Kraus

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