Looking for Youhodler This Card Is Added…Many of you have actually asked for a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to make interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing business design of individual platforms, the return rates, the reliability and performance history, usability of their apps and we will also discuss some of the risks that you should think about when transferring your crypto on one of these platforms. We will also assemble the contrast with our independent ranking of the just-mentioned classifications for each platform. So keep watching till the end to learn how we scored individual platforms. If you are new to this channel and your goal is to become a more informed P2P investor,
think about subscribing and struck the like button to see more material like this in the future. Let’s very first offer you a quick introduction to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing platform worldwide, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users using Celsius Network to take a crypto loan or make interest on their cryptocurrencies and stablecoins. In overall, Celsius handles more than $17 B worth of possessions. The platform provides its services worldwide, however, they are presently not providing loans in the United States due to local policies. BlockFi is the largest
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The platform uses crypto-backed loans in 47 US states and their crypto interest account is readily available around the world with exception of sanctioned nations. Nexo is another European platform that offers crypto lovers the alternative to earn interest not just on their coins but likewise fiat deposits. Nexo is in reality, one of just 2, to us understood, crypto loaning platforms that offer interest on fiat deposits.
And the platform is likewise planning to release a BlockFi credit card which will produce another earnings stream. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the borrowers. That’s at least our interpretation from Nexo’s company model 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 limits and terms when it comes to offering interest on your coins. You are just able to make higher rates if you choose to get the interest in Celsius’s own energy token.
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 provides greater rewards for those who desire to receive the interest in the native NEXO tokens rather of the deposited currency. What you ought to keep in mind is that platforms tend to adjust the rates from time to time, so you can’t really forecast the real return from your deposits. Youhodler This Card Is Added
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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 also funded by lots of institutional financiers and the platform is primarily targeting the US market. According to our research study, it seems like he has actually transferred to Switzerland to introduce his crypto loaning platform YouHodler in 2017.
deposit amount as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting requirements as we have pointed out together with other red flags in our previous video. At the beginning of January, Nexo had just $4B under its management from 1 M users, now five months later on, the platform claims to manage $12B from 1.5 M users, which we think is a bit of a steep development 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 style 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 lending license in Estonia, where they are a legal entity Nexo Provider OU is based. During our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is no place to be discovered on the website. The second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance loan business that apparently is funding Nexo. According to our recent research study, the executive board does not even consist of Antoli, but only Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p loaning platform, which is known for the “abuse of customers money”. Likewise when evaluating some of Nexo’s remarks from the CEO
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Nexo is the only platform that provides interest on fiat. Now that we have reviewed some of the track records of the 4 discussed platforms, let’s briefly go over the functionality of every crypto loaning website. While the crypto loans on BlockFi are only offered 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 financing platforms.
YouHodler is also one of the platforms with versatile loan terms and a maximum LTV of 90%. Now you have a really strong idea of what every crypto loaning platform is using. What you should think about 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 celebrations or by the platform itself. Youhodler This Card Is Added
The only method to secure your crypto is to store it on a dedicated hardware wallet like this one from Trezor. The disadvantage of this technique is that you will just 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 comparison, let’s have a look at our independent rankings of every classification for every platform.