Looking for Youhodler Crypto App Review…Many of you have actually requested a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to make interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the service model of individual platforms, the return rates, the credibility and track record, functionality of their apps and we will also talk about some of the dangers that you should consider when depositing your crypto on one of these platforms.
think about subscribing and hit the like button to see more material like this in the future. Let’s first provide you a short introduction to every platform before 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 stablecoins and cryptocurrencies. In total, Celsius manages more than $17 B worth of properties. The platform offers its services worldwide, nevertheless, they are currently not issuing loans in the United States due to local policies. BlockFi is the biggest
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rival to Celsius Network. The US-based company has trading and lending licenses in different US states. If you are searching for a wealth-management app for your crypto assets BlockFi is certainly worth considering. The platform offers crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of approved countries. YouHodler is likely the most genuine crypto lending platform in Europe. The business is registered in Cyprus, with a dedicated branch in Switzerland. YouHodler provides really competitive rates on your crypto properties in addition to numerous other features which you will not find on any other platforms. The platform is readily available in numerous nations with the exception of Germany and the USA. If you live 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 earn interest not just on their coins but likewise fiat deposits. Nexo remains in fact, one of just two, to us understood, crypto lending platforms that offer interest on fiat deposits. The platform provides its services worldwide, with exception of Bulgaria and Estonia. Now that you have a short introduction of every platform
And the platform is likewise preparing to launch a BlockFi credit card which will generate 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 interpretation from Nexo’s organization design as the platform doesn’t have A devoted area about
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If you are seeing this video, you desire to make cash by depositing your coins on one of the platforms? Every platform has particular limits and terms when it comes to using interest on your coins. You are just able to earn greater rates if you decide to receive the interest in Celsius’s own utility token.
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 offers higher benefits for those who want to get 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 actually anticipate the real return from your deposits. Youhodler Crypto App Review
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paid more than $367 M worth of rewards. While we haven’t managed to get answers to our concerns, the CEO does hold a weekly AMA session where he is addressing the most frequently asked questions, which is something rather uncommon in this space. The platform is not transparent when it concerns sharing its financial reports, but with a little bit of digging, you can get your hands on the financial report for 2020, where you will learn that the platform is not lucrative yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business development area rather than the fintech area. BlockFi is also financed by lots of institutional investors and the platform is mainly targeting the United States market. While you can use the crypto interest account worldwide, the crypto loans are offered Only for U.S residents as BlockFi has the necessary financing licenses only in the U.S. If you wish to check BlockFi’s statistics you won’t enjoy as there are none available. Some external sources suggest that there are more than 125,000 registered users, nevertheless, we were unable to verify 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, it appears like he has actually moved to Switzerland to launch his crypto lending platform YouHodler in 2017. I understand that YouHodler has actually been praised by some of you in the talk about previous videos, regrettably, the platform isn’t openly revealing any monetary reports, nor data about their user base or possessions under YouHodler’s management. This is something you must definitely consider when using YouHodler. Moving on to Nexo. Nexo claims to handle $12 B worth of possessions from more than 1.5 M of users. If this is proper, it would suggest that Nexo is two times as big in regards to user base as Celsius with a much lower average
deposit quantity as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting standards as we have mentioned together with other red flags in our previous video. Likewise, at the start of January, Nexo had just $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 think is a bit of a high growth even if we consider the hype in the crypto area. So 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 market. On his LinkedIn profile, he explains Nexo as the leading regulated financial institution for digital assets. I would be truly interested by whom Nexo is managed, as the company does not have a lending license in Estonia, where they are a legal entity Nexo Services OU is based. During our research study, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be found on the site. The 2nd co-founder of Nexo is Kosta Kantchev who also founded Credissimo, a Bulgarian payday loan company that apparently is financing Nexo. According to our recent research, the executive board does not even include Antoli, but only 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 cash”. Likewise when examining a few of Nexo’s remarks from the CEO
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in the media, he is frequently only promoting crypto and forecasting rates but does not have any deeper insights into the crypto loaning 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 use interest on fiat deposits unless you have a banking license which Nexo definitely 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 providing its services. So now that we have reviewed some of the performance history of the 4 discussed platforms, let’s briefly review the functionality of every crypto financing site. Celsius has begun 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. In the dashboard, you are able to see how lots of possessions you are holding and what are the currently offered rates. You can transfer and withdraw supported coins but there is no exchange, so if you do not deposit your cryptos from another wallet, you can acquire 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 possessions. BlockiFi makes a less industrialized impression. The app is extremely basic and so is the desktop variation of the platform. BlockFi supports presently just 10 digital currencies. The platform likewise provides a devoted exchange so you can even trade them. We don’t advise this feature that much as the exchange rates are not the very best. While the crypto loans on BlockFi are only available to U.S. people, the platform is likewise working on a Bitcoin rewards credit card which will be competing with the charge card from Crypto.com YouHodler provides a few of the most innovative services among the crypto loaning 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 a truly strong concept of what every crypto financing platform is using. What you must consider however, is that as soon as you deposit your crypto on any platform, you are not owning your personal keys anymore and your possessions might get jeopardized either by third celebrations or by the platform itself. Youhodler Crypto App Review
The only method to secure your crypto is to store it on a devoted hardware wallet like this one from Trezor. The downside 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 lending platforms. Based on our extensive comparison, let’s have an appearance at our independent scores of every classification for every platform.