Looking for Youhodler Multi Hodl…Many of you have asked for a comparison in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to make interest on your stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing the business design of specific platforms, the return rates, the reliability and track record, usability of their apps and we will also talk about some of the dangers that you should think about when depositing your crypto on one of these platforms.
Let’s very first give you a quick intro to every platform prior to we dive deeper into the comparison. Celsius Network is the fastest-growing crypto lending platform in the world, which was founded in 2017 by Alex Mashinsky. The platform provides its services worldwide, nevertheless, they are presently not providing loans in the United States due to local policies.
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rival to Celsius Network. The US-based business has trading and loaning licenses in numerous US states. , if you are looking for a wealth-management app for your crypto possessions BlockFi is definitely worth considering.. The platform uses crypto-backed loans in 47 US states and their crypto interest account is offered around the world with exception of sanctioned nations. YouHodler is likely the most legitimate crypto financing platform in Europe. The company is registered in Cyprus, with a devoted branch in Switzerland. YouHodler uses extremely competitive rates on your crypto possessions as well as numerous other features which you won’t discover on any other platforms. The platform is offered in numerous nations with the exception of Germany and the U.S.A.. So if you reside in the states, you will not have the ability to utilize YouHodler’s services. Nexo is another European platform that offers crypto lovers the option to make interest not only on their coins but also fiat deposits. Nexo is in truth, among just two, to us known, crypto loaning platforms that provide interest on fiat deposits. The platform uses its services worldwide, with exception of Bulgaria and Estonia. Now that you have a short introduction of every platform
let’s speak about how they make money in the first place. Celsius makes cash from the interest they charge to the debtors which are either retail customers or institutions, they likewise make cash from their CEL token which is an utility token that you can use to increase your rewards on Celsius Network. Another income stream is the rehypothecation which suggests that Celsius utilizes the collateral from the customers and deploys it in order to create extra earnings. BlockFi is likewise generating income through the interest that is being credited borrowers. In addition to that, the platform also charges a 2% origination cost for anybody who wishes to take a loan. Another earnings stream is BlockFi’s exchange feature. The platform generates income from the spread when exchanging currencies. BlockFi also charges withdrawal charges after your one free withdrawal per month. And the platform is likewise planning to launch a BlockFi credit card which will produce another income stream. YouHodler is also generating income from the interest credited borrowers. There is a small withdrawal charge and costs for extra services such as the Multi HODL tool, which is a function that lets you take advantage of your crypto properties in exchange for possible returns. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the debtors. Nexo likewise makes revenues with their Nexo token. That’s at least our interpretation from Nexo’s business design as the platform doesn’t have A devoted area about
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this on their site. Now let’s speak about the returns. If you are viewing this video, you desire to make money by depositing your coins on one of the platforms? Before we compare the rates, there are a couple of things that you need to consider. Every platform has specific limitations and terms when it concerns offering interest on your coins. So for instance, Celsius Network changes the rates each week to reflect the existing market circumstance. Likewise, you are just able to earn greater rates if you choose to get the interest in Celsius’s own energy token. The higher benefit rates are also not available for United States residents. If you would not wish to pay your benefits in the CEL token, you can presently anticipate to receive 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 receive. The rates 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 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 higher benefits for those who want to receive the interest in the native NEXO tokens rather of the deposited currency. What you must keep in mind is that platforms tend to adjust the rates from time to time, so you can’t actually predict the genuine return from your deposits. Youhodler Multi Hodl
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The platform is not transparent when it comes to sharing its financial reports, but with a little bit of digging, you can get your hands on the monetary report for 2020, where you will find out that the platform is not profitable. BlockFi is also funded by lots of institutional investors and the platform is mainly targeting the United States market. According to our research, it seems like he has actually relocated to Switzerland to introduce his crypto lending platform YouHodler in 2017.
deposit quantity as compared to the users on the Celsius Network. We are not excited 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 declares to manage $12B from 1.5 M users, which we think is a bit of a steep growth even if we think about the buzz in the crypto area. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research, Antoni was a Bulgarian political leader with experience in the fashion Retail market. On his LinkedIn profile, he describes Nexo as the leading controlled financial institution for digital possessions. I would be really interested by whom Nexo is controlled, as the business doesn’t have a loaning license in Estonia, where they are a legal entity Nexo Services OU is based. Throughout our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be found on the website. The second co-founder of Nexo is Kosta Kantchev who also founded Credissimo, a Bulgarian payday loan business that obviously is financing Nexo. According to our current research, 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 lending platform, which is understood for the “abuse of customers cash”. Also when examining some of Nexo’s comments from the CEO
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Nexo is the only platform that uses 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 lending website. While the crypto loans on BlockFi are just available to U.S. residents, the platform is also working on a Bitcoin benefits credit card which will be competing with the credit card from Crypto.com YouHodler offers some of the most innovative services amongst the crypto loaning platforms.
YouHodler is also one of the platforms with versatile loan terms and a maximum LTV of 90%. Now you have a really solid concept of what every crypto lending platform is using. What you ought to think about though, is that as soon as you deposit your crypto on any platform, you are not owning your personal secrets any longer and your possessions may get compromised either by third parties or by the platform itself. Youhodler Multi Hodl
The only way to protect your crypto is to store it on a dedicated hardware wallet like this one from Trezor. The drawback of this method 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 lending platforms. Based on our thorough contrast, let’s have a look at our independent rankings of every category for every platform.