Looking for Celsius Crypto Bank…A lot of you have requested a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to earn interest on your stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing business design of individual platforms, the return rates, the credibility and track record, usability of their apps and we will also talk about a few of the risks that you need to think about when transferring your crypto on among these platforms. We will likewise round up the comparison with our independent score of the just-mentioned categories for each platform. Keep enjoying until the end to discover out how we scored individual platforms. If you are brand-new to this channel and your goal is to become a more informed P2P financier,
Let’s very first offer you a brief introduction to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto lending platform in the world, which was established in 2017 by Alex Mashinsky. The platform uses its services worldwide, nevertheless, they are currently not releasing loans in the United States due to regional guidelines.
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rival to Celsius Network. The US-based business has trading and lending licenses in numerous US states. If you are looking for a wealth-management app for your crypto properties BlockFi is certainly worth considering. The platform provides crypto-backed loans in 47 US states and their crypto interest account is available worldwide with exception of approved countries. YouHodler is most likely the most legitimate crypto lending platform in Europe. The company is registered in Cyprus, with a devoted branch in Switzerland. YouHodler offers extremely competitive rates on your crypto possessions along with several other features which you won’t find on any other platforms. The platform is offered in lots of countries with the exception of Germany and the U.S.A.. If you live in the states, you won’t be able to utilize YouHodler’s services. Nexo is another European platform that provides crypto lovers the alternative to earn interest not only on their coins but also fiat deposits. Nexo is in reality, among only two, to us understood, crypto lending platforms that offer interest on fiat deposits. The platform uses its services worldwide, with exception of Bulgaria and Estonia. So now that you have a quick overview of every platform
And the platform is also planning to introduce a BlockFi credit card which will generate another earnings stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the customers. That’s at least our interpretation from Nexo’s business design as the platform does not have A dedicated section about
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If you are watching this video, you want to make money by transferring your coins on one of the platforms? Every platform has certain limitations and terms when it comes to providing interest on your coins. You are just able to make greater rates if you decide to get the interest in Celsius’s own utility token.
9% per year. What deserves mentioning is that if you wish 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 need to pay the significant gas fee, as the currency runs on the Binance Smart Chain with way lower fees in contrast to stablecoins that operate on the ethereum network. The Binance USD coin is currently only supported on Celsius Network and BlockFi. YouHodler provides currently 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 provides 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that uses greater rewards for those who want to receive the interest in the native NEXO tokens instead of the deposited currency. The platform provides 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you should bear in mind is that platforms tend to adjust the rates from time to time, so you can’t really predict the genuine return from your deposits. Keep in mind that by transferring your crypto, the value 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. Now, that you are aware of the returns let’s briefly evaluation the trustworthiness of the platforms and their track record. Celsius Network is most likely the most genuine platform in this area. The founder Alex Mashinsky is a popular entrepreneur. Prior to launching the Celsius network, he has actually co-founded three startups worth more than $1 Billion each. On the Celsius App, you are also able to keep track of the progress and review a few of the statistics. As we are taping 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 Celsius Crypto Bank
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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 rewarding. BlockFi is likewise financed by lots of institutional financiers and the platform is primarily targeting the United States market. According to our research study, it appears like he has actually relocated to Switzerland to introduce his crypto loaning platform YouHodler in 2017.
deposit amount as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting requirements as we have actually explained together with other red flags in our previous video. Also, at the beginning of January, Nexo had just $4B under its management from 1 M users, now 5 months later on, the platform claims to handle $12B from 1.5 M users, which we think is a bit of a high development 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 on our research study, Antoni was a Bulgarian political leader with experience in the fashion Retail industry. On his LinkedIn profile, he explains Nexo as the leading controlled banks for digital properties. I would be actually interested by whom Nexo is managed, as the company does not have a financing license in Estonia, where they are a legal entity Nexo Services OU is based. Throughout our research study, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is no place to be found on the website. The second co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday advance business that obviously is financing Nexo. According to our current research study, the executive board does not even consist of Antoli, but only Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p loaning platform, which is known for the “misuse of customers cash”. When evaluating some of Nexo’s remarks from the CEO
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Nexo is the only platform that offers interest on fiat. Now that we have actually evaluated some of the track records of the 4 mentioned platforms, let’s briefly go over the usability of every crypto lending website. While the crypto loans on BlockFi are just offered to U.S. people, 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 sophisticated services amongst the crypto financing platforms.
YouHodler is also one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have a truly solid idea of what every crypto lending platform is offering. What you must think about though, is that as soon as you transfer your crypto on any platform, you are not owning your personal keys any longer and your properties might get jeopardized either by third celebrations or by the platform itself. Celsius Crypto Bank
The only way to protect your crypto is to store 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 worth of your coin however not the interest on your deposits, which is something you can do on one of the crypto financing platforms. Based on our in-depth contrast, let’s have a look at our independent scores of every classification for every platform.