Looking for Youhodler Ponzi…Many of you have asked for a comparison in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing the service model of specific platforms, the return rates, the credibility and track record, functionality of their apps and we will likewise 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 brief introduction to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto lending platform in the world, which was established in 2017 by Alex Mashinsky. The platform provides its services worldwide, however, they are currently not issuing loans in the United States due to regional guidelines.
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rival to Celsius Network. The US-based business 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 considering. The platform provides crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of approved countries. YouHodler is most likely the most genuine crypto loaning platform in Europe. The company is registered in Cyprus, with a devoted branch in Switzerland. YouHodler offers extremely competitive rates on your crypto assets along with a number of other features which you will not find on any other platforms. The platform is available in numerous nations with the exception of Germany and the USA. If you reside in the states, you won’t be able to utilize YouHodler’s services. Nexo is another European platform that offers crypto lovers the choice to earn interest not just on their coins but likewise fiat deposits. Nexo remains in fact, among just 2, to us known, crypto lending platforms that use interest on fiat deposits. The platform uses its services worldwide, with exception of Bulgaria and Estonia. Now that you have a quick overview of every platform
let’s discuss how they make money in the first place. So Celsius earns money from the interest they credit the debtors which are either retail customers or institutions, they also earn money from their CEL token which is an utility token that you can use to increase your rewards on Celsius Network. Another income stream is the rehypothecation which implies that Celsius uses the collateral from the borrowers and deploys it in order to generate additional income. BlockFi is also generating income through the interest that is being charged to debtors. In addition to that, the platform likewise charges a 2% origination charge for anybody who wishes to take a loan. Another earnings stream is BlockFi’s exchange feature. When exchanging currencies, the platform makes money from the spread. BlockFi likewise charges withdrawal costs after your one free withdrawal per month. And the platform is likewise preparing to introduce a BlockFi charge card which will create another income stream. YouHodler is also generating income from the interest charged to customers. There is a little withdrawal fee and charges for additional services such as the Multi HODL tool, which is a feature that lets you utilize your crypto assets in exchange for potential returns. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the borrowers. Nexo also makes profits with their Nexo token. That’s at least our interpretation from Nexo’s organization model as the platform does not have A dedicated section about
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this on their site. Now let’s speak about the returns. If you are viewing this video, you want to make money by transferring your coins on one of the platforms? Prior to we compare the rates, there are a couple of things that you should think about however. Every platform has particular limits and terms when it concerns providing interest on your coins. So for example, Celsius Network changes the rates every week to reflect the existing market scenario. You are just able to make higher rates if you choose to receive the interest in Celsius’s own energy token. The higher reward rates are likewise not readily available for United States citizens. If you would not want 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 upon the number of your assets. The more bitcoin or ethereum you deposit, the less interest you will receive. The interest rate for Ethereum ranges in between 0.5% and 4.5%, the rate for bitcoin is between 0.5% and 5%, and the rate for the two stablecoins is presently at
9% annually. What deserves pointing out is that if you wish to conserve some costs, and bring more stability into your crypto interest account, you can also transfer the Binance USD coin for which you will not need to pay the hefty gas charge, as the currency works on the Binance Smart Chain with method lower costs in comparison to stablecoins that operate on the ethereum network. The Binance USD coin is presently just supported on Celsius Network and BlockFi. YouHodler offers presently the most competitive rates for your USDC coins without the need to stake the platform’s own utility tokens. You can make 12% interest on your USDC holdings and the platform offers 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that offers higher benefits for those who want 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 need to remember is that platforms tend to adjust the rates from time to time, so you can’t really forecast the real return from your deposits. Also, remember that by transferring your crypto, the value of the currency might decrease Which will make it hard for you to liquidate your assets if that’s something you would otherwise consider. Now, that you are conscious of the returns let’s briefly evaluation the reliability 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 entrepreneur. Before releasing the Celsius network, he has co-founded 3 startups worth more than $1 Billion each. On the Celsius App, you are likewise able to monitor the progress and examine some of the data. As we are tape-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 Ponzi
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The platform is not transparent when it comes to sharing its monetary reports, however 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 successful. BlockFi is also financed by numerous institutional investors and the platform is mainly targeting the United States market. According to our research study, it appears like he has actually relocated to Switzerland to launch his crypto financing platform YouHodler in 2017.
