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Bitcoin Verity/Bitcoin-backed loans

Bitcoin as collateral · not a recommendation

Bitcoin-backed loans

We compare six different models by LTV, cost, liquidation, custody, availability in Slovakia and documented history. We report just as openly what each service does well and where it failed or uses misleading marketing.

Compare services ↓Calculate LTV risk ↓

The most common misunderstanding

You usually do not receive Bitcoin. You pledge it.

The borrower posts BTC or a tokenised version of it as collateral and receives fiat or a stablecoin. If the collateral falls in value, the debt is not repaid or the agreement is breached, the collateral may be sold automatically. This type of loan does not remove price risk — it turns it into forced-liquidation risk.

Protection in the European Union

A MiCA logo beside a company does not mean its loan is regulated.

In its 2026 MiCA review, the European Commission states that crypto-asset lending and borrowing itself is not currently covered by MiCA. ESMA separately warns about a ‘halo effect’: customers may mistake a firm's regulated status for protection when using an unregulated product. We therefore do not present a custody or trading authorisation as protection for the loan.

European Commission — 2026 MiCA review ↗ESMA — halo effect of regulated providers ↗ESMA — risks and limited protection ↗

Quick comparison

Six services that are not the same product

A centralised credit line, a P2P marketplace and a DeFi smart contract have different custody, legal relationships and liquidation mechanisms. The order is not a quality ranking.

01 · Centralised service

Nexo

Available with conditions

Personal and business accounts subject to approval

A reusable crypto-backed credit line. Current documentation gives Bitcoin a maximum 50% LTV; the exact rate depends on loyalty tier, account composition and LTV.

Bitcoin collateral
BTC, maximum 50% LTV
Rate
1.9–17.9% per year, subject to conditions
Slovakia
EEA setup applies; the account confirms final eligibility
Key warning

The advertised 1.9% is not the standard rate for everyone. It requires the highest loyalty tier and low LTV; the standard rate is 17.9%.

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ModelCentralised credit line
Bitcoin collateralBTC, maximum 50% LTV
Rate1.9–17.9% per year, subject to conditions
AmountUSD 50–2,000,000 equivalent
PayoutDigital assets; options depend on account and region
SlovakiaEEA setup applies; the account confirms final eligibility

What it does well

  • No conventional credit-score check, fixed repayment schedule or origination fee for opening the credit line.
  • Users may repay partially or in full and draw the released limit again; interest applies only to the amount used.
  • Nexo names its European custody and trading partners, Tangany and DLT Finance, and also discloses the limits of their authorisations.

Weaknesses, uncertainties and missteps

  • The advertised 1.9% is not the standard rate for everyone. It requires the highest loyalty tier and low LTV; the standard rate is 17.9%.
  • If repayment occurs within 45 days of the latest drawdown, standard-rate interest of 17.9% may be added for the remainder of that 45-day period.
  • A third party holds the collateral and the system may automatically use part of it for repayment as LTV rises. Check the exact account threshold before borrowing.
  • Nexo explicitly says Earn and Borrow sit outside Tangany and DLT Finance authorisations, outside MiCA and without deposit-guarantee or investor-compensation protection.
Editorial conclusion

The simplest credit line in this comparison, but the low advertised rate is conditional and MiCA branding on other parts of the platform must not be extended to Borrow.

Official website ↗Direct link · no affiliate
Show 6 sources used ⌄

02 · Centralised service

YouHodler

Check after KYC

Personal accounts after identity verification

Get Cash lets users pledge BTC or other crypto and receive fiat, a stablecoin or BTC. The platform advertises a value ratio of up to 97%, an extremely high LTV rather than a safety recommendation.

Collateral and LTV
BTC and more than 50 assets; marketing states up to 97%
Price
Daily fee shown in the individual offer
Slovakia
Personal EUR IBAN supported; confirm Get Cash after KYC
Key warning

The public page does not provide one comparable annual percentage rate. The daily fee and in-app individual offer determine the price; the final cost cannot be calculated responsibly without them.

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ModelCentralised Get Cash
Collateral and LTVBTC and more than 50 assets; marketing states up to 97%
AmountFrom USD 100; upper limit may change
PayoutUSD, EUR, GBP, CHF, BTC or stablecoins
PriceDaily fee shown in the individual offer
SlovakiaPersonal EUR IBAN supported; confirm Get Cash after KYC

What it does well

  • A low USD 100 minimum and more payout choices than most services compared here.
  • The interface shows current debt, daily and total fees, the Price Down Limit and an individual PDF agreement.
  • Where the selected plan permits, users may add collateral, reduce risk with Extend PDL or repay the balance in several ways.

