Ledn Review 2025: Fees, Pros, Cons, & Safety

Full Ledn Review

Use as Collateral	What You Borrow	Loan terms	Transparency & security	Other features	Earn on deposits (Excl. US & Canada)
$BTC	USD, $USDC, or local fiat currencies.	•50% LTV •$1,000 min collateral •12.4–13.9% APR •No early repayment fees	•Proof-of-Reserves (every 6 months) •Ring-fenced client assets •Monthly open-book reports	• Double your $BTC exposure with B2X (Excl. US & Canada) •Dual Cryptocurrency Notes (DCNs) •Instant crypto-to-crypto swaps	Up to 8.5% APY on $BTC, $ETH, $USDC, $USDT  –  no lockups

What is Ledn?

Ledn is a platform that helps you get more out of your crypto, without jumping through hoops. 

It specializes in offering real US dollar, $USDC, and local fiat currency loans, borrowed against Bitcoin as collateral – nothing new, but an absolute game changer for investors who usually leave their crypto sitting around. 

Why’s it a game changer? It’s in the details. 

In most cases, selling your $BTC when you need cash creates a taxable event. That means giving up a percentage of your profits, even if you buy the Bitcoin back later. Instead, *borrowing* fiat currency against your Bitcoin can mean no taxes at all.

But that’s not all that Ledn offers.

Users can swap between $BTC and $USDC instantly, and if you’re outside of the US and Canada you can earn interest on your crypto – with zero lockups on deposits.

Ledn keeps things simple by focusing on only a handful of assets, which helps cut down on complexity and risk. By sticking to the biggest, most trusted assets, they make things clearer for users who believe in Bitcoin long-term or just want stable, easy-to-use tools.

The whole idea is to make your crypto – especially Bitcoin – more useful while you’re holding it. Whether you’re trying to grow your savings or just need quick access to funds, Ledn keeps it simple and transparent.

Security is also a huge focus here, which is important since so many big-name lenders went under in 2022. Ledn takes the transparent approach, offering regular third-party Proof-of-Reserves audits, funds kept separate from company money, and tools to let you verify everything yourself.

Ledn’s story starts in a pretty real place. One of the co-founders, Mauricio, was inspired by his own experience trying to protect his savings during the economic chaos in Venezuela. 

That experience helped shape Ledn’s mission: to give people a safer, more reliable way to save and borrow using Bitcoin.

Ledn Key Features

Ledn is all about helping you get more out of your Bitcoin and stablecoins. Here’s what it offers:

• Bitcoin-Backed Loans: Need cash but don’t want to sell your Bitcoin? Borrow against it instead and keep your $BTC, while getting the funds you need.

Bitcoin-backed loans are Ledn’s the main focus of the platform, but that doesn’t mean they don’t have other offerings going for them. They also offer:

• Easy Swaps: Swap instantly between supported coins without dealing with a complicated exchange.
• Free Transfers Between Ledn Users: Instantly send crypto to friends or other Ledn users for free, using just their email or Ledn handle. No wallet addresses needed!
• Security & Transparency: Ledn keeps your assets safe with a top-tier custodian and proves they actually have the funds through regular independent audits.
• Dual Cryptocurrency Notes (DCNs): Ledn’s Dual Cryptocurrency Notes let you earn interest while setting a target price to buy or sell $BTC – kind of like getting paid to be patient.

Last, but not least, are some extra features available outside of US & Canada:

• Earn On Your Crypto: Instead of letting your Bitcoin, $USDC, or $USDT just sit there, you can put it to work and earn interest.
• Double Your $BTC Exposure (B2X): Use the Bitcoin you already hold to instantly double your $BTC position through a quick, built-in loan.

Overall, Ledn gives you more ways to manage, grow, and use your crypto without the usual hassle. 

No need to sell your coins to get cash, no need to find and figure out DeFi lending platforms. Ledn does it all on a single platform.

Ledn Fees and Limits

Ledn Fees

Ledn keeps things pretty straightforward when it comes to fees. 

If you’re taking out a loan, there’s a 2% origination fee, unless you’re in the US or Canada – then it’s waived.

Trading between $BTC and $USDC doesn’t come with any explicit fees, but there will be a market spread. it’s a good idea to double-check the rate they’re offering before you hit confirm. Everything’s baked into the quote. 

