Megan Crowell Youhodler – Your Answered Faq

Looking for Megan Crowell Youhodler…Many of you have asked for a comparison in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to earn interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing business design of private platforms, the return rates, the trustworthiness and track record, usability of their apps and we will also speak about some of the dangers that you must think about when depositing your crypto on among these platforms. We will likewise assemble the comparison with our independent rating of the just-mentioned classifications for every single platform. Keep watching till the end to find out how we scored private platforms. if you are new to this channel and your objective is to become a more educated P2P financier

 

think about subscribing and struck the like button to see more material like this in the future. Let’s very first give you a quick intro to every platform prior to we dive deeper into the comparison. Celsius Network is the fastest-growing crypto loaning platform on the planet, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users using Celsius Network to make or take a crypto loan interest on their cryptocurrencies and stablecoins. In total, Celsius manages more than $17 B worth of assets. The platform provides its services worldwide, nevertheless, they are currently not releasing loans in the United States due to local regulations. BlockFi is the largest

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The platform uses crypto-backed loans in 47 US states and their crypto interest account is readily available worldwide with exception of sanctioned nations. Nexo is another European platform that provides crypto lovers the option to make interest not only on their coins but also fiat deposits. Nexo is in truth, one of only 2, to us known, crypto lending platforms that provide interest on fiat deposits.

 

let’s speak about how they make money in the first place. So Celsius generates income from the interest they charge to the borrowers which are either retail borrowers or institutions, they likewise make money from their CEL token which is an utility token that you can utilize to increase your rewards on Celsius Network. Another income stream is the rehypothecation which suggests that Celsius utilizes the security from the debtors and deploys it in order to generate additional income. BlockFi is likewise earning money through the interest that is being credited debtors. The platform also charges a 2% origination cost for anyone who wants to take a loan. Another income stream is BlockFi’s exchange function. When exchanging currencies, the platform makes cash from the spread. BlockFi also charges withdrawal costs after your one free withdrawal monthly. And the platform is also planning to release a BlockFi credit card which will create another earnings stream. YouHodler is also making money from the interest credited debtors. In addition to that, there is a small withdrawal fee and charges for additional services such as the Multi HODL tool, which is a feature that lets you leverage your crypto assets 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 likewise makes revenues with their Nexo token. That’s at least our interpretation from Nexo’s business design as the platform does not have A devoted area about

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

 

9% each year. What deserves mentioning is that if you want to save 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 large gas charge, as the currency runs on the Binance Smart Chain with way lower costs in contrast to stablecoins that operate 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 need to stake the platform’s own utility 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 provides higher benefits for those who want to get the interest in the native NEXO tokens instead of the deposited currency. The platform offers 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you should remember is that platforms tend to change the rates from time to time, so you can’t really predict the real return from your deposits. Keep in mind that by transferring your crypto, the worth of the currency might 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 credibility of the platforms and their performance history. Celsius Network is likely the most genuine platform in this area. The creator 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 also able to keep track of the progress and examine some of the stats. As we are taping 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 Megan Crowell Youhodler

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paid more than $367 M worth of benefits. While we have not managed to get answers to our questions, the CEO does hold a weekly AMA session where he is resolving the most frequently asked questions, which is something rather unusual in this area. The platform is not transparent when it pertains to sharing its financial 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 profitable yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within business advancement area instead of the fintech space. BlockFi is likewise financed by lots of institutional investors and the platform is mainly targeting the United States market. While you can utilize the crypto interest account worldwide, the crypto loans are offered Only for U.S residents as BlockFi has the required financing licenses just in the U.S. If you wish to inspect BlockFi’s statistics you won’t be happy as there are none readily available. Some external sources suggest that there are more than 125,000 registered users, however, we were not able 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 release his crypto financing platform YouHodler in 2017. I know that YouHodler has been praised by a few of you in the talk about previous videos, sadly, the platform isn’t publicly exposing any monetary reports, nor statistics about their user base or assets under YouHodler’s management. This is something you should definitely consider when using YouHodler. Proceeding to Nexo. Nexo claims to manage $12 B worth of possessions from more than 1.5 M of users. If this is correct, it would suggest that Nexo is twice 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 red flags in our previous video. Likewise, at the start of January, Nexo had only $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 little bit of a high development even if we consider the buzz 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 describes Nexo as the leading managed banks for digital possessions. I would be really interested by whom Nexo is managed, as the business doesn’t have a financing license in Estonia, where they are a legal entity Nexo Services OU is based. During our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is no place to be found on the website. The 2nd co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance loan 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 formerly the executive director at TrustBuddy, a Swedish p2p lending platform, which is known for the “misuse of clients money”. When reviewing some of Nexo’s comments from the CEO

