Looking for Youhodler Founders…Many of you have requested a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to earn interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the organization model of specific platforms, the return rates, the reliability and track record, use of their apps and we will also talk about some of the threats that you need to think about when transferring your crypto on one of these platforms.
Let’s very first give you a short introduction to every platform prior to we dive deeper into the comparison. Celsius Network is the fastest-growing crypto loaning platform in the world, which was established in 2017 by Alex Mashinsky. The platform uses its services worldwide, nevertheless, they are currently not providing loans in the United States due to local guidelines.
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competitor to Celsius Network. The US-based business has trading and lending licenses in different US states. If you are looking for a wealth-management app for your crypto properties BlockFi is definitely worth thinking about. The platform provides crypto-backed loans in 47 US states and their crypto interest account is readily available around the world with exception of sanctioned nations. YouHodler is likely the most genuine crypto loaning platform in Europe. The company is signed up in Cyprus, with a dedicated branch in Switzerland. YouHodler uses really competitive rates on your crypto assets in addition to a number of other features which you won’t find on any other platforms. The platform is offered in lots of countries with the exception of Germany and the U.S.A.. So if you reside in the states, you will not have the ability to use YouHodler’s services. Nexo is another European platform that provides crypto lovers the choice to earn interest not just on their coins however also fiat deposits. Nexo remains in reality, among just 2, to us known, crypto financing platforms that use interest on fiat deposits. The platform offers its services worldwide, with exception of Bulgaria and Estonia. So now that you have a brief introduction of every platform
And the platform is also preparing to introduce a BlockFi credit card which will produce 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 interpretation from Nexo’s organization design as the platform does not have A devoted area about
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this on their website. Now let’s speak about the returns. If you are seeing this video, you desire to make cash by transferring your coins on one of the platforms? Prior to we compare the rates, there are a few things that you must consider. Every platform has particular limits and terms when it concerns offering interest on your coins. So for example, Celsius Network changes the rates every week to show the current market situation. Likewise, you are just able to make greater rates if you decide to receive the interest in Celsius’s own utility token. The greater reward rates are also not readily available for United States residents. If you would not want to pay your rewards in the CEL token, you can presently 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 properties. 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 between 0.5% and 5%, and the rate for the two stablecoins is currently at
9% annually. What deserves mentioning is that if you wish to save some fees, and bring more stability into your crypto interest account, you can likewise deposit the Binance USD coin for which you will not need to pay the hefty gas fee, as the currency runs on the Binance Smart Chain with way lower charges in contrast to stablecoins that operate on the ethereum network. The Binance USD coin is currently only supported on Celsius Network and BlockFi. YouHodler uses 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 uses 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that provides higher benefits for those who wish to receive the interest in the native NEXO tokens instead of the deposited currency. The platform offers 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you need to remember is that platforms tend to change 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 may decrease Which will make it hard for you to liquidate your assets if that’s something you would otherwise think about. So now, that you know the returns let’s briefly evaluation the reliability of the platforms and their performance history. Celsius Network is likely the most legitimate platform in this area. The founder Alex Mashinsky is a widely known entrepreneur. Prior to introducing the Celsius network, he has actually co-founded three startups worth more than $1 Billion each. On the Celsius App, you are likewise able to keep track of the development and review some of the stats. As we are recording 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 Youhodler Founders
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deposit amount as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting standards as we have explained together with other red flags in our previous video. Likewise, 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 think is a little bit of a high growth even if we consider the hype in the crypto space. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research, Antoni was a Bulgarian politician with experience in the style Retail market. On his LinkedIn profile, he explains Nexo as the leading regulated banks for digital properties. I would be actually interested by whom Nexo is controlled, as the company doesn’t have a financing license in Estonia, where they are a legal entity Nexo Provider OU is based. During our research study, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is nowhere to be discovered 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 current research, the executive board does not even consist of Antoli, however only Kosta and two other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p lending platform, which is understood for the “misuse of customers money”. Likewise when reviewing some of Nexo’s remarks from the CEO
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in the media, he is typically only promoting crypto and forecasting costs but lacks any much deeper insights into the crypto financing space or how Nexo is running. But that’s just our impression from his Bloomberg talks. Also, Nexo is the only platform that provides interest on fiat. According to our understanding, you can not use interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Despite the fact that we are not lawyers, we have a hard time to understand the legal setup under which Nexo is using its services. So now that we have examined some of the performance history of the 4 mentioned platforms, let’s briefly go over the use of every crypto financing website. Celsius has actually started as a native mobile app. The app is well established and it features various security functions such as the biometric scan, HODL mode, and 2FA. In the dashboard, you are able to see how numerous properties you are holding and what are the currently provided rates. You can move and withdraw supported coins but there is no exchange, so if you don’t transfer your cryptos from another wallet, you can acquire them directly through the app. Note, however, that there might be costs for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital properties. BlockiFi makes a less developed impression. The app is extremely easy therefore is the desktop version 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 function that much as the exchange rates are not the very best. While the crypto loans on BlockFi are just offered to U.S. citizens, the platform is also dealing with a Bitcoin benefits credit card which will be taking on the credit card from Crypto.com YouHodler uses some of the most sophisticated services amongst the crypto loaning platforms. Currently, the platform supports 18 digital
currencies on which you have the ability to make interest. YouHodler enables you to exchange between various currencies or deposit fiat by means of bank wire or other supported payment services. The minimum deposit quantities are very low, so you do not require to transfer hundreds of 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 making interest on your deposits or exchanging cryptos, YouHodler also provides you the alternative to obtain fiat money in exchange for collateral. The platform currently supports only loans in us dollars or euros. YouHodler is also among the platforms with flexible loan terms and a maximum LTV of 90%. Apart from those services, YouHodler also offers 2 leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic financiers. As the functionality of those features goes beyond this video, you can discover how it operates in our devoted youhodler review on p2pempire. Nexo’s use is similar to Celsius Network. Nexo is likewise utilizing its utility tokens to provide much better rates on loans, greater interests on crypto and fiat deposits, or more totally free withdrawals each month. If you choose to stake your coins or fiat, implying you lock your possessions for a defined term, you can get a higher 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 an actually strong concept of what every crypto loaning platform is providing. What you ought to consider however, is that as soon as you transfer your crypto on any platform, you are not owning your personal secrets any longer and your properties might get jeopardized either by 3rd parties or by the platform itself. It resembles transferring your crypto on the exchange – if you don’t own the keys, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are really clear about the truth that you Youhodler Founders
The only way to secure your crypto is to store 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 but not the interest on your deposits, which is something you can do on one of the crypto lending platforms. Based on our extensive comparison, let’s have a look at our independent rankings of every classification for every platform.