Looking for Youhodler Down…A lot of you have requested a contrast 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 business design of specific platforms, the return rates, the reliability and performance history, functionality of their apps and we will also discuss some of the dangers that you should think about when transferring your crypto on one of these platforms. We will likewise assemble the contrast with our independent score of the just-mentioned classifications for every single platform. So keep watching till the end to learn how we scored individual platforms. if you are brand-new to this channel and your goal is to become a more informed P2P investor
Let’s very first offer you a short intro to every platform prior to we dive deeper into the contrast. Celsius Network is the fastest-growing crypto loaning platform in the world, which was founded in 2017 by Alex Mashinsky. The platform provides its services worldwide, nevertheless, they are currently not providing loans in the United States due to local guidelines.
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rival to Celsius Network. The US-based business has trading and lending licenses in numerous US states. , if you are looking for a wealth-management app for your crypto assets BlockFi is certainly worth considering.. The platform provides crypto-backed loans in 47 US states and their crypto interest account is available worldwide with exception of approved countries. YouHodler is likely the most genuine crypto financing platform in Europe. The business is registered in Cyprus, with a devoted branch in Switzerland. YouHodler uses extremely competitive rates on your crypto possessions along with several other features which you will not find on any other platforms. The platform is offered in many countries with the exception of Germany and the USA. If you reside in the states, you will not be able to use YouHodler’s services. Nexo is another European platform that uses crypto enthusiasts the choice to make interest not only on their coins however likewise fiat deposits. Nexo is in reality, one of just 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
let’s discuss how they earn money in the first place. Celsius makes money from the interest they charge to the debtors which are either retail borrowers or organizations, they also make money from their CEL token which is an energy token that you can use to increase your rewards on Celsius Network. Another earnings stream is the rehypothecation which implies that Celsius uses the collateral from the debtors and deploys it in order to create extra income. BlockFi is likewise earning money through the interest that is being credited debtors. The platform likewise charges a 2% origination cost 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 complimentary withdrawal per month. And the platform is likewise preparing to launch a BlockFi charge card which will produce another earnings stream. YouHodler is also generating income from the interest charged to borrowers. There is a small withdrawal fee and fees for additional services such as the Multi HODL tool, which is a function that lets you utilize your crypto properties in exchange for prospective returns. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the debtors. Nexo also makes earnings with their Nexo token. That’s at least our analysis from Nexo’s organization design as the platform does not have A devoted area about
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If you are seeing this video, you want to make money by transferring your coins on one of the platforms? Every platform has certain limitations and terms when it comes to using interest on your coins. You are just able to earn higher rates if you decide to get the interest in Celsius’s own energy token.
9% annually. What deserves pointing out is that if you wish to save some costs, and bring more stability into your crypto interest account, you can also transfer the Binance USD coin for which you will not need to pay the large gas fee, as the currency works on the Binance Smart Chain with method lower costs in comparison to stablecoins that operate on the ethereum network. The Binance USD coin is presently only supported on Celsius Network and BlockFi. YouHodler provides 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 offers 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that uses higher benefits 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 should keep in mind is that platforms tend to change the rates from time to time, so you can’t really anticipate the genuine return from your deposits. Keep in mind that by transferring your crypto, the value of the currency might decrease Which will make it hard for you to liquidate your assets if that’s something you would otherwise consider. So now, that you understand the returns let’s briefly review the trustworthiness of the platforms and their track record. Celsius Network is likely the most genuine platform in this space. The creator Alex Mashinsky is a widely known entrepreneur. Before introducing the Celsius network, he has actually co-founded 3 startups worth more than $1 Billion each. On the Celsius App, you are also able to keep an eye on the development and review some of the data. As we are taping this video, there are over 650,000 users and the platform is handling $17 billion worth of possessions. Alone in the last 12 months, Celsius has Youhodler Down
