Looking for Youhodler Data…Numerous of you have requested a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to make interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing the service design of specific platforms, the return rates, the reliability and track record, use of their apps and we will also talk about some of the threats that you need to think about when depositing your crypto on one of these platforms.
consider subscribing and struck the like button to see more material like this in the future. Let’s first provide you a brief intro to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto loaning platform on the planet, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users using Celsius Network to take a crypto loan or make interest on their cryptocurrencies and stablecoins. In total, Celsius manages more than $17 B worth of possessions. The platform provides its services worldwide, however, they are presently not providing loans in the United States due to local guidelines. BlockFi is the largest
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The platform provides crypto-backed loans in 47 US states and their crypto interest account is available worldwide with exception of approved countries. Nexo is another European platform that provides crypto enthusiasts the option to earn interest not just on their coins but also fiat deposits. Nexo is in reality, one of only 2, to us understood, crypto financing platforms that use interest on fiat deposits.
And the platform is also planning to launch a BlockFi credit card which will produce another income stream. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the customers. That’s at least our interpretation from Nexo’s organization design as the platform doesn’t have A dedicated area about
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this on their website. Now let’s discuss the returns. If you are watching this video, you wish to earn money by depositing your coins on among the platforms right? Before we compare the rates, there are a few things that you should consider. When it comes to providing interest on your coins, every platform has particular limits and terms. So for instance, Celsius Network changes the rates each week to show the current market circumstance. You are just able to make greater rates if you decide to receive the interest in Celsius’s own utility token. The higher benefit rates are also not readily available for US people. 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 upon the number of your assets. The more bitcoin or ethereum you deposit, the less interest you will get. 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
You can make 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 rewards for those who want to get the interest in the native NEXO tokens rather of the deposited currency. What you should keep in mind is that platforms tend to change the rates from time to time, so you can’t actually predict the genuine return from your deposits. Youhodler Data
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At the beginning of January, Nexo had only $4B under its management from 1 M users, now 5 months later on, the platform declares to handle $12B from 1.5 M users, which we think is a bit of a steep development even if we think about the hype in the crypto area. The second co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday loan business that apparently is financing Nexo. According to our recent research study, the executive board does not even include Antoli, but just 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 known for the “abuse of clients cash”.
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Nexo is the only platform that uses interest on fiat. Now that we have reviewed some of the track records of the 4 discussed platforms, let’s briefly go over the use of every crypto lending website. While the crypto loans on BlockFi are only offered to U.S. residents, the platform is likewise working on a Bitcoin rewards credit card which will be contending with the credit card from Crypto.com YouHodler uses some of the most advanced services among the crypto loaning platforms.
YouHodler is also one of the platforms with versatile loan terms and an optimum LTV of 90%. Now you have a truly strong concept of what every crypto loaning platform is offering. What you should consider however, is that as quickly as you transfer your crypto on any platform, you are not owning your private secrets any longer and your properties might get jeopardized either by 3rd celebrations or by the platform itself. Youhodler Data
The only way to secure your crypto is to save it on a dedicated 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 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 comparison, let’s have an appearance at our independent scores of every classification for every platform.