Looking for Juntao Hodlonaut…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 requested, in this video, we will be comparing the business design of individual platforms, the return rates, the credibility and performance history, use of their apps and we will likewise discuss a few of the threats that you ought to think about when depositing your crypto on one of these platforms. We will likewise round up the contrast with our independent ranking of the just-mentioned classifications for every single platform. So keep watching up until the end to find out how we scored individual platforms. if you are brand-new to this channel and your objective is to end up being a more informed P2P investor
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 loaning platform in the world, which was established in 2017 by Alex Mashinsky. The platform provides its services worldwide, however, they are currently not releasing loans in the United States due to regional guidelines.
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competitor to Celsius Network. The US-based business has trading and financing licenses in various US states. If you are searching for a wealth-management app for your crypto possessions BlockFi is certainly worth thinking about. The platform offers crypto-backed loans in 47 US states and their crypto interest account is available worldwide with exception of approved nations. YouHodler is most likely the most genuine crypto loaning platform in Europe. The business is signed up in Cyprus, with a dedicated branch in Switzerland. YouHodler provides extremely competitive rates on your crypto possessions as well as several other functions which you will not discover on any other platforms. The platform is readily available in many countries with the exception of Germany and the U.S.A.. So if you live in the states, you won’t have the ability to utilize YouHodler’s services. Nexo is another European platform that offers crypto enthusiasts the option to earn interest not just on their coins but likewise fiat deposits. Nexo remains in reality, among just 2, to us known, crypto loaning platforms that offer interest on fiat deposits. The platform uses its services worldwide, with exception of Bulgaria and Estonia. Now that you have a quick summary of every platform
let’s talk about how they generate income in the first place. So Celsius earns money from the interest they credit the debtors which are either retail borrowers or institutions, they also earn money from their CEL token which is an energy token that you can utilize to increase your rewards on Celsius Network. Another income stream is the rehypothecation which implies that Celsius utilizes the security from the debtors and deploys it in order to produce additional income. BlockFi is likewise making money through the interest that is being charged to customers. In addition to that, the platform also charges a 2% origination charge for anybody who wants to take a loan. Another earnings stream is BlockFi’s exchange feature. When exchanging currencies, the platform makes cash from the spread. BlockFi likewise charges withdrawal costs after your one totally free withdrawal each month. And the platform is also preparing to release a BlockFi credit card which will produce another earnings stream. YouHodler is also generating income from the interest credited customers. In addition to that, there is a little withdrawal charge and costs for extra services such as the Multi HODL tool, which is a feature that lets you take advantage of your crypto possessions in exchange for potential returns. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the customers. Nexo also makes revenues with their Nexo token. That’s at least our interpretation from Nexo’s company model as the platform doesn’t have A dedicated section about
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If you are watching this video, you desire to make money by transferring your coins on one of the platforms? Every platform has specific limits and terms when it comes to providing interest on your coins. You are only able to make greater rates if you choose to get the interest in Celsius’s own energy token.