deposit amount as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting requirements as we have explained together with other red flags in our previous video. At the beginning of January, Nexo had just $4B under its management from 1 M users, now five months later, the platform declares to manage $12B from 1.5 M users, which we believe is a bit of a high growth even if we think about 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 study, Antoni was a Bulgarian politician with experience in the fashion Retail industry. On his LinkedIn profile, he explains Nexo as the leading managed financial institution for digital assets. I would be actually interested by whom Nexo is managed, as the business does not have a loaning license in Estonia, where they are a legal entity Nexo Solutions 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 2nd co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday advance business that apparently is financing Nexo. According to our current research, the executive board doesn’t even consist of Antoli, but just 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 understood for the “abuse of clients money”. Also when evaluating a few of Nexo’s comments from the CEO
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in the media, he is frequently only promoting crypto and predicting prices but does not have any much deeper insights into the crypto financing area or how Nexo is operating. However that’s simply our impression from his Bloomberg talks. Also, Nexo is the only platform that provides 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. Despite the fact that we are not attorneys, we have a hard time to understand the legal setup under which Nexo is offering its services. Now that we have examined some of the track records of the four discussed platforms, let’s briefly go over the usability of every crypto loaning site. Celsius has 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 control panel, you are able to see how many assets you are holding and what are the currently used rates. You can transfer and withdraw supported coins but there is no exchange, so if you do not deposit your cryptos from another wallet, you can buy them straight through the app. Keep in mind, however, that there might be costs for charge card purchases or SEPA transfers. Celsius Network supports currently 40 digital assets. BlockiFi makes a less developed impression. The app is really easy therefore is the desktop version of the platform. BlockFi supports currently just 10 digital currencies. The platform likewise uses a dedicated exchange so you can even trade them. We don’t recommend this feature that much as the exchange rates are not the very best. While the crypto loans on BlockFi are only available to U.S. residents, the platform is also working on a Bitcoin rewards credit card which will be taking on the charge card from Crypto.com YouHodler offers some of the most innovative services among the crypto loaning platforms. Currently, the platform supports 18 digital
currencies on which you are able to make interest. YouHodler permits you to exchange between various currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit quantities are extremely low, so you do not require to move numerous Dollars or euros 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 earn interest on your crypto properties. Apart from earning interest on your deposits or exchanging cryptos, YouHodler likewise offers you the alternative to obtain fiat money in exchange for collateral. The platform presently supports only loans in us dollars or euros. YouHodler is likewise among 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 investors. As the performance of those functions surpasses this video, you can discover how it operates in our dedicated youhodler review on p2pempire. Nexo’s functionality resembles Celsius Network. Nexo is likewise using its utility tokens to use better rates on loans, higher interests on crypto and fiat deposits, or more free withdrawals per month. Likewise if you decide to stake your coins or fiat, meaning you lock your properties for a defined term, you can get a greater rates of interest. Like BlockFi, Nexo also provides you to purchase, or exchange crypto if you wish to hold your assets in various currencies. Now you have an actually solid idea of what every crypto lending platform is using. What you should consider however, is that as quickly as you deposit your crypto on any platform, you are not owning your personal secrets any longer and your properties may get jeopardized either by 3rd parties or by the platform itself. It’s like 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 fact that you Youhodler Ponzi
The only method to secure your crypto is to save it on a dedicated hardware wallet like this one from Trezor. The downside of this strategy is that you will only benefit from the increased value 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 category for every platform.