Mintos Review 2019. Here, the requirement is also that you must have a bank account in the European Union, and that your company is registered in the EU or third countries that have AML / CFT systems similar to those found in the EU. To activate two-factor authentication on your Mintos account, you should just go to your accounts. With their own personal IBAN accounts, investors will be able to make and receive payments from around the world, and to receive a salary directly to their Mintos account. The Mintos card will also allow investors to make transactions around the world or online and withdraw money at ATMs.
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Mintos Platform ReviewSince launching in 2015 Mintos has quickly risen through the ranks of aspiring European P2P lending sites. Based in Riga, Latvia, the company states its core values as ‘growth mindset, transparency, and innovation’ with a distinctly customer-centric ethos. At the time of writing they have over 50 employees, have raised €5m in series A funding to fuel further expansion, and have facilitated over €1.43bn in loans since opening for business. They have quickly become one of the largest P2P lending sites in Europe and have exciting plans to launch a bank account and debit card.The Mintos dashboard viewMintos is one of our current favourites – let’s find out why.How Mintos WorksAs a highly sophisticated P2P platform in Europe that connects investors with alternative lending companies, Mintos makes it possible to invest in 8 loan types across 28 countries and 12 currencies, with most loans being in Euros. No other peer-to-peer lending site offers loans from as many originators (58 at time of writing).
With a funded Mintos account, an investor is free to choose from around several hundred thousand loans (variable) either directly from lenders or from other investors via the secondary market.Mintos Primary market viewThere are 14 different filters for investors to choose the most appropriate loans. As an investor, you can choose the amount of any individual loan you wish to purchase. Investors may either choose the auto-investment option or select loans manually. Mintos also enables investors to choose the price of lending on loans they wish to sell to other investors and make the most of the investment opportunities on the secondary market.Anyone with a bank account in the EU or a resident of a country with Anti-Money Laundering and Combating Financial Terrorism protocols similar to the EU can open an account with the platform. It is a simple and quick process, via an intuitive and clean website that explains the details in an easy to understand way.Why Choose Mintos?Mintos has executed very well, attracting nearly 100, 000 investors from 72 countries around the world. It’s managed this in the face of stiff competition in the European P2P lending sector; so what makes it better than its peers?As investors, for us a primary goal is the preservation of capital – i.e. Don’t lose money!
Mintos offers loans with buyback guarantees and makes it easy to filter for these. This gives us peace of mind in terms of credit risk. Mintos is also well-established with a wide customer base, which gives us confidence it will be around for some time.Secondly, Mintos has a handy auto-invest feature that allows you to ‘set and forget’. You can take the pre-set strategies, or simply pick a few parameters to instruct the platform as to the type of loans you are interested in investing in, and then leave it to run. Auto-invest will ensure that any spare cash sitting on your account (received through interest payments, loan repayments, or top-ups you might have made to your balance) is appropriately invested. This takes a lot of the hassle out of P2P lending. The Mintos website is also easy to navigate, reliable, and has an intuitive interface.Mintos enables you to easily design your own strategies for auto investing, and run several at onceThirdly, what sets Mintos apart from the herd is its scale – it serves different loan originators across Europe and provides a huge marketplace for loans.
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The Mintos team are constantly working with a large number of loan originators and bringing new loans to the marketplace. With this high volume of loans comes diversification opportunities across different loan types, currencies and countries.Loan originators viewCurrency Conversion ConsiderationsFor investors based outside the Eurozone, one important point to note is that your investment will be in Euros. This means that you inherently have some foreign exchange (FX) risk when investing in Euro-denominated loans, i.e.
If the Euro strengthens you will have lower returns once converted back to your preferred currency. However, this can work both ways, and diversifying your portfolio across different currencies can help to hedge currency risk.
If you end up being heavily invested in a single currency, you can always look at more complex instruments like FX spread bets to protect yourself.Funding your Mintos account with Euros is simple to do via online exchange agents like Xendpay, CurrencyFair and Transferwise. They offer a secure and quick way (between 0-2 days) to move money from your bank account, exchange it, and deposit the new currency with Mintos.
The online players are able to achieve considerably better rates than banks or traditional exchange service providers, and typically charge no fees.