9% annually. What deserves discussing is that if you want to conserve some charges, and bring more stability into your crypto interest account, you can also transfer the Binance USD coin for which you will not require to pay the substantial gas cost, as the currency runs on the Binance Smart Chain with way lower costs in contrast to stablecoins that run on the ethereum network. The Binance USD coin is presently only 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 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 uses higher rewards for those who want to get 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 must bear in mind is that platforms tend to adjust the rates from time to time, so you can’t really anticipate the real return from your deposits. Likewise, bear in mind that by depositing your crypto, the value 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 review the trustworthiness of the platforms and their track record. Celsius Network is likely the most genuine platform in this space. The creator Alex Mashinsky is a widely known business owner. Prior to launching the Celsius network, he has co-founded three startups worth more than $1 Billion each. On the Celsius App, you are also able to monitor the development and examine some of the statistics. 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 Juntao Hodlonaut
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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 also funded by many institutional investors and the platform is mainly targeting the United States market. According to our research, it seems like he has actually transferred to Switzerland to launch his crypto loaning 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 actually pointed out together with other red flags in our previous video. Also, at the beginning of January, Nexo had just $4B under its management from 1 M users, now 5 months later on, the platform declares to manage $12B from 1.5 M users, which we believe is a bit of a steep development even if we think about the buzz 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 controlled financial institution for digital possessions. I would be actually interested by whom Nexo is regulated, as the business doesn’t have a financing license in Estonia, where they are a legal entity Nexo Solutions OU is based. Throughout our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be found on the website. The second co-founder of Nexo is Kosta Kantchev who also founded Credissimo, a Bulgarian payday advance company that apparently is financing Nexo. According to our current research study, the executive board doesn’t even consist of Antoli, however only Kosta and two other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p lending platform, which is known for the “abuse of clients cash”. When reviewing some of Nexo’s comments from the CEO
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in the media, he is often only promoting crypto and forecasting prices however lacks any much deeper insights into the crypto financing space or how Nexo is operating. That’s just our impression from his Bloomberg talks. 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 definitely does not have. Even though we are not lawyers, we struggle to comprehend the legal setup under which Nexo is using its services. Now that we have examined some of the track records of the 4 discussed platforms, let’s briefly go over the functionality of every crypto loaning site. Celsius has actually started as a native mobile app. The app is well established and it comes with different security functions such as the biometric scan, HODL mode, and 2FA. Right in the control panel, you are able to see the number of assets you are holding and what are the currently used rates. You can withdraw and transfer supported coins however there is no exchange, so if you don’t transfer your cryptos from another wallet, you can buy them directly through the app. Note, nevertheless, that there might be costs for charge card purchases or SEPA transfers. Celsius Network supports presently 40 digital assets. BlockiFi makes a less industrialized impression. The app is really basic therefore is the desktop variation of the platform. BlockFi supports presently just 10 digital currencies. The platform likewise provides a dedicated exchange so you can even trade them. We do not advise this feature that much as the currency exchange rate are not the best. While the crypto loans on BlockFi are just readily available to U.S. people, the platform is likewise working on a Bitcoin rewards charge card which will be competing with the credit card from Crypto.com YouHodler provides a few of the most innovative services amongst the crypto lending platforms. Currently, the platform supports 18 digital
currencies on which you have the ability to make interest. YouHodler allows you to exchange in between different currencies or deposit fiat via bank wire or other supported payment services. The minimum deposit quantities are extremely low, so you don’t need to transfer hundreds of Dollars or euros to test the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler does not have a banking license, you can just earn interest on your crypto properties. Apart from earning interest on your deposits or exchanging cryptos, YouHodler likewise provides you the option to borrow fiat money in exchange for security. The platform currently supports only loans in us euros or dollars. YouHodler is likewise among the platforms with versatile loan terms and an optimum LTV of 90%. Apart from those services, YouHodler likewise provides 2 leveraging tools such as Turbocharged loans and Multi HODL, which appropriate for more opportunistic financiers. As the functionality of those functions goes beyond this video, you can discover how it operates in our dedicated youhodler review on p2pempire. Nexo’s functionality is similar to Celsius Network. Nexo is also using its utility tokens to offer better rates on loans, higher interests on crypto and fiat deposits, or more complimentary withdrawals each month. If you decide to stake your coins or fiat, meaning you lock your possessions for a specified term, you can get a higher interest rate. Like BlockFi, Nexo likewise offers you to purchase, or exchange crypto if you want to hold your assets in numerous currencies. Now you have a really strong concept of what every crypto lending platform is providing. What you ought to consider however, is that as quickly as you deposit your crypto on any platform, you are not owning your private secrets anymore and your assets might 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 any longer. Platforms like Celsius and BlockFi are really clear about the truth that you Juntao Hodlonaut
The only method to secure your crypto is to save it on a dedicated hardware wallet like this one from Trezor. The disadvantage of this method 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 financing platforms. Based on our in-depth contrast, let’s have a look at our independent ratings of every category for every platform.