Crypto Scams Lend Money – Everything You Need to Know

Looking for Crypto Scams Lend Money…Many of you have actually requested a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to make interest on your stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing the service model of specific platforms, the return rates, the trustworthiness and track record, usability of their apps and we will also talk about some of the threats that you must consider when depositing your crypto on one of these platforms.

 

think about subscribing and struck the like button to see more material like this in the future. So let’s first give you a short intro to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto loaning platform on the planet, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users using Celsius Network to take a crypto loan or make interest on their stablecoins and cryptocurrencies. In total, 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 local guidelines. BlockFi is the biggest

youhodler crypto interest loans, platform for users

The platform uses crypto-backed loans in 47 US states and their crypto interest account is readily available around the world with exception of approved nations. Nexo is another European platform that offers crypto lovers the choice to make interest not just on their coins but also fiat deposits. Nexo is in truth, one of just two, to us known, crypto lending platforms that use interest on fiat deposits.

 

let’s discuss how they generate income in the first place. Celsius makes cash from the interest they charge to the debtors which are either retail customers or institutions, they likewise make money from their CEL token which is an utility token that you can use to increase your rewards on Celsius Network. Another earnings stream is the rehypothecation which indicates that Celsius uses the security from the debtors and releases it in order to create extra earnings. BlockFi is also making money through the interest that is being credited customers. The platform likewise charges a 2% origination charge for anyone who desires to take a loan. Another earnings stream is BlockFi’s exchange feature. When exchanging currencies, the platform makes money from the spread. BlockFi also charges withdrawal costs after your one complimentary withdrawal per month. And the platform is also preparing to launch a BlockFi credit card which will create another income stream. YouHodler is also generating income from the interest credited customers. In addition to that, there is a small withdrawal charge and charges for extra services such as the Multi HODL tool, which is a feature that lets you utilize your crypto properties in exchange for possible returns. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the customers. Nexo also makes revenues with their Nexo token. That’s at least our interpretation from Nexo’s company model as the platform doesn’t have A devoted area about

money fees on celsius services priced about stablecoins  profit margin Crypto Scams Lend Money

If you are watching this video, you want to make money by depositing your coins on one of the platforms? Every platform has specific limits and terms when it comes to using 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% each year. What deserves mentioning is that if you wish to conserve some costs, and bring more stability into your crypto interest account, you can likewise deposit the Binance USD coin for which you will not need to pay the hefty gas charge, as the currency works on the Binance Smart Chain with way lower costs in comparison to stablecoins that operate on the ethereum network. The Binance USD coin is currently just supported on Celsius Network and BlockFi. YouHodler uses presently 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 provides 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that provides higher 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 should remember is that platforms tend to change the rates from time to time, so you can’t truly anticipate the real return from your deposits. Keep in mind that by transferring your crypto, the worth of the currency may reduce Which will make it hard for you to liquidate your possessions if that’s something you would otherwise consider. So now, that you know the returns let’s briefly evaluation the trustworthiness of the platforms and their performance history. Celsius Network is likely the most legitimate platform in this area. The creator Alex Mashinsky is a popular entrepreneur. Prior to launching the Celsius network, he has co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are also able to keep an eye on the progress and evaluate some of the data. As we are recording this video, there are over 650,000 users and the platform is managing $17 billion worth of properties. Alone in the last 12 months, Celsius has Crypto Scams Lend Money

bitcoin amount of lending service with value feature trading

paid more than $367 M worth of benefits. While we have not managed to get answers to our concerns, 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, however with a little bit of digging, you can get your hands on the monetary report for 2020, where you will find 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 business development space instead of the fintech area. BlockFi is likewise funded by numerous institutional financiers and the platform is primarily targeting the US market. While you can use the crypto interest account worldwide, the crypto loans are readily available Only for U.S people as BlockFi has the necessary financing licenses just in the U.S. , if you want to check BlockFi’s data you will not be pleased as there are none readily available.. Some external sources recommend that there are more than 125,000 registered users, nevertheless, we were not able to verify 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, it seems like he has actually relocated to Switzerland to release his crypto lending platform YouHodler in 2017. I know that YouHodler has been applauded by some of you in the talk about previous videos, unfortunately, the platform isn’t openly revealing any financial reports, nor statistics about their user base or possessions under YouHodler’s management. When utilizing YouHodler, this is something you ought to certainly think about. Carrying on to Nexo. Nexo declares to handle $12 B worth of possessions from more than 1.5 M of users. If this is right, it would suggest that Nexo is two times as big in regards to user base as Celsius with a much lower average

