Looking for Youhodler Currencies…Numerous of you have asked for a comparison 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 business model of private platforms, the return rates, the trustworthiness and track record, functionality of their apps and we will also talk about some of the risks that you should think about when depositing your crypto on one of these platforms.
consider subscribing and hit the like button to see more material like this in the future. Let’s very first give you a brief 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. Currently, there are over 650,000 users using Celsius Network to make or take a crypto loan interest on their cryptocurrencies and stablecoins. In total, Celsius manages more than $17 B worth of assets. The platform provides its services worldwide, however, they are presently not releasing loans in the United States due to local regulations. BlockFi is the biggest
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rival to Celsius Network. The US-based company has trading and loaning licenses in various 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 readily available around the world with exception of approved nations. YouHodler is most likely the most legitimate crypto financing platform in Europe. The company is signed up in Cyprus, with a devoted branch in Switzerland. YouHodler offers extremely competitive rates on your crypto properties as well as numerous 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 U.S.A.. If you live in the states, you won’t be able to utilize YouHodler’s services. Nexo is another European platform that provides crypto enthusiasts the alternative to earn interest not only on their coins but likewise fiat deposits. Nexo is in truth, one of only two, to us understood, crypto loaning platforms that provide 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
And the platform is likewise preparing to introduce a BlockFi credit card which will produce another earnings 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 interpretation from Nexo’s company 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 viewing this video, you want to earn money by depositing your coins on among the platforms right? Before we compare the rates, there are a couple of things that you must think about however. When it comes to using interest on your coins, every platform has certain limits and terms. For example, Celsius Network changes the rates every week to show the existing market scenario. You are just able to earn higher rates if you decide to get the interest in Celsius’s own energy token. The greater reward rates are also not available 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 upon the number of your properties. The more bitcoin or ethereum you deposit, the less interest you will receive. The rate of interest 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% per year. What deserves discussing is that if you want to conserve some costs, 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 substantial gas cost, as the currency operates on the Binance Smart Chain with method lower charges in comparison to stablecoins that run on the ethereum network. The Binance USD coin is presently 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 utility 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 uses greater rewards for those who wish to receive 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 must bear in mind is that platforms tend to change the rates from time to time, so you can’t actually anticipate the genuine return from your deposits. Also, 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 assets if that’s something you would otherwise consider. So now, that you know the returns let’s briefly review the credibility of the platforms and their performance history. Celsius Network is most likely the most genuine platform in this area. The creator Alex Mashinsky is a widely known entrepreneur. Before introducing the Celsius network, he has co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are likewise able to keep track of the progress and review a few of the data. As we are 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 Currencies
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paid out more than $367 M worth of rewards. While we have not managed to get answers to our questions, the CEO does hold a weekly AMA session where he is resolving the most frequently asked questions, which is something rather uncommon in this space. 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 monetary report for 2020, where you will discover out that the platform is not successful. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business development space instead of the fintech area. BlockFi is also funded by lots of institutional financiers and the platform is generally targeting the US market. While you can use the crypto interest account worldwide, the crypto loans are offered Only for U.S citizens as BlockFi has the necessary loaning licenses only in the U.S. If you want to check BlockFi’s statistics you will not be happy as there are none offered. Some external sources suggest that there are more than 125,000 signed up users, however, 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 space in Russia. According to our research, it appears like he has moved to Switzerland to introduce his crypto loaning platform YouHodler in 2017. I understand that YouHodler has been applauded by a few of you in the talk about previous videos, regrettably, the platform isn’t publicly exposing any financial reports, nor data about their user base or properties under YouHodler’s management. When using YouHodler, this is something you must certainly think about. Moving on to Nexo. Nexo declares to manage $12 B worth of properties from more than 1.5 M of users. If this is correct, it would indicate that Nexo is twice as huge in regards to user base as Celsius with a much lower average
deposit amount as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting requirements as we have explained together with other red flags in our previous video. Likewise, at the start of January, Nexo had only $4B under its management from 1 M users, now five months later on, the platform declares to manage $12B from 1.5 M users, which we think is a little a steep 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 political leader with experience in the fashion Retail market. On his LinkedIn profile, he describes Nexo as the leading managed banks for digital possessions. I would be really interested by whom Nexo is controlled, as the company does not have a financing license in Estonia, where they are a legal entity Nexo Solutions OU is based. Throughout our research study, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be discovered on the site. The second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday loan business that apparently is funding Nexo. According to our current research study, the executive board doesn’t even include Antoli, but only Kosta and two other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p financing platform, which is understood for the “misuse of customers cash”. When reviewing some of Nexo’s comments from the CEO
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Nexo is the only platform that provides interest on fiat. Now that we have actually evaluated some of the track records of the 4 mentioned platforms, let’s briefly go over the usability of every crypto lending site. While the crypto loans on BlockFi are just offered to U.S. people, the platform is also working on a Bitcoin benefits credit card which will be competing with the credit card from Crypto.com YouHodler uses some of the most innovative services among the crypto financing platforms.
YouHodler is also one of the platforms with versatile loan terms and a maximum LTV of 90%. Now you have a truly strong idea of what every crypto lending platform is providing. What you should think about though, is that as quickly as you deposit your crypto on any platform, you are not owning your private keys any longer and your properties might get jeopardized either by 3rd parties or by the platform itself. Youhodler Currencies
The only way to secure your crypto is to save it on a devoted hardware wallet like this one from Trezor. The drawback of this technique is that you will just 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 financing platforms. Based on our extensive comparison, let’s have a look at our independent scores of every classification for every platform.