Cryptocurrency Loans – Your Answered Faq

Looking for Cryptocurrency Loans…Many of you have actually asked for a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to make interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing the service design of specific platforms, the return rates, the reliability and track record, functionality of their apps and we will also talk about some of the dangers that you should consider when depositing your crypto on one of these platforms.

 

think about subscribing and hit the like button to see more content like this in the future. Let’s first give you a short introduction to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto lending platform on the planet, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users using Celsius Network to take a crypto loan or make interest on their cryptocurrencies and stablecoins. In overall, Celsius manages more than $17 B worth of possessions. The platform uses its services worldwide, however, they are currently not releasing loans in the United States due to regional guidelines. BlockFi is the biggest

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competitor to Celsius Network. The US-based company has trading and lending licenses in numerous US states. If you are searching for a wealth-management app for your crypto properties BlockFi is certainly worth considering. The platform uses crypto-backed loans in 47 US states and their crypto interest account is offered around the world with exception of approved nations. YouHodler is likely the most genuine crypto loaning platform in Europe. The business is signed up in Cyprus, with a dedicated branch in Switzerland. YouHodler uses really competitive rates on your crypto properties along with numerous other functions which you will not discover on any other platforms. The platform is readily available in many nations with the exception of Germany and the USA. So if you reside in the states, you won’t be able to use YouHodler’s services. Nexo is another European platform that uses crypto enthusiasts the alternative to earn interest not only on their coins but likewise fiat deposits. Nexo is in reality, one of only 2, to us known, crypto financing platforms that offer interest on fiat deposits. The platform uses its services worldwide, with exception of Bulgaria and Estonia. So now that you have a quick summary of every platform

 

And the platform is likewise preparing to launch a BlockFi credit card which will produce another earnings stream. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the debtors. That’s at least our interpretation from Nexo’s business model as the platform does not have A devoted section about

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If you are enjoying this video, you desire to make cash by transferring your coins on one of the platforms? Every platform has specific limitations and terms when it comes to using interest on your coins. You are just able to earn greater rates if you choose to receive the interest in Celsius’s own utility token.

 

You can make 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 rewards for those who desire to receive the interest in the native NEXO tokens instead of the deposited currency. What you ought to keep in mind is that platforms tend to adjust the rates from time to time, so you can’t truly anticipate the genuine return from your deposits. Cryptocurrency Loans

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paid more than $367 M worth of rewards. While we have not managed to get answers to our questions, the CEO does hold a weekly AMA session where he is addressing the most frequently asked questions, which is something rather uncommon in this area. The platform is not transparent when it comes to sharing its monetary 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 co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within business advancement area rather than the fintech area. BlockFi is also financed by many institutional investors and the platform is mainly targeting the US market. While you can utilize the crypto interest account worldwide, the crypto loans are available Only for U.S residents as BlockFi has the necessary loaning licenses just in the U.S. If you wish to inspect BlockFi’s statistics you will not more than happy as there are none available. Some external sources recommend that there are more than 125,000 registered users, nevertheless, we were unable to confirm any of those claims straight with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech space in Russia. According to our research study, it seems like he has transferred to Switzerland to introduce his crypto financing platform YouHodler in 2017. I understand that YouHodler has actually been praised by a few of you in the talk about previous videos, sadly, the platform isn’t openly revealing any financial reports, nor statistics about their user base or properties under YouHodler’s management. This is something you ought to definitely consider when using YouHodler. Carrying on to Nexo. Nexo claims to handle $12 B worth of properties from more than 1.5 M of users. It would suggest 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 five months later on, the platform claims to manage $12B from 1.5 M users, which we believe is a bit of a steep growth even if we think about the hype in the crypto space. The 2nd co-founder of Nexo is Kosta Kantchev who also founded Credissimo, a Bulgarian payday loan business that obviously is funding Nexo. According to our current research, the executive board doesn’t even consist of Antoli, however just Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p financing platform, which is understood for the “abuse of customers cash”.

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Nexo is the only platform that provides interest on fiat. Now that we have examined some of the track records of the 4 pointed out platforms, let’s briefly go over the usability of every crypto financing site. While the crypto loans on BlockFi are only readily available to U.S. people, the platform is also working on a Bitcoin rewards credit card which will be completing with the credit card from Crypto.com YouHodler offers some of the most advanced services amongst the crypto financing platforms.

 

YouHodler is also one of the platforms with versatile loan terms and a maximum LTV of 90%. Now you have an actually solid idea of what every crypto lending platform is using. What you ought to think about though, is that as quickly as you transfer your crypto on any platform, you are not owning your personal secrets any longer and your properties might get compromised either by third parties or by the platform itself. Cryptocurrency Loans

 

The only way to secure your crypto is to keep it on a dedicated hardware wallet like this one from Trezor. The drawback of this strategy is that you will only 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 a look at our independent ratings of every category for every platform.