Looking for Is Youhodler Legit…Many of you have asked for a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing the company design of specific platforms, the return rates, the credibility and track record, usability of their apps and we will likewise talk about some of the risks that you need to 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. So let’s first give you a quick intro to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto lending platform worldwide, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users utilizing Celsius Network to take a crypto loan or earn interest on their cryptocurrencies and stablecoins. In total, Celsius handles more than $17 B worth of assets. The platform offers its services worldwide, however, they are presently not issuing loans in the United States due to local policies. BlockFi is the biggest
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The platform provides 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 also fiat deposits. Nexo is in reality, one of only two, to us understood, crypto lending platforms that use interest on fiat deposits.
And the platform is also planning to release 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 customers. That’s at least our analysis from Nexo’s organization design as the platform doesn’t have A devoted area about
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If you are enjoying this video, you desire to make money by depositing your coins on one of the platforms? Every platform has certain limitations and terms when it comes to using interest on your coins. You are only able to make greater rates if you decide to receive the interest in Celsius’s own utility token.
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 greater rewards for those who desire to receive the interest in the native NEXO tokens rather of the deposited currency. What you should keep in mind is that platforms tend to adjust the rates from time to time, so you can’t actually predict the genuine return from your deposits. Is Youhodler Legit
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deposit amount as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting requirements as we have actually mentioned together with other red flags in our previous video. Likewise, at the start 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 little bit of a high development even if we consider the buzz in the crypto space. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research, Antoni was a Bulgarian politician with experience in the fashion Retail market. On his LinkedIn profile, he explains Nexo as the leading controlled banks for digital possessions. I would be really interested by whom Nexo is controlled, as the company doesn’t have a financing license in Estonia, where they are a legal entity Nexo Services OU is based. Throughout our research study, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be found on the site. The second co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday loan business that obviously is funding Nexo. According to our current research study, the executive board does not even include Antoli, but just Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p lending platform, which is understood for the “misuse of customers cash”. Also 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 evaluated some of the track records of the four mentioned platforms, let’s briefly go over the usability of every crypto financing site. While the crypto loans on BlockFi are only offered to U.S. residents, the platform is also working on a Bitcoin rewards credit card which will be competing with the credit card from Crypto.com YouHodler provides some of the most innovative services amongst the crypto financing platforms.
YouHodler is likewise one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have an actually strong concept of what every crypto lending platform is using. What you ought to consider though, is that as soon as you deposit your crypto on any platform, you are not owning your private keys any longer and your properties may get compromised either by 3rd parties or by the platform itself. Is Youhodler Legit
give up your ownership of the assets as long as you hold them in the platform’s wallet. The only way to protect your crypto is to save it on a dedicated hardware wallet like this one from Trezor. That’s the very best way to keep your cryptos safe. The drawback of this technique is that you will just gain from the increased value of your coin however not the interest on your deposits, which is something you can do on one of the crypto lending platforms. However, just like any investment, it constantly boils down to the danger and return and your risk profile. So based upon our extensive contrast, let’s take a look at our independent ratings of every category for every single platform. Keep in mind, that we have actually designated the scores based upon our own research. One represents the lowest rating while 5 mean the highest rating. Within the business model classification.