Looking for Rene Van Kesteren Youhodler…Many of you have asked for a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to make interest on your cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing the company model of individual platforms, the return rates, the credibility and track record, usability of their apps and we will also talk about some of the risks that you must consider when transferring your crypto on one of these platforms.
Let’s very first give you a brief introduction to every platform before we dive deeper into the contrast. 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 currently not providing loans in the United States due to local guidelines.
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The platform uses crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of sanctioned nations. Nexo is another European platform that provides crypto lovers the alternative to earn interest not only on their coins however also fiat deposits. Nexo is in truth, one of only 2, to us understood, crypto financing platforms that offer interest on fiat deposits.
let’s speak about how they make money in the first place. So Celsius generates income from the interest they charge to the customers which are either retail borrowers or institutions, they also make money from their CEL token which is an utility token that you can utilize to increase your rewards on Celsius Network. Another earnings stream is the rehypothecation which means that Celsius uses the collateral from the customers and releases it in order to generate extra earnings. BlockFi is also making money through the interest that is being credited borrowers. The platform likewise charges a 2% origination charge for anyone who desires to take a loan. Another earnings stream is BlockFi’s exchange function. The platform earns money from the spread when exchanging currencies. BlockFi also charges withdrawal charges after your one free withdrawal monthly. And the platform is likewise planning to introduce a BlockFi credit card which will generate another income stream. YouHodler is likewise generating income from the interest credited borrowers. In addition to that, there is a small withdrawal fee and fees for additional services such as the Multi HODL tool, which is a function that lets you take advantage of 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 also makes earnings with their Nexo token. That’s at least our interpretation from Nexo’s business model as the platform doesn’t have A devoted section about
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If you are enjoying this video, you want to make money by transferring your coins on one of the platforms? Every platform has particular limitations and terms when it comes to using interest on your coins. You are only able to make greater rates if you choose to get the interest in Celsius’s own energy token.
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 offers greater benefits for those who want to receive the interest in the native NEXO tokens instead of the deposited currency. What you ought to keep in mind is that platforms tend to adjust the rates from time to time, so you can’t actually anticipate the real return from your deposits. Rene Van Kesteren Youhodler
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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 monetary report for 2020, where you will discover out that the platform is not profitable. BlockFi is also financed by many institutional investors and the platform is generally targeting the US market. According to our research, it seems like he has actually relocated to Switzerland to launch his crypto financing platform YouHodler in 2017.
At the beginning of January, Nexo had only $4B under its management from 1 M users, now 5 months later, the platform declares to manage $12B from 1.5 M users, which we think is a bit of a high growth even if we consider the hype in the crypto area. The 2nd co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday loan business that apparently is funding Nexo. According to our current research study, the executive board does not even include 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 lending platform, which is known for the “abuse of customers cash”.
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Nexo is the only platform that provides interest on fiat. Now that we have reviewed some of the track records of the four pointed out platforms, let’s briefly go over the usability of every crypto lending website. While the crypto loans on BlockFi are only offered to U.S. people, the platform is likewise working on a Bitcoin rewards credit card which will be contending with the credit card from Crypto.com YouHodler uses some of the most sophisticated services amongst the crypto loaning platforms.
YouHodler is likewise one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have a truly strong concept of what every crypto financing platform is providing. What you ought to think about however, is that as quickly as you deposit your crypto on any platform, you are not owning your personal secrets any longer and your properties may get compromised either by 3rd parties or by the platform itself. Rene Van Kesteren Youhodler
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 strategy 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 thorough comparison, let’s have an appearance at our independent rankings of every category for every platform.