Transfers between Ledn users are totally free, and there aren’t any fees for using a Growth Account to earn interest on your crypto either.

Ledn Limits

To take out a crypto-backed loan, you’ll need to post at least $1,000 worth of $BTC as collateral. You can borrow up to 50% of your crypto’s value. 

All loans run on a 12-month term, but you’ve got the flexibility to repay early with no penalties. You also don’t need to make any interest payments until the loan is closed. 

Crypto to crypto swaps have a $50 minimum and a $2 million maximum per trade, as well as a $5 million daily limit – so there’s plenty of room to move. Growth Accounts don’t have any lock-up periods, so your funds stay accessible at all times. 

Super low friction all-round.

Our Expert Review of Ledn

In this first-hand Ledn review, I’ll walk you through Ledn’s core features and the overall user experience that I got while trying it out. 

You’ll get a clear idea of what it’s like to use the platform, along with a closer look at some of the tools and services they offer.

If you need a refresher on how crypto loans work, this ultimate guide from Ledn breaks it all down – from collateral types to tax tips.

Signing Up to Ledn

Ledn’s onboarding process was nice and easy to follow.

I noticed they made it incredibly hard to get lost. Ledn guides you step by step so you go from zero to depositing funds in a perfectly straight line – no fluff.  

It’s a KYC-compliant platform, so all users need to sign up with their real info – no anonymous accounts here. 

I noticed the ID check is quite in-depth, and on par with setting up a real bank account. I had to share my basic details, upload a photo ID, and even provide a proof of address. 

The good news was that it was all automated. You’ll be pleased to hear that there’s no waiting on a human to approve you. I was fully verified within a few minutes, which meant I could start using Ledn immediately without leaving my laptop.

Ledn User Interface

The dashboard’s UI lays out everything nice and clearly – you’ll see your balances across different accounts, any active loans, and the current interest rates for what’s available. 

There’s a link always available to Ledn’s Proof-of-Reserves, which I think gives a nice confidence boost – especially given the mess previous crypto lenders have had. You don’t have to blindly trust that they have your funds, you can actually verify it.

Ledn doesn’t let you deposit anything until you’re fully verified, which I actually like. Some platforms let you deposit first, then trap your funds behind a surprise KYC wall. 

No funny business here – the platform takes care of all the essential stuff up-front, so you never need to think about it again.

Funding Your Ledn Account

Funding your Ledn account is super straightforward. 

You can use $BTC, $ETH, $USDC, or $USDT, and all you have to do is send crypto to your deposit address – just like you would send crypto to any wallet.

Once the blockchain confirms the transaction, your balance will show up almost immediately. My BTC deposit hit within a couple blocks, limited only by the Bitcoin network’s speed itself.

If you want to send funds to (or receive them from) any other Ledn user, you can do that instantly using the Ledn Transfer feature. This uses their Ledn handle or email address, so you don’t need to worry about copying and pasting long crypto addresses.

It’s completely free, and once the other person accepts the transfer, it’s processed instantly. If they don’t accept it within 30 days, the funds just get automatically sent back to you – no stress or chasing.

Applying For A Ledn Loan

Here’s how taking out a Bitcoin-backed loan on Ledn works. Don’t worry, it’s actually pretty straightforward:

Let’s say you want to borrow $500 in USD. You’ll need to put up some $BTC as collateral – around 0.012 $BTC, assuming that’s worth about $1,000. 

That gives you a Loan-to-Value (LTV) ratio of 50%, the minimum ratio. This means you’re borrowing half the value of your Bitcoin. 

Keep note that this is an important figure to watch. Ledn does a good job at outlining all of these important numbers in the application screen, as well as providing informational links for anything that you might be unsure about (for example. the “Learn more about LTV” link in the screenshot below).

If $BTC’s price falls and your LTV creeps up to 70%, Ledn might ask you to top it up. If it hits 80%, they could start liquidating your $BTC to cover the loan. So yeah, keep an eye on that LTV.

Next, you choose how your collateral is handled. 

The Custodied plan keeps your $BTC safely stored and untouched, but comes with a higher 13.9% APR. The Standard plan is cheaper at 12.4% APR, but Ledn can lend your $BTC out to institutions while you’re repaying.

