Looking for Youhodler Ucc-1…A number of you have actually 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 model of specific platforms, the return rates, the trustworthiness and performance history, usability of their apps and we will likewise speak about a few of the dangers that you must think about when transferring your crypto on one of these platforms. We will also assemble the comparison with our independent rating of the just-mentioned categories for each platform. So keep watching till completion to discover how we scored private platforms. If you are new to this channel and your objective is to become a more educated P2P financier,
Let’s very first give you a quick introduction to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto loaning platform in the world, which was established in 2017 by Alex Mashinsky. The platform uses its services worldwide, however, they are presently not issuing loans in the United States due to local guidelines.
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is readily available worldwide with exception of sanctioned nations. Nexo is another European platform that uses crypto enthusiasts the choice to make interest not only on their coins however likewise fiat deposits. Nexo is in truth, one of just two, to us known, crypto financing platforms that provide interest on fiat deposits.
And the platform is also preparing to introduce a BlockFi credit card which will generate another income stream. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the debtors. That’s at least our interpretation from Nexo’s organization design as the platform doesn’t have A dedicated area about
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If you are viewing this video, you desire to make money by depositing your coins on one of the platforms? Every platform has particular limits and terms when it comes to providing interest on your coins. You are only able to earn higher rates if you decide to receive the interest in Celsius’s own utility token.
You can make 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 uses greater rewards 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 anticipate the real return from your deposits. Youhodler Ucc-1
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paid out more than $367 M worth of rewards. While we have not managed to get answers to our concerns, the CEO does hold a weekly AMA session where he is attending to the most frequently asked questions, which is something rather unusual 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 discover out that the platform is not successful. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business development space instead of the fintech area. BlockFi is also financed by numerous institutional investors and the platform is primarily targeting the US market. While you can utilize the crypto interest account worldwide, the crypto loans are available Just for U.S citizens as BlockFi has the required financing licenses only in the U.S. If you want to inspect BlockFi’s data you will not be happy as there are none offered. Some external sources recommend that there are more than 125,000 signed up users, however, we were not able to validate any of those claims directly 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 relocated to Switzerland to launch his crypto loaning platform YouHodler in 2017. I understand that YouHodler has been applauded by some of you in the comments on previous videos, unfortunately, the platform isn’t openly exposing any financial reports, nor stats about their user base or assets under YouHodler’s management. When using YouHodler, this is something you need to certainly consider. Proceeding to Nexo. Nexo claims to manage $12 B worth of assets from more than 1.5 M of users. If this is right, it would suggest that Nexo is two times as big in regards to user base as Celsius with a much lower average
At the beginning of January, Nexo had just $4B under its management from 1 M users, now five months later on, the platform declares to manage $12B from 1.5 M users, which we think is a bit of a high growth even if we think about the buzz in the crypto space. The second co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday loan business that obviously is financing Nexo. According to our current research, the executive board doesn’t 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 “misuse of customers money”.
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in the media, he is often only promoting crypto and forecasting rates but lacks any much deeper insights into the crypto lending space or how Nexo is operating. But that’s simply our impression from his Bloomberg talks. Nexo is the only platform that uses interest on fiat. According to our knowledge, 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 lawyers, we have a hard time to comprehend the legal setup under which Nexo is providing its services. Now that we have examined some of the track records of the 4 mentioned platforms, let’s briefly go over the functionality of every crypto loaning website. Celsius has actually started as a native mobile app. The app is well established and it includes various security functions such as the biometric scan, HODL mode, and 2FA. Right in the control panel, you are able to see how many possessions you are holding and what are the currently used rates. You can move and withdraw supported coins however there is no exchange, so if you don’t deposit your cryptos from another wallet, you can acquire them directly through the app. Keep in mind, nevertheless, that there might be fees for credit card purchases or SEPA transfers. Celsius Network supports presently 40 digital possessions. BlockiFi makes a less industrialized impression. The app is extremely simple therefore is the desktop variation of the platform. BlockFi supports currently only 10 digital currencies. The platform likewise uses a devoted exchange so you can even trade them. We do not recommend this feature that much as the currency exchange rate are not the best. While the crypto loans on BlockFi are just available to U.S. citizens, the platform is also working on a Bitcoin benefits charge card which will be taking on the charge card from Crypto.com YouHodler provides a few of the most innovative services amongst the crypto lending platforms. Currently, the platform supports 18 digital
currencies on which you have the ability to earn interest. YouHodler enables you to exchange between different currencies or deposit fiat by means of bank wire or other supported payment services. The minimum deposit amounts are really low, so you don’t require to transfer numerous Euros or Dollars to evaluate the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler doesn’t have a banking license, you can just earn interest on your crypto assets. Apart from earning interest on your deposits or exchanging cryptos, YouHodler also uses you the alternative to obtain fiat money in exchange for security. The platform presently supports only loans in us dollars or euros. YouHodler is also one of the platforms with flexible loan terms and an optimum LTV of 90%. Apart from those services, YouHodler likewise provides 2 leveraging tools such as Turbocharged loans and Multi HODL, which appropriate for more opportunistic investors. As the functionality of those functions goes beyond this video, you can learn how it works in our devoted youhodler review on p2pempire. Nexo’s functionality resembles Celsius Network. Nexo is also using its energy tokens to use better rates on loans, higher interests on crypto and fiat deposits, or more complimentary withdrawals monthly. If you decide to stake your coins or fiat, implying you lock your assets for a specified term, you can get a higher interest rate. Like BlockFi, Nexo also uses you to buy, or exchange crypto if you want to hold your possessions in numerous currencies. Now you have a really strong concept of what every crypto lending platform is providing. What you need 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 might get compromised either by third parties or by the platform itself. It’s like depositing your crypto on the exchange – if you don’t own the keys, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are extremely clear about the reality that you Youhodler Ucc-1
The only way to protect your crypto is to keep it on a dedicated 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 but not the interest on your deposits, which is something you can do on one of the crypto loaning platforms. Based on our thorough contrast, let’s have an appearance at our independent scores of every classification for every platform.