Looking for Does Youhodler Have An App…Many of you have actually asked for a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to make interest on your stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing the business model of specific platforms, the return rates, the credibility and track record, use of their apps and we will also discuss some of the risks that you must think about when transferring your crypto on among these platforms. We will likewise assemble the comparison with our independent score of the just-mentioned classifications for each platform. Keep seeing up until the end to find out how we scored individual platforms. if you are brand-new to this channel and your goal is to become a more informed P2P investor
consider subscribing and hit the like button to see more content like this in the future. Let’s first provide you a quick intro to every platform prior to we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing platform in the world, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users utilizing Celsius Network to earn or take a crypto loan interest on their cryptocurrencies and stablecoins. In total, 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 local regulations. BlockFi is the biggest
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of approved countries. Nexo is another European platform that offers crypto enthusiasts the option to earn interest not just on their coins but also fiat deposits. Nexo is in truth, one of just 2, to us understood, crypto loaning platforms that provide interest on fiat deposits.
And the platform is likewise planning to release a BlockFi credit card which will create another earnings stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the debtors. That’s at least our analysis from Nexo’s business model as the platform doesn’t have A dedicated section about
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this on their site. Now let’s talk about the returns. If you are seeing this video, you wish to earn money by transferring your coins on among the platforms right? Before we compare the rates, there are a few things that you ought to think about. When it comes to offering interest on your coins, every platform has particular limitations and terms. So for instance, Celsius Network changes the rates weekly to reflect the existing market circumstance. Also, you are only able to earn greater rates if you decide to get the interest in Celsius’s own utility token. The higher reward rates are also not available for US citizens. If you would not want to pay out your rewards in the CEL token, you can presently anticipate to receive 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 assets. The more bitcoin or ethereum you deposit, the less interest you will receive. The rates of interest for Ethereum varieties 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 currently at
9% per year. What’s worth discussing is that if you want to save some fees, and bring more stability into your crypto interest account, you can also deposit the Binance USD coin for which you will not require to pay the significant gas charge, as the currency works on the Binance Smart Chain with method lower fees in comparison to stablecoins that run 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 utility tokens. You can earn 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 provides greater 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 need to keep in mind is that platforms tend to adjust the rates from time to time, so you can’t truly predict the genuine return from your deposits. Also, bear in mind that by transferring your crypto, the value of the currency may decrease Which will make it hard for you to liquidate your properties if that’s something you would otherwise consider. So now, that you are aware of the returns let’s briefly evaluation the trustworthiness 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 business owner. Before releasing the Celsius network, he has actually co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are also able to keep an eye on the progress and review a few of the statistics. As we are taping 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 Does Youhodler Have An App
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paid more than $367 M worth of benefits. While we haven’t managed to get answers to our concerns, the CEO does hold a weekly AMA session where he is attending to the most frequently asked questions, which is something rather uncommon in this area. The platform is not transparent when it concerns sharing its financial reports, but with a little bit of digging, you can get your hands on the financial report for 2020, where you will discover that the platform is not rewarding yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business advancement area instead of the fintech area. BlockFi is also funded by many institutional investors and the platform is generally targeting the US market. While you can utilize the crypto interest account worldwide, the crypto loans are offered Only for U.S people as BlockFi has the necessary financing licenses just in the U.S. If you want to examine BlockFi’s data you won’t more than happy as there are none available. Some external sources recommend that there are more than 125,000 signed up users, nevertheless, we were unable to confirm 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 lending platform YouHodler in 2017. I understand that YouHodler has been praised by a few of you in the discuss previous videos, sadly, the platform isn’t openly revealing any financial reports, nor data about their user base or properties under YouHodler’s management. This is something you must definitely think about when using YouHodler. Moving on to Nexo. Nexo claims to handle $12 B worth of properties from more than 1.5 M of users. If this is right, it would suggest 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 requirements as we have pointed out together with other warnings in our previous video. Also, 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 handle $12B from 1.5 M users, which we think is a little bit of a steep development even if we think about the hype in the crypto area. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research, Antoni was a Bulgarian political leader with experience in the style Retail industry. On his LinkedIn profile, he explains Nexo as the leading managed financial institution for digital properties. I would be really interested by whom Nexo is managed, as the business doesn’t have a lending license in Estonia, where they are a legal entity Nexo Provider OU is based. During our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be discovered on the website. The second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday loan company that apparently is funding Nexo. According to our current research study, the executive board does not even consist of Antoli, but only Kosta and two other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p loaning platform, which is known for the “abuse of customers cash”. Likewise when reviewing a few of Nexo’s comments from the CEO
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Nexo is the only platform that offers interest on fiat. Now that we have reviewed some of the track records of the four pointed out platforms, let’s briefly go over the usability of every crypto lending website. While the crypto loans on BlockFi are just readily available to U.S. people, the platform is likewise working on a Bitcoin benefits credit card which will be completing with the credit card from Crypto.com YouHodler uses some of the most sophisticated services amongst the crypto financing platforms.
YouHodler is also one of the platforms with flexible loan terms and an optimum LTV of 90%. Now you have a truly strong idea of what every crypto lending platform is offering. What you should think about however, is that as soon as you transfer your crypto on any platform, you are not owning your private keys anymore and your possessions may get compromised either by third celebrations or by the platform itself. Does Youhodler Have An App
give up your ownership of the possessions as long as you hold them in the platform’s wallet. The only way to secure your crypto is to save it on a devoted hardware wallet like this one from Trezor. That’s the best method to keep your cryptos safe. The downside of this technique is that you will only gain from the increased value of your coin however not the interest on your deposits, which is something you can do on among the crypto loaning platforms. As with any investment, it constantly comes down to the threat and return and your risk profile. Based on our extensive comparison, let’s have a look at our independent scores of every category for every platform. Keep in mind, that we have actually appointed the rankings based upon our own research study. One represents the most affordable ranking while 5 represent the highest score. Within the business model category.