Looking for Youhodler Faq…Much of you have requested a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to earn interest on your cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing business model of individual platforms, the return rates, the reliability and track record, usability of their apps and we will also speak about some of the risks that you need to think about when transferring your crypto on one of these platforms. We will also round up the contrast with our independent rating of the just-mentioned classifications for each platform. Keep seeing up until the end to find out how we scored specific platforms. If you are brand-new to this channel and your goal is to become a more informed P2P financier,
think about subscribing and hit the like button to see more content like this in the future. So let’s first give you a quick introduction to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto loaning platform worldwide, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users using Celsius Network to earn or take a crypto loan interest on their stablecoins and cryptocurrencies. In overall, Celsius manages more than $17 B worth of properties. The platform offers its services worldwide, however, they are currently not releasing loans in the United States due to regional guidelines. BlockFi is the largest
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is offered around the world with exception of approved countries. Nexo is another European platform that uses crypto enthusiasts the alternative to make interest not just on their coins but also fiat deposits. Nexo is in reality, one of only 2, to us understood, crypto loaning platforms that offer interest on fiat deposits.
And the platform is likewise planning to introduce 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 debtors. That’s at least our interpretation from Nexo’s service design as the platform does not have A dedicated area about
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If you are viewing this video, you want to make money by depositing 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 greater rates if you decide to get the interest in Celsius’s own energy token.
9% per year. What’s worth discussing 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 need to pay the large gas cost, as the currency works on the Binance Smart Chain with method lower fees in contrast to stablecoins that work on the ethereum network. The Binance USD coin is currently only supported on Celsius Network and BlockFi. YouHodler offers currently the most competitive rates for your USDC coins without the requirement to stake the platform’s own energy 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 offers higher 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 truly predict the real return from your deposits. Keep in mind that by transferring your crypto, the value of the currency may reduce 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 trustworthiness of the platforms and their track record. Celsius Network is most likely the most genuine platform in this area. The creator Alex Mashinsky is a popular entrepreneur. Prior to introducing the Celsius network, he has actually co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are likewise able to keep an eye on the development and examine some of the stats. As we are tape-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 Faq
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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 funded by lots of institutional financiers and the platform is mainly targeting the United States market. According to our research, it appears like he has transferred to Switzerland to launch his crypto lending platform YouHodler in 2017.
At the beginning of January, Nexo had only $4B under its management from 1 M users, now 5 months later on, the platform claims to handle $12B from 1.5 M users, which we think is a bit of a steep development even if we think about the buzz in the crypto space. The second co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday loan business that apparently is funding Nexo. According to our recent research, the executive board does not even include Antoli, however just 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 known for the “misuse of clients cash”.
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Nexo is the only platform that provides interest on fiat. Now that we have evaluated some of the track records of the four mentioned platforms, let’s briefly go over the use of every crypto financing site. While the crypto loans on BlockFi are only available to U.S. residents, the platform is also working on a Bitcoin rewards credit card which will be competing with the credit card from Crypto.com YouHodler offers some of the most innovative services among the crypto loaning platforms.
YouHodler is also one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have a truly strong idea of what every crypto financing platform is offering. What you must think about though, is that as quickly as you deposit your crypto on any platform, you are not owning your private secrets any longer and your properties might get jeopardized either by third celebrations or by the platform itself. Youhodler Faq
The only method to protect your crypto is to save it on a dedicated hardware wallet like this one from Trezor. The drawback of this strategy 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 loaning platforms. Based on our in-depth contrast, let’s have an appearance at our independent ratings of every category for every platform.