Who Backs Youhodler – Everything You Need to Know

Looking for Who Backs Youhodler…A number of you have actually requested a contrast in 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 business model of private platforms, the return rates, the trustworthiness and performance history, usability of their apps and we will likewise talk about some of the dangers that you must think about when transferring your crypto on one of these platforms. We will likewise round up the comparison with our independent ranking of the just-mentioned categories for every platform. So keep watching till completion to discover how we scored specific platforms. If you are new to this channel and your goal is to become a more educated P2P investor,

 

consider subscribing and struck the like button to see more material like this in the future. Let’s first offer you a quick intro to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto loaning platform worldwide, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users utilizing Celsius Network to take a crypto loan or earn interest on their cryptocurrencies and stablecoins. In total, Celsius manages more than $17 B worth of properties. The platform offers its services worldwide, nevertheless, they are currently not releasing loans in the United States due to local guidelines. BlockFi is the largest

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rival to Celsius Network. The US-based company has trading and loaning licenses in numerous US states. If you are looking for a wealth-management app for your crypto possessions BlockFi is definitely worth considering. The platform provides crypto-backed loans in 47 US states and their crypto interest account is available around the world with exception of approved nations. YouHodler is most likely the most legitimate crypto loaning platform in Europe. The company is registered in Cyprus, with a dedicated branch in Switzerland. YouHodler offers very competitive rates on your crypto assets along with several other functions which you will not find on any other platforms. The platform is readily available in many nations with the exception of Germany and the USA. If you reside in the states, you will not be able to utilize YouHodler’s services. Nexo is another European platform that offers crypto lovers the choice to make interest not just on their coins however likewise fiat deposits. Nexo remains in reality, one of just two, to us understood, crypto loaning platforms that use interest on fiat deposits. The platform uses its services worldwide, with exception of Bulgaria and Estonia. Now that you have a short overview of every platform

 

And the platform is also planning to introduce a BlockFi credit card which will generate another income stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the debtors. That’s at least our analysis from Nexo’s service design as the platform doesn’t have A devoted section about

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

 

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 greater benefits for those who want to receive the interest in the native NEXO tokens rather of the deposited currency. What you must keep in mind is that platforms tend to change the rates from time to time, so you can’t truly forecast the genuine return from your deposits. Who Backs Youhodler

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paid more than $367 M worth of benefits. While we haven’t managed to get answers to our concerns, the CEO does hold a weekly AMA session where he is addressing the most frequently asked questions, which is something rather rare in this space. The platform is not transparent when it comes to sharing its monetary reports, but with a 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 yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business development space rather than the fintech area. BlockFi is also financed by lots of institutional financiers and the platform is primarily targeting the United States market. While you can utilize the crypto interest account worldwide, the crypto loans are available Only for U.S citizens as BlockFi has the required loaning licenses only in the U.S. If you wish to check BlockFi’s data you won’t be happy as there are none available. Some external sources suggest that there are more than 125,000 registered users, nevertheless, we were not able to validate any of those claims directly with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech space in Russia. According to our research study, it appears like he has relocated to Switzerland to release 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, regrettably, the platform isn’t openly exposing any monetary reports, nor stats about their user base or possessions under YouHodler’s management. When utilizing YouHodler, this is something you must certainly think about. Moving on to Nexo. Nexo declares to manage $12 B worth of assets from more than 1.5 M of users. It would indicate that Nexo is twice as big in terms of user base as Celsius with a much lower average if this is proper

 

At the start 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 steep development even if we consider the hype in the crypto area. The 2nd co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday loan company that obviously is funding Nexo. According to our recent research study, the executive board does not even include Antoli, but only Kosta and two other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p financing platform, which is known for the “abuse of customers cash”.

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in the media, he is frequently only promoting crypto and predicting costs however lacks any much deeper insights into the crypto lending space or how Nexo is running. However that’s just our impression from his Bloomberg talks. Also, Nexo is the only platform that offers 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. Even though we are not attorneys, we struggle to understand the legal setup under which Nexo is using its services. Now that we have reviewed some of the track records of the 4 mentioned platforms, let’s briefly go over the use of every crypto loaning website. Celsius has started as a native mobile app. The app is well established and it includes various security functions such as the biometric scan, HODL mode, and 2FA. Right in the dashboard, you have the ability to see the number of properties you are holding and what are the currently offered rates. You can withdraw and transfer supported coins however there is no exchange, so if you do not transfer your cryptos from another wallet, you can purchase them straight through the app. Keep in mind, however, that there might be charges for charge card purchases or SEPA transfers. Celsius Network supports currently 40 digital possessions. BlockiFi makes a less industrialized impression. The app is extremely basic therefore is the desktop variation of the platform. BlockFi supports currently just 10 digital currencies. The platform also provides a devoted exchange so you can even trade them. We don’t advise this feature that much as the currency exchange rate are not the best. While the crypto loans on BlockFi are only readily available to U.S. citizens, the platform is likewise dealing with a Bitcoin rewards charge card which will be taking on the credit card from Crypto.com YouHodler provides some of the most advanced services amongst the crypto financing platforms. Presently, the platform supports 18 digital

 

currencies on which you are able to earn interest. YouHodler allows you to exchange in between various 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 require to transfer numerous Dollars or euros to check 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 also uses you the option to obtain fiat money in exchange for security. The platform presently supports only loans in us euros or dollars. YouHodler is likewise among the platforms with flexible loan terms and a maximum LTV of 90%. Apart from those services, YouHodler likewise uses two leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic financiers. As the performance of those features exceeds this video, you can find out how it operates in our dedicated youhodler review on p2pempire. Nexo’s functionality is similar to Celsius Network. Nexo is likewise utilizing its energy tokens to offer better rates on loans, higher interests on crypto and fiat deposits, or more totally free withdrawals monthly. Also if you decide to stake your coins or fiat, meaning you lock your properties for a defined term, you can get a greater interest rate. Like BlockFi, Nexo likewise offers you to buy, or exchange crypto if you wish to hold your properties in various currencies. Now you have an actually solid concept of what every crypto loaning platform is providing. What you should consider though, is that as quickly as you deposit your crypto on any platform, you are not owning your personal keys anymore and your assets might get compromised either by 3rd parties or by the platform itself. It resembles depositing your crypto on the exchange – if you do not own the keys, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are really clear about the truth that you Who Backs Youhodler

 

The only way to protect your crypto is to store it on a dedicated hardware wallet like this one from Trezor. The disadvantage of this technique 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 in-depth comparison, let’s have an appearance at our independent scores of every category for every platform.