Looking for Youhodler Vilnius…Many of you have requested a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to make interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the business design of specific platforms, the return rates, the credibility and track record, use of their apps and we will also discuss some of the risks that you should consider when transferring your crypto on one of these platforms. We will also assemble the comparison with our independent score of the just-mentioned categories for every platform. So keep watching until completion to discover how we scored private platforms. if you are new to this channel and your goal is to become a more informed P2P investor
Let’s first give you a short intro to every platform prior to we dive deeper into the contrast. Celsius Network is the fastest-growing crypto lending platform in the world, which was founded in 2017 by Alex Mashinsky. The platform uses its services worldwide, nevertheless, they are presently not issuing loans in the United States due to regional regulations.
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competitor to Celsius Network. The US-based business has trading and loaning licenses in various US states. If you are searching for a wealth-management app for your crypto possessions BlockFi is definitely worth considering. The platform offers crypto-backed loans in 47 US states and their crypto interest account is offered worldwide 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 provides very competitive rates on your crypto assets along with several other features which you won’t discover on any other platforms. The platform is available in numerous countries with the exception of Germany and the USA. If you reside in the states, you won’t be able to use YouHodler’s services. Nexo is another European platform that uses crypto lovers the option to earn interest not just on their coins but also fiat deposits. Nexo remains in fact, one of just two, to us understood, crypto lending platforms that provide interest on fiat deposits. The platform offers its services worldwide, with exception of Bulgaria and Estonia. So now that you have a short overview of every platform
And the platform is also preparing to introduce a BlockFi credit card which will produce another earnings stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the debtors. That’s at least our interpretation from Nexo’s company model as the platform doesn’t have A devoted area about
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this on their site. Now let’s talk about the returns. If you are watching this video, you want to make cash by depositing your coins on one of the platforms? Prior to we compare the rates, there are a couple of things that you must think about. When it comes to providing interest on your coins, every platform has certain limits and terms. So for instance, Celsius Network changes the rates every week to reflect the existing market scenario. Likewise, you are just able to make greater rates if you decide to receive the interest in Celsius’s own energy token. The greater benefit rates are likewise not offered for United States residents. If you would not want to pay out 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 on the variety of your properties. The more bitcoin or ethereum you deposit, the less interest you will receive. The interest rate for Ethereum varieties between 0.5% and 4.5%, the rate for bitcoin is in between 0.5% and 5%, and the rate for the two stablecoins is presently at
9% per year. What deserves mentioning is that if you want to save some costs, and bring more stability into your crypto interest account, you can also deposit the Binance USD coin for which you will not require to pay the significant gas charge, as the currency works on the Binance Smart Chain with way lower costs in contrast to stablecoins that run on the ethereum network. The Binance USD coin is currently only supported on Celsius Network and BlockFi. YouHodler provides presently the most competitive rates for your USDC coins without the need to stake the platform’s own energy tokens. You can earn 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 receive 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 remember is that platforms tend to change the rates from time to time, so you can’t actually anticipate the real return from your deposits. Likewise, bear in mind that by transferring your crypto, the worth of the currency may reduce 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 track record. Celsius Network is likely the most legitimate platform in this area. The founder Alex Mashinsky is a well-known business owner. Before launching the Celsius network, he has actually co-founded three startups worth more than $1 Billion each. On the Celsius App, you are also able to keep an eye on the development and evaluate a few of the data. As we are recording this video, there are over 650,000 users and the platform is managing $17 billion worth of assets. Alone in the last 12 months, Celsius has Youhodler Vilnius
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deposit quantity 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 five 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 think about the buzz in the crypto space. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research, Antoni was a Bulgarian politician with experience in the fashion Retail market. On his LinkedIn profile, he describes Nexo as the leading managed financial institution for digital possessions. I would be actually interested by whom Nexo is managed, as the business doesn’t have a financing license in Estonia, where they are a legal entity Nexo Services OU is based. During our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be found on the website. The 2nd co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday advance company that apparently is financing Nexo. According to our recent research, the executive board does not even include Antoli, but only Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p financing platform, which is known for the “abuse of customers cash”. Likewise when evaluating some of Nexo’s comments from the CEO
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Nexo is the only platform that provides interest on fiat. Now that we have actually reviewed some of the track records of the 4 mentioned platforms, let’s briefly go over the usability of every crypto lending site. While the crypto loans on BlockFi are only readily available to U.S. citizens, the platform is likewise working on a Bitcoin benefits credit card which will be completing with the credit card from Crypto.com YouHodler offers some of the most innovative services among the crypto loaning platforms.
currencies on which you have the ability to make interest. YouHodler allows you to exchange in between numerous currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit amounts are very low, so you do not require to transfer numerous Dollars or euros 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 just earn interest on your crypto properties. Apart from earning interest on your deposits or exchanging cryptos, YouHodler also provides you the choice to obtain fiat money in exchange for security. The platform presently supports only loans in us euros or dollars. YouHodler is likewise among the platforms with versatile loan terms and an optimum LTV of 90%. Apart from those services, YouHodler also provides 2 leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic financiers. As the performance of those features exceeds this video, you can discover how it works in our dedicated youhodler review on p2pempire. Nexo’s usability is similar to Celsius Network. Nexo is likewise utilizing its energy tokens to provide better rates on loans, greater interests on crypto and fiat deposits, or more totally free withdrawals each month. Likewise if you decide to stake your coins or fiat, indicating you lock your possessions for a specified term, you can get a higher rates of interest. Like BlockFi, Nexo also uses you to purchase, or exchange crypto if you wish to hold your possessions in numerous currencies. Now you have an actually strong idea of what every crypto loaning platform is providing. What you must think about though, is that as quickly as you deposit your crypto on any platform, you are not owning your private keys anymore and your properties might get compromised either by 3rd parties or by the platform itself. It resembles depositing your crypto on the exchange – if you do not own the keys, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are very clear about the truth that you Youhodler Vilnius
The only method to safeguard your crypto is to save it on a dedicated hardware wallet like this one from Trezor. The disadvantage of this strategy is that you will only 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 financing platforms. Based on our in-depth contrast, let’s have an appearance at our independent ratings of every category for every platform.