Looking for Youhodler √® Sicuro…A lot of you have actually requested a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the business design of individual platforms, the return rates, the credibility and performance history, usability of their apps and we will also speak about some of the risks that you should think about when transferring your crypto on one of these platforms. We will likewise assemble the comparison with our independent ranking of the just-mentioned classifications for each platform. So keep watching until the end to discover how we scored specific platforms. If you are new to this channel and your goal is to become a more informed P2P investor,
Let’s first provide you a brief introduction to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto loaning platform in the world, which was founded in 2017 by Alex Mashinsky. The platform provides its services worldwide, nevertheless, they are currently not releasing loans in the United States due to local regulations.
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The platform uses 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 uses crypto lovers the option to earn interest not just on their coins but also fiat deposits. Nexo is in truth, one of only 2, to us understood, crypto loaning platforms that use interest on fiat deposits.
And the platform is also planning to introduce a BlockFi credit card which will create another income stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the borrowers. That’s at least our analysis from Nexo’s service model as the platform doesn’t have A dedicated section about
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this on their website. Now let’s talk about the returns. If you are enjoying this video, you wish to generate income by transferring your coins on one of the platforms right? Before we compare the rates, there are a couple of things that you must consider however. Every platform has particular limitations and terms when it concerns using interest on your coins. For example, Celsius Network changes the rates every week 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 energy token. The higher reward rates are likewise not available for US residents. If you would not wish to pay out your benefits 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 between 0.5% and 4.5%, the rate for bitcoin is in between 0.5% and 5%, and the rate for the two stablecoins is presently at
You can earn 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 uses greater benefits for those who desire to get the interest in the native NEXO tokens instead of the deposited currency. What you must keep in mind is that platforms tend to change the rates from time to time, so you can’t truly predict the genuine return from your deposits. Youhodler √® Sicuro
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deposit amount as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting standards as we have pointed out together with other warnings in our previous video. 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 bit of a high 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 describes Nexo as the leading managed financial institution for digital assets. I would be actually interested by whom Nexo is controlled, as the company does not have a financing license in Estonia, where they are a legal entity Nexo Provider OU is based. During our research study, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is no place to be found on the website. The 2nd co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday advance company that apparently is funding Nexo. According to our recent research, 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 financing platform, which is known for the “misuse of customers money”. When reviewing some of Nexo’s comments from the CEO
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in the media, he is frequently only promoting crypto and predicting costs however does not have any deeper insights into the crypto loaning space or how Nexo is operating. That’s simply our impression from his Bloomberg talks. Likewise, Nexo is the only platform that uses interest on fiat. According to our knowledge, you can not provide interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Despite the fact that we are not legal representatives, we struggle to comprehend the legal setup under which Nexo is using its services. So now that we have actually examined some of the performance history of the 4 discussed platforms, let’s briefly discuss the use of every crypto lending site. Celsius has started as a native mobile app. The app is well established and it features various security functions such as the biometric scan, HODL mode, and 2FA. Right in the dashboard, you are able to see how many properties you are holding and what are the presently used rates. You can move and withdraw supported coins however there is no exchange, so if you do not transfer your cryptos from another wallet, you can buy them directly through the app. Keep in mind, nevertheless, that there might be fees for charge card purchases or SEPA transfers. Celsius Network supports presently 40 digital assets. BlockiFi makes a less developed impression. The app is extremely simple and so is the desktop variation of the platform. BlockFi supports currently only 10 digital currencies. The platform also uses 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 available to U.S. citizens, the platform is also working on a Bitcoin rewards credit card which will be competing with the charge card from Crypto.com YouHodler uses some of the most sophisticated services amongst the crypto financing platforms. Currently, the platform supports 18 digital
YouHodler is likewise one of the platforms with flexible loan terms and an optimum LTV of 90%. Now you have a really strong idea of what every crypto financing platform is offering. What you ought to think about though, is that as soon as you deposit your crypto on any platform, you are not owning your personal keys any longer and your properties may get compromised either by third parties or by the platform itself. Youhodler √® Sicuro
quit your ownership of the assets as long as you hold them in the platform’s wallet. The only method to secure your crypto is to save it on a devoted hardware wallet like this one from Trezor. That’s the best way to keep your cryptos safe. The disadvantage of this method is that you will just take advantage of the increased value of your coin but not the interest on your deposits, which is something you can do on one of the crypto lending platforms. However, just like any financial investment, it constantly comes down to the danger and return and your danger profile. Based on our thorough comparison, let’s have an appearance at our independent scores of every classification for every platform. Keep in mind, that we have actually assigned the ratings based on our own research study. One represents the lowest rating while 5 represent the greatest score. Within business design category.