The April 2021 newsletter: Earn big when prices fall
It’s Chris here with a jam-packed monthly newsletter.
We’re nearing the end of April and boy, what a month it’s been!
There’s a lot to say so let’s get stuck into the things that launched, changed, or impacted you in the month of April.
First, a thank you
Thank you so much for your patience during the withdrawal and deposit delays.
Prime Trust recently cleared the backlog and things are more or less back to normal – for now.
Unfortunately, we can’t guarantee this won’t happen again as we rely exclusively on Prime Trust to process these transactions.
That said, we’re exploring alternative solutions and might even switch to a new custodian. Once we know for certain, we’ll update you.
In the meantime, please keep in mind transactions may be a little slower during busy periods.
Your wire fee is on us
I know you’re frustrated with the lack of deposit options now that we’ve removed ACH and Zelle from the payment list.
The problem is ACH reversals – they cost you and us money and rather than increase the fee until we got them under control, we chose to suspend them altogether.
Zelle has also caused frustration due to platform limits. These limits can seem random, but are in fact imposed on us by Zelle.
Rather than you face this disappointment again, we’ve restricted to deposits to the one reliable method that has stood the test of time: wire transfer.
Wires can be expensive, so we’ll credit you an additional $15 for all deposits over $1,000. This should take the sting out of the wire fee.
Limited time: Earn 10% APR on all 180-day investments
For the next two weeks, deposit new funds and then invest them in a 180-day loan to get a special rate of 10% APR.
We pulled this promotion early while we worked with Prime Trust on the ACH backlog.
Now that’s mostly under control, and due to popular demand, we’ve relaunched the 10% rate promotion until Thursday May 13th, 2021 at 8am PST.
(Please note: to qualify for the special rate, you must deposit new funds and invest them during the promotional period. Your current balance doesn’t apply.)
Ending soon: Get an extra 2% APR when you refer a friend
Refer a friend who deposits USD and you qualify for an extra 2% APR on a 30-day investment (max. $10,000).
That’s in addition to a $10 bonus (US only) and 10% of your friend’s instant-access investment interest for a whole year!
There’s never been a more lucrative time to refer.
But hurry – this offer ends at 11:59pm on Saturday, May 1st, 2021.
NEW: Earn big when prices fall with Short Selling
For the traders among you, Short Selling is our new tool that helps you hedge against falling market prices.
How does it work?
Instead of buying an asset and waiting for its price to rise, you borrow it and wait for the price to fall. If it falls, you rebuy the asset at the lower price, repay the loan, and keep the difference.
You can now use your USD balance as collateral for short selling three pairs: USD/BTC, USD/ETH, and USD/BNB.
Why short sell with us instead of exchanges?
1. You pay less interest on the borrowed crypto. Just 6% APR plus 1% matching fee (Binance, for example, charges up to 109.5% APR)
2. You have a wider margin of error. Our liquidation threshold is 105%, which could mean the difference between profits and losses.
3. You keep the change from liquidation. Exchanges trade your collateral for the borrowed crypto but keep the difference – as much as 10% of your collateral’s value in some cases.
However – please remember short selling is a high risk, high reward trading strategy. If the price rises instead of falls, you will lose all or some of your collateral!
NEW: Talk to us through Live Chat
You can now talk to us online through the website instead of third-party apps like Messenger and Telegram.
This ensures you’re always speaking to an official representative of MyConstant.
We’ve had some issues with people impersonating Andy on Telegram in an attempt to get personal details, and in a couple of cases, money.
You needn’t worry about this anymore when you talk to us with Live Chat.
To start a conversation, just head to the website and click on the phone icon in the bottom right and then click “Chat”. On the app, tap the Account button at the bottom-right and then the speech bubble.
Look forward to chatting with you!
NEW: Learn about market forces with Chris and Trevor
Trevor and I are back again with a new episode of Alternative Investing with MyConstant.
In this bite-sized episode, you’ll learn the market forces that impact your bottom line. You’ll discover why trade tariffs hurt your pocket and portfolio, how market bubbles form, and why you should always take news and analyses with a grain of salt.
On the subject of market forces…
You might be aware that we recently reduced the yields on invested cryptocurrencies.
BTC, BNB, and ETH now yield just 4% APY (in kind) or 7% APR (in PRV).
We always want to offer you the best rates since the higher the rate, the happier you’ll be.
But due to changing market conditions, specifically lower demand, lending your cryptocurrencies through MyConstant isn’t as fruitful as it once was.
We could simply withdraw the product but we always believe earning something is better than earning nothing.
On a positive note, the crypto market appears to be continuing its trend towards mass acceptance.
We were quoted recently in a NewsBTC article about a billionaire property tycoon’s decision to accept bitcoin on a $175 million property in London.
This is hot on the heels of Tesla’s plans for accepting bitcoin for its popular electric vehicles.
While market forces don’t always work to your advantage, take reassurance that the cryptocurrency market, generally, is maturing, and this is an exciting time to be invested.
That’s it for this month – catch you again at the end of May!
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