crypto.loans

Firefish BTCloan: rates, LTV & how to borrow

Can I borrow against BTC on Firefish?
Yes — you can borrow against Bitcoin (BTC) on Firefish at 10.9–15% APR with up to 50% LTV, on a self-custody basis with KYC.
Borrow on Firefish

Firefish accepts Bitcoin (BTC) as loan collateral through its on-chain markets. Bitcoin is the largest cryptocurrency by market cap and the most widely accepted collateral for crypto-backed loans. On Firefish you can borrow USDC, EUR, CHF, USD against your BTC at 10.9–15% APR, up to a maximum loan-to-value of 50%, on a self-custody basis.

Because Firefish is a non-custodial protocol, borrowing against BTC happens entirely in your own wallet: you supply BTC to the relevant market and draw your loan in the same transaction, with no account, KYC, or approval queue. Your BTC stays in audited smart contracts that only you can withdraw from, subject to the protocol's liquidation rules.

Bitcoin's price volatility is the main driver of liquidation risk on a Firefish loan, which is why the 50% maximum LTV exists. Borrowing well below it — and adding collateral or repaying when BTC falls — keeps your position out of the liquidation zone. Firefish sources its rates on a verified, manually-tracked basis.

How to borrow against BTC on Firefish

  1. 1Connect a self-custodial wallet (such as MetaMask or a hardware wallet) to Firefish.
  2. 2Supply your Bitcoin (BTC) as collateral to the relevant market.
  3. 3Borrow USDC, EUR, CHF, USD against it, up to 50% loan-to-value — funds arrive in your wallet in the same transaction.
  4. 4Repay any time; interest accrues continuously. Keep your health factor safe so a drop in BTC does not trigger liquidation.

How Firefish compares for BTC

7 platforms in our index accept BTC as collateral. On borrow rate, Firefish ranks 5th of 7, behind Nexo's 1.9–18.9%. The table below puts Firefish next to its closest BTC alternatives so you can weigh rate against custody and LTV.

NexoCeFi
Borrow APR
1.9–18.9%
Max LTV
50%
KYC
Required
Custody
Third-party
Apply
AaveDeFi
Borrow APR
4–8%
Max LTV
80%
KYC
No KYC
Custody
Self-custody
Apply
YouHodlerCeFi
Borrow APR
5.9–12%
Max LTV
90%
KYC
Required
Custody
Third-party
Apply
FirefishDeFi
Borrow APR
10.9–15%
Max LTV
50%
KYC
Required
Custody
Self-custody
Apply

Affiliate disclosure: This page contains affiliate links. We may earn a commission at no cost to you. Rankings are never influenced by affiliate status.

Frequently asked questions

Can I borrow against BTC on Firefish?
Yes. Firefish accepts Bitcoin (BTC) as collateral, letting you borrow USDC, EUR, CHF against it at 10.9–15% APR, up to 50% loan-to-value.
What is the interest rate for a Firefish BTC loan?
Firefish's borrow APR is 10.9–15%. Confirm the current rate on the platform before borrowing, as terms can change.
Does borrowing against BTC on Firefish require KYC?
Yes. Firefish requires identity verification to borrow against BTC.
What happens if my BTC collateral drops in value?
If your BTC falls far enough that your loan-to-value crosses Firefish's liquidation threshold, part of your collateral can be sold to repay the loan. Keep a buffer below the 50% maximum LTV to reduce that risk.

Related