Looking for Youhodler User Review…Much of you have requested a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to make interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing business design of specific platforms, the return rates, the credibility and performance history, use of their apps and we will likewise speak about some of the dangers that you ought to think about when depositing your crypto on one of these platforms. We will also assemble the contrast with our independent score of the just-mentioned categories for each platform. So keep watching up until completion to discover how we scored individual platforms. If you are brand-new to this channel and your objective is to end up being a more informed P2P investor,
consider subscribing and hit the like button to see more content like this in the future. So let’s very first offer you a short intro to every platform prior to 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. Presently, 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, however, they are presently not issuing loans in the United States due to local policies. BlockFi is the largest
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competitor to Celsius Network. The US-based business has trading and lending licenses in different US states. If you are looking for a wealth-management app for your crypto properties BlockFi is certainly worth considering. 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. YouHodler is most likely the most genuine crypto loaning platform in Europe. The business is signed up in Cyprus, with a dedicated branch in Switzerland. YouHodler offers very 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 lots of nations with the exception of Germany and the USA. So if you live in the states, you will not have the ability to use YouHodler’s services. Nexo is another European platform that uses crypto enthusiasts the choice to make interest not only on their coins but also fiat deposits. Nexo is in reality, among only 2, to us known, crypto financing platforms that provide interest on fiat deposits. The platform provides its services worldwide, with exception of Bulgaria and Estonia. So now that you have a short introduction of every platform
And the platform is also planning to release a BlockFi credit card which will create another income stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the customers. That’s at least our analysis from Nexo’s organization model as the platform does not have A devoted area about
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If you are viewing this video, you desire to make cash by depositing your coins on one of the platforms? Every platform has specific limits and terms when it comes to using interest on your coins. You are only able to make greater rates if you choose to get the interest in Celsius’s own energy token.
9% annually. What deserves pointing out is that if you wish to conserve some charges, and bring more stability into your crypto interest account, you can also transfer the Binance USD coin for which you will not require to pay the large gas fee, as the currency operates on the Binance Smart Chain with way lower fees in contrast to stablecoins that work on the ethereum network. The Binance USD coin is currently just 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 earn 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 offers 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 should remember is that platforms tend to change the rates from time to time, so you can’t really forecast the genuine return from your deposits. Likewise, bear in mind that by depositing your crypto, the value of the currency may decrease Which will make it hard for you to liquidate your properties if that’s something you would otherwise consider. So now, that you know the returns let’s briefly review the credibility of the platforms and their track record. Celsius Network is likely the most legitimate platform in this space. The founder Alex Mashinsky is a well-known business owner. Before releasing the Celsius network, he has actually co-founded 3 startups worth more than $1 Billion each. On the Celsius App, you are likewise able to keep an eye on the development and examine a few of the data. As we are taping this video, there are over 650,000 users and the platform is handling $17 billion worth of assets. Alone in the last 12 months, Celsius has Youhodler User Review
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paid more than $367 M worth of benefits. 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 rare in this area. The platform is not transparent when it pertains to sharing its financial reports, but with a bit of digging, you can get your hands on the monetary report for 2020, where you will learn that the platform is not successful yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within business development area rather than the fintech area. BlockFi is also funded by lots of institutional investors and the platform is mainly targeting the United States market. While you can use the crypto interest account worldwide, the crypto loans are readily available Just for U.S residents as BlockFi has the required lending licenses just in the U.S. If you wish to check BlockFi’s stats you won’t 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 verify any of those claims directly with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech space in Russia. According to our research, it appears like he has actually transferred to Switzerland to release his crypto lending platform YouHodler in 2017. I know that YouHodler has been applauded by a few of you in the comments on previous videos, regrettably, the platform isn’t publicly revealing any financial reports, nor stats about their user base or assets under YouHodler’s management. This is something you must certainly think about when using YouHodler. Proceeding to Nexo. Nexo claims to handle $12 B worth of possessions from more than 1.5 M of users. If this is correct, it would indicate that Nexo is two times as huge in regards to user base as Celsius with a much lower average
deposit amount as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting standards as we have actually explained together with other warnings in our previous video. Also, at the beginning of January, Nexo had just $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 little bit of a steep development even if we consider the buzz in the crypto space. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research study, Antoni was a Bulgarian political leader with experience in the fashion Retail industry. On his LinkedIn profile, he explains Nexo as the leading managed banks for digital assets. I would be actually interested by whom Nexo is managed, as the business doesn’t have a lending license in Estonia, where they are a legal entity Nexo Solutions OU is based. Throughout our research study, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is no place to be discovered on the site. The 2nd co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance loan company that apparently is funding Nexo. According to our current research, the executive board does not even consist of Antoli, however just Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p financing platform, which is known for the “misuse of clients money”. Also when reviewing 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 four pointed out platforms, let’s briefly go over the functionality of every crypto lending website. While the crypto loans on BlockFi are just offered to U.S. people, the platform is likewise working on a Bitcoin rewards credit card which will be contending with the credit card from Crypto.com YouHodler uses some of the most advanced services among the crypto lending platforms.
YouHodler is likewise one of the platforms with versatile loan terms and a maximum LTV of 90%. Now you have an actually solid concept of what every crypto loaning platform is providing. What you must consider though, is that as soon as you deposit your crypto on any platform, you are not owning your personal keys anymore and your possessions might get jeopardized either by 3rd parties or by the platform itself. Youhodler User Review
give up your ownership of the assets as long as you hold them in the platform’s wallet. The only way to safeguard your crypto is to keep it on a devoted hardware wallet like this one from Trezor. That’s the very best method to keep your cryptos safe. The drawback of this strategy is that you will just take advantage of the increased value of your coin however not the interest on your deposits, which is something you can do on among the crypto lending platforms. As with any investment, it constantly comes down to the risk and return and your risk profile. Based on our extensive contrast, let’s have an appearance at our independent ratings of every classification for every platform. Keep in mind, that we have assigned the ratings based on our own research study. One represents the lowest rating while five stands for the highest score. Within the business design category.