Can You Get A Bitcoin Loan? – Everything You Need to Know

Looking for Can You Get A Bitcoin Loan?…Numerous of you have asked for a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to earn interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing the company design of private platforms, the return rates, the credibility and track record, use of their apps and we will also talk about some of the threats that you ought to consider when transferring your crypto on one of these platforms.

 

consider subscribing and struck the like button to see more material like this in the future. Let’s very first offer you a short intro to every platform prior to we dive deeper into the contrast. Celsius Network is the fastest-growing crypto lending platform in the world, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users utilizing Celsius Network to take a crypto loan or earn interest on their cryptocurrencies and stablecoins. In total, Celsius manages more than $17 B worth of possessions. The platform offers its services worldwide, however, they are presently not issuing loans in the United States due to regional guidelines. BlockFi is the biggest

youhodler crypto interest loans, platform for users

The platform offers crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of approved countries. Nexo is another European platform that offers crypto lovers the choice to make interest not only on their coins but likewise fiat deposits. Nexo is in fact, one of just two, to us known, crypto lending platforms that offer interest on fiat deposits.

 

And the platform is likewise preparing to introduce a BlockFi credit card which will produce another income stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the borrowers. That’s at least our analysis from Nexo’s business design as the platform doesn’t have A dedicated area about

money fees on celsius services priced about stablecoins  profit margin Can You Get A Bitcoin Loan?

this on their site. Now let’s discuss the returns. If you are viewing this video, you want to make cash by depositing your coins on one of the platforms? Before we compare the rates, there are a couple of things that you should think about. Every platform has certain limitations and terms when it concerns offering interest on your coins. For example, Celsius Network changes the rates every week to show the present market circumstance. You are just able to make higher rates if you choose to receive the interest in Celsius’s own energy token. The greater benefit rates are also not available for United States people. If you would not wish to pay your rewards in the CEL token, you can currently anticipate to get 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 assets. The more bitcoin or ethereum you deposit, the less interest you will get. The rate of interest for Ethereum varieties in between 0.5% and 4.5%, the rate for bitcoin is between 0.5% and 5%, and the rate for the two stablecoins is currently at

 

9% per year. What’s worth mentioning is that if you wish to conserve some fees, and bring more stability into your crypto interest account, you can likewise transfer the Binance USD coin for which you will not require to pay the hefty gas cost, as the currency operates on the Binance Smart Chain with way lower charges in contrast to stablecoins that run 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 need to stake the platform’s own utility tokens. You can make 12% interest on your USDC holdings and the platform offers 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that uses higher benefits for those who wish to get the interest in the native NEXO tokens instead of the deposited currency. The platform uses 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you must keep in mind is that platforms tend to adjust the rates from time to time, so you can’t actually predict the genuine return from your deposits. Likewise, bear in mind that by depositing your crypto, the value of the currency might decrease Which will make it hard for you to liquidate your possessions if that’s something you would otherwise consider. Now, that you are mindful of the returns let’s briefly evaluation the reliability of the platforms and their track record. Celsius Network is most likely the most legitimate platform in this area. The creator Alex Mashinsky is a well-known business owner. Prior to introducing the Celsius network, he has co-founded 3 startups worth more than $1 Billion each. On the Celsius App, you are also able to keep track of the development and review some of the stats. As we are taping this video, there are over 650,000 users and the platform is handling $17 billion worth of possessions. Alone in the last 12 months, Celsius has Can You Get A Bitcoin Loan?

bitcoin amount of lending service with value feature trading

paid out more than $367 M worth of rewards. While we have not managed to get answers to our questions, the CEO does hold a weekly AMA session where he is attending to the most frequently asked questions, which is something rather uncommon in this space. The platform is not transparent when it comes to sharing its monetary reports, but with a little bit of digging, you can get your hands on the financial report for 2020, where you will discover out that the platform is not rewarding. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business development space rather than the fintech area. BlockFi is likewise financed by lots of institutional investors and the platform is mainly targeting the United States market. While you can use the crypto interest account worldwide, the crypto loans are offered Just for U.S citizens as BlockFi has the necessary financing licenses just in the U.S. If you want to examine BlockFi’s data you won’t enjoy as there are none readily available. Some external sources recommend that there are more than 125,000 signed up users, however, we were not able to validate any of those claims straight with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech area in Russia. According to our research study, it seems like he has actually relocated to Switzerland to launch his crypto lending platform YouHodler in 2017. I understand that YouHodler has actually been applauded by some of you in the discuss previous videos, regrettably, the platform isn’t openly revealing any financial reports, nor statistics about their user base or properties under YouHodler’s management. This is something you ought to certainly consider when utilizing YouHodler. Proceeding to Nexo. Nexo claims to manage $12 B worth of properties from more than 1.5 M of users. It would imply that Nexo is twice as huge in terms of user base as Celsius with a much lower average if this is appropriate