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in the media, he is typically only promoting crypto and forecasting prices however does not have any deeper insights into the crypto financing space or how Nexo is operating. But that’s just our impression from his Bloomberg talks. Nexo is the only platform that offers 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 legal representatives, we struggle to understand the legal setup under which Nexo is using its services. So now that we have evaluated some of the track records of the 4 mentioned platforms, let’s briefly review the use of every crypto lending site. Celsius has started as a native mobile app. The app is well developed and it features various security functions such as the biometric scan, HODL mode, and 2FA. Right in the control panel, you have the ability to see the number of properties you are holding and what are the currently used rates. You can withdraw and move supported coins however there is no exchange, so if you don’t transfer your cryptos from another wallet, you can purchase them directly through the app. Note, however, that there might be fees for credit card purchases or SEPA transfers. Celsius Network supports presently 40 digital assets. BlockiFi makes a less industrialized impression. The app is really simple therefore is the desktop variation of the platform. BlockFi supports currently only 10 digital currencies. The platform likewise offers a devoted exchange so you can even trade them. We don’t suggest this function that much as the exchange rates are not the best. While the crypto loans on BlockFi are only offered to U.S. residents, the platform is also working on a Bitcoin benefits credit card which will be competing with the credit card from Crypto.com YouHodler offers some of the most advanced services among the crypto loaning platforms. Currently, the platform supports 18 digital

 

currencies on which you have the ability to make interest. YouHodler allows you to exchange between different currencies or deposit fiat by means of bank wire or other supported payment services. The minimum deposit quantities are extremely low, so you don’t require to transfer numerous Euros or Dollars 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 also uses you the choice to borrow fiat money in exchange for collateral. The platform currently supports only loans in us euros or dollars. YouHodler is also among the platforms with versatile loan terms and a maximum LTV of 90%. Apart from those services, YouHodler likewise uses 2 leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic financiers. As the performance of those functions goes beyond this video, you can find out how it works in our devoted youhodler evaluation on p2pempire. Nexo’s use is similar to Celsius Network. Nexo is also utilizing its energy tokens to offer much better rates on loans, greater interests on crypto and fiat deposits, or more totally free withdrawals per month. If you choose to stake your coins or fiat, suggesting you lock your assets for a defined term, you can get a greater interest rate. Like BlockFi, Nexo also offers you to purchase, or exchange crypto if you want to hold your possessions in different currencies. Now you have a really solid concept of what every crypto financing platform is using. What you must think about however, is that as quickly as you deposit your crypto on any platform, you are not owning your private keys anymore and your assets might get compromised either by 3rd parties or by the platform itself. It’s like depositing your crypto on the exchange – if you don’t own the keys, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are extremely clear about the reality that you Megan Crowell Youhodler

 

give up your ownership of the possessions as long as you hold them in the platform’s wallet. The only method to safeguard your crypto is to store it on a devoted hardware wallet like this one from Trezor. That’s the very best way to keep your cryptos safe. The disadvantage of this strategy is that you will only gain from the increased worth of your coin however not the interest on your deposits, which is something you can do on one of the crypto financing platforms. As with any financial investment, it always comes down to the threat and return and your threat profile. So based upon our extensive comparison, let’s have a look at our independent ratings of every classification for every platform. Keep in mind, that we have designated the scores based upon our own research. One represents the most affordable score while 5 mean the greatest ranking. Within the business design classification.