Looking for Whis Behind Youhodler…Numerous of you have requested a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the business model of private 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 ought to think about when depositing your crypto on one of these platforms.
think about subscribing and hit the like button to see more material like this in the future. So let’s very first provide you a quick introduction to every platform prior to we dive deeper into the contrast. Celsius Network is the fastest-growing crypto financing platform worldwide, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users using Celsius Network to take a crypto loan or earn interest on their cryptocurrencies and stablecoins. In overall, Celsius handles more than $17 B worth of assets. The platform provides its services worldwide, however, they are currently not providing loans in the United States due to regional guidelines. BlockFi is the largest
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rival to Celsius Network. The US-based company has trading and lending licenses in various US states. , if you are looking for a wealth-management app for your crypto assets BlockFi is definitely worth thinking about.. The platform offers crypto-backed loans in 47 US states and their crypto interest account is offered around the world with exception of sanctioned nations. YouHodler is likely the most legitimate crypto lending platform in Europe. The company is signed up in Cyprus, with a dedicated branch in Switzerland. YouHodler provides really competitive rates on your crypto assets in addition to several other features which you will not discover on any other platforms. The platform is offered in lots of nations 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 uses crypto lovers the option to earn interest not only on their coins however likewise fiat deposits. Nexo remains in truth, one of only two, to us understood, crypto financing platforms that provide interest on fiat deposits. The platform provides its services worldwide, with exception of Bulgaria and Estonia. Now that you have a brief summary of every platform
And the platform is likewise preparing to release a BlockFi credit card which will create another income stream. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the customers. That’s at least our interpretation from Nexo’s company design as the platform doesn’t have A dedicated area about
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this on their website. Now let’s speak about the returns. If you are viewing this video, you desire to make money by depositing your coins on one of the platforms? Prior to we compare the rates, there are a couple of things that you must consider. When it comes to offering interest on your coins, every platform has certain limitations and terms. So for example, Celsius Network changes the rates weekly to show the present market scenario. Likewise, you are only able to make higher rates if you decide to receive the interest in Celsius’s own energy token. The higher benefit rates are likewise not available for United States citizens. If you would not want to pay your benefits in the CEL token, you can currently expect 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 possessions. The more bitcoin or ethereum you deposit, the less interest you will receive. The interest rate for Ethereum ranges between 0.5% and 4.5%, the rate for bitcoin is in between 0.5% and 5%, and the rate for the two stablecoins is currently at
9% per year. What’s worth mentioning is that if you wish to conserve some fees, and bring more stability into your crypto interest account, you can also transfer the Binance USD coin for which you will not require to pay the large gas cost, as the currency runs on the Binance Smart Chain with way lower fees in comparison to stablecoins that operate on the ethereum network. The Binance USD coin is currently just supported on Celsius Network and BlockFi. YouHodler offers currently the most competitive rates for your USDC coins without the requirement to stake the platform’s own energy 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 higher benefits for those who wish to get 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 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. Now, that you are aware of the returns let’s briefly evaluation the credibility of the platforms and their track record. Celsius Network is likely the most legitimate platform in this area. The founder Alex Mashinsky is a widely known business owner. Prior to introducing the Celsius network, he has actually co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are also able to keep track of the progress and evaluate some of the statistics. As we are taping 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 Whis Behind 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 financial report for 2020, where you will find out that the platform is not rewarding. BlockFi is also funded by lots of institutional investors and the platform is mainly targeting the US market. According to our research, it appears like he has moved to Switzerland to introduce his crypto financing platform YouHodler in 2017.
deposit quantity as compared to the users on the Celsius Network. We are not excited 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 only $4B under its management from 1 M users, now five months later on, 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 hype in the crypto area. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research, Antoni was a Bulgarian political leader with experience in the style Retail industry. On his LinkedIn profile, he describes Nexo as the leading controlled financial institution for digital assets. I would be truly interested by whom Nexo is controlled, as the business doesn’t have a loaning license in Estonia, where they are a legal entity Nexo Solutions OU is based. Throughout our research study, we found 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 established Credissimo, a Bulgarian payday advance loan business that apparently is financing Nexo. According to our recent 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 known for the “misuse of clients cash”. Also when examining some of Nexo’s remarks from the CEO
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Nexo is the only platform that uses interest on fiat. Now that we have reviewed some of the track records of the four discussed platforms, let’s briefly go over the functionality of every crypto lending site. While the crypto loans on BlockFi are only readily available to U.S. citizens, the platform is also working on a Bitcoin rewards credit card which will be completing with the credit card from Crypto.com YouHodler provides some of the most innovative services among the crypto loaning 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 loaning platform is providing. What you need to consider however, is that as soon as you deposit your crypto on any platform, you are not owning your personal keys anymore and your properties might get jeopardized either by 3rd celebrations or by the platform itself. Whis Behind Youhodler
give up your ownership of the properties as long as you hold them in the platform’s wallet. The only method to safeguard your crypto is to store it on a dedicated hardware wallet like this one from Trezor. That’s the best method to keep your cryptos safe. The drawback of this strategy is that you will just gain 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 lending platforms. But, as with any investment, it constantly comes down to the risk and return and your threat profile. So based upon our in-depth comparison, let’s take a look at our independent scores of every classification for each platform. Keep in mind, that we have appointed the scores based on our own research study. One represents the most affordable rating while five mean the greatest rating. Within the business model classification.