Youhodler Mobile App – Everything You Need to Know

Looking for Youhodler Mobile App…Numerous of you have requested a comparison in 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 business design of specific platforms, the return rates, the trustworthiness and track record, functionality of their apps and we will also talk about some of the threats that you should think about when depositing your crypto on one of these platforms.

 

Let’s very first offer you a brief intro to every platform prior to we dive deeper into the comparison. Celsius Network is the fastest-growing crypto lending platform in the world, which was established in 2017 by Alex Mashinsky. The platform uses its services worldwide, however, they are presently not issuing loans in the United States due to regional regulations.

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The platform offers crypto-backed loans in 47 US states and their crypto interest account is readily available worldwide with exception of approved countries. Nexo is another European platform that uses crypto enthusiasts the alternative to earn interest not just on their coins however likewise fiat deposits. Nexo is in truth, one of just two, to us known, crypto financing platforms that use interest on fiat deposits.

 

And the platform is also planning to launch 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 interpretation from Nexo’s service design as the platform does not have A dedicated section about

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this on their site. Now let’s discuss the returns. If you are seeing this video, you want to make cash by depositing your coins on one of the platforms? Before we compare the rates, there are a few things that you need to think about though. Every platform has specific limits and terms when it comes to providing interest on your coins. So for example, Celsius Network alters the rates each week to reflect the present market scenario. Likewise, you are just able to make higher rates if you choose to get the interest in Celsius’s own utility token. The higher benefit rates are also not available for United States residents. If you would not wish to pay your benefits 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 variety 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% per year. What deserves discussing is that if you want to save some costs, and bring more stability into your crypto interest account, you can likewise deposit the Binance USD coin for which you will not require to pay the large gas charge, as the currency operates on the Binance Smart Chain with way lower charges in contrast to stablecoins that work on the ethereum network. The Binance USD coin is currently just supported on Celsius Network and BlockFi. YouHodler uses currently the most competitive rates for your USDC coins without the need to stake the platform’s own energy tokens. 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 higher benefits for those who wish to receive 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 adjust the rates from time to time, so you can’t actually predict the real return from your deposits. Likewise, keep in mind that by transferring your crypto, the worth of the currency might reduce 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 trustworthiness of the platforms and their performance history. Celsius Network is most likely the most genuine platform in this space. The founder Alex Mashinsky is a popular business owner. Before releasing 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 progress and evaluate a few of the data. As we are recording this video, there are over 650,000 users and the platform is managing $17 billion worth of possessions. Alone in the last 12 months, Celsius has Youhodler Mobile App

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The platform is not transparent when it comes to sharing its financial reports, but with a little bit of digging, you can get your hands on the monetary report for 2020, where you will find out that the platform is not profitable. BlockFi is likewise funded by numerous institutional investors and the platform is generally targeting the United States market. According to our research, it appears like he has actually transferred to Switzerland to launch his crypto lending platform YouHodler in 2017.

 

At the beginning of January, Nexo had just $4B under its management from 1 M users, now five months later, the platform declares to handle $12B from 1.5 M users, which we think is a bit of a steep growth even if we think about the buzz in the crypto space. 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, 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 clients cash”.

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in the media, he is often only promoting crypto and predicting rates however lacks any much deeper insights into the crypto lending area or how Nexo is running. However that’s just our impression from his Bloomberg talks. Nexo is the only platform that uses interest on fiat. According to our understanding, you can not offer interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Even though we are not legal representatives, we have a hard time to understand the legal setup under which Nexo is using its services. So now that we have actually examined a few of the track records of the 4 discussed platforms, let’s briefly go over the usability of every crypto lending site. Celsius has actually begun as a native mobile app. The app is well developed and it comes with different security functions such as the biometric scan, HODL mode, and 2FA. In the dashboard, you are able to see how many assets you are holding and what are the currently used rates. You can move and withdraw supported coins however there is no exchange, so if you don’t deposit your cryptos from another wallet, you can buy them straight through the app. Note, nevertheless, that there might be fees for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital properties. BlockiFi makes a less developed impression. The app is extremely basic therefore is the desktop version of the platform. BlockFi supports currently only 10 digital currencies. The platform likewise offers a dedicated exchange so you can even trade them. We don’t recommend this function that much as the exchange rates are not the best. While the crypto loans on BlockFi are only readily available to U.S. citizens, the platform is also working on a Bitcoin benefits charge card which will be taking on the charge card from Crypto.com YouHodler uses some of the most sophisticated services among the crypto lending platforms. Presently, the platform supports 18 digital

 

currencies on which you are able to earn interest. YouHodler enables you to exchange between different currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit quantities are very low, so you do not require to transfer hundreds of 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 just make interest on your crypto assets. Apart from making interest on your deposits or exchanging cryptos, YouHodler also offers you the choice to obtain fiat money in exchange for collateral. The platform presently supports only loans in us euros or dollars. YouHodler is likewise one of the platforms with versatile loan terms and an optimum LTV of 90%. Apart from those services, YouHodler also provides 2 leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic financiers. As the functionality of those functions goes beyond this video, you can find out how it operates in our devoted youhodler review on p2pempire. Nexo’s usability resembles Celsius Network. Nexo is also utilizing its utility tokens to use much better rates on loans, greater interests on crypto and fiat deposits, or more free withdrawals each month. If you decide to stake your coins or fiat, implying you lock your properties for a defined term, you can get a higher interest rate. Like BlockFi, Nexo also provides you to buy, or exchange crypto if you wish to hold your assets in numerous currencies. Now you have an actually solid idea of what every crypto loaning platform is offering. What you ought to consider however, is that as quickly as you transfer your crypto on any platform, you are not owning your private keys any longer and your possessions may get jeopardized either by third parties or by the platform itself. It’s like transferring your crypto on the exchange – if you do not own the keys, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are very clear about the fact that you Youhodler Mobile App

 

The only way to safeguard your crypto is to keep it on a devoted hardware wallet like this one from Trezor. The downside of this strategy is that you will only 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.