Once you pick a plan, Ledn shows you the full cost upfront – APR includes interest and a small admin fee (minimum $25). There’s also a 2% origination fee unless you’re in the US or Canada, in which case it’s waived. An origination fee is an up-front fee that you pay for opening the loan – mostly designed to cover admin for the lender.

After you review and confirm everything, your loan gets funded in USD, to the bank account of your choice. The interface makes it all super clear, with a running breakdown on the side as you go.

Here’s a simple summary of the basics:

• LTV is 50%. If you put up $10K in $BTC as collateral, you can borrow $5K.
• Minimum collateral is $1,000.
• No early repayment penalties.
• Interest accrues daily.
• You don’t owe any interest until the loan ends.

Want to see the process step-by-step? This Ledn article walks you through exactly how to borrow against crypto, including what to expect and what to watch out for.

Bitcoin Loan Security

One of my favorite things about Ledn is that they make a point of keeping things transparent when it comes to their Bitcoin-backed loans. Users can choose between custodied or non-custodied loans, with differing rates.

With custodied loans, your $BTC is actually held in secure custody, not quietly lent out or mixed into anything complicated. That might sound like a small thing, but in the crypto world, it really matters. 

Personally, I think this is definitely worth the trade-off for the higher interest rate.

This gives you peace of mind knowing exactly where your Bitcoin is while you’re borrowing against it – and that kind of trust is a big deal, especially after the chaos we’ve seen with other lenders.

Ledn Trade

Ledn Trade keeps things super simple with a clean, no-fuss interface that lets you swap between supported cryptos quickly. 

Right now, it supports trades between $BTC and $USDC, but support for $ETH and $USDT is on the horizon.

The only fee to worry about is in the market spread – everything is built into the quoted price, so you know exactly what deal you’re getting. 

Just keep an eye on the market rate, since that’s where any true costs are baked in. Either way, you’ll always see exactly how much you’re getting before you hit confirm.

Trades are instant once submitted and can’t be reversed, so double-check your order before clicking through. 

For the time being, it’s only available in select countries and US states – and not in Canada.

Earning Interest with a Ledn Growth Account (Excl. US and Canada)

If you’re looking to earn on your crypto, Ledn’s Growth Accounts let you earn up to 8.5% APY on $BTC, $ETH, $USDC, and $USDT.

The best part is there are no lock-ups, your funds stay accessible whenever you need them.

This is separate to a Transaction Account that’s more like a secure wallet, where you can stash crypto, withdraw, or move funds around.

Before you deposit anything to start earning interest, Ledn actually shows you how the interest is generated – with a clear, simple breakdown. It’s a nice bit of transparency you don’t always get, and it definitely builds trust.

Rates will depend completely on what you’re holding: $BTC earns between 1% and 2.25%, $ETH gets you 3% to 3.5%, and $USDC or $USDT can earn up to 8.5%. 

One of the best things about it all is that your funds are ring-fenced. In other words, they’re kept totally separate from Ledn’s own assets – so they’re not using your crypto for anything behind the scenes.

B2X “Double your $BTC”

Alright, relax – nobody’s promising to double your $BTC forever. But what is Ledn really doing here? 

They’re offering temporary double-exposure to $BTC, via leverage. Put simply, Ledn’s B2X feature is a quick way to double your Bitcoin exposure without putting in any extra cash.

Here’s how it works: 

1. You use the $BTC you already own as collateral.
2. Ledn gives you a loan to buy the same amount of $BTC.
3. In just a couple of clicks, your $BTC balance literally doubles – no extra deposit needed.
4. At the end you have to pay the dollar amount back. BUT you keep the gains (or losses).

For example, let’s say you have 1 $BTC sitting in your account. 

With B2X, Ledn uses that as collateral and gives you a loan to automatically buy another 1 $BTC. 

Just like that, you’ve got 2 $BTC in your wallet.

Of course I don’t have a whole 1 $BTC myself, so here’s an example using my much smaller account balance:

The loan comes with a 10.4% interest rate, plus a 2% admin fee, bringing the total APR to 12.4%. 

Like a regular Ledn loan, there are no penalties for early repayment, and you don’t pay interest until you actually close the loan. 

Once you’re ready to pay it back, you return the loan amount and fees, and Ledn releases your own $BTC back to you. It’s a popular move if you’re bullish on Bitcoin and want to boost your exposure, without selling or adding more fiat. 