 

At the beginning of January, Nexo had just $4B under its management from 1 M users, now 5 months later, the platform claims to handle $12B from 1.5 M users, which we believe is a bit of a high growth even if we think about the hype in the crypto area. The second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday loan business that obviously is financing Nexo. According to our current research, the executive board doesn’t 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 loaning platform, which is known for the “abuse of clients cash”.

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Nexo is the only platform that offers interest on fiat. Now that we have examined some of the track records of the 4 pointed out platforms, let’s briefly go over the functionality of every crypto lending site. While the crypto loans on BlockFi are just available to U.S. citizens, the platform is likewise working on a Bitcoin rewards credit card which will be completing with the credit card from Crypto.com YouHodler provides some of the most innovative services among the crypto lending platforms.

 

currencies on which you have the ability to earn interest. YouHodler permits you to exchange between various currencies or deposit fiat by means of bank wire or other supported payment services. The minimum deposit quantities are very low, so you don’t need to transfer hundreds of Euros or Dollars to evaluate the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler doesn’t have a banking license, you can only earn interest on your crypto assets. Apart from making interest on your deposits or exchanging cryptos, YouHodler also provides you the choice to borrow fiat money in exchange for security. The platform presently supports just loans in us dollars or euros. YouHodler is likewise one of the platforms with versatile loan terms and an optimum LTV of 90%. Apart from those services, YouHodler also offers 2 leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic investors. As the functionality of those features surpasses this video, you can discover how it operates in our devoted youhodler evaluation on p2pempire. Nexo’s use resembles Celsius Network. Nexo is also utilizing its utility tokens to use better rates on loans, higher interests on crypto and fiat deposits, or more complimentary withdrawals per month. Also if you choose to stake your coins or fiat, meaning you lock your properties for a defined term, you can get a higher interest rate. Like BlockFi, Nexo likewise offers you to buy, or exchange crypto if you wish to hold your assets in numerous currencies. Now you have a really strong concept of what every crypto lending platform is providing. What you must consider however, is that as quickly as you deposit your crypto on any platform, you are not owning your private keys anymore and your assets may get compromised either by 3rd parties or by the platform itself. It’s like transferring your crypto on the exchange – if you do not own the secrets, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are really clear about the reality that you Can You Get A Bitcoin Loan?

 

give up your ownership of the assets as long as you hold them in the platform’s wallet. The only way to protect your crypto is to store it on a devoted hardware wallet like this one from Trezor. That’s the very best way to keep your cryptos safe. The drawback of this strategy is that you will only gain from the increased worth of your coin however not the interest on your deposits, which is something you can do on among the crypto financing platforms. But, similar to any investment, it constantly boils down to the threat and return and your threat profile. Based on our extensive comparison, let’s have an appearance at our independent scores of every classification for every platform. Note, that we have designated the rankings based on our own research. One represents the most affordable rating while 5 mean the greatest rating. Within the business model category.

Can You Get A Bitcoin Loan – Everything You Need to Know

Looking for Can You Get A Bitcoin Loan…A lot of you have actually asked for a comparison in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing the business design of private platforms, the return rates, the reliability and performance history, usability of their apps and we will also discuss some of the risks that you ought to think about when depositing your crypto on among these platforms. We will also round up the comparison with our independent score of the just-mentioned classifications for every platform. So keep watching up until completion to learn how we scored private platforms. If you are new to this channel and your objective is to end up being a more educated P2P financier,

 

think about subscribing and hit the like button to see more material like this in the future. Let’s very first provide you a short intro to every platform prior to we dive deeper into the contrast. Celsius Network is the fastest-growing crypto loaning platform in the world, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users using Celsius Network to take a crypto loan or earn interest on their stablecoins and cryptocurrencies. In overall, Celsius manages more than $17 B worth of assets. The platform offers its services worldwide, however, they are presently not issuing loans in the United States due to regional policies. BlockFi is the biggest

youhodler crypto interest loans, platform for users

The platform provides crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of approved nations. Nexo is another European platform that provides crypto enthusiasts the alternative to earn interest not only on their coins but also fiat deposits. Nexo is in reality, one of just two, to us understood, crypto loaning platforms that provide interest on fiat deposits.

