Loan-to-value
Loan-to-value and margin calls, in plain numbers.
Your loan-to-value is what you owe divided by what your collateral is worth. It sets your rate, your cushion and what happens if the market falls. Here is exactly how ours works.
- Early warning at 65%, nothing to do yet
- 72 hours to act on a margin call
- Partial sales only, back to 65%
- Alerts in your client area, never by email
- 65%early warning in your client area
- 70%margin call
- 72 hto add collateral or repay part
- 80%partial liquidation
- 65%loan-to-value after a partial sale
The definition
One ratio decides almost everything.
Loan-to-value (LTV) compares what you owe with what your collateral is worth today. It moves with the market, which is why we show it live in your client area, alongside the prices that would trigger each threshold.
LTV = amount owed ÷ market value of your collateral
What you owe is the principal outstanding plus any interest you have chosen to let accrue. Collateral is valued at our reference price, shown live in your client area.
- You receive
- €25,000
- You pledge
- 0.6774 BTC worth €50,000 today
- Loan-to-value
- 50% €25,000 ÷ €50,000
- Margin call if bitcoin falls to
- €52,725 a 29% fall
- Partial liquidation at
- €46,134 a 38% fall
Bitcoin at €73,814, reference price at 04:58 UTC. Rate for this loan: 10.9% APR.
What moves it
Six things change your loan-to-value.
Two are outside your control. The other four are decisions you take in your client area, at any time.
The price of your collateral
When the price falls, your collateral is worth less and your LTV rises. When it rises, your LTV falls. This is the driver to plan for.
Exchange rates
Collateral is priced in dollars on the market. If you borrow euros, pounds or francs and the dollar weakens against your loan currency, your LTV rises.
Interest you let accrue
Paying interest monthly keeps your LTV stable. Letting it accrue adds it to what you owe, so your LTV creeps up over time.
Top-ups
Sending more collateral to your loan’s address lowers your LTV as soon as the deposit is confirmed. Top-ups are always open.
Partial repayments
Repaying part of the loan, by bank transfer or in USDT or USDC, lowers your LTV and the interest you pay.
Further draws
On a credit line, each new draw adds to what you owe and raises your LTV, within the limit your collateral allows.
Thresholds
Four thresholds, set out before you borrow.
They are written into your loan agreement and shown on your loan in the client area. Stablecoins, which aim to hold a stable value, use wider bands.
| Event | BTC · ETH · SOL | USDT · USDC |
|---|---|---|
| Early warning | 65% | 84% |
| Margin call | 70% | 87% |
| Partial liquidation | 80% | 92% |
| Full liquidation | 90% | 95% |
The margin call
72 hours to act, and the exact amount to do it.
A margin call is a request to restore your cushion, not a sale. You choose how to meet it, and your client area shows precisely what is needed.
Early warning
An alert appears on your loan in the client area, and as a browser notification if you have enabled them. Nothing is required yet; it is a good moment to consider a top-up.
Margin call
A 72-hour window opens. Your client area shows how much collateral to add, or how much to repay, to clear it.
You act
Send collateral from any wallet to your loan’s address, or repay part of the loan by bank transfer or in USDT or USDC. The call is cleared as soon as your LTV is back below 70%, including if the price recovers.
If the price keeps falling
If your LTV reaches 80% during the window, we do not wait for it to end: only enough collateral is sold to bring it back to 65%.
If the call is not cleared
At the end of the window, we sell enough collateral to bring your LTV back to 65%, with a 1% fee on the amount sold. The rest of your collateral stays yours.
Your €25,000 loan started at 50%. Bitcoin has fallen 30%: your collateral is now worth €35,000 and your loan-to-value is 71.4%.
To clear the call, below 70%
- Add bitcoin worth
- €714
- Or repay
- €500
To return to a 65% cushion
- Add bitcoin worth
- €3,462
- Or repay
- €2,250
Amounts rounded to the euro; your client area shows the exact figures. You can also combine both: top-ups count once confirmed on their network, repayments once the funds are received.
Alerts
Warned without email or phone.
We do not hold your contact details, so alerts reach you where your loan lives. Enable browser notifications once, on the devices you use most.
In your client area
A banner and a message on your loan at every threshold, with the exact amounts to add or repay and the time left on a margin call.
Browser notifications
Optional and enabled from your client area, device by device. They are the fastest way to hear about a margin call.
Never by email, SMS or phone
We cannot contact you outside your client area. A message about a margin call that reaches you any other way is not from us. How we contact you
Scenarios
What a fall really does to a 50% loan.
