Website updates – 2017/10/08

New P2P lending websites reviews

I invested some funds in both BulkEstate and Robo.cash last month. The reviews are online, and the comparison page has been updated accordingly. The next review should be CrowdEstate, which looks rather promising !

P2P lending news for September

In case you missed it, I posted the monthly review of P2P lending news for the past month.

New article

I wrote a new article comparing P2P lending and mutual funds. It’s still a work in progress as there’s a lot to be said; for example, I don’t mention tax issues at all for now.

Misc changes

I updated Swaper review in order to reflect the (somehow) improved liquidity. I also improved Omaraha review in order to make it more helpful for people struggling with the very peculiar ergonomics of their website.

 

P2P lending news for September 2017

September is almost gone… Here are the news I gathered from various sources regarding the websites I use for P2P lending.

Swaper interface improvements

“We are planning to move towards combining Portfolio investment tool with Auto-Invest tool into one – Auto-Invest Portfolio. The improved feature will cater to both types of investors – those looking to specify their own criteria for investing and to those looking for a one-click investing experience without adjusting many details” (Swaper newletter)

That’s a welcome change, and will make their user interface even easier to use ! As of this writing, the change hasn’t been pushed in production yet.

Swaper auto-invest change

“Currently, when creating Auto-Invest schemes investors are able to specify ‘investment in one loan’, i.e. how much will be invested into a single available loan. This will be replaced with ‘max investment per loan’. (…) This change also means you do not need a lot of Auto-Invests to ensure your money gets invested. With one active Auto-Invest your money is just as likely to be invested as with ten (assuming same selection criteria).” (Swaper newletter)

Yet another important improvement. With the improved loan volume, will this be the end of the troubles with Swaper ? Time will tell !

Swaper loyalty bonus changes

“We have rolled out the planned changes to our Loyalty Bonus. As announced last month, to obtain the +2% bonus to your investments your account value needs to be 5000 EUR (or equivalent in GBP or PLN) or higher for three consecutive months. Similarly, if your total account value drops below 5000 EUR (due to withdrawals) for three consecutive months the bonus is revoked.” (Swaper newletter)

New Bondora feature : “Remove loans from sale when borrowers make payments”

“This week we introduced a new feature which allows you to remove your investments from sales when a borrower makes a payment. (…) Once you activate the feature, you can be confident that you’re selling loans on the assumption of up-to-date payment information. If any payment is made, the loan will automatically be re-evaluated and cancelled from the Secondary Market sales.” (Bondora blog)

New Russian originator for Twino

“We have increased the Russian loan supply by adding our second originator. Already more than EUR 1.5 million have been funded during this time.” (Twino newsletter)

Note that this actually took place in August but was only announced in September

New issuer in Bulgaria for Mintos

“The personal loans Cash Credit is set to offer investors on the Mintos marketplace will range from EUR 100 to EUR 1 000, with a repayment period of up to 18 months. The average net annual return to investors will range from 10 to 12%.” (Mintos newsletter)

It’s time to update your auto-invest yet again 🙂

 

Week-end website updates

I hope you all enjoyed the week-end (a long week-end for those in the USA, lucky you !)

For me it was a studious week-end, as I spent a lot of time working on this blog. Here are the resulting changes :

P2P lending

I published several articles and posts :

  • the P2P lending news for August
  • the review of my P2P portfolio for the past month
  • a detailed review of DoFinance, which has a rather innovative offer, making investing in P2P loans an extra-easy experience
  • a comparison of the current P2P lending offers, with a handy table summing up the current offers and conditions. Give it a try !

I also updated the articles about ViaInvest and Grupeer to reflect the changes since I wrote them.

Collective2

I didn’t yet publish anything new since the introduction to the new dashboard, as I’m in the process of updating the existing articles. Indeed, there has been a price change in their auto-trading offers, and it left me extremely unsatisfied !