Weaknesses, uncertainties and missteps

  • The public page does not provide one comparable annual percentage rate. The daily fee and in-app individual offer determine the price; the final cost cannot be calculated responsibly without them.
  • At the Price Down Limit, the platform sells the collateral and closes the position. Email or SMS alerts are support features and do not alter the contractual threshold.
  • The marketed maximum 97% value ratio leaves very little room for a price fall. It should not be interpreted as suitable for a beginner.
  • Support for a personal Slovak IBAN does not prove every Slovak account receives the same Get Cash plan; final eligibility appears only after KYC and in the account.
Editorial conclusion

A flexible service with a low minimum, but both price and liquidation threshold must be read from the individual offer. The maximum 97% ratio is a risk warning, not an advantage by itself.

Official website ↗Direct link · no affiliate
Show 6 sources used ⌄

03 · Centralised service

Ledn

Business purpose only

In Slovakia, non-personal/business purpose only

A Bitcoin-focused lender with a typical 50% LTV, fixed 12-month term and public rates by loan size. Slovak residents must not use a Dollar Loan for personal, family or household purposes.

Collateral
Native BTC, typically 50% LTV
Rate
9.25–11.49% APR by amount
Liquidation
Alerts at 70/75%; automatic at 80% LTV
Key warning

Since 1 April 2025, the Dollar Loan is available in Slovakia only for non-personal purposes. Using it for personal, family or household expenses would breach the terms.

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ModelCentralised Dollar Loan
CollateralNative BTC, typically 50% LTV
Rate9.25–11.49% APR by amount
Amount and termFrom USD 500, normally 12 months
Fees2% origination outside US/Canada; 0.50% spread on BTC sale
LiquidationAlerts at 70/75%; automatic at 80% LTV

What it does well

  • The pricing tiers by individual loan size are public, and Ledn publishes the minimum, typical LTV, term and liquidation levels.
  • No prepayment penalty; partial repayments and automatic BTC top-ups are available when the Transaction Account has sufficient funds.
  • Ledn publishes Proof of Reserves and an Open Book report and says it does not lend collateral onwards to generate yield.

Weaknesses, uncertainties and missteps

  • Since 1 April 2025, the Dollar Loan is available in Slovakia only for non-personal purposes. Using it for personal, family or household expenses would breach the terms.
  • Ledn has custody of the collateral. It may re-pledge it only to an institutional USD funding partner or its own financing vehicle; claimed legal segregation does not remove partner dependency.
  • The 2% administration fee may recur on refinancing or renewal. Total cost, not only the annual rate, matters when repaying early.
  • If the loan is not repaid, refinanced or eligible for renewal at maturity, it may be liquidated on the due date without an additional grace period.
  • In the primary sources reviewed, we found no confirmed collapse or client-asset loss that could responsibly be attributed to Ledn. That is not proof of zero risk or a future guarantee.
Editorial conclusion

Among the centralised services compared, it has the clearest public terms and reporting, but a Slovak user may use it only for business purposes and the collateral remains in third-party custody.

Official website ↗Direct link · no affiliate
Show 6 sources used ⌄

04 · P2P marketplace

Debifi

Business purpose only

Business purpose only under the terms

A marketplace connecting borrower and lender. Bitcoin is locked in a 3-of-4 multisig address and Debifi is not the direct lender. The specific lender offer sets interest, LTV and other terms.

Collateral
BTC only in 3-of-4 multisig escrow
LTV and rate
30–70% LTV; lender sets the rate
Liquidation
Typically 90% LTV or a lower lender threshold; 5% fee
Key warning

The terms require every loan to be used solely for business and never personal consumption. Debifi is also not the lender party to the contract.

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ModelP2P marketplace, not a direct lender
CollateralBTC only in 3-of-4 multisig escrow
PayoutFiat or stablecoins, depending on offer
LTV and rate30–70% LTV; lender sets the rate
MinimumFAQ states USD 5,000; homepage states USD 20,000
LiquidationTypically 90% LTV or a lower lender threshold; 5% fee

What it does well

  • Debifi, the borrower and the lender each lack enough keys to move collateral alone; a normal fiat/stablecoin loan requires three of four signatures.
  • The platform states there is no rehypothecation and BTC remains visible on-chain in a separate escrow contract.
  • Offers may include fiat or stablecoins, multi-year terms, instalment schedules and an optional liquidation delay for adding collateral.