 

deposit quantity as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting requirements as we have pointed out together with other warnings in our previous video. Also, at the start of January, Nexo had only $4B under its management from 1 M users, now five months later on, the platform declares to handle $12B from 1.5 M users, which we believe is a little bit of a high development even if we think about the buzz 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 political leader with experience in the style Retail market. On his LinkedIn profile, he explains Nexo as the leading controlled financial institution for digital possessions. I would be really interested by whom Nexo is managed, as the business does not have a financing license in Estonia, where they are a legal entity Nexo Provider OU is based. During our research, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be found on the site. The second co-founder of Nexo is Kosta Kantchev who also founded Credissimo, a Bulgarian payday loan company that apparently is financing Nexo. According to our current research study, the executive board does not even include Antoli, however just Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p financing platform, which is understood for the “abuse of clients money”. Likewise when reviewing some of Nexo’s comments from the CEO

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Nexo is the only platform that provides interest on fiat. Now that we have examined some of the track records of the 4 mentioned platforms, let’s briefly go over the use of every crypto loaning site. While the crypto loans on BlockFi are just available to U.S. people, the platform is also working on a Bitcoin benefits credit card which will be competing with the credit card from Crypto.com YouHodler provides some of the most innovative services among the crypto financing platforms.

 

currencies on which you are able to earn interest. YouHodler allows you to exchange between numerous currencies or deposit fiat by means of bank wire or other supported payment services. The minimum deposit amounts are very low, so you do not need to move numerous Dollars or euros 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 properties. Apart from earning interest on your deposits or exchanging cryptos, YouHodler likewise uses you the option to borrow fiat money in exchange for collateral. The platform presently supports just loans in us euros or dollars. YouHodler is also among the platforms with flexible loan terms and a maximum LTV of 90%. Apart from those services, YouHodler likewise provides two leveraging tools such as Turbocharged loans and Multi HODL, which appropriate for more opportunistic investors. As the performance of those functions exceeds this video, you can find out how it operates in our dedicated youhodler evaluation on p2pempire. Nexo’s use is similar to Celsius Network. Nexo is also using its energy tokens to provide much better rates on loans, higher interests on crypto and fiat deposits, or more complimentary withdrawals per month. If you decide to stake your coins or fiat, indicating you lock your assets for a specified term, you can get a higher interest rate. Like BlockFi, Nexo likewise offers you to purchase, or exchange crypto if you want to hold your properties in numerous currencies. Now you have an actually strong concept of what every crypto lending platform is using. What you should consider though, is that as quickly as you transfer your crypto on any platform, you are not owning your personal keys anymore and your properties may get jeopardized either by 3rd parties or by the platform itself. It resembles 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 reality that you Crypto Scams Lend Money

 

The only way to safeguard your crypto is to save it on a devoted hardware wallet like this one from Trezor. The downside of this method is that you will just benefit from the increased worth of your coin but not the interest on your deposits, which is something you can do on one of the crypto loaning platforms. Based on our extensive contrast, let’s have an appearance at our independent ratings of every category for every platform.

Crypto Scams Lend Money – Everything You Need to Know

Looking for Crypto Scams Lend Money…A number of you have actually asked for a contrast in 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 business model of individual platforms, the return rates, the trustworthiness and track record, use of their apps and we will also discuss a few of the dangers that you should consider when transferring your crypto on among these platforms. We will also round up the comparison with our independent ranking of the just-mentioned categories for every single platform. Keep watching till the end to discover out how we scored private platforms. If you are new to this channel and your goal is to end up being a more educated P2P investor,

 

Let’s very first offer you a short intro to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto lending platform in the world, which was founded in 2017 by Alex Mashinsky. The platform uses its services worldwide, however, they are currently not providing loans in the United States due to local regulations.

youhodler crypto interest loans, platform for users

The platform offers crypto-backed loans in 47 US states and their crypto interest account is available worldwide with exception of sanctioned nations. Nexo is another European platform that uses crypto lovers the alternative to earn interest not just on their coins however likewise fiat deposits. Nexo is in reality, one of only two, to us understood, crypto lending platforms that provide interest on fiat deposits.

 

let’s speak about how they make money in the first place. Celsius makes cash from the interest they charge to the customers which are either retail debtors or institutions, they also make money from their CEL token which is an energy token that you can use to increase your benefits on Celsius Network. Another earnings stream is the rehypothecation which implies that Celsius utilizes the security from the customers and deploys it in order to generate extra income. BlockFi is likewise generating income through the interest that is being charged to debtors. The platform likewise charges a 2% origination charge for anybody who desires to take a loan. Another earnings stream is BlockFi’s exchange feature. When exchanging currencies, the platform makes cash from the spread. BlockFi likewise charges withdrawal fees after your one totally free withdrawal monthly. And the platform is also planning to launch a BlockFi credit card which will create another earnings stream. YouHodler is also making money from the interest credited customers. There is a small withdrawal fee and fees for additional services such as the Multi HODL tool, which is a function that lets you leverage your crypto assets in exchange for potential returns. Like all the other platforms, Nexo likewise 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 interpretation from Nexo’s company design as the platform doesn’t have A devoted section about

money fees on celsius services priced about stablecoins  profit margin Crypto Scams Lend Money

If you are watching this video, you want to make money by transferring your coins on one of the platforms? Every platform has specific limitations and terms when it comes to using interest on your coins. You are only able to earn higher rates if you choose to receive the interest in Celsius’s own energy token.