 

P2P lending portfolio review for August 2017

Overview of the past month

As mentioned last month, I opened an account with Monestro and DoFinance. My Monestro portfolio is currently very small as there aren’t many loans available. Situation with DoFinance is different, as the offer is much simpler; the whole amount was immediately invested for 6 months, with a 12% interest rate. As a result, I’m about to publish a detailed review of DoFinance.

I’m still in the process of withdrawing funds from both ViaInvest and Twino; I’ll use these funds to increase the size in Grupeer.

Current performance

Omaraha

12 months XIRR at the end of July was 26.8, down from 27.6% last month. Details by country are : Estonia 26.9% (down from 27.5%), Slovakia 25.3% (down from 30.7%), Finland 30.9% (down from 34.9%). I will probably simplify my portfolio management by focusing only in Estonian loans. The default rate is a bit lower than last month (0.6% against 0.7%), which is a very reasonable level.

I has to slightly increase my loan size to 30€ in order to invest all my remaining funds. My portfolio now has reached my target size and shouldn’t increase, excepted of course from the interests paid.

Bondora

XIRR for Bondora‘s portolio was 18.18%, stable from last month. I still didn’t test the “portfolio pro” feature; lazy me !

Grupeer

Grupeer still doesn’t provide a XIRR computation but all my loans offer 13% or 14% interest rates. I also enjoyed some nice cashback (1% or more) which will boost my returns. There are now Russian loans offering a 15% interest rate, which will be my next investments.

Mintos

XIRR for Mintos was 12.17% for secured loans in Euro and 16.75% for Lari (Georgia), absolutely stable. There are now some guaranteed loans offering a 13% interest rate; they’re likely to increase my returns a bit. Note that I’m in the process of slashing my GEL portfolio, which (as forecasted) suffered from the EUR/GEL exchange rate.

Swaper

XIRR of my Swaper portfolio was stable at 11.77%. There were still times where all my portfolio wasn’t invested, but the situation seems to be improving !

ViaInvest

XIRR is still displayed as 12.74%. As mentioned above, I’m starting to withdraw all my funds as all new loans only offer a 10% interest rate, not counting the tax withholding. I prefer to invest for a bit longer and get a much better return !

Twino

XIRR is 10.14%; I have less than 100€ left there so it will disappear in September’s edition of this review !

XIRR evolution

I already removed Twino and ViaInvest to make the following graph more readable

Current allocation

My allocation probably won’t change much in the coming months.

New platforms

The next 2 months will be rather busy for me so I may not have much time to research new P2P lending platforms; moreover I don’t have much cash left to invest in them 🙂

 

 

 

P2P lending news for August 2017

Yet another month is over… I updated ViaInvest review in order to reflect the lowered interest rate currently offered.

Here are the news I gathered regarding P2P lending :

More Russian loans for Twino

“We are excited to announce that starting from this week you will see a significant boost in our Russian loan volumes. (…) These are short-term loans with maturity of 1 – 2 months, BuyBack Guarantee and interest rate of 10-11% per annum.” (Twino newsletter)

More loans for Swaper (finally !)

 “Demand for investments on our platform has for some time now been higher than the amount of loans available. We recognize that this leads to cases where some investors are left with money sitting idle on their Swaper accounts. Currently, we are putting around 2 million euros worth of new loans up for investment every month, which is about a 100% increase from where we were at the beginning of the year.” (Swaper newsletter)

Mintos adds loan in Romania and Bulgaria

The following excerpt is valid for both countries :
“The new loans Mogo will place on the Mintos marketplace will range from EUR 500 to EUR 10 000, with a repayment period of up to 72 months. The average net annual return to investors will range from 8 to 14%. Loans with and without the buyback guarantee will be offered.” (Mintos newsletter)

New originator in Latvia for Mintos

“The Mintos marketplace now features consumer loans issued in Latvia by MoneyMetro. (…) MoneyMetro loans placed on the Mintos marketplace will average EUR 400 and have a repayment term of 12 months. The annual net return to investors is expected to reach 11.5%. The loans will be supplemented with a buyback guarantee covering loans delinquent for more than 60 days.” (Mintos newsletter)

