Looking for Youhodler Bitcoin Rewards Card…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 stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing the business model of private platforms, the return rates, the credibility and track record, usability of their apps and we will also speak about some of the risks that you ought to think about when transferring your crypto on one of these platforms. We will also assemble the comparison with our independent rating of the just-mentioned categories for every single platform. So keep watching till the end to discover how we scored specific platforms. If you are new to this channel and your goal is to end up being a more informed P2P financier,
Let’s first offer you a short intro to every platform prior to we dive deeper into the contrast. Celsius Network is the fastest-growing crypto lending platform in the world, which was founded in 2017 by Alex Mashinsky. The platform offers its services worldwide, however, they are currently not releasing loans in the United States due to local guidelines.
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rival to Celsius Network. The US-based company has trading and lending licenses in numerous US states. If you are searching for a wealth-management app for your crypto possessions BlockFi is definitely worth thinking about. The platform offers crypto-backed loans in 47 US states and their crypto interest account is readily available worldwide with exception of sanctioned nations. YouHodler is most likely the most legitimate crypto lending platform in Europe. The business is registered in Cyprus, with a devoted branch in Switzerland. YouHodler offers very competitive rates on your crypto possessions as well as several other features which you won’t discover on any other platforms. The platform is offered in numerous nations with the exception of Germany and the U.S.A.. If you reside in the states, you will not be able to use YouHodler’s services. Nexo is another European platform that offers crypto lovers the option to make interest not just on their coins however likewise fiat deposits. Nexo remains in reality, one of only 2, to us understood, crypto lending platforms that use interest on fiat deposits. The platform offers its services worldwide, with exception of Bulgaria and Estonia. Now that you have a brief summary of every platform
And the platform is also preparing to introduce a BlockFi credit card which will generate another income stream. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the borrowers. That’s at least our analysis from Nexo’s company design as the platform doesn’t have A dedicated area about
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this on their website. Now let’s speak about the returns. If you are watching this video, you wish to generate income by depositing your coins on one of the platforms right? Before we compare the rates, there are a few things that you should think about however. Every platform has specific limitations and terms when it comes to offering interest on your coins. So for instance, Celsius Network alters the rates every week to show the present market scenario. Likewise, you are just able to earn greater rates if you decide to receive the interest in Celsius’s own energy token. The higher reward rates are likewise not available for United States citizens. If you would not wish to pay your rewards in the CEL token, you can presently expect 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 get. The rate of interest for Ethereum ranges 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 currently at
9% per year. What’s worth mentioning is that if you want to save some costs, and bring more stability into your crypto interest account, you can also deposit the Binance USD coin for which you will not need to pay the significant gas cost, as the currency works on the Binance Smart Chain with method lower costs in contrast to stablecoins that work on the ethereum network. The Binance USD coin is currently just supported on Celsius Network and BlockFi. YouHodler provides presently the most competitive rates for your USDC coins without the requirement to stake the platform’s own energy tokens. 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 provides 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 ought to remember is that platforms tend to change the rates from time to time, so you can’t actually forecast the real return from your deposits. Keep in mind that by depositing your crypto, the value of the currency might reduce Which will make it hard for you to liquidate your possessions if that’s something you would otherwise think about. So now, that you understand the returns let’s briefly review the trustworthiness of the platforms and their performance history. Celsius Network is likely the most genuine platform in this area. The founder Alex Mashinsky is a well-known business owner. Before 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 tape-recording this video, there are over 650,000 users and the platform is managing $17 billion worth of properties. Alone in the last 12 months, Celsius has Youhodler Bitcoin Rewards Card
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The platform is not transparent when it comes to sharing its monetary 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 rewarding. BlockFi is also financed by numerous institutional financiers and the platform is primarily targeting the US market. According to our research study, it appears like he has moved to Switzerland to release his crypto financing platform YouHodler in 2017.
deposit quantity as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting requirements as we have actually pointed out together with other red flags 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 hype in the crypto space. 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 describes Nexo as the leading controlled banks for digital possessions. I would be actually interested by whom Nexo is regulated, as the business does not have a loaning 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 second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday loan business that apparently is financing Nexo. According to our current research, the executive board does not even include Antoli, however only Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p lending platform, which is understood for the “abuse of customers cash”. Likewise when reviewing some of Nexo’s remarks from the CEO
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in the media, he is frequently only promoting crypto and forecasting costs however does not have any much deeper insights into the crypto lending space or how Nexo is running. That’s just our impression from his Bloomberg talks. Nexo is the only platform that provides interest on fiat. According to our knowledge, you can not offer interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Even though we are not attorneys, we have a hard time to understand the legal setup under which Nexo is using its services. Now that we have actually examined some of the track records of the 4 discussed platforms, let’s briefly go over the use of every crypto lending site. Celsius has actually begun as a native mobile app. The app is well developed and it comes with numerous security functions such as the biometric scan, HODL mode, and 2FA. Right in the control panel, you are able to see the number of possessions you are holding and what are the presently provided rates. You can move and withdraw supported coins but there is no exchange, so if you don’t deposit your cryptos from another wallet, you can acquire them directly through the app. Keep in mind, however, that there might be fees for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital assets. BlockiFi makes a less developed impression. The app is extremely basic and so is the desktop version of the platform. BlockFi supports currently just 10 digital currencies. The platform likewise offers a devoted exchange so you can even trade them. We don’t advise this feature that much as the exchange rates are not the best. While the crypto loans on BlockFi are only readily available to U.S. citizens, the platform is also working on a Bitcoin benefits charge card which will be taking on the charge card from Crypto.com YouHodler provides some of the most innovative services among the crypto financing platforms. Currently, the platform supports 18 digital
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 providing. What you need to consider however, is that as soon as you transfer your crypto on any platform, you are not owning your personal secrets anymore and your possessions might get compromised either by third parties or by the platform itself. Youhodler Bitcoin Rewards Card
The only way to protect your crypto is to store it on a dedicated hardware wallet like this one from Trezor. The disadvantage of this method is that you will just benefit 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 loaning platforms. Based on our extensive comparison, let’s have a look at our independent scores of every category for every platform.