Bitbond Review

Bitbond Review

Since Bitboind opened (in 2013) it accumulated more than 100,000, who funded 1,800+ loans worth of €2,000,000. In addition, it has great UI so it's easy to use. More in dept details in this Bitbond Review below.

Main Features
  • Bitcoin Borrowing
  • Bitcoin Lending
  • AutoInvest
Deposit Methods
  • Bank transfer
  • Bitcoin deposit
Profiles Connection
  • Facebook
  • LinkedIn
  • Twitter
  • Ebay
  • Etsy
  • Google Analytics
  • more...
Fees/Interest Rate
  • Deposit at no cost
  • Interest rates is calculated by borrower's creditworthiness which is determined by the rating
  • Borrower pays 1.0% to 3.0% fee of the funded amount
  • Lender pays 1.0% fee of the lended amount
  • Bitcoin conversion fee - 0.6% (bit4coin)
Borrowing
  • Min. amount - 0.1 BTC
  • Can be only 1 active loan at a time
  • Auction maximum time - 14 days
  • Minimum loan term - 6 weeks, Maximum loan term - 60 months
  • Maximum loan amount depends on personal debt capacity, all outstanding loans and ongoing loan requests are taken into account
  • Purpose (description) of the loan must be provided also
Lending
  • Min. amount - 0.01 BTC
  • Taxes are lender's responsibility by its country laws
  • Can have more than 1 active loan at a time
  • Interest rate and other fees depends on borrower's auction terms and conditions, but it is limited to 25%
Verification
  • Personal details are mandatory for sure
  • Your national ID card or passport must be verified via live verification process
Countries Supported
  • No info provided, but it works wit many countries around the world, where Bitcoins are not banned
  • Bitbond has customers from 120 countries
Bitbond Review
Speed
  • Auction can be active up to 14 days in which amount can be raised or not
  • If requested amount is collected before end date, auction ends
  • Repayment depends on loan terms
Limits
  • Limits are set up by user's credit story, active loans 
  • Lenders do not have active limits, and number of active loans are judgement of itself
Privacy
  • Bitbond works by the laws of the Germany so all user data is regulated by it
  • User must provide personal details, live ID verification, connect its social profiles, and other business accounts
Security and Safety
  • SSL certificate
  • Two-factor Authentication
  • SMS verification
  • Authorised devices
  • Account must be verified by few methods (Facebook, LinkedIn, eBay, etc.)
Pros
  • Easy to use, UI is great
  • AutoInvest
  • Option to see who bid in an auction
Cons
  • Many personal information required
  • Interest rate can be up to 25%
Conclusion

Bitbond is great place to get or give a loan and maybe help someone to grow its business or help in personal life. Because of nice UI, it is easy to use for both - lenders and borrowers. Furthermore, Bitbond grew its reputation and it's trusted by bitcoin community. However, don't forget that loan business is harsh and even Bitbond (or any other lending platform) cannot guarantee that money is going to be returned. 

Rating
9/10

Bitbond Alternatives