Looking for Youhodler Russia…Many of you have requested a comparison in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to earn interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the business design of private platforms, the return rates, the reliability and track record, usability of their apps and we will likewise talk about some of the dangers that you need to consider when depositing your crypto on one of these platforms.
think about subscribing and hit the like button to see more content like this in the future. So let’s first give you a short introduction to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto loaning platform in the world, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users utilizing Celsius Network to take a crypto loan or make interest on their cryptocurrencies and stablecoins. In total, Celsius handles more than $17 B worth of possessions. The platform uses its services worldwide, nevertheless, they are currently not providing loans in the United States due to local guidelines. BlockFi is the largest
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competitor to Celsius Network. The US-based company has trading and loaning licenses in various US states. If you are trying to find a wealth-management app for your crypto possessions BlockFi is certainly worth considering. The platform offers crypto-backed loans in 47 US states and their crypto interest account is readily available around the world with exception of sanctioned countries. YouHodler is likely the most genuine crypto lending platform in Europe. The company is signed up in Cyprus, with a dedicated branch in Switzerland. YouHodler offers extremely competitive rates on your crypto assets in addition to numerous other features which you won’t discover on any other platforms. The platform is available in many nations with the exception of Germany and the U.S.A.. If you live in the states, you won’t be able to use YouHodler’s services. Nexo is another European platform that offers crypto lovers the choice to earn interest not just on their coins however also fiat deposits. Nexo remains in fact, one of only two, to us known, crypto loaning platforms that offer interest on fiat deposits. The platform uses its services worldwide, with exception of Bulgaria and Estonia. Now that you have a quick summary of every platform
let’s speak about how they make money in the first place. Celsius makes money from the interest they charge to the borrowers which are either retail customers or organizations, they also make money from their CEL token which is an utility token that you can utilize to increase your benefits on Celsius Network. Another income stream is the rehypothecation which suggests that Celsius utilizes the collateral from the customers and releases it in order to generate extra income. BlockFi is also generating income through the interest that is being charged to borrowers. The platform also charges a 2% origination fee for anyone who desires to take a loan. Another earnings stream is BlockFi’s exchange function. The platform earns money from the spread when exchanging currencies. BlockFi also charges withdrawal charges after your one complimentary withdrawal per month. And the platform is also planning to launch a BlockFi credit card which will generate another income stream. YouHodler is likewise earning money from the interest charged to customers. In addition to that, there is a little withdrawal cost and charges 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 prospective returns. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the debtors. Nexo also makes profits with their Nexo token. That’s at least our analysis from Nexo’s service model as the platform does not have A dedicated section about
money fees on celsius services priced about stablecoins profit margin Youhodler Russia
If you are watching this video, you desire to make money by transferring your coins on one of the platforms? Every platform has specific limitations and terms when it comes to providing interest on your coins. You are only able to earn higher rates if you decide to get the interest in Celsius’s own energy token.
9% annually. What deserves mentioning is that if you wish to save some fees, 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 substantial gas charge, as the currency operates on the Binance Smart Chain with way 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 requirement to stake the platform’s own energy tokens. You can make 12% interest on your USDC holdings and the platform uses 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that provides greater benefits for those who wish to get 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 must keep in mind is that platforms tend to change the rates from time to time, so you can’t truly predict the genuine return from your deposits. Also, bear in mind that by depositing your crypto, the worth of the currency may 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 credibility of the platforms and their performance history. Celsius Network is most likely the most legitimate platform in this area. The creator Alex Mashinsky is a well-known business owner. Prior to introducing the Celsius network, he has actually co-founded three startups worth more than $1 Billion each. On the Celsius App, you are likewise able to keep track of the development and review some of the stats. As we are recording 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 Russia
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paid more than $367 M worth of benefits. While we have not managed to get answers to our questions, the CEO does hold a weekly AMA session where he is addressing the most frequently asked questions, which is something rather uncommon in this area. The platform is not transparent when it comes to sharing its financial 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 co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business advancement space instead of the fintech area. BlockFi is also financed by numerous institutional financiers and the platform is generally targeting the United States market. While you can utilize the crypto interest account worldwide, the crypto loans are available Just for U.S residents as BlockFi has the required lending licenses just in the U.S. If you wish to examine BlockFi’s stats you will not more than happy as there are none readily available. Some external sources suggest that there are more than 125,000 signed up users, nevertheless, we were unable to confirm any of those claims straight with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech area in Russia. According to our research, it seems like he has transferred to Switzerland to introduce his crypto lending platform YouHodler in 2017. I know that YouHodler has been praised by some of you in the discuss previous videos, regrettably, the platform isn’t openly revealing any monetary reports, nor statistics about their user base or properties under YouHodler’s management. When using YouHodler, this is something you must definitely consider. Moving on to Nexo. Nexo claims to handle $12 B worth of assets from more than 1.5 M of users. If this is right, it would imply that Nexo is twice as huge in regards to user base as Celsius with a much lower average
deposit quantity as compared to the users on the Celsius Network. We are not delighted about Nexo’s reporting requirements as we have explained together with other red flags in our previous video. Likewise, 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 believe is a little bit of a steep growth even if we think about the hype in the crypto area. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research study, Antoni was a Bulgarian politician with experience in the fashion Retail industry. On his LinkedIn profile, he describes Nexo as the leading controlled banks for digital possessions. I would be actually interested by whom Nexo is controlled, as the company doesn’t have a financing license in Estonia, where they are a legal entity Nexo Provider OU is based. During our research, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is no place to be found on the website. The second co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday advance business that apparently is financing Nexo. According to our current research, the executive board doesn’t even include Antoli, however only Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p lending platform, which is known for the “misuse of customers cash”. When evaluating some of Nexo’s remarks from the CEO
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in the media, he is frequently only promoting crypto and predicting rates but does not have any deeper insights into the crypto lending area or how Nexo is running. That’s just our impression from his Bloomberg talks. Also, Nexo is the only platform that uses interest on fiat. According to our knowledge, you can not offer 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 providing its services. Now that we have evaluated some of the track records of the 4 mentioned platforms, let’s briefly go over the use of every crypto lending website. Celsius has actually started as a native mobile app. The app is well developed and it comes with different security functions such as the biometric scan, HODL mode, and 2FA. Right in the dashboard, you have the ability to see how many properties you are holding and what are the currently offered rates. You can transfer and withdraw supported coins however there is no exchange, so if you do not deposit your cryptos from another wallet, you can buy them directly through the app. Note, however, that there might be fees for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital assets. BlockiFi makes a less industrialized impression. The app is really basic therefore is the desktop variation of the platform. BlockFi supports presently only 10 digital currencies. The platform likewise uses a dedicated exchange so you can even trade them. We do not suggest this feature that much as the exchange rates are not the very best. While the crypto loans on BlockFi are just available to U.S. people, the platform is likewise working on a Bitcoin benefits credit card which will be taking on the credit card from Crypto.com YouHodler provides a few of the most innovative services amongst the crypto loaning platforms. Presently, the platform supports 18 digital
YouHodler is also one of the platforms with versatile loan terms and a maximum LTV of 90%. Now you have a truly strong concept of what every crypto financing platform is offering. What you must consider however, is that as soon as you transfer your crypto on any platform, you are not owning your private secrets any longer and your possessions might get jeopardized either by third celebrations or by the platform itself. Youhodler Russia
The only way to protect your crypto is to keep it on a devoted 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 however not the interest on your deposits, which is something you can do on one of the crypto financing platforms. Based on our thorough comparison, let’s have an appearance at our independent scores of every category for every platform.