African loans in Mintos

“The average Botswana-issued loan GetBucks will place on the Mintos marketplace is EUR 250, with a repayment period of 30 days. The average annual net return to investors will reach 11%. GetBucks will provide a buyback guarantee for loans that are delinquent for more than 60 days” (Mintos newsletter)

Russian loans on Grupeer

“Each loan is issued based on a separate agreement for a period of 2 to 3 months. Loan currency is euro. The interest rate offered to investors is 15% per annum.(…) To secure your investments, Grupeer Platform has applied the following measures: BuyBack guarantee in case of payments delay for more than 15 days.” (Grupeer newsletter)

Grupeer : 1.5% cashback  on development loan

I found out that new investments in the currently listed development loan, offering 13% interest rate, will get 1.5% cashback. This offer is good until September 30th, 2017. (Grupeer website)

New Georgian originator for Mintos

“The average Georgia-issued loan ID Finance will place on the Mintos marketplace will be EUR 1000, with a repayment period of up to 12 months. (…) The annual net return offered to investors will reach 16%. The loan originator will offer a buyback guarantee for loans that are delinquent for more than 60 days. In July 2017, the share of non-performing Solva loans was 4%.” (Mintos newsletter)

New originator for Mintos in Czech Republic

“Czech Republic-issued Creditstar loans on the Mintos marketplace will range from CZK 1 000 to CZK 19 000, with a repayment period of up to three months. The average net annual return to investors will reach 12%.
Creditstar will offer a buyback guarantee for loans that are delinquent for more than 60 days.” (Mintos newsletter)

 

Collective2 new dashboard

After a period of beta-testing, Collective2 new dashboard is finally here. Changes have been discussed in the forum, and users had the opportunity to test it.

The interface is different for investors and trade leaders, which helps to de-clutter the left menu. Here I’ll focus on the investors’s side of Collective2 new dashboard.

Portfolio view

This view at the center of the screen hosts three tabs : one for simulation, another one for live trading, and a third one for the subscriptions you don’t currently trade.

Collective2 new dashboard : portfolio view

“Simulation” tab

My biggest disappointment with Collective2 new dashboard is the disappearance of the free trials. They’re getting phased out; instead you can add strategies to the simulated account, and see how your equity curve would have evolved.

For me, this causes a huge loss of information compared to free trials. Indeed, unlike simulation account, they allowed you to receive the real-time trade signals. You could quickly realize the quality (or lack of) risk management by watching the stops in place, and assert the risk/reward thanks to the profit-taking orders. This information is unavailable when you simulate a strategy, so you actually have to subscribe in order to assert this crucial element. That’s a huge step backwards and I hope the free trials will come back !

“Live trading” tab

Here you can see your equity curve, which is rather handy. Below the curve, you have again 3 tabs :

  • “Summary view” (displayed in the screenshot above) is an overview of the strategies you trade in your live account. It displays the daily PNL and what is supposedly the all-time change percent. The wheel on the right allows you to change auto-trade settings, or message the trade leader. One handy feature is the “Sync” icon, indicating whether your account is currently in sync with the strategy. Clicking on a strategy will show you the PNL of the strategy model, and display a handy vertical bar when you subscribed to it (usually right before a large drawdown 🙂 ).
  • “Show all positions” displays open positions, for either the model, your live account, or both

Collective2 new dashboard : open positions

  • “Show recent signals” is very handy, and having a separate tab for them helps having a more readable strategies overview

Collective2 signals

“Subscribed” tab

If you subscribed to strategies you don’t currently trade, they’ll appear here. You can choose to either leave them off, simulate them, or trade them live.

Collective2 subscriptions not traded

Right bar of Collective2 new dashboard

If you’ve selected the simulated or live account, you’ll see the current portfolio allocation, broken down by asset class; you can then drill down to the instrument level.

