Is Youhodler App Down – Everything You Need to Know

Looking for Is Youhodler App Down…Many of you have asked for a comparison 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 the organization model of private platforms, the return rates, the credibility and track record, functionality of their apps and we will also talk about some of the threats that you need to consider when transferring your crypto on one of these platforms.

 

Let’s very first provide you a brief 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 offers its services worldwide, nevertheless, they are currently not releasing loans in the United States due to regional policies.

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The platform offers crypto-backed loans in 47 US states and their crypto interest account is available around the world with exception of sanctioned nations. Nexo is another European platform that offers crypto enthusiasts the alternative to make interest not only on their coins but likewise fiat deposits. Nexo is in reality, one of only two, to us understood, crypto loaning platforms that provide interest on fiat deposits.

 

And the platform is also preparing to launch a BlockFi credit card which will produce 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 analysis from Nexo’s service design as the platform doesn’t have A devoted area about

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this on their site. Now let’s talk about the returns. If you are enjoying this video, you want to make money by depositing your coins on among the platforms right? Prior to we compare the rates, there are a few things that you ought to consider. Every platform has particular limits and terms when it pertains to offering interest on your coins. So for example, Celsius Network changes the rates each week to reflect the present market scenario. You are just able to make higher rates if you decide to get the interest in Celsius’s own energy token. The greater benefit rates are also not available for United States citizens. If you would not want 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 properties. The more bitcoin or ethereum you deposit, the less interest you will get. The rates of interest for Ethereum ranges 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% each year. What’s worth discussing is that if you wish to conserve some charges, 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 substantial gas fee, as the currency runs on the Binance Smart Chain with method lower fees in comparison to stablecoins that run 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 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 greater rewards for those who want 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 should keep in mind is that platforms tend to adjust the rates from time to time, so you can’t really forecast the genuine return from your deposits. Keep in mind that by depositing your crypto, the value of the currency might reduce Which will make it hard for you to liquidate your assets if that’s something you would otherwise think about. So 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 genuine platform in this space. The creator Alex Mashinsky is a well-known entrepreneur. Before releasing the Celsius network, he has co-founded three startups worth more than $1 Billion each. On the Celsius App, you are also able to monitor the development and examine 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 possessions. Alone in the last 12 months, Celsius has Is Youhodler App Down

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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 unusual in this area. 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 financial report for 2020, where you will discover that the platform is not profitable yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business development space instead of the fintech space. BlockFi is also funded by many institutional investors and the platform is primarily targeting the United States market. While you can use the crypto interest account worldwide, the crypto loans are available Only for U.S residents as BlockFi has the required loaning licenses only in the U.S. If you wish to examine BlockFi’s stats you won’t be happy as there are none offered. Some external sources recommend that there are more than 125,000 registered users, nevertheless, we were unable to confirm 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 relocated to Switzerland to introduce his crypto loaning platform YouHodler in 2017. I know that YouHodler has actually been applauded by a few of you in the comments on previous videos, sadly, the platform isn’t publicly revealing any monetary reports, nor stats about their user base or assets under YouHodler’s management. This is something you need to definitely consider when utilizing YouHodler. Carrying on to Nexo. Nexo declares to handle $12 B worth of assets from more than 1.5 M of users. It would indicate that Nexo is two times 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 only $4B under its management from 1 M users, now 5 months later on, the platform declares to manage $12B from 1.5 M users, which we believe is a bit of a steep growth even if we think about the buzz in the crypto area. The second co-founder of Nexo is Kosta Kantchev who also founded Credissimo, a Bulgarian payday loan company that obviously is financing Nexo. According to our current research, the executive board does not even include Antoli, but just Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p loaning platform, which is understood for the “abuse of customers cash”.

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in the media, he is typically only promoting crypto and anticipating costs but lacks any deeper insights into the crypto loaning space or how Nexo is running. That’s simply our impression from his Bloomberg talks. Likewise, Nexo is the only platform that provides 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. 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 reviewed some of the track records of the 4 discussed platforms, let’s briefly go over the use of every crypto financing site. Celsius has started as a native mobile app. The app is well developed and it comes with numerous security features such as the biometric scan, HODL mode, and 2FA. In the dashboard, you are able to see how numerous possessions you are holding and what are the presently used rates. You can withdraw and move supported coins but there is no exchange, so if you don’t deposit your cryptos from another wallet, you can buy them straight through the app. Note, however, that there might be charges for credit card purchases or SEPA transfers. Celsius Network supports presently 40 digital assets. BlockiFi makes a less developed impression. The app is extremely basic therefore is the desktop version of the platform. BlockFi supports presently only 10 digital currencies. The platform likewise offers a dedicated exchange so you can even trade them. We don’t recommend this function that much as the exchange rates are not the very best. While the crypto loans on BlockFi are only available to U.S. people, the platform is likewise dealing with a Bitcoin rewards credit card which will be taking on the charge card from Crypto.com YouHodler uses some of the most sophisticated services among the crypto loaning platforms. Currently, the platform supports 18 digital

 

currencies on which you are able to make interest. YouHodler enables you to exchange in between various currencies or deposit fiat by means of bank wire or other supported payment services. The minimum deposit quantities are extremely low, so you don’t need to transfer numerous Euros or Dollars 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 possessions. Apart from making interest on your deposits or exchanging cryptos, YouHodler also offers you the choice to borrow fiat money in exchange for collateral. The platform currently supports only loans in us dollars or euros. YouHodler is also among the platforms with versatile loan terms and a maximum LTV of 90%. Apart from those services, YouHodler also uses 2 leveraging tools such as Turbocharged loans and Multi HODL, which appropriate for more opportunistic investors. As the functionality of those functions surpasses this video, you can find out how it works in our dedicated youhodler review on p2pempire. Nexo’s usability is similar to Celsius Network. Nexo is likewise using its utility tokens to provide better rates on loans, greater interests on crypto and fiat deposits, or more complimentary withdrawals per month. If you choose to stake your coins or fiat, suggesting you lock your assets 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 truly strong concept of what every crypto lending platform is providing. What you need to consider though, is that as soon as you transfer your crypto on any platform, you are not owning your personal keys anymore and your assets may get jeopardized either by 3rd parties or by the platform itself. It resembles depositing your crypto on the exchange – if you don’t own the secrets, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are extremely clear about the truth that you Is Youhodler App Down

 

The only way to safeguard your crypto is to save it on a dedicated hardware wallet like this one from Trezor. The drawback of this method is that you will only 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 financing platforms. Based on our thorough contrast, let’s have a look at our independent scores of every category for every platform.