Bitcoin at €73,814 today. The table follows your loan down, including the partial sales that would happen on the way if you took no action.
| Bitcoin falls by | Your loan-to-value and what happens |
|---|---|
| −10% | 56%HealthyNothing to do |
| −20% | 63%HealthyNothing to do |
| −25% | 67%Early warningAlert in your client area, no action needed |
| −30% | 71%Margin call72 hours to top up or repay part |
| −40% | 68%Early warning zoneOne partial sale on the way down; you keep 57% of your BTC |
| −50% | 66%Early warning zone2 partial sales on the way down; you keep 33% of your BTC |
| −60% | 67%Early warning zone3 partial sales on the way down; you keep 19% of your BTC |
Assumes the fall happens within hours and you take no action. Each time your loan-to-value reaches 80%, enough collateral is sold to bring it back to 65%; figures are before the 1% fee and any difference between reference and execution prices. Acting on the margin call avoids every sale shown here.
Choosing your loan-to-value
Borrow for the worst week, not the average one.
Crypto prices can fall by a third in days. The right loan-to-value is the one that lets you sleep through that, and still act calmly if you must.
- Start below the maximum. The 60% ceiling for bitcoin leaves a 14% cushion before a margin call. 50% leaves 29%.
- Keep a reserve. Collateral or cash set aside to top up turns a margin call into a routine transfer.
- Pay interest monthly if you want your loan-to-value to stay where you set it.
- Match your currencies where you can: a dollar loan against stablecoins carries no exchange-rate effect.
- Act at the early warning, not at the margin call: you will have more choices and more time.
How far bitcoin can fall before each threshold
| Starting | warning | Margin call | liquidation |
|---|---|---|---|
| 30%8.9% APR | −54% | −57% | −63% |
| 50%10.9% APR | −23% | −29% | −38% |
| 60%12.9% APR | −8% | −14% | −25% |
The same thresholds apply to ether (up to 50%) and Solana (up to 40%). Rates shown before volume discounts.
Try it
Model your own loan.
Set an amount, an asset and a loan-to-value, then move the slider to see what a fall would do. Nothing is saved and no sign-up is needed.
Model your loan
BTC €73,814
- APR, all-in
- 10.9%No fees
- Per month
- €227interest
- Margin call
- €52,725BTC −29%
- Liquidation
- €46,134BTC −38%
Paid by SEPA Instant · No sign-up to see your rate
What if the price falls?
€25,000 at 50% LTV, from your offer
- BTC price
- —
- Your loan-to-value
- 71%
Margin call: you would have 72 hours to act.
Questions
Loan-to-value and margin calls: straight answers.
Anything else? Our advisors answer by secure message from your client area, 7 days a week.
Help centreWhat is a good loan-to-value for a crypto loan?
The lower, the safer. Starting at 30%, bitcoin can fall 57% before a margin call; at 50% it can fall 29%; at the 60% maximum, only 14%. A lower loan-to-value also comes with a lower rate. Treat the maximum as a ceiling, not a target.
Does my loan-to-value change if the price does not move?
Only if what you owe changes. Paying interest monthly keeps your loan-to-value stable. If you let interest accrue instead, what you owe grows: at 10.9% APR, a loan started at 50% reaches about 55.5% after twelve months with an unchanged price. A further draw on a credit line raises it too; a top-up or a partial repayment lowers it.
How will I know about a margin call if you have no email or phone number?
Alerts appear in your client area from 65% loan-to-value, and as browser notifications on the devices where you enable them. We never send alerts by email, SMS or phone, so any such message claiming to come from us is a phishing attempt. Check your client area whenever markets move sharply.
How much do I need to add to meet a margin call?
Enough to bring your loan-to-value back below 70%; your client area shows the exact amount. For example, on a €25,000 loan whose bitcoin is now worth €35,000 (71.4%), adding about €714 of bitcoin or repaying €500 clears the call. Adding €3,462 or repaying €2,250 brings you back to 65%, a more comfortable cushion.
What if the price recovers during the 72 hours?
The margin call is cleared as soon as your loan-to-value is back below 70%, whatever the reason: a top-up, a partial repayment or a recovery in the price.
Can my collateral be sold without a margin call first?
Yes, in a fast market. If your loan-to-value reaches 80% during the 72-hour window, or jumps straight past the margin-call threshold, the partial liquidation happens without waiting. That is why a comfortable starting loan-to-value matters more than the length of the cure period.
Are the thresholds the same for every asset?
Bitcoin, ether and Solana share the same thresholds: 65%, 70%, 80% and 90%. USDT and USDC, which aim to hold a stable value, use wider bands: 84%, 87%, 92% and 95%.
Keep exploring
- Liquidation policyWhen a sale happens, how much is sold and at what cost.Read
- Liquidation price calculatorYour margin-call and liquidation prices for any amount.Read
- Loan-to-value, explainedThe guide: why the maximum is a ceiling, not a target.Read
- Risk disclosureEverything that can go wrong, in plain words.Read
Borrow with a cushion you choose.
See your rate, your margin-call price and your liquidation price before you commit.
- No KYC
- No email, no phone
- Zero fees
- Repay any time