What is BTCPOP?
Btcpop.co is a loan platform for cryptocurrencies that was first established in 2014 originally as a P2P Bitcoin lending platform. The only thing that matters here is reputation; credit and financial history are irrelevant for lending eligibility.
The company is based in the Marshall Islands and only offers loans in bitcoin. Unsecured and secured personal loans are backed by shares of Bitcoin and other cryptocurrencies.
How Does It Work?
Your reputation on the platform is based on the history of your repayments. This might affect your chances of getting the best deals when you first signup. This also implies that repeated borrowers are more likely to have access to competitive rates.
Unlike traditional P2P connection services, BTCpop’s loan amounts, rate, and other factors vary depending on the borrower you select. And seeing as there are no bank transfers involved, the funds are transferred instantly to your account.
Not much information is available online regarding how it handles its lending processes.
BTCpop allows users to exchange cryptos against Bitcoin, Litecoin, and Dogecoin. The platform also supports Black (BLK), CureCoin (CURE), Bitcoin Gold, Datacoin, TAO coin, Stratis and others.
As there is a significant number of cryptocurrencies that are based on the PoS (Proof of Stake) protocol, BTCpop has created a pool for its users in which they can invest and earn money by staking crypto.
New businesses and startups are able to make use of BTCpop in order to gain funding, as the platform connects investors interested in businesses based on new technologies. Startups can create an IPO right on BTCpop’s site.
BTCpop Special Features
BTCpop has loans which are insured against defaults. But this insurance depends on the applicant’s loan history and authentication status.
Collateralized loans can be made, but they depend on how the loans rank. These collaterals can be improved depending on the applicant’s reliability.
Bitcoin stock trading is also a service available on the platform.
To apply for a Bitcoin loan on BTCpop you first have to sign up and have your account verified. For this, you will have to:
- Go to the website and click on Sign Up Today.
- Create an account and register.
- In your profile, go to the “Apply” tab which is on the menu’s left side.
- Click on “Get Verified”.
- Enter name, birthday and mailing address and click on Verify. Upload documents like driver’s license, a selfie, your passport, utility bills and other records that prove your identity.
- Click SMS and put in your phone number.
- Click SMS again after receiving the verification number, and enter the code and then click Submit.
- Link your social media accounts by accessing the social tab and click Google, Facebook, Twitter, and LinkedIn to sign in.
- Wait for your identity to be verified.
- Click on the Documents tab on the verification page to see if you have been verified or denied.
BTCpop First Time Loan Rates
- For collaterals over 200% of the requested amount, the APR is 10 – 15%.
- For collaterals over 100% of the requested amount, the APR is 15 – 25%.
- For collaterals over 25% – 75% of the requested amount, the APR is 20 – 45%.
With no collateral, the interest rate could be around 50%+ APR, but it depends on the user’s reputation.
BTCpop charges fee which depends on the type of service you select.
- No-collateral loans — 4% of the loan amount
- Loans with unverified collateral — 3% of the loan amount
- Loans with verified collateral — 2% of the loan amount
A 1% fee is paid if you want to list your loan application and a 2% fee is charged if you are late on your payment.
What coins can be used as collateral?
BTCpop allows users to choose from a list of over 180 cryptos, which they can use as collateral. The list includes Bitcoin, bitcoin Cash, Bitcoin Gold, Blackcoin, Dash, DigiByte, Ethereum, Ethereum Classic, GameCredits, Litecoin, MaidSafe, Monacoin, Monero, Namecoin, NavCoin, Zcash, ZCoin, QTUM, Stratis, Syscoin, PIVX.
BTCpop has implemented insurance plans aimed at decreasing the risks that investors and borrowers can face on the platform.
In the past, BTCpop’s Instants Pools have experienced losses of 250+ BTCs, but now the company ensures users that the pool is backed up and the codes have been updated to generate profits.
Their website uses HTTPS protocol, and user funds are encrypted using models from McAfee. 2FA is also supported for user accounts.
BTCpop’ s customer support is available through live chats, FAQ, a blog, email, and a ticket system. Users can access support by going in the left navigation bar. Most user reviews regarding BTCpop’s customer support team have generally been positive, praising them for their speed and knowledge.
BTCpop Review – Verdict
BTCpop is a community-based lending platform which focuses on cryptocurrencies. It is not a great option for new registrants, as the most competitive loans are given based on reputation.