Collective2 new dashboard top holdings

Below is the “Activity feed”, which is unfortunately not configurable for now. Several kinds of notifications will appear here, with various degrees of relevance. For example, notifications appear when a strategy you’ve subscribed modifies its position, but also when another investor subscribes to a strategy. I tend to find the later notification absolutely useless !

Collective2 new dashboard activity feed

Finally, the bottom display the “Top movers”, showing you the top gainers and top losers for the day.

Collective2 new dashboard top movers

Note that if you don’t use this sidebar often, you can use the arrow at the top of the screen to collapse it. The same goes for the left menu bar.

Wrapping it up : my thoughts on Collective2 new dashboard

We now have a better-looking dashboard but with a crucial feature missing.

The homepage is now more appealing visually than the previous one, but I deeply regret the disappearance of free trials. I actually can’t understand why their removal, which is a business decision, was linked to the new dashboard release, which is mostly cosmetic. On the positive side, I like the fact that the signals and open positions have their own tab, making things more readable. Displaying the equity curve is nice, too.

 

After the release of the new dashboard, next step for Collective2’s is apparently the auto-trade PNL screen. It currently has very limited features, only offering the total PNL by strategy from the day you started trading them. It would be great to be able to have a monthly breakdown !

First steps with Monestro and DoFinance

I just invested some funds through two P2P lending companies, Monestro and DoFinance. I already had a DoFinance account but never funded it, while my Monestro registration is new. It’s obviously too early for me to write a full review, however I’ll give you my feedback on these two offers !

Monestro

I recently registered with Monestro; it’s an Estonian P2P lending company focusing on loans to individuals.

Registration

I found the registration process to be a bit painful. The website is not very user-friendly, and you’ll need a webcam to take a live screenshot of you and your passport. Other than that, my registration was quickly processed and I could fund my account the next day.

Investing process

There are currently few loans available at Monestro, commonly less than five. They’re usually live for less than a week, so you’ll find new loans several times a week.

Just like Omaraha, the investing process is a bit complicated at first. There’s a credit score for each application (the lower the score, the better), and you have to bid during an auction process.

You’ll have to choose to amount to bid, and, depending on the auction kind, the interest rate. Indeed, there are either “fast auctions” where you only bid for size, and “terminal auction” where you compete for both size and interest rate. Terminal auctions last for a specific duration (usually a few days), then get resolved. Fast auctions, on the other hand, may be closed earlier if the maximum amount specified by the borrower is met.

The auction kind is displayed for each loan application in the “Load and auction data” tab. For detailed information about auctions kinds, you may check Monestro FAQ (especially this topic and this one)

Here’s a screenshot showing the two current loan applications.

Monestro loan applications (overview)

Once expanded, you can see the details for each loan

Monestro loan applications (detailed)

Loans are not secured by a buyback option; the credit score computed by Monestro is supposed to reflect how risky the loan is.

Note that signing the loan agreement will require to receive SMS, as the website will provide you with a confirmation code.

Conclusion

Monestro really feels like Omaraha to me; it provides the same loans profiles, and the interface is just as painful. However, the loans volume at Monestro really can’t compare with Omaraha for now.

DoFinance

DoFinance is located in Latvia, and is part of Alfa Finance Group. It mostly focuses on short-term loans.

Registration

The website is easy to use and registration is quick and easy. Compared to Monestro, it’s a much more pleasant experience !

Investing process

Just like registering, investing with DoFinance is incredibly easier; however, this is mostly due to the lack of options and flexibility.

In its most basic form (auto-investing), you just choose an investment duration and the target return.

DoFinance plans

In theory it’s also possible to invest manually, but this option actually shows you many pages of loans without even an opportunity to filter them out, so it seems pretty useless.

It’s possible to withdraw your money before the investment term, but it you choose to invest your money for 6 months or more, you won’t get any interest and the reimbursement will take 28 days. You thus should make sure that you won’t need the invested money !