Weaknesses, uncertainties and missteps

  • The terms require every loan to be used solely for business and never personal consumption. Debifi is also not the lender party to the contract.
  • Public materials conflict over the minimum: the homepage says USD 20,000, while the FAQ says USD 5,000 for fiat and stablecoin loans. Only the specific offer and agreement are binding.
  • Origination costs 1.0–1.5% by volume, plus a surcharge for a second or third year and a network fee. Forced liquidation costs 5%.
  • The terms allow Debifi to terminate a contract through forced liquidation at its discretion and cap the platform's aggregate liability at USD 100; disputes go to LCIA arbitration in London.
  • The platform only left beta in June 2025. Its shorter production history provides less evidence across market cycles than older services.
Editorial conclusion

Multisig and the ban on rehypothecation reduce part of the custody risk, but not counterparty, arbitration, liquidation or contract-ambiguity risk. Under its own terms, it is not suitable for a personal loan.

Official website ↗Direct link · no affiliate
Show 5 sources used ⌄

05 · P2P marketplace

Lend at Hodl Hodl

Available with conditions

P2P users; no fiat payout

A P2P market where BTC collateral is locked in a 2-of-3 multisig address. Another user, not Hodl Hodl, provides the loan; payout is only in supported stablecoins or Bitcoin equivalents, not fiat.

Collateral
BTC in 2-of-3 multisig escrow
Price
Offer sets interest; 1.5% origination fee
Liquidation
90% LTV; 5% fee
Key warning

This is not a fiat loan. The borrower also takes on the risk of the stablecoin, network, tokenised BTC and specific counterparty.

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ModelP2P marketplace, not a direct lender
CollateralBTC in 2-of-3 multisig escrow
PayoutUSDT, USDC, L-BTC, WBTC or XAUT; no fiat loans
LTV, amount and term30–70%; 80% for BTC equivalents; from USD 50, 1–12 months
PriceOffer sets interest; 1.5% origination fee
Liquidation90% LTV; 5% fee

What it does well

  • The platform alone lacks enough keys to move collateral: the borrower, lender and Hodl Hodl each hold one key.
  • A very low minimum and terms created directly by market participants allow a smaller contract to be tested.
  • The terms describe margin-call levels, liquidation, time windows and dispute resolution in detail; Slovakia is not on the current restricted-country list.

Weaknesses, uncertainties and missteps

  • This is not a fiat loan. The borrower also takes on the risk of the stablecoin, network, tokenised BTC and specific counterparty.
  • Interest in the offer applies to the full agreed term even if repayment is early. There is no separate early-repayment penalty, but the agreed interest is not automatically reduced.
  • Under the terms, Hodlex Ltd may introduce mandatory identity checks, end a contract through forced liquidation and caps its total liability at USD 100.
  • The company is registered in the Marshall Islands, the contract is governed by UK law and disputes are heard by courts in London.
Editorial conclusion

A technically interesting multisig model, but users take on stablecoin, counterparty and foreign-dispute risk. The 2021 incident shows that even a ‘non-custodial’ interface carries software and operational risk.

Official website ↗Direct link · no affiliate
Show 5 sources used ⌄

06 · DeFi protocol

Sovryn Zero

Advanced use

Advanced Rootstock users

A decentralised lending protocol on Rootstock. It does not use native BTC directly on the base layer, but RBTC locked in a smart contract; users borrow the dollar stablecoin DLLR/ZUSD.

Collateral
RBTC on Rootstock, not native mainchain BTC
Interest
0%; a one-off opening fee may apply
Liquidation
Minimum 110% collateral ratio; risk below 150% in Recovery Mode
Key warning

Using it requires moving value into RBTC on Rootstock, adding bridge, sidechain and asset-difference risk compared with native BTC.

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ModelDeFi smart contracts without a user account
CollateralRBTC on Rootstock, not native mainchain BTC
PayoutDLLR/ZUSD stablecoin
Interest0%; a one-off opening fee may apply
TermNo fixed maturity date
LiquidationMinimum 110% collateral ratio; risk below 150% in Recovery Mode

What it does well

  • No registration, credit-score check or central collateral custodian; smart-contract state is publicly verifiable.
  • No ongoing interest and no fixed maturity while the position remains sufficiently collateralised and the protocol functions as designed.
  • Users can interact with the smart contract from their own hardware wallet.

