Looking for Bitcoin Miner Loans…Much of you have asked for a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing the business model of specific platforms, the return rates, the reliability and track record, usability of their apps and we will likewise discuss some of the threats that you need to consider when depositing your crypto on one of these platforms. We will also round up the comparison with our independent ranking of the just-mentioned categories for every single platform. Keep enjoying till the end to find out how we scored individual platforms. If you are new to this channel and your objective is to become a more informed P2P investor,
think about subscribing and struck the like button to see more content like this in the future. Let’s very first provide you a quick introduction to every platform prior to we dive deeper into the contrast. Celsius Network is the fastest-growing crypto loaning platform worldwide, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users utilizing Celsius Network to make or take a crypto loan interest on their cryptocurrencies and stablecoins. In overall, Celsius manages more than $17 B worth of assets. The platform uses its services worldwide, however, they are currently not issuing loans in the United States due to regional regulations. BlockFi is the biggest
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is readily available worldwide with exception of sanctioned countries. Nexo is another European platform that provides crypto enthusiasts the alternative to earn interest not just on their coins but likewise fiat deposits. Nexo is in fact, one of only 2, to us known, crypto financing platforms that offer interest on fiat deposits.
And the platform is also planning to release a BlockFi credit card which will create another income stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the debtors. That’s at least our interpretation from Nexo’s business design as the platform doesn’t have A devoted area about
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this on their site. Now let’s speak about the returns. If you are seeing this video, you wish to make money by depositing your coins on one of the platforms right? Prior to we compare the rates, there are a few things that you ought to think about. When it comes to using interest on your coins, every platform has specific limits and terms. So for example, Celsius Network changes the rates every week to reflect the present market situation. You are just able to earn greater rates if you decide to receive the interest in Celsius’s own energy token. The higher reward rates are also not available for US citizens. If you would not wish to pay your rewards in the CEL token, you can presently expect to receive 5.05% on your Ethereum, 3.51% on your Bitcoin, and 10% interest on your deposits in Binance USD or USDC which is the stablecoin from Coinbase. On BlockFi, the rate for your Ethereum and Bitcoin deposits depends on the number of your possessions. The more bitcoin or ethereum you deposit, the less interest you will receive. The rates of interest for Ethereum varieties in between 0.5% and 4.5%, the rate for bitcoin is in between 0.5% and 5%, and the rate for the two stablecoins is currently at
9% each year. What deserves mentioning is that if you want to save some fees, and bring more stability into your crypto interest account, you can also transfer the Binance USD coin for which you will not require to pay the substantial gas charge, as the currency operates on the Binance Smart Chain with way lower costs in contrast to stablecoins that operate on the ethereum network. The Binance USD coin is currently just supported on Celsius Network and BlockFi. YouHodler offers currently the most competitive rates for your USDC coins without the requirement to stake the platform’s own utility tokens. You can make 12% interest on your USDC holdings and the platform uses 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that offers greater benefits for those who wish to receive the interest in the native NEXO tokens instead of the deposited currency. The platform offers 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you ought to bear in mind is that platforms tend to change the rates from time to time, so you can’t really predict the real return from your deposits. Keep in mind that by transferring your crypto, the worth of the currency may decrease Which will make it hard for you to liquidate your properties if that’s something you would otherwise think about. So now, that you are aware of the returns let’s briefly review the credibility of the platforms and their track record. Celsius Network is likely the most legitimate platform in this space. The founder Alex Mashinsky is a popular business owner. Before introducing the Celsius network, he has actually co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are also able to monitor the development and evaluate some of the statistics. As we are recording this video, there are over 650,000 users and the platform is managing $17 billion worth of possessions. Alone in the last 12 months, Celsius has Bitcoin Miner Loans
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The platform is not transparent when it comes to sharing its financial reports, but with a little bit of digging, you can get your hands on the financial report for 2020, where you will find out that the platform is not lucrative. BlockFi is likewise funded by lots of institutional investors and the platform is mainly targeting the United States market. According to our research study, it seems like he has actually relocated to Switzerland to launch his crypto financing platform YouHodler in 2017.
At the beginning of January, Nexo had just $4B under its management from 1 M users, now five months later on, the platform declares to manage $12B from 1.5 M users, which we think is a bit of a steep growth even if we think about the buzz in the crypto space. The second co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday loan company that obviously is financing Nexo. According to our current research, the executive board does not even consist of Antoli, however only Kosta and two other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p lending platform, which is understood for the “abuse of customers money”.
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in the media, he is typically only promoting crypto and predicting costs however does not have any deeper insights into the crypto lending area or how Nexo is running. But that’s just our impression from his Bloomberg talks. Also, Nexo is the only platform that offers interest on fiat. According to our knowledge, you can not use interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Despite the fact that we are not attorneys, we have a hard time to comprehend the legal setup under which Nexo is offering its services. So now that we have actually evaluated a few of the performance history of the four mentioned platforms, let’s briefly discuss the usability of every crypto loaning site. Celsius has begun as a native mobile app. The app is well developed and it includes different security features such as the biometric scan, HODL mode, and 2FA. In the dashboard, you are able to see how numerous properties you are holding and what are the presently used rates. You can withdraw and transfer supported coins however there is no exchange, so if you don’t deposit your cryptos from another wallet, you can acquire them directly through the app. Keep in mind, however, that there might be charges for charge card purchases or SEPA transfers. Celsius Network supports currently 40 digital assets. BlockiFi makes a less industrialized impression. The app is extremely easy and so is the desktop version of the platform. BlockFi supports currently just 10 digital currencies. The platform likewise uses a dedicated exchange so you can even trade them. We do not advise this function that much as the exchange rates are not the very best. While the crypto loans on BlockFi are just offered to U.S. people, the platform is also working on a Bitcoin rewards credit card which will be competing with the credit card from Crypto.com YouHodler provides a few of the most advanced services among the crypto loaning platforms. Presently, the platform supports 18 digital
YouHodler is likewise one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have a truly strong concept of what every crypto lending platform is using. What you must think about however, is that as quickly as you transfer your crypto on any platform, you are not owning your private secrets any longer and your assets may get jeopardized either by third parties or by the platform itself. Bitcoin Miner Loans
give up your ownership of the possessions as long as you hold them in the platform’s wallet. The only method to secure your crypto is to store it on a devoted hardware wallet like this one from Trezor. That’s the very best method to keep your cryptos safe. The downside of this strategy is that you will only take advantage of the increased value of your coin but not the interest on your deposits, which is something you can do on among the crypto lending platforms. As with any financial investment, it always comes down to the risk and return and your threat profile. Based on our in-depth contrast, let’s have an appearance at our independent ratings of every category for every platform. Note, that we have appointed the scores based on our own research study. One represents the most affordable score while five mean the greatest rating. Within the business model category.