Just remember, it’s leverage! So while it can multiply gains, it can also magnify losses. This is best used when you’re confident in where the market’s headed – something probably best left to advanced users.

Dual Cryptocurrency Notes (DCNs)

Ledn’s Dual Cryptocurrency Notes (DCNs) are a clever way to earn higher yields while setting a future price to buy or sell Bitcoin – kind of like getting paid to wait for the price you want. 

Instead of just holding $BTC or USD, you put your funds into a DCN, pick a strike price (the price you’d be happy to buy or sell at), and choose how long you want to wait.

If you go with Sell High, you’re saying, “I’ll sell my $BTC for USD if the price reaches X, but in the meantime, I want to earn interest on it.” 

If $BTC stays below your strike price, you keep your $BTC + interest. If it goes above, it sells at your chosen price + interest. 

The Buy Low option works the same way, but in reverse – you’re saying, “I’ll buy $BTC at X price, but until then, I want to earn interest on my USD.” 

If $BTC drops below your target, you get $BTC at your strike price + interest. If it doesn’t, you just keep your USD + interest.

DCNs are a unique way to grow your holdings without doing anything, but remember they’re not risk-free. Your funds are locked until the term ends, and if $BTC moves in the opposite direction, you might miss a better opportunity. 

But if you already have a price in mind, this lets you earn while you wait, instead of just hoping for the best.

Customer Service

Ledn’s customer service begins with a Help Center page, helping users address all of their common questions using detailed articles for each topic. 

Users can scroll through the most popular topics, or simply use the search bar to get straight to the information they’re after.

If you need more tailored one-on-one help, you can click on “Submit a request” in the nav bar at the top of the page.

To be honest, at first I wasn’t sure if this was for assistance or if it was a feature request function. However, once I figured it out I was able to fill out a contact form with a question about $BTC-backed loans. 

I received a helpful reply in just over an hour via the email address I provided – pretty good in my books.

Who’s Ledn For?

• People who want cash without selling their Bitcoin: Ledn lets you borrow against your Bitcoin, so you can unlock funds while still holding onto your crypto.
• People who want to double down on $BTC price: If you’re feeling bullish and want more exposure without adding fresh cash, Ledn’s B2X feature lets you boost your Bitcoin position using the $BTC you already hold.
• People who want to earn on their crypto: If you’re holding onto $BTC or $USDC and don’t want to sell, Ledn lets you earn passive interest while keeping full ownership of your assets.
• People who care about transparency and security: If you want peace of mind that your crypto is safe, Ledn runs regular Proof-of-Reserves audits and keeps your assets ring-fenced from company funds.

Who’s Ledn Not For?

• People who want to borrow against altcoins: If you’re hoping to use $ETH or other tokens as collateral, Ledn might not be the right fit – right now, it only allows loans backed by Bitcoin.
• People who want to stay anonymous: If you’re big on privacy and want to skip ID verification, Ledn won’t be a match. It requires full KYC, including ID and proof of address, before you can use the platform.
• People who trade frequently: If you’re after quick flips, tons of token options, or advanced trading features, Ledn’s simple swap tool probably won’t offer what you’re looking for.

Ledn Alternatives

There are several different crypto-based lenders out there which compete – some directly, some indirectly – with Ledn.

Unlike a lot of these platforms, Ledn doesn’t have its own token. This keeps things simple – no weird tokenomics, no worrying about price swings messing with your returns. Sure, you might miss out on some extra perks other platforms offer with their tokens, but it also means fewer headaches.

Here, let’s break down two of the most similar (and popular) of these competitors: Nexo and SALT.

Ledn vs. Nexo

Nexo is a crypto lending platform that’s got all the extras – tons of supported assets, a crypto card, staking, even a DeFi wallet. On the other hand, it’s also had a few regulatory run-ins. 

Ledn keeps it way simpler: just Bitcoin and stablecoins, just a handful of flashy features, but rock-solid on trust. 

If you’re all about security, transparency, and just getting the most out of your Bitcoin without the noise, Ledn’s the choice for you.

