Looking for Youhodler Crypto Card…Much of you have requested a comparison in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to earn interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing business design of specific platforms, the return rates, the trustworthiness and performance history, use of their apps and we will also speak about a few of the threats that you must consider when depositing your crypto on one of these platforms. We will also round up the contrast with our independent rating of the just-mentioned categories for each platform. Keep enjoying till the end to find out how we scored individual platforms. If you are brand-new to this channel and your objective is to end up being a more informed P2P investor,
consider subscribing and hit the like button to see more material like this in the future. So let’s first give you a quick intro to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto financing platform in the world, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users utilizing Celsius Network to make or take a crypto loan interest on their cryptocurrencies and stablecoins. In overall, Celsius handles more than $17 B worth of properties. The platform offers its services worldwide, nevertheless, they are currently not providing loans in the United States due to local policies. BlockFi is the biggest
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is available worldwide with exception of approved nations. Nexo is another European platform that provides crypto enthusiasts the choice to earn interest not only on their coins however also fiat deposits. Nexo is in truth, one of only two, to us known, crypto financing platforms that provide interest on fiat deposits.
And the platform is likewise planning to launch 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 business design as the platform does not have A dedicated section about
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this on their website. Now let’s talk about the returns. If you are watching this video, you want to make cash by depositing your coins on one of the platforms? Before we compare the rates, there are a couple of things that you ought to think about. When it comes to providing interest on your coins, every platform has particular limitations and terms. So for example, Celsius Network alters the rates weekly to show the current market situation. Also, you are just able to earn higher rates if you decide to receive the interest in Celsius’s own energy token. The higher reward rates are also not readily available for United States people. If you would not wish to pay out your rewards in the CEL token, you can currently 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 variety of your assets. The more bitcoin or ethereum you deposit, the less interest you will get. The rates of interest for Ethereum varieties between 0.5% and 4.5%, the rate for bitcoin is between 0.5% and 5%, and the rate for the two stablecoins is presently at
9% annually. What’s worth mentioning is that if you wish to save some costs, and bring more stability into your crypto interest account, you can likewise deposit the Binance USD coin for which you will not require to pay the significant gas cost, as the currency operates on the Binance Smart Chain with way lower costs in contrast to stablecoins that run on the ethereum network. The Binance USD coin is currently only supported on Celsius Network and BlockFi. YouHodler uses presently the most competitive rates for your USDC coins without the need to stake the platform’s own energy tokens. You can make 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 offers higher benefits for those who wish to get the interest in the native NEXO tokens instead of the deposited currency. The platform offers 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you should keep in mind is that platforms tend to adjust the rates from time to time, so you can’t actually predict the real return from your deposits. Likewise, keep in mind that by depositing your crypto, the worth of the currency may decrease Which will make it hard for you to liquidate your possessions if that’s something you would otherwise think about. Now, that you are mindful of the returns let’s briefly review the reliability of the platforms and their track record. Celsius Network is likely the most legitimate platform in this space. The creator Alex Mashinsky is a popular business owner. Prior to releasing the Celsius network, he has actually co-founded three start-ups worth more than $1 Billion each. On the Celsius App, you are likewise able to monitor the development and review some of the stats. As we are taping this video, there are over 650,000 users and the platform is managing $17 billion worth of assets. Alone in the last 12 months, Celsius has Youhodler Crypto 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 profitable. BlockFi is likewise financed by numerous institutional investors and the platform is generally targeting the United States market. According to our research, it seems like he has transferred to Switzerland to introduce his crypto financing platform YouHodler in 2017.
deposit amount 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. Also, 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 little a steep development even if we think about the buzz in the crypto area. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research, Antoni was a Bulgarian political leader with experience in the style 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 company does not have a financing 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 however their legal address is no place to be found on the site. The 2nd co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday advance business that apparently is financing Nexo. According to our current research, the executive board doesn’t even include Antoli, but only Kosta and two other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p financing platform, which is understood for the “misuse of clients money”. Likewise when evaluating some of Nexo’s comments from the CEO
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in the media, he is often only promoting crypto and forecasting rates but does not have any much deeper insights into the crypto financing 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 use interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Even though we are not lawyers, we have a hard time to comprehend the legal setup under which Nexo is using its services. Now that we have examined some of the track records of the four discussed platforms, let’s briefly go over the functionality of every crypto loaning site. Celsius has begun as a native mobile app. The app is well established and it comes with numerous security functions such as the biometric scan, HODL mode, and 2FA. Right in the dashboard, you have the ability to see the number of properties you are holding and what are the presently used rates. You can transfer 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, nevertheless, 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 simple therefore is the desktop variation of the platform. BlockFi supports presently only 10 digital currencies. The platform also uses a dedicated exchange so you can even trade them. We don’t recommend this feature that much as the exchange rates are not the best. While the crypto loans on BlockFi are only available to U.S. citizens, the platform is also working on a Bitcoin rewards charge card which will be competing with the charge card from Crypto.com YouHodler offers some of the most sophisticated services among the crypto financing platforms. Currently, the platform supports 18 digital
currencies on which you have the ability to earn interest. YouHodler enables you to exchange between different currencies or deposit fiat via bank wire or other supported payment services. The minimum deposit quantities are very low, so you do not require to move hundreds of Euros or Dollars to evaluate the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler does not have a banking license, you can just earn interest on your crypto properties. Apart from making interest on your deposits or exchanging cryptos, YouHodler also offers you the alternative to obtain fiat money in exchange for collateral. The platform currently supports just loans in us euros or dollars. YouHodler is also among the platforms with flexible loan terms and a maximum LTV of 90%. Apart from those services, YouHodler also uses 2 leveraging tools such as Turbocharged loans and Multi HODL, which appropriate for more opportunistic financiers. As the functionality of those functions goes beyond this video, you can learn how it works in our devoted youhodler review on p2pempire. Nexo’s use is similar to Celsius Network. Nexo is likewise utilizing its energy tokens to provide better rates on loans, greater interests on crypto and fiat deposits, or more totally free withdrawals each month. If you choose to stake your coins or fiat, suggesting you lock your assets for a defined term, you can get a greater interest rate. Like BlockFi, Nexo likewise offers you to purchase, or exchange crypto if you wish to hold your assets in numerous currencies. Now you have an actually solid concept of what every crypto lending platform is offering. What you must consider however, is that as quickly as you deposit your crypto on any platform, you are not owning your personal keys any longer and your possessions might get compromised either by 3rd parties or by the platform itself. It resembles transferring your crypto on the exchange – if you do not own the keys, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are very clear about the fact that you Youhodler Crypto Card
quit your ownership of the assets as long as you hold them in the platform’s wallet. The only method to safeguard your crypto is to store it on a dedicated hardware wallet like this one from Trezor. That’s the best way to keep your cryptos safe. The drawback of this method is that you will only benefit from the increased value of your coin however not the interest on your deposits, which is something you can do on one of the crypto loaning platforms. As with any financial investment, it constantly comes down to the risk and return and your threat profile. Based on our thorough comparison, let’s have an appearance at our independent ratings of every category for every platform. Note, that we have designated the rankings based on our own research study. One represents the lowest ranking while 5 mean the greatest score. Within business model category.