 

let’s discuss how they earn money in the first place. Celsius makes cash from the interest they charge to the debtors which are either retail debtors or institutions, they likewise make money from their CEL token which is an utility token that you can utilize to increase your benefits on Celsius Network. Another income stream is the rehypothecation which means that Celsius uses the collateral from the debtors and deploys it in order to create extra earnings. BlockFi is likewise generating income through the interest that is being credited borrowers. In addition to that, the platform also charges a 2% origination fee for anyone who wants to take a loan. Another earnings stream is BlockFi’s exchange function. When exchanging currencies, the platform makes money from the spread. BlockFi also charges withdrawal costs after your one complimentary withdrawal monthly. And the platform is also planning to launch a BlockFi charge card which will generate another earnings stream. YouHodler is likewise generating income from the interest charged to borrowers. There is a little withdrawal cost and costs for additional services such as the Multi HODL tool, which is a function that lets you utilize your crypto possessions in exchange for prospective returns. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the customers. Nexo likewise makes revenues with their Nexo token. That’s at least our analysis from Nexo’s business model as the platform doesn’t have A devoted section about

money fees on celsius services priced about stablecoins  profit margin Can You Get A Bitcoin Loan

If you are watching this video, you desire to make money by transferring your coins on one of the platforms? Every platform has certain limitations and terms when it comes to offering interest on your coins. You are only able to earn greater rates if you decide to receive the interest in Celsius’s own utility token.

 

9% per year. What deserves mentioning is that if you wish to save some charges, 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 significant gas cost, as the currency operates on the Binance Smart Chain with way lower fees in comparison to stablecoins that work on the ethereum network. The Binance USD coin is currently only supported on Celsius Network and BlockFi. YouHodler provides presently the most competitive rates for your USDC coins without the requirement to stake the platform’s own utility tokens. You can earn 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 uses higher benefits for those who wish to get 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 must remember is that platforms tend to adjust the rates from time to time, so you can’t really predict the genuine return from your deposits. Likewise, keep in mind that by depositing your crypto, the value of the currency may reduce Which will make it hard for you to liquidate your possessions if that’s something you would otherwise think about. So now, that you understand the returns let’s briefly review the reliability of the platforms and their track record. Celsius Network is most likely the most legitimate platform in this area. The creator Alex Mashinsky is a widely known business owner. Prior to releasing the Celsius network, he has actually co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are likewise able to keep track of the development and review a few of the data. As we are taping this video, there are over 650,000 users and the platform is handling $17 billion worth of properties. Alone in the last 12 months, Celsius has Can You Get A Bitcoin Loan

bitcoin amount of lending service with value feature trading

paid out more than $367 M worth of benefits. While we haven’t managed to get answers to our questions, the CEO does hold a weekly AMA session where he is resolving the most frequently asked questions, which is something rather uncommon in this area. The platform is not transparent when it comes to sharing its financial reports, however with a little bit of digging, you can get your hands on the financial report for 2020, where you will discover out that the platform is not lucrative. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business advancement space rather than the fintech space. BlockFi is also funded by numerous institutional financiers and the platform is mainly targeting the US market. While you can use the crypto interest account worldwide, the crypto loans are readily available Just for U.S citizens as BlockFi has the required loaning licenses only in the U.S. If you wish to inspect BlockFi’s data you will not enjoy as there are none available. Some external sources recommend that there are more than 125,000 registered users, nevertheless, we were unable to validate any of those claims directly with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech space in Russia. According to our research study, it looks like he has relocated to Switzerland to launch his crypto loaning platform YouHodler in 2017. I understand that YouHodler has actually been praised by a few of you in the comments on previous videos, unfortunately, the platform isn’t openly revealing any financial reports, nor data about their user base or possessions under YouHodler’s management. This is something you should certainly consider when using YouHodler. Proceeding to Nexo. Nexo declares to manage $12 B worth of properties from more than 1.5 M of users. If this is right, it would indicate that Nexo is two times as big in terms of user base as Celsius with a much lower average