Weaknesses, uncertainties and missteps

  • Using it requires moving value into RBTC on Rootstock, adding bridge, sidechain and asset-difference risk compared with native BTC.
  • Zero interest does not mean zero cost: there is a one-off fee, network fees and the cost of exchanging or moving the stablecoin.
  • The borrower carries smart-contract, price-oracle, DLLR/ZUSD stability, liquidity and Recovery Mode risk. When the system ratio falls, liquidation rules tighten below 150% collateralisation.
  • This is not a regulated consumer loan or a deposit-protected product. If the user or contract makes an error, there may be no party able to reverse the transaction.
Editorial conclusion

Not suitable as a simple ‘loan against Bitcoin’ for a beginner. It is a DeFi position with additional technical layers whose risk may outweigh the interest saved.

Official website ↗Direct link · no affiliate
Show 4 sources used ⌄

‘Available’ does not mean approved. Registration, KYC and the individual agreement determine final eligibility, permitted purpose, limit and price.

Illustrative risk model

What does a price drop do to your LTV?

Change the assumptions. The calculator neither chooses a company nor uses a live rate — it only shows the relationship between debt, collateral value and the liquidation threshold.

Illustrative loan amount€2,800The collateral is worth €7,000 in this model.
Interest over the selected term
€280
Origination fee
€56
Estimated total cost
€336
Liquidation price at the start
€35,000 / BTC
Drop to liquidation at the start
50 %
Liquidation price including interest
€38,500 / BTC
Drop to liquidation at the end
45 %
Historical warning

Celsius showed why a familiar name is not enough

Celsius also offered crypto-backed loans, but froze withdrawals in June 2022 and later entered bankruptcy. The US Department of Justice says founder Alex Mashinsky was sentenced in May 2025 to 12 years in prison for fraud and market manipulation. Celsius is therefore not listed as an option — it is a case study in centralised custody risk, false assurances and conflicts of interest.

DOJ judgment and findings ↗

Not included in the main comparison

Familiar names we deliberately did not present as Slovak options

Incomplete availability, a different technical product or a business-only restriction is a reason for clear exclusion, not for filling a catalogue at any cost.

Not on the Slovak availability list

Strike

Slovakia is absent from the current official list of countries for Bitcoin-backed loans.

Verify source ↗
Not suitable for Slovakia

Unchained

Loans are intended for US business entities and start at a high minimum amount.

Verify source ↗
Slovakia currently absent

SALT

Slovakia is not on the public list of eligible jurisdictions, so we do not present the service as available.

Verify source ↗
Different technical model and region

Coinbase + Morpho

The collateral is a cbBTC token on Base, and the product is not available to an ordinary Slovak user.

Verify source ↗
Watchlist only

Lava

The terms specify business use and allow all collateral to be sold at liquidation; the risk profile is not clear or favourable enough for the main comparison.

Verify source ↗

Methodology

How we checked the information

  1. 01

    Eligibility and purpose first. A company offering a product in the US is not automatically an option for someone in Slovakia.

  2. 02

    Then total cost. We separate interest, daily charges, origination fees, spread and liquidation fees.

  3. 03

    Custody and legal relationship. We check who holds the keys, whether collateral may be rehypothecated, who the lender is and where disputes are heard.

  4. 04

    Incidents without exaggeration. We state the date, affected product and the difference between a company's claim and an independent finding.

Reviewing public sources is not a legal, security or financial audit. Dynamic data may change without notice. Do not send BTC until you understand the entire agreement and the worst-case liquidation scenario.

Frequently asked questions

Four answers before pledging Bitcoin

Do I receive Bitcoin from the loan?+

Usually not in this category. Bitcoin is the collateral and the borrower receives euros, dollars, a stablecoin or another supported currency. Some plans may differ, so check the exact payout in the offer.

What does LTV mean?+

LTV is the debt divided by the current value of the collateral. A €4,000 debt backed by €10,000 of Bitcoin has 40% LTV. LTV rises when Bitcoin falls in price or the debt grows through interest.

Can the platform sell my Bitcoin?+

Yes. If LTV reaches the contractual threshold, a centralised service, P2P mechanism or smart contract may sell some or all of the collateral. A warning does not necessarily provide extra time.

Does MiCA protect these loans?+

Not automatically. The European Commission's 2026 review states that crypto-asset lending and borrowing itself is not currently covered by MiCA. A regulated provider may still offer a product outside its regulated scope.

Bitcoin Verity

The lowest rate is not a safe loan.

Calculate your liquidation buffer first; compare price only afterwards.

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