CoinLoan.io, Easy to Use, but Needs Upgrades

CoinLoan.io Overview

Estonia based exchange. CoinLoan.io a website and mobile app that you can use to manage your account. Site has a pretty standard model where you have a wallet and then an interest area where you transfer funds to in order to own interest. You can take loans on the platform against your crypto. It can be used to exchange assets as well. Exchange has its own token CLT.

CoinLoan.io Functionality

Centralized Wallet, strong interest program, and ability to take loans from the platform.

User Interface

CoinLoan.io has a simple, easy, and intuitive to use. Clear to see this is a non-us exchange and all the relevant information about the exchange is easily visible on the web on the left hand navigation bar. Easy to transfer funds from the wallet to the Interest accounts.

Token

Unlike some exchanges like Nexo, and Celsius where you must keep a % of your portfolio in their coin to receive the bonus, CoinLoan.io requires a fixed amount of tokens to reap the benefits. Referral program exists if you want to refer others to the exchange. You have the option of sharing benefits with the people you refer. All my links are 50/50 split.

Interest Account

Strong interest product with stable coins yielding 10.3%, BTC and ETH yielding 5.2% at the time of this writing. Holding CLT, like most exchanges with similar benefits only makes sense if you have large amounts of crypto where the investment on the token would justify locking up those funds. Interest is accrued daily but paid monthly. This does max out the auto compounding, but reduces transactions which makes this easier on tax software that charges you based on # of transactions.

Exchange

CoinLoan.io is fairly limited from a crypto perspective as to what you can exchange, but all the major stable coins are represented. It gets the job done and since we don’t exchange much not really a big concern.

Security

CoinLoan.io supports Two Factor Authentication (2FA). It also sends you an email upon login.

I would like to see some more security features like a whitelist

Integrations

CoinLoan.io has an API that you can use to connect it to any services that support it.

Tax Software support

Koinly does not support integration with it for Tax purposes. You can generate a PDF or CSV to import but at current writing you need to map the fields manually into the system using the koinly spreadsheet. The export from CoinLoan.io doesn’t not include transaction details like wallet addresses or transaction id’s. You will need to track manually. You can see this information by going to the deposits & withdrawals or Transactions History to see the txid which will give you the wallet addresses if you need.

Conclusion on CoinLoan.io

My top three concerns for any centralized exchange is Interest, Security, and integration with tax software.

Pros:

• Easy to use website and app.
• Strong earn product with daily payouts
• Good referral program
• Fixed CLT amounts for bonus interest and discounted loans.
• 2FA and email alerts on login
• API Integration

Cons:

• Missing some other security features like a transfer whitelist or a way to delay transactions
• API not supported by Koinly or Cointracker for easy tax prep. CSV files don’t import cleanly. This does show up on Koinly to cleanly identify transactions to this exchange to allow for manual entry of transfers.
• Non-Us exchange so there may be additional reporting requirements for US based users depending on the amounts you have here.

I would still recommend CoinLoan.io but rate this 6 out of 10. Should this integrate more easily with Koinly or Cointracker I would put this 8 out of 10. Adding additional security features would bring this to a full 10 out of 10.

See all of the exchanges we use on the Exchange Incentives page.