Looking for Youhodler Bonus Mistake…Many of you have asked for a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to earn interest on your cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing the business model of private platforms, the return rates, the trustworthiness and performance history, use of their apps and we will also talk about a few of the dangers that you must think about when depositing your crypto on among these platforms. We will also round up the contrast with our independent ranking of the just-mentioned classifications for each platform. Keep enjoying up until the end to find out how we scored private platforms. If you are new to this channel and your goal is to end up being a more informed P2P investor,
Let’s first provide 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 uses its services worldwide, however, they are presently not providing loans in the United States due to local policies.
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The platform provides crypto-backed loans in 47 US states and their crypto interest account is available around the world with exception of sanctioned nations. Nexo is another European platform that uses crypto lovers the alternative to make interest not just on their coins but likewise fiat deposits. Nexo is in reality, one of just two, to us understood, crypto loaning platforms that use interest on fiat deposits.
And the platform is also planning to launch a BlockFi credit card which will generate another earnings 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 interpretation from Nexo’s organization model as the platform does not have A dedicated area about
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this on their site. Now let’s speak about the returns. If you are watching this video, you want to make money 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 certain limitations and terms when it comes to providing interest on your coins. For example, Celsius Network changes the rates every week to show the current market situation. Likewise, you are only able to earn higher rates if you choose to receive the interest in Celsius’s own energy token. The greater reward rates are also not readily available for US citizens. If you would not want to pay your benefits in the CEL token, you can currently anticipate to get 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 rate of interest for Ethereum varieties in between 0.5% and 4.5%, the rate for bitcoin is between 0.5% and 5%, and the rate for the two stablecoins is currently at
You can earn 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 greater rewards for those who want to receive the interest in the native NEXO tokens instead of the deposited currency. What you need to keep in mind is that platforms tend to change the rates from time to time, so you can’t truly predict the real return from your deposits. Youhodler Bonus Mistake
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At the beginning of January, Nexo had only $4B under its management from 1 M users, now five months later, the platform claims to manage $12B from 1.5 M users, which we believe is a bit of a steep growth even if we consider the hype in the crypto space. The second co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday loan company that apparently is funding Nexo. According to our recent research, the executive board does not even consist of Antoli, however just Kosta and two other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p loaning platform, which is understood for the “misuse of customers cash”.
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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 loaning space or how Nexo is operating. However that’s just our impression from his Bloomberg talks. Also, Nexo is the only platform that provides interest on fiat. According to our understanding, you can not provide interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Despite the fact that we are not attorneys, we have a hard time to comprehend 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 go over the use of every crypto financing site. Celsius has actually begun as a native mobile app. The app is well developed and it features different security features such as the biometric scan, HODL mode, and 2FA. Right in the dashboard, you have the ability to see how many possessions you are holding and what are the presently used rates. You can withdraw and transfer supported coins but there is no exchange, so if you do not 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 currently 40 digital assets. BlockiFi makes a less industrialized impression. The app is very simple and so is the desktop variation of the platform. BlockFi supports currently just 10 digital currencies. The platform likewise uses a dedicated exchange so you can even trade them. We don’t advise this function that much as the exchange rates are not the very best. While the crypto loans on BlockFi are only offered to U.S. citizens, the platform is likewise dealing with a Bitcoin rewards credit card which will be taking on the credit card from Crypto.com YouHodler provides some of the most advanced services among the crypto lending platforms. Presently, the platform supports 18 digital
YouHodler is also one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have an actually strong idea of what every crypto financing platform is offering. What you ought to consider however, is that as soon as you transfer your crypto on any platform, you are not owning your private secrets anymore and your properties might get jeopardized either by third parties or by the platform itself. Youhodler Bonus Mistake
The only method to safeguard your crypto is to save it on a dedicated hardware wallet like this one from Trezor. The drawback of this method is that you will just 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 loaning platforms. Based on our extensive comparison, let’s have an appearance at our independent ratings of every category for every platform.