Looking for Youhodler Bridges…Many of you have 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 company model of private platforms, the return rates, the reliability and track record, use of their apps and we will also talk about some of the risks that you should consider when transferring your crypto on one of these platforms.
think about subscribing and struck the like button to see more material like this in the future. Let’s first give you a brief 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. Presently, there are over 650,000 users using Celsius Network to earn or take a crypto loan interest on their cryptocurrencies and stablecoins. In overall, Celsius manages more than $17 B worth of possessions. The platform offers its services worldwide, nevertheless, they are currently not providing loans in the United States due to regional policies. BlockFi is the biggest
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rival to Celsius Network. The US-based business has trading and loaning licenses in different US states. If you are looking for a wealth-management app for your crypto properties BlockFi is definitely worth thinking about. The platform provides crypto-backed loans in 47 US states and their crypto interest account is readily available around the world with exception of approved countries. YouHodler is most likely the most legitimate crypto financing platform in Europe. The business is registered in Cyprus, with a dedicated branch in Switzerland. YouHodler uses really competitive rates on your crypto possessions along with a number of other features which you will not find on any other platforms. The platform is readily available in lots of nations with the exception of Germany and the USA. So if you reside in the states, you won’t have the ability to use YouHodler’s services. Nexo is another European platform that uses crypto enthusiasts the option to make interest not just on their coins but likewise fiat deposits. Nexo is in truth, among just 2, to us known, crypto loaning platforms that offer interest on fiat deposits. The platform provides 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 make money in the first place. So Celsius makes money from the interest they credit the borrowers which are either retail borrowers or organizations, they likewise generate income from their CEL token which is an utility token that you can use to increase your benefits on Celsius Network. Another earnings stream is the rehypothecation which suggests that Celsius utilizes the security from the debtors and deploys it in order to produce extra income. BlockFi is also earning money through the interest that is being credited customers. In addition to that, the platform also charges a 2% origination fee for anyone who wants to take a loan. Another earnings stream is BlockFi’s exchange feature. When exchanging currencies, the platform makes money from the spread. BlockFi likewise charges withdrawal charges after your one free withdrawal per month. And the platform is likewise planning to release a BlockFi charge card which will create another income stream. YouHodler is also making money from the interest credited debtors. In addition to that, there is a small withdrawal charge and costs for additional services such as the Multi HODL tool, which is a function that lets you take advantage of your crypto possessions in exchange for prospective returns. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the borrowers. Nexo likewise makes earnings with their Nexo token. That’s at least our interpretation from Nexo’s service model as the platform doesn’t have A dedicated section about
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this on their site. Now let’s speak about the returns. If you are watching this video, you wish 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 specific limitations and terms when it comes to using interest on your coins. For example, Celsius Network alters the rates every week to reflect the current market circumstance. Likewise, you are just able to earn greater rates if you choose to receive the interest in Celsius’s own energy token. The higher benefit rates are likewise not offered for US people. If you would not wish to pay out your rewards in the CEL token, you can presently 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 variety of your assets. The more bitcoin or ethereum you deposit, the less interest you will receive. The interest rate 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
9% annually. What’s worth discussing is that if you wish to conserve some fees, and bring more stability into your crypto interest account, you can likewise transfer the Binance USD coin for which you will not need to pay the significant gas fee, as the currency works on the Binance Smart Chain with method 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 offers currently the most competitive rates for your USDC coins without the need to stake the platform’s own energy tokens. 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 offers greater benefits for those who want to get the interest in the native NEXO tokens instead of the deposited currency. The platform uses 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you ought to keep in mind 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 may decrease Which will make it hard for you to liquidate your possessions if that’s something you would otherwise consider. Now, that you are aware of the returns let’s briefly review the reliability of the platforms and their track record. Celsius Network is likely the most genuine platform in this area. The founder Alex Mashinsky is a well-known business owner. Before introducing the Celsius network, he has actually co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are also able to keep an eye on the development and examine some of the stats. As we are tape-recording this video, there are over 650,000 users and the platform is handling $17 billion worth of properties. Alone in the last 12 months, Celsius has Youhodler Bridges
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The platform is not transparent when it comes to sharing its financial reports, however with a little bit of digging, you can get your hands on the monetary report for 2020, where you will discover out that the platform is not successful. BlockFi is likewise financed by many institutional investors and the platform is mainly targeting the United States market. According to our research, it seems like he has relocated to Switzerland to release 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 pointed out together with other red flags in our previous video. Also, at the beginning of January, Nexo had only $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 steep growth even if we consider the hype in the crypto area. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research, Antoni was a Bulgarian politician with experience in the style Retail industry. On his LinkedIn profile, he describes Nexo as the leading regulated financial institution for digital properties. I would be truly interested by whom Nexo is controlled, as the company does not have a loaning license in Estonia, where they are a legal entity Nexo Provider OU is based. During our research, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be found on the website. The 2nd co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday advance business that obviously 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 formerly the executive director at TrustBuddy, a Swedish p2p loaning platform, which is understood for the “misuse of customers money”. Likewise when reviewing a few of Nexo’s remarks from the CEO
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in the media, he is often only promoting crypto and predicting rates but lacks any deeper insights into the crypto lending space or how Nexo is running. However that’s just our impression from his Bloomberg talks. Also, Nexo is the only platform that offers 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. Although we are not attorneys, we have a hard time to understand the legal setup under which Nexo is offering its services. Now that we have evaluated some of the track records of the four discussed platforms, let’s briefly go over the use of every crypto loaning site. Celsius has actually started as a native mobile app. The app is well established and it features numerous security functions such as the biometric scan, HODL mode, and 2FA. In the dashboard, you are able to see how many properties you are holding and what are the presently provided rates. You can transfer and withdraw supported coins but there is no exchange, so if you do not transfer your cryptos from another wallet, you can purchase them straight 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 developed impression. The app is really basic therefore is the desktop version of the platform. BlockFi supports presently only 10 digital currencies. The platform also offers a devoted exchange so you can even trade them. We do not suggest this function that much as the currency exchange rate are not the best. While the crypto loans on BlockFi are just available to U.S. people, the platform is likewise dealing with a Bitcoin rewards charge card which will be taking on the charge card from Crypto.com YouHodler provides a few of the most sophisticated 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 a truly solid idea of what every crypto loaning platform is providing. What you should consider however, is that as quickly as you deposit your crypto on any platform, you are not owning your personal secrets any longer and your assets may get jeopardized either by third celebrations or by the platform itself. Youhodler Bridges
The only way to secure your crypto is to keep it on a devoted hardware wallet like this one from Trezor. The disadvantage of this technique 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 loaning platforms. Based on our in-depth contrast, let’s have a look at our independent ratings of every category for every platform.