 

deposit amount as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting standards as we have mentioned together with other red flags in our previous video. Likewise, at the beginning of January, Nexo had just $4B under its management from 1 M users, now 5 months later, the platform claims to handle $12B from 1.5 M users, which we believe is a little a high growth even if we consider the hype in the crypto space. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research study, Antoni was a Bulgarian politician with experience in the style Retail industry. On his LinkedIn profile, he describes Nexo as the leading controlled banks for digital assets. I would be actually interested by whom Nexo is regulated, as the business does not have a loaning license in Estonia, where they are a legal entity Nexo Services OU is based. During our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be discovered on the website. The second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance loan business that obviously is financing Nexo. According to our recent research study, the executive board does not even consist of Antoli, but just 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 known for the “misuse of clients cash”. When examining some of Nexo’s comments from the CEO

turbocharge  stablecoins crypto assets  coins investment profile

 

in the media, he is often only promoting crypto and forecasting costs but does not have any much deeper insights into the crypto lending space or how Nexo is operating. But that’s just our impression from his Bloomberg talks. Nexo is the only platform that uses interest on fiat. According to our understanding, you can not provide interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Although we are not legal representatives, we have a hard time to understand the legal setup under which Nexo is providing its services. So now that we have actually reviewed a few of the performance history of the 4 discussed platforms, let’s briefly discuss the use of every crypto lending site. Celsius has begun as a native mobile app. The app is well established and it comes with different security functions such as the biometric scan, HODL mode, and 2FA. Right in the control panel, you have the ability to see how many assets you are holding and what are the presently provided 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 buy them directly through the app. Keep in mind, however, that there might be charges for charge card purchases or SEPA transfers. Celsius Network supports presently 40 digital assets. BlockiFi makes a less industrialized impression. The app is really easy therefore is the desktop variation of the platform. BlockFi supports presently just 10 digital currencies. The platform also provides a dedicated exchange so you can even trade them. We do not recommend this feature that much as the exchange rates are not the best. While the crypto loans on BlockFi are just offered to U.S. citizens, the platform is also dealing with a Bitcoin benefits charge card which will be taking on the charge card from Crypto.com YouHodler provides a few of the most advanced services amongst the crypto loaning platforms. Presently, the platform supports 18 digital

 

currencies on which you are able to make interest. YouHodler allows you to exchange in between different currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit amounts are really low, so you don’t need to transfer hundreds of Dollars or euros to evaluate the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler does not have a banking license, you can just make interest on your crypto assets. Apart from earning interest on your deposits or exchanging cryptos, YouHodler also offers you the choice to borrow fiat money in exchange for security. The platform presently supports only loans in us dollars or euros. YouHodler is also among the platforms with flexible loan terms and an optimum LTV of 90%. Apart from those services, YouHodler likewise offers two leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic financiers. As the functionality of those features surpasses this video, you can discover how it works in our devoted youhodler evaluation on p2pempire. Nexo’s usability is similar to Celsius Network. Nexo is also utilizing its energy tokens to use better rates on loans, higher interests on crypto and fiat deposits, or more complimentary withdrawals monthly. Also if you choose to stake your coins or fiat, indicating you lock your assets for a specified term, you can get a higher rate of interest. Like BlockFi, Nexo likewise offers you to buy, or exchange crypto if you want to hold your properties in numerous currencies. Now you have an actually solid concept of what every crypto lending platform is offering. What you need to consider however, is that as soon as you deposit your crypto on any platform, you are not owning your private keys anymore and your properties might get compromised either by 3rd parties or by the platform itself. It’s like transferring your crypto on the exchange – if you don’t own the secrets, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are really clear about the fact that you Can You Get A Bitcoin Loan

 

The only way to protect your crypto is to save it on a dedicated hardware wallet like this one from Trezor. The disadvantage of this technique is that you will just benefit from the increased value of your coin however not the interest on your deposits, which is something you can do on one of the crypto lending platforms. Based on our thorough contrast, let’s have a look at our independent scores of every classification for every platform.