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deposit quantity as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting requirements as we have mentioned together with other red flags in our previous video. At the beginning of January, Nexo had only $4B under its management from 1 M users, now 5 months later, the platform claims to handle $12B from 1.5 M users, which we believe is a bit of a steep growth even if we think about the hype in the crypto space. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research, Antoni was a Bulgarian politician with experience in the fashion Retail market. On his LinkedIn profile, he explains Nexo as the leading controlled banks for digital properties. I would be truly interested by whom Nexo is managed, as the business does not have a lending license in Estonia, where they are a legal entity Nexo Provider OU is based. During our research study, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is no place to be discovered on the site. The 2nd co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance loan business that obviously is funding Nexo. According to our current research study, the executive board doesn’t even include Antoli, but just Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p lending platform, which is known for the “misuse of clients money”. When evaluating some of Nexo’s comments from the CEO
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in the media, he is frequently only promoting crypto and forecasting costs however does not have any much deeper insights into the crypto loaning area or how Nexo is operating. However that’s just our impression from his Bloomberg talks. Nexo is the only platform that provides interest on fiat. According to our understanding, 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 understand the legal setup under which Nexo is using its services. So now that we have reviewed some of the performance history of the four mentioned platforms, let’s briefly go over the functionality of every crypto lending website. Celsius has actually started as a native mobile app. The app is well established and it comes with different security features such as the biometric scan, HODL mode, and 2FA. Right in the dashboard, you are able to see the number of assets you are holding and what are the presently offered rates. You can withdraw and move supported coins however there is no exchange, so if you don’t deposit your cryptos from another wallet, you can acquire them straight through the app. Note, however, that there might be charges for charge card purchases or SEPA transfers. Celsius Network supports presently 40 digital possessions. BlockiFi makes a less industrialized impression. The app is very basic and so is the desktop version of the platform. BlockFi supports presently just 10 digital currencies. The platform also uses a devoted exchange so you can even trade them. We don’t advise this function that much as the exchange rates are not the best. 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 competing with the credit card from Crypto.com YouHodler offers some of the most advanced services among the crypto loaning platforms. Presently, the platform supports 18 digital
currencies on which you are able to earn interest. YouHodler enables you to exchange between different currencies or deposit fiat by means of bank wire or other supported payment services. The minimum deposit quantities are really low, so you don’t need to transfer hundreds of Euros or Dollars to check the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler doesn’t have a banking license, you can only make interest on your crypto possessions. Apart from earning interest on your deposits or exchanging cryptos, YouHodler also provides you the alternative to obtain fiat money in exchange for security. The platform currently supports just loans in us euros or dollars. YouHodler is likewise among the platforms with versatile loan terms and an optimum LTV of 90%. Apart from those services, YouHodler also uses two leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic financiers. As the functionality of those features surpasses this video, you can discover how it operates in our devoted youhodler review on p2pempire. Nexo’s use is similar to Celsius Network. Nexo is likewise using its utility tokens to use much 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, indicating you lock your assets for a specified term, you can get a greater interest rate. Like BlockFi, Nexo also uses you to purchase, or exchange crypto if you want to hold your assets in different currencies. Now you have a really solid concept of what every crypto financing platform is offering. What you ought to consider however, is that as soon as you transfer your crypto on any platform, you are not owning your personal keys anymore and your assets may get compromised either by 3rd parties or by the platform itself. It’s like depositing your crypto on the exchange – if you don’t own the keys, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are very clear about the fact that you Youhodler Down
give up your ownership of the assets as long as you hold them in the platform’s wallet. The only method to protect your crypto is to store it on a devoted hardware wallet like this one from Trezor. That’s the very best method to keep your cryptos safe. The drawback of this method is that you will just take advantage of the increased value of your coin but not the interest on your deposits, which is something you can do on among the crypto lending platforms. But, similar to any financial investment, it always comes down to the risk and return and your danger profile. So based upon our thorough comparison, let’s have a look at our independent ratings of every classification for every single platform. Note, that we have designated the rankings based on our own research. One represents the lowest score while 5 represent the greatest ranking. Within the business design category.