 

9% each year. What’s worth mentioning is that if you wish to conserve some charges, and bring more stability into your crypto interest account, you can also deposit 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 comparison to stablecoins that run on the ethereum network. The Binance USD coin is presently only supported on Celsius Network and BlockFi. YouHodler uses currently the most competitive rates for your USDC coins without the need to stake the platform’s own energy 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 higher rewards for those who want 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 should remember 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 might reduce Which will make it hard for you to liquidate your possessions if that’s something you would otherwise consider. Now, that you are aware of the returns let’s briefly review the trustworthiness 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 entrepreneur. Before introducing the Celsius network, he has co-founded three startups worth more than $1 Billion each. On the Celsius App, you are likewise able to keep an eye on the development and review some of the statistics. 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 Crypto Scams Lend Money

bitcoin amount of lending service with value feature trading

paid more than $367 M worth of rewards. While we have not managed to get answers to our concerns, the CEO does hold a weekly AMA session where he is resolving the most frequently asked questions, which is something rather rare 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 monetary 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 business development area rather than the fintech area. BlockFi is also financed by numerous institutional financiers and the platform is generally targeting the US market. While you can use the crypto interest account worldwide, the crypto loans are available Only for U.S residents as BlockFi has the necessary lending licenses only in the U.S. If you want to check BlockFi’s data you will not be happy as there are none readily available. Some external sources recommend that there are more than 125,000 registered users, nevertheless, we were unable to confirm any of those claims directly with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech area in Russia. According to our research, it seems like he has actually relocated to Switzerland to release his crypto loaning platform YouHodler in 2017. I understand that YouHodler has been applauded by some of you in the comments on previous videos, sadly, the platform isn’t openly revealing any financial reports, nor stats about their user base or assets under YouHodler’s management. When utilizing YouHodler, this is something you need to certainly think about. Moving on to Nexo. Nexo claims to handle $12 B worth of assets from more than 1.5 M of users. It would mean that Nexo is twice as big in terms of user base as Celsius with a much lower average if this is right

 

deposit quantity as compared to the users on the Celsius Network. We are not delighted about Nexo’s reporting requirements as we have pointed out together with other red flags in our previous video. At the beginning of January, Nexo had just $4B under its management from 1 M users, now five months later, the platform claims to handle $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. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research, Antoni was a Bulgarian politician with experience in the style Retail industry. On his LinkedIn profile, he describes Nexo as the leading managed banks for digital assets. I would be truly interested by whom Nexo is managed, as the business doesn’t have a financing license in Estonia, where they are a legal entity Nexo Services OU is based. During our research study, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be discovered on the site. The second co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday advance loan business that obviously is funding Nexo. According to our current research study, the executive board does not even include Antoli, however only Kosta and two other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p loaning platform, which is understood for the “abuse of clients money”. Likewise when examining a few of Nexo’s remarks from the CEO

turbocharge  stablecoins crypto assets  coins investment profile

 

in the media, he is typically only promoting crypto and forecasting rates but lacks any much deeper insights into the crypto loaning area or how Nexo is operating. That’s simply our impression from his Bloomberg talks. Likewise, Nexo is the only platform that uses interest on fiat. According to our knowledge, you can not provide interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Despite the fact that we are not lawyers, we struggle to understand the legal setup under which Nexo is using its services. Now that we have actually examined some of the track records of the four discussed platforms, let’s briefly go over the functionality of every crypto lending site. Celsius has begun as a native mobile app. The app is well established and it includes various security features such as the biometric scan, HODL mode, and 2FA. Right in the dashboard, you are able to see the number of possessions you are holding and what are the currently used rates. You can transfer and withdraw supported coins but there is no exchange, so if you do not transfer your cryptos from another wallet, you can acquire them straight through the app. Note, however, that there might be fees for credit card purchases or SEPA transfers. Celsius Network supports presently 40 digital properties. BlockiFi makes a less developed impression. The app is extremely simple therefore is the desktop version of the platform. BlockFi supports presently just 10 digital currencies. The platform likewise provides a devoted exchange so you can even trade them. We do not advise this function that much as the exchange rates are not the best. While the crypto loans on BlockFi are just readily available to U.S. people, the platform is also working on a Bitcoin rewards charge card which will be competing with the charge card from Crypto.com YouHodler provides some of the most innovative services amongst the crypto loaning platforms. Presently, the platform supports 18 digital

 

YouHodler is likewise one of the platforms with versatile loan terms and an optimum LTV of 90%. Now you have a truly solid concept of what every crypto financing platform is providing. What you need to think about however, is that as soon as you transfer your crypto on any platform, you are not owning your private keys anymore and your possessions might get compromised either by 3rd celebrations or by the platform itself. Crypto Scams Lend Money

 

The only method to safeguard your crypto is to keep it on a devoted hardware wallet like this one from Trezor. The drawback of this technique is that you will only 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 extensive comparison, let’s have an appearance at our independent scores of every classification for every platform.