One large difference with other P2P offers is that the interests are only credited at the end of the investment term. That means you won’t get monthly interests !

Conclusion

DoFinance seems to be a nice choice for those who want a hassle-free investing experience. Choose the desired duration and interest rate, and forget about it for the whole length of your investment term !

 

P2P lending portfolio review for July, 2017

Month overview

Unlike my Collective2 portfolio, my P2P lending portfolio’s life was rather uneventful this month (and I don’t complain about it 🙂 ).

I added some more funds to Omaraha and I’m nearly reaching my target portfolio size. I still have to decrease ViaInvest size, but I’m waiting for the principal to be reimbursed.

Current performance

Omaraha

XIRR at the end of July was 27.6%. Details by country are : Estonia 27.5%, Slovakia 30.7%, Finland 34.9% (very new and small).

I’m starting to see more defaults, but currently their rate (0.7%) mirrors the overall default rate for comparable loans.

I’m still planning to increase my portfolio size a bit, although I have troubles investing it all with a relatively small loan size (20€). I also probably should spend some time studying my statistics by country more closely (XIRR versus default rate) in order to have a better allocation between Estonia and Slovakia. Unfortunately Omaraha doesn’t provide the statistics as CSV files, so it will be a painful task !

Bondora

XIRR for Bondora‘s portolio was 18.07%. I invested a lot in poorly-rated loans with high interest and of course many defaulted, so I’m curious to see what the recovery rates will be like.

I may start playing with the “Portfolio pro” feature in order to increase my returns.

Grupeer

Grupeer doesn’t provide a XIRR computation but all my loans offer 13% or 14% interest rates.

Mintos

XIRR for Mintos was 12.18% for secured loans in Euro and 16.76% for Lari (Georgia). Unfortunately for now, the poor exchange rate totally negates this XIRR difference.

Swaper

XIRR of my Swaper portfolio was 11.84%. I’d love to increase my portfolio size a bit, but until recently this P2P lending site had troubles investing the whole amount, so I’m not totally sure about this.

ViaInvest

XIRR reached 12.74%, which is surprisingly high. However, it looks like all new loans only offer a 10% interest rate. I may thus decrease my portfolio size even more and split this money between Grupeer and Swaper.

Twino

XIRR is 10.23%; I’m in the process of moving all my funds out of Twino as the low returns doesn’t justify keeping an account there.

Current allocation

I’m probably over-invested in Omaraha, but paradoxically I’m still planning to increase its portfolio size a bit.

Once I reach my target size, my Grupeer portfolio should be my next target for growth.

Current allocation between P2P lending websites

New platforms

I’m always looking for new opportunities to diversify my portfolio.

After some due diligence, I may invest a starting amount in Monestro. Loans volume is low and the usability is, let’s say, perfectible, but it seems promising.

 

 

Collective2 portfolio review for July, 2017

Performance

July was a bit complicated for my Collective2 portfolio, as I switched from trading mostly equities and ETFs to futures and forex; this change was aimed at giving me more leverage.

I tried out several strategies, one of which caused a large loss and put me deeply in the red.

Indeed, I started trading PureTrend Mazout and ended up with a huge loss. I only kept my position for 2 days before giving up… and I’m glad I took my loss early ! In fact, this strategy seemingly has no risk control and actually ended up losing 84% of its value (!) in July. It started with $10k last November, then nearly grew it to an extra-impressive $50k… and is now below $10k.

After switching to better managed strategies, I had steady gains daily, allowing me to finish the month with a gain around 7.5%. This figure includes broker commissions but not Collective2 fees. I’ll try to track these more closely in August !

The impressive fact – unfortunately hidden by my large loss – is that in the last 6 trading days of July, I grew my portfolio by 28%!

Renewed subscriptions

I was already trading the following two future strategies, and I renewed my subscription.

