Looking for Youhodler Flex…A number of you have actually asked for 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 requested, in this video, we will be comparing the business design of specific platforms, the return rates, the trustworthiness and performance history, functionality of their apps and we will also speak about a few of the risks that you ought to 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 categories for each platform. So keep watching until completion to find out how we scored specific platforms. If you are new to this channel and your goal is to end up being a more informed P2P financier,
Let’s very first give you a short 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 established in 2017 by Alex Mashinsky. The platform uses its services worldwide, however, they are currently not releasing loans in the United States due to local policies.
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rival to Celsius Network. The US-based business has trading and lending licenses in different US states. If you are looking for a wealth-management app for your crypto properties BlockFi is definitely worth thinking about. The platform uses crypto-backed loans in 47 US states and their crypto interest account is readily available worldwide with exception of approved countries. YouHodler is likely the most legitimate crypto lending platform in Europe. The company is registered in Cyprus, with a dedicated branch in Switzerland. YouHodler provides really competitive rates on your crypto properties as well as numerous other features which you won’t find on any other platforms. The platform is available in many countries with the exception of Germany and the USA. If you reside in the states, you will not be able to utilize YouHodler’s services. Nexo is another European platform that uses crypto lovers the choice to earn interest not only on their coins however also fiat deposits. Nexo is in fact, one of only two, to us understood, crypto lending platforms that provide interest on fiat deposits. The platform uses its services worldwide, with exception of Bulgaria and Estonia. Now that you have a quick introduction of every platform
let’s talk about how they make money in the first place. So Celsius earns money from the interest they credit the customers which are either retail borrowers or institutions, they also generate income from their CEL token which is an utility token that you can use to increase your rewards on Celsius Network. Another earnings stream is the rehypothecation which suggests that Celsius uses the collateral from the borrowers and releases it in order to produce extra income. BlockFi is also generating income through the interest that is being credited debtors. The platform also charges a 2% origination cost for anybody 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 also charges withdrawal charges after your one totally free withdrawal each month. And the platform is likewise preparing to release a BlockFi charge card which will create another earnings stream. YouHodler is also generating income from the interest credited borrowers. There is a small withdrawal fee and charges for extra services such as the Multi HODL tool, which is a feature that lets you leverage your crypto properties in exchange for prospective returns. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the borrowers. Nexo likewise makes earnings with their Nexo token. That’s at least our analysis from Nexo’s organization design as the platform doesn’t have A devoted section about
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If you are seeing this video, you want to make cash by transferring your coins on one of the platforms? Every platform has certain limitations and terms when it comes to offering interest on your coins. You are only able to make higher rates if you choose to get the interest in Celsius’s own energy token.
9% annually. What deserves discussing is that if you wish to conserve some charges, 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 large gas cost, as the currency runs on the Binance Smart Chain with way lower costs in comparison to stablecoins that work on the ethereum network. The Binance USD coin is currently just supported on Celsius Network and BlockFi. YouHodler offers presently 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 provides greater rewards for those who want to receive the interest in the native NEXO tokens instead of the deposited currency. The platform uses 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you need to remember is that platforms tend to change the rates from time to time, so you can’t truly forecast the real return from your deposits. Also, keep in mind that by transferring your crypto, the worth of the currency might decrease Which will make it hard for you to liquidate your properties if that’s something you would otherwise consider. Now, that you are conscious of the returns let’s briefly evaluation the trustworthiness of the platforms and their track record. Celsius Network is likely the most legitimate platform in this area. The founder Alex Mashinsky is a popular entrepreneur. Prior to releasing the Celsius network, he has actually co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are also able to monitor the development and examine a few of the data. As we are recording this video, there are over 650,000 users and the platform is handling $17 billion worth of assets. Alone in the last 12 months, Celsius has Youhodler Flex
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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 rewarding. BlockFi is also funded by lots of 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 release his crypto lending platform YouHodler in 2017.
At the start of January, Nexo had just $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 high growth even if we consider the hype in the crypto space. The 2nd co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday loan business that apparently is funding Nexo. According to our current research, the executive board doesn’t even consist of Antoli, however only Kosta and two other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p lending platform, which is understood for the “abuse of clients cash”.
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in the media, he is often only promoting crypto and forecasting prices but does not have any deeper insights into the crypto financing area or how Nexo is operating. That’s just our impression from his Bloomberg talks. Likewise, Nexo is the only platform that offers interest on fiat. According to our knowledge, you can not provide interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Despite the fact that we are not legal representatives, we have a hard time to understand the legal setup under which Nexo is offering its services. So now that we have reviewed some of the track records of the 4 pointed out platforms, let’s briefly review the functionality of every crypto lending site. Celsius has begun 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 control panel, you have the ability to see the number of properties you are holding and what are the presently offered rates. You can withdraw and transfer supported coins but there is no exchange, so if you don’t transfer your cryptos from another wallet, you can purchase them straight through the app. Note, nevertheless, that there might be charges for charge card purchases or SEPA transfers. Celsius Network supports currently 40 digital assets. BlockiFi makes a less industrialized impression. The app is extremely basic and so is the desktop variation of the platform. BlockFi supports currently just 10 digital currencies. The platform likewise offers a devoted exchange so you can even trade them. We don’t suggest this feature that much as the exchange rates are not the best. While the crypto loans on BlockFi are just readily available to U.S. residents, the platform is likewise dealing with a Bitcoin benefits charge card which will be competing with the credit card from Crypto.com YouHodler provides a few of the most sophisticated services amongst the crypto loaning platforms. Currently, the platform supports 18 digital
currencies on which you have the ability to make interest. YouHodler enables you to exchange in between numerous currencies or deposit fiat by means of bank wire or other supported payment services. The minimum deposit quantities are extremely low, so you don’t require to transfer numerous Dollars or euros to test 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 make interest on your crypto possessions. Apart from making interest on your deposits or exchanging cryptos, YouHodler also provides you the option to obtain fiat money in exchange for collateral. The platform currently supports just loans in us euros or dollars. YouHodler is also one of the platforms with flexible loan terms and a maximum LTV of 90%. Apart from those services, YouHodler also provides two leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic financiers. As the performance of those features surpasses this video, you can find out how it works in our devoted youhodler review on p2pempire. Nexo’s use is similar to Celsius Network. Nexo is also utilizing its utility tokens to offer better rates on loans, greater interests on crypto and fiat deposits, or more free withdrawals monthly. Likewise if you decide to stake your coins or fiat, implying you lock your assets for a defined term, you can get a higher interest rate. Like BlockFi, Nexo also provides you to purchase, or exchange crypto if you wish to hold your assets in various currencies. Now you have a truly strong concept of what every crypto financing platform is providing. What you ought to consider however, is that as quickly as you transfer your crypto on any platform, you are not owning your personal keys anymore and your possessions may get compromised either by third parties or by the platform itself. It resembles depositing your crypto on the exchange – if you do not own the keys, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are very clear about the reality that you Youhodler Flex
The only method to safeguard your crypto is to keep it on a dedicated hardware wallet like this one from Trezor. The disadvantage of this technique is that you will only benefit from the increased worth 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 thorough comparison, let’s have an appearance at our independent ratings of every category for every platform.