Looking for Is Youhodler A Scam…Many of you have actually asked for a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to earn interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the service design of individual platforms, the return rates, the reliability and track record, usability of their apps and we will likewise talk about some of the threats that you must consider when depositing your crypto on one of these platforms.
Let’s first provide you a brief intro to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing platform in the world, which was established in 2017 by Alex Mashinsky. The platform uses its services worldwide, however, they are presently not issuing loans in the United States due to regional guidelines.
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The platform provides 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 fact, one of just two, to us understood, crypto lending platforms that use interest on fiat deposits.
And the platform is also planning to introduce a BlockFi credit card which will create another earnings stream. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the borrowers. That’s at least our interpretation from Nexo’s service design as the platform doesn’t have A devoted section about
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If you are enjoying this video, you desire to make money by depositing 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 just able to earn higher rates if you choose to get the interest in Celsius’s own utility token.
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 offers greater rewards for those who want to get the interest in the native NEXO tokens rather of the deposited currency. What you should keep in mind is that platforms tend to adjust the rates from time to time, so you can’t actually anticipate the genuine return from your deposits. Is Youhodler A Scam
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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 successful. BlockFi is also financed by many institutional investors and the platform is generally targeting the United States market. According to our research, it seems like he has actually moved to Switzerland to release his crypto financing platform YouHodler in 2017.
deposit quantity as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting requirements as we have mentioned together with other warnings in our previous video. Also, at the beginning of January, Nexo had just $4B under its management from 1 M users, now five months later, the platform declares to handle $12B from 1.5 M users, which we think is a little a high growth 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 on our research study, Antoni was a Bulgarian politician with experience in the style Retail market. On his LinkedIn profile, he describes Nexo as the leading regulated financial institution for digital properties. I would be actually interested by whom Nexo is managed, as the business doesn’t have a loaning license in Estonia, where they are a legal entity Nexo Solutions OU is based. During our research study, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be found on the website. The second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance loan company that obviously is funding Nexo. According to our recent research study, the executive board does not even include Antoli, however only Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p lending platform, which is known for the “abuse of customers money”. When examining 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 four pointed out platforms, let’s briefly go over the functionality of every crypto financing site. While the crypto loans on BlockFi are only readily available to U.S. residents, the platform is also working on a Bitcoin rewards credit card which will be contending with the credit card from Crypto.com YouHodler offers some of the most advanced services among the crypto financing platforms.
currencies on which you are able to make interest. YouHodler enables you to exchange between various currencies or deposit fiat via bank wire or other supported payment services. The minimum deposit amounts are really low, so you do not need to transfer numerous Dollars or euros to test 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 make interest on your crypto properties. Apart from making interest on your deposits or exchanging cryptos, YouHodler likewise provides you the choice to borrow fiat money in exchange for collateral. The platform currently supports just loans in us euros or dollars. YouHodler is also one of the platforms with flexible loan terms and a maximum LTV of 90%. Apart from those services, YouHodler likewise offers 2 leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic investors. As the functionality of those features goes beyond this video, you can discover how it operates in our dedicated youhodler evaluation on p2pempire. Nexo’s usability resembles Celsius Network. Nexo is also utilizing its utility tokens to provide much better rates on loans, higher interests on crypto and fiat deposits, or more totally free withdrawals monthly. If you choose 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 provides you to buy, or exchange crypto if you want to hold your possessions in various currencies. Now you have a truly solid idea of what every crypto financing platform is using. What you need to consider though, is that as soon as you deposit your crypto on any platform, you are not owning your private secrets any longer and your properties may get jeopardized either by third parties or by the platform itself. It’s like depositing your crypto on the exchange – if you don’t own the keys, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are extremely clear about the reality that you Is Youhodler A Scam
The only way to secure your crypto is to keep it on a dedicated hardware wallet like this one from Trezor. The disadvantage of this strategy 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 loaning platforms. Based on our thorough contrast, let’s have an appearance at our independent ratings of every classification for every platform.