	Nexo	Ledn
Earn on	500+ assets incl. $BTC, $ETH, stablecoins	$BTC, $ETH, $USDC, $USDT
Borrow against	60+ assets incl. $BTC	$BTC only
Loan Terms	•Up to 90% LTV •2.9%–18.9% APR •Flexible term	•50% LTV •12.4%–13.9% APR •12-month fixed term
Loan Fees	No origination fee	2% origination fee (waived in US/Canada)
Repayment	•No early fees, but 30-day rule applies	•No early fees •No interest until loan ends
Security	•Insurance •Ledger custody •2FA •Reserves attested	•Ring fenced assets •2FA •Independent audits
Extras	•Card •Leverage •Staking •DeFi wallet •Free swaps	•B2X •DCNs •Proof-of-Reserves •Instant swaps

Ledn vs. SALT

SALT’s a great Bitcoin lending platform if you want options. You can use more than just Bitcoin as collateral, set your own LTV, and they’ll even throw in some rewards if you play it smart. 

Their stabilization feature is also a nice backup plan during market drops. However, your crypto’s locked while the loan’s active, and there’s no way to earn on it in the meantime. 

Ledn sticks to the basics, but does them really well. A clean interface, strong security, and interest on your Bitcoin while you wait. 

	SALT	Ledn
Earn on	Not offered	$BTC, $ETH, $USDC, $USDT
Borrow against	$BTC, $ETH, $LTC, $USDC, $USDT, $SALT	$BTC only
Loan Terms	•30%, 50%, or 70% LTV •9.95%–15.45% APR •12-month term	•50% LTV •12.4%–13.9% APR •12-month fixed term
Loan Fees	1% origination fee	2% origination fee (waived in US/Canada)
Repayment	•No early fees •Flexible structure (interest-only or principal + interest)	•No early fees •No interest until loan ends •Full cost shown upfront
Security	•Fireblocks custody •Insurance coverage •No rehypothecation	•Custodied assets •2FA •Independent audits
Extras	•Stabilization feature •Borrower rewards •Use SALT tokens for fees	•B2X •DCNs •Proof-of-Reserves •Instant swaps

Is Ledn Safe to Use?

Where is Ledn Headquartered?

Originally, Ledn was based in Toronto, but in 2023 they made the move to the Cayman Islands. 

Now, the Caymans might make some people think “sketchy offshore tax haven,” but that’s not what this is. Ledn made the move after getting full regulatory approval from the Cayman Islands Monetary Authority (CIMA), which is working hard to turn the Caymans into a legit crypto hub.

CIMA also follows global standards set by the Financial Action Task Force (FATF), which adds an extra layer of trust. 

With strong compliance and transparency rules, headquarters in the Caymans actually makes a lot of sense. It gives Ledn global flexibility while still keeping customer protections front and center.

How Much Money They’ve Raised/Who Has Invested in Ledn?

Ledn has raised about $154 million since 2018, with some pretty big names backing them. 

Their most recent round was a $50M debt deal with Sygnum in August 2024 – a solid vote of confidence from one of crypto’s most respected banks. 

Other notable investors include Coinbase Ventures, 10T Holdings, White Star Capital, and FJ Labs. These are serious players who don’t throw money around lightly. 

Does Ledn Have Proof-Of-Reserves?

Ledn goes the extra mile when it comes to transparency by running independent Proof-of-Reserves checks every six months. 

In a nutshell, a trusted accounting firm double-checks that all the crypto Ledn owes to clients is actually sitting there – no funny business. Each client gets a private, anonymous code they can use to personally verify their balance was included in the audit.

The audit’s done by a top-25 public accounting firm and includes all client assets, lending activity, and custodial balances.

Ledn Review Conclusion

Overall, Ledn’s a solid choice if you’re holding Bitcoin or $USDC and want to put it to work – without jumping through a bunch of hoops.

It’s the perfect specialized platform for borrowing USD, $USDC, or a local fiat currency against your Bitcoin stack, with competitive rates and favorable loan terms. You can borrow up to 50% of your Bitcoin’s value for up to 12 months, without paying a dime until the loan term is over.

You can also earn passive interest, or even boost your $BTC exposure in a bull market. 

The platform’s super transparent, runs regular audits, and keeps your funds separate from company assets, which makes it a good fit for the security-conscious crowd too.

If you’re all about privacy or hoping to use altcoins as collateral, this probably isn’t your platform. The sign-up process is thorough, and $BTC is the only supported collateral asset. 

On the other hand, if you’re after a simple, trustworthy way to grow or cleverly utilize your crypto, it doesn’t get much better than Ledn!

Ledn Frequently Asked Questions