Looking for Youhodler Exchange Review…Many of you have requested a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to make 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 reliability and track record, usability of their apps and we will also talk about some of the risks that you should consider when depositing your crypto on one of these platforms.
Let’s very first offer you a quick introduction to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto loaning platform in the world, which was established in 2017 by Alex Mashinsky. The platform provides its services worldwide, nevertheless, they are currently not providing loans in the United States due to regional regulations.
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The platform provides crypto-backed loans in 47 US states and their crypto interest account is readily available around the world with exception of approved nations. Nexo is another European platform that provides crypto lovers the option to make interest not just on their coins but likewise fiat deposits. Nexo is in reality, one of just two, to us understood, crypto lending platforms that use interest on fiat deposits.
And the platform is likewise preparing to introduce a BlockFi credit card which will create another income stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the customers. That’s at least our analysis from Nexo’s business model as the platform does not have A devoted area about
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this on their site. Now let’s discuss the returns. If you are viewing this video, you want to generate income by transferring your coins on one of the platforms right? Before we compare the rates, there are a few things that you must think about though. Every platform has certain limits and terms when it concerns providing interest on your coins. For example, Celsius Network alters the rates every week to show the present market scenario. Likewise, you are just able to make higher rates if you decide to receive the interest in Celsius’s own utility token. The higher reward rates are likewise not offered for US residents. If you would not wish to pay out 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 upon the number of your possessions. The more bitcoin or ethereum you deposit, the less interest you will get. The rate of interest for Ethereum varieties in 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% each 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 works on the Binance Smart Chain with method lower charges in comparison to stablecoins that run on the ethereum network. The Binance USD coin is presently only 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 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 want to receive 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 must remember is that platforms tend to change the rates from time to time, so you can’t really forecast the real return from your deposits. Also, remember that by depositing your crypto, the value of the currency may reduce Which will make it hard for you to liquidate your assets if that’s something you would otherwise consider. So now, that you are aware of the returns let’s briefly evaluation the credibility of the platforms and their track record. Celsius Network is most likely the most genuine platform in this space. The founder Alex Mashinsky is a well-known entrepreneur. Prior to launching the Celsius network, he has co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are likewise able to monitor the development and review some of the stats. As we are tape-recording this video, there are over 650,000 users and the platform is handling $17 billion worth of properties. Alone in the last 12 months, Celsius has Youhodler Exchange Review
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paid out more than $367 M worth of rewards. While we haven’t managed to get answers to our concerns, the CEO does hold a weekly AMA session where he is dealing with the most frequently asked questions, which is something rather unusual in this space. The platform is not transparent when it concerns sharing its monetary reports, but with a bit of digging, you can get your hands on the monetary report for 2020, where you will discover that the platform is not successful yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business advancement area rather than the fintech space. BlockFi is likewise financed by numerous institutional investors and the platform is mainly targeting the United States market. While you can use the crypto interest account worldwide, the crypto loans are readily available Just for U.S residents as BlockFi has the required lending licenses just in the U.S. If you wish to check BlockFi’s statistics you won’t be happy as there are none available. Some external sources recommend that there are more than 125,000 registered users, however, 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 area in Russia. According to our research study, it seems like he has actually moved to Switzerland to introduce his crypto financing platform YouHodler in 2017. I know that YouHodler has actually been applauded by some of you in the comments on previous videos, unfortunately, the platform isn’t publicly exposing any financial reports, nor data about their user base or properties under YouHodler’s management. When using YouHodler, this is something you must certainly think about. Proceeding to Nexo. Nexo declares to manage $12 B worth of assets from more than 1.5 M of users. If this is appropriate, it would mean that Nexo is two times as big in regards to user base as Celsius with a much lower average
deposit amount as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting standards as we have actually explained 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 5 months later on, the platform declares to manage $12B from 1.5 M users, which we think is a bit of a high development even if we think about the buzz in the crypto area. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research, Antoni was a Bulgarian political leader with experience in the fashion Retail industry. On his LinkedIn profile, he explains Nexo as the leading regulated banks for digital assets. I would be truly interested by whom Nexo is controlled, as the company doesn’t have a lending license in Estonia, where they are a legal entity Nexo Solutions OU is based. Throughout our research, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is no place to be found on the website. The second co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday loan company that apparently is funding Nexo. According to our recent research, the executive board does not even include Antoli, however just Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p lending platform, which is known for the “abuse of customers cash”. When evaluating 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 actually reviewed some of the track records of the four discussed platforms, let’s briefly go over the use of every crypto loaning website. While the crypto loans on BlockFi are just offered 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 uses some of the most innovative services amongst the crypto lending platforms.
currencies on which you are able to earn interest. YouHodler permits 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 require to transfer numerous Euros or Dollars 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 possessions. Apart from earning interest on your deposits or exchanging cryptos, YouHodler also offers you the option to obtain fiat money in exchange for collateral. The platform presently supports just loans in us euros or dollars. YouHodler is also one of the platforms with versatile loan terms and an optimum LTV of 90%. Apart from those services, YouHodler likewise offers 2 leveraging tools such as Turbocharged loans and Multi HODL, which appropriate for more opportunistic investors. As the functionality of those features surpasses this video, you can discover how it works in our devoted youhodler evaluation on p2pempire. Nexo’s use resembles Celsius Network. Nexo is also utilizing its utility tokens to use 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, meaning you lock your properties for a defined term, you can get a greater interest rate. Like BlockFi, Nexo also offers you to purchase, or exchange crypto if you wish to hold your assets in various currencies. Now you have a really strong idea of what every crypto financing platform is using. What you need to think about however, is that as soon as you deposit your crypto on any platform, you are not owning your personal secrets anymore and your properties might get jeopardized either by third parties or by the platform itself. It’s like 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 very clear about the fact that you Youhodler Exchange Review
The only method to protect your crypto is to save it on a devoted hardware wallet like this one from Trezor. The downside of this technique 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 lending platforms. Based on our in-depth contrast, let’s have an appearance at our independent rankings of every classification for every platform.