Looking for Youhodler Supported Currencies…Many of you have actually requested a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing the organization design of individual platforms, the return rates, the trustworthiness and track record, use of their apps and we will also talk about some of the risks that you ought to think about 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 very first give you a short 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 utilizing Celsius Network to make or take a crypto loan interest on their cryptocurrencies and stablecoins. In overall, Celsius handles more than $17 B worth of possessions. The platform uses its services worldwide, however, they are currently not releasing loans in the United States due to local regulations. BlockFi is the largest
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is available around the world with exception of sanctioned countries. Nexo is another European platform that provides crypto enthusiasts the option to earn interest not only on their coins however likewise fiat deposits. Nexo is in fact, one of just two, to us understood, crypto lending platforms that offer interest on fiat deposits.
And the platform is also preparing to launch a BlockFi credit card which will create another earnings stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the borrowers. That’s at least our interpretation from Nexo’s organization model as the platform doesn’t have A dedicated section about
money fees on celsius services priced about stablecoins profit margin Youhodler Supported Currencies
this on their website. Now let’s discuss the returns. If you are enjoying this video, you want to generate income by transferring your coins on one of the platforms right? Before we compare the rates, there are a couple of things that you need to consider. When it comes to providing interest on your coins, every platform has particular limitations and terms. So for example, Celsius Network alters the rates each week to reflect the current market scenario. Likewise, you are only able to earn greater rates if you choose to get the interest in Celsius’s own utility token. The higher benefit rates are also not available for US citizens. If you would not wish to pay your benefits in the CEL token, you can currently 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 variety of your assets. The more bitcoin or ethereum you deposit, the less interest you will get. The rates of interest for Ethereum ranges in between 0.5% and 4.5%, the rate for bitcoin is 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 desire to get the interest in the native NEXO tokens instead of the deposited currency. What you must keep in mind is that platforms tend to change the rates from time to time, so you can’t truly anticipate the real return from your deposits. Youhodler Supported Currencies
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deposit amount 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. Also, at the beginning of January, Nexo had only $4B under its management from 1 M users, now 5 months later, the platform declares to handle $12B from 1.5 M users, which we think is a little bit of a high development even if we consider the buzz in the crypto area. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research, Antoni was a Bulgarian political leader with experience in the fashion Retail industry. On his LinkedIn profile, he describes Nexo as the leading regulated financial institution for digital properties. I would be really interested by whom Nexo is regulated, as the business doesn’t have a financing license in Estonia, where they are a legal entity Nexo Solutions OU is based. During our research study, 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 2nd co-founder of Nexo is Kosta Kantchev who also founded Credissimo, a Bulgarian payday advance loan company that obviously is financing Nexo. According to our recent research study, the executive board does not even include Antoli, but only Kosta and two 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 clients money”. Also when evaluating some of Nexo’s comments from the CEO
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in the media, he is often only promoting crypto and predicting prices however does not have any deeper insights into the crypto lending space or how Nexo is running. That’s just our impression from his Bloomberg talks. Likewise, Nexo is the only platform that offers 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 legal representatives, we have a hard time to understand the legal setup under which Nexo is using its services. So now that we have actually reviewed some of the performance history of the four discussed platforms, let’s briefly discuss the use of every crypto financing website. Celsius has started as a native mobile app. The app is well developed and it includes various security functions such as the biometric scan, HODL mode, and 2FA. In the dashboard, you are able to see how many properties you are holding and what are the currently provided 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. Keep in mind, nevertheless, that there might be charges for charge card purchases or SEPA transfers. Celsius Network supports presently 40 digital properties. BlockiFi makes a less developed impression. The app is very easy and so is the desktop variation of the platform. BlockFi supports currently just 10 digital currencies. The platform also offers a dedicated 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 only readily available to U.S. citizens, the platform is also working on a Bitcoin benefits charge card which will be competing with the charge card from Crypto.com YouHodler offers a few of the most innovative services among the crypto loaning platforms. Presently, the platform supports 18 digital
currencies on which you have the ability to earn interest. YouHodler allows you to exchange between numerous currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit quantities are extremely low, so you do not need to move hundreds of Euros or Dollars 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 only earn interest on your crypto assets. Apart from making interest on your deposits or exchanging cryptos, YouHodler also provides you the choice to obtain fiat money in exchange for collateral. The platform currently supports just loans in us dollars or euros. YouHodler is likewise among the platforms with versatile loan terms and an optimum LTV of 90%. Apart from those services, YouHodler likewise uses two leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic financiers. As the performance of those features goes beyond this video, you can learn how it works in our devoted youhodler evaluation on p2pempire. Nexo’s functionality is similar to Celsius Network. Nexo is likewise using its energy tokens to use better rates on loans, greater interests on crypto and fiat deposits, or more complimentary withdrawals per month. If you choose to stake your coins or fiat, suggesting you lock your assets for a defined term, you can get a greater interest rate. Like BlockFi, Nexo also offers you to purchase, or exchange crypto if you want to hold your assets in different currencies. Now you have an actually strong concept of what every crypto financing platform is providing. What you should consider however, is that as soon as you deposit your crypto on any platform, you are not owning your personal secrets anymore and your properties may get compromised either by 3rd parties or by the platform itself. It’s like transferring your crypto on the exchange – if you do not own the secrets, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are very clear about the reality that you Youhodler Supported Currencies
give up your ownership of the properties as long as you hold them in the platform’s wallet. The only way to safeguard your crypto is to store it on a devoted hardware wallet like this one from Trezor. That’s the best method to keep your cryptos safe. The disadvantage of this technique 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 investment, it always comes down to the danger and return and your danger profile. So based on our thorough comparison, let’s have a look at our independent ratings of every category for every single platform. Keep in mind, that we have designated the ratings based on our own research study. One represents the most affordable ranking while 5 stands for the highest ranking. Within the business design category.