Simplicity Trading

Probably my favorite strategy right now; I’ll probably end up writing a detailed review. Performance for June was 11%, according to Collective2.

TradeXpert CrudeOil

This strategy gained only 1.4% in July. There have been a couple of bad trading days which impacted the performance badly. The positive thing is that the trade leader communicated a lot about these troubles, so I’m still giving it the benefit of the doubt.

New subscriptions

Future strategies

E MINI YM TRENDSIGNALS

This low-frequency, systematic strategy trades Dow Futures, mostly on the long side. Historical performance is impressive (330% in less than one year !) and gains are rather regular. Model size is above $50k but it’s easy to scale down. It seems to be similar to Simplicity Trading.

Asset class Futures
Timeframe Swing (less than 1 week)
Management Systematic
Side Long/Short
Portfolio size $50k – $100k
Fees $198

OPN W888

This discrete strategy enters day-trades and swing trades on commodity futures. It takes up to 5 positions a day, with well-defined stop losses and profit taking levels. The model size is around $100k, but again it’s easy to scale it down. Performance is great as it nearly doubled the account size with a moderate drawdown.

Asset class Futures
Timeframe Intraday/Swing
Management Discrete
Side Long/Short
Portfolio size $50k – $100k
Fees $88

Maxima

This is another short-term strategy, but with a much shorter history.It started with $25k, and trading is 100% discrete. Performance is impressive but I’m a bit concerned about risk management.

Asset class Futures
Timeframe Intraday/Swing
Management Discrete
Side Long/Short
Portfolio size $25k – $50k
Fees $98

Forex strategies

ArtInvest PxV

This is a new discrete strategy, started with $5k in June. When I subscribed to it, performance was already around 30%. Risk management is excellent, just like for OPN W888.

Asset class Forex
Timeframe Swing (less than 1 week)
Management Discrete
Side Long/Short
Portfolio size < $25k
Fees $49

QuantFXOpen

A free systematic strategy, which seems to manage risk rather well. It’s up 50% from April, when it was created.

Asset class Forex
Timeframe Swing (less than 1 week)
Management Systematic
Side Long/Short
Portfolio size < $25k
Fees Free

 

July P2P lending news

This monthly column will try to sum up the important news related to P2P lending, mostly regarding companies I use for investing.

Usually my primary source of information is the company’s blog or newsletter. This monthly post aims at being a quick read, so I’ll provide a link and a relevant excerpt.

Bondora is profitable

“We are proud to announce that we have reached profitability in the first half of 2017 with the net profit of €300 000. ”

Omaraha caps Estonian loan’s max interest rate

“Estonian loans maximum total interest is now 35%, please make changes to your investment terms. Higher % investment terms wont invest.”

Bondora introduces “Portfolio pro” feature

“Simply put, it is a tool for people who like to have more control over the level of diversification in their investments. You can now use this Pro feature to create a portfolio according to your own rules. For example, you may choose to select loans from specific countries, with different duration and Bondora risk ratings.”

Note for self : review this for a future post !

Bondora (again !) removes fees for direct sell

“Just over a two months ago we released our Direct Sell feature, allowing investors to sell loans directly to other investors from their Investments page. (…) Previously there was a fee associated with all Direct Sell. By removing this cost to investors we’re making it easier than ever to explore the full range of options when investing on Bondora.”

Twino enhances auto-invest usability

“If you are using Portfolio Builder, then on the right side of the page you will see the following information: 1) Available Cash, 2) How many loans match your criteria, 3) How much funds can be invested immediately.

However, if you are creating an Auto-invest portfolio, then on the right side of the page you will see your available cash and two completely new fields: 1) Available Cash, 2) Listed in last 30 days – this value will display how many loans with similar criteria have been listed during the last 30 days, 3) Competing portfolios – this value will display how many Auto-invests with similar criteria have been created by other investors.” (Twino newsletter)

New originator for Twino

“Kazakhstan’s loan originator has joined TWINO investment platform.” (Twino newsletter)