Looking for Youhodler Yield Farming…Many of you have asked for a comparison in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to make interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing the company design of specific platforms, the return rates, the reliability and track record, usability of their apps and we will also talk about some of the dangers that you should consider when depositing your crypto on one of these platforms.
Let’s first offer you a quick introduction to every platform before we dive deeper into the comparison. 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, however, they are currently not issuing loans in the United States due to regional regulations.
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The platform provides crypto-backed loans in 47 US states and their crypto interest account is offered around the world with exception of approved countries. Nexo is another European platform that offers crypto lovers the option to earn interest not just on their coins but also 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 likewise preparing to introduce a BlockFi credit card which will create 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 organization design as the platform does not have A dedicated section about
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If you are watching this video, you want to make money 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 earn greater rates if you choose to receive the interest in Celsius’s own utility token.
9% each year. What deserves discussing is that if you want to conserve some fees, and bring more stability into your crypto interest account, you can likewise 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 costs in comparison to stablecoins that operate on the ethereum network. The Binance USD coin is presently just supported on Celsius Network and BlockFi. YouHodler offers 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 provides 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that offers higher benefits for those who want 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 should keep in mind is that platforms tend to change the rates from time to time, so you can’t truly forecast the real return from your deposits. Likewise, keep 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. Now, that you are aware of the returns let’s briefly review the trustworthiness of the platforms and their track record. Celsius Network is most likely the most legitimate platform in this space. The creator Alex Mashinsky is a well-known entrepreneur. Before introducing the Celsius network, he has co-founded 3 startups worth more than $1 Billion each. On the Celsius App, you are likewise able to monitor the progress and examine some of the statistics. As we are tape-recording this video, there are over 650,000 users and the platform is handling $17 billion worth of possessions. Alone in the last 12 months, Celsius has Youhodler Yield Farming
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The platform is not transparent when it comes to sharing its monetary reports, but with a little bit of digging, you can get your hands on the monetary report for 2020, where you will find out that the platform is not profitable. BlockFi is likewise funded by lots of institutional financiers and the platform is generally targeting the US market. According to our research study, it seems like he has actually relocated to Switzerland to introduce his crypto loaning platform YouHodler in 2017.
At the start of January, Nexo had just $4B under its management from 1 M users, now 5 months later, the platform claims to manage $12B from 1.5 M users, which we believe is a bit of a high growth even if we think about the hype 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 recent research, the executive board doesn’t even consist of Antoli, however only Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p lending platform, which is understood for the “abuse of clients money”.
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in the media, he is often only promoting crypto and anticipating costs however does not have any deeper insights into the crypto loaning area or how Nexo is operating. However that’s simply our impression from his Bloomberg talks. 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 definitely does not have. Although we are not lawyers, we struggle to understand the legal setup under which Nexo is using its services. So now that we have actually examined a few of the performance history of the four discussed platforms, let’s briefly discuss the usability of every crypto loaning site. Celsius has begun as a native mobile app. The app is well established and it features numerous security features such as the biometric scan, HODL mode, and 2FA. In the control panel, you are able to see how lots of possessions you are holding and what are the currently used rates. You can transfer and withdraw supported coins but there is no exchange, so if you don’t deposit your cryptos from another wallet, you can purchase 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 possessions. BlockiFi makes a less developed impression. The app is really basic and so is the desktop version of the platform. BlockFi supports currently just 10 digital currencies. The platform also uses a dedicated exchange so you can even trade them. We don’t recommend this function that much as the currency exchange rate are not the best. While the crypto loans on BlockFi are just readily available to U.S. citizens, the platform is likewise dealing with a Bitcoin benefits charge card which will be taking on the credit card from Crypto.com YouHodler provides a few of the most innovative services among the crypto lending platforms. Currently, the platform supports 18 digital
currencies on which you have the ability to make interest. YouHodler allows you to exchange in between various currencies or deposit fiat by means of bank wire or other supported payment services. The minimum deposit amounts are extremely low, so you do not need to move numerous Euros or Dollars to check 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 assets. Apart from making interest on your deposits or exchanging cryptos, YouHodler also provides you the choice to borrow fiat money in exchange for collateral. The platform currently supports only loans in us dollars or euros. YouHodler is also among the platforms with flexible loan terms and an optimum LTV of 90%. Apart from those services, YouHodler also uses two leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic investors. As the performance of those features surpasses this video, you can learn how it operates in our devoted youhodler evaluation on p2pempire. Nexo’s use resembles Celsius Network. Nexo is also using its utility tokens to use better rates on loans, higher interests on crypto and fiat deposits, or more complimentary withdrawals monthly. Also if you choose to stake your coins or fiat, implying you lock your properties for a specified term, you can get a higher rate of interest. Like BlockFi, Nexo also provides you to purchase, or exchange crypto if you wish to hold your properties in different currencies. Now you have a really strong concept of what every crypto loaning platform is offering. What you need to think about however, is that as quickly as you deposit your crypto on any platform, you are not owning your personal keys any longer and your assets may get compromised either by third parties or by the platform itself. It resembles transferring your crypto on the exchange – if you don’t own the secrets, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are really clear about the truth that you Youhodler Yield Farming
give up your ownership of the assets as long as you hold them in the platform’s wallet. The only method to secure your crypto is to keep it on a dedicated hardware wallet like this one from Trezor. That’s the best way to keep your cryptos safe. The downside of this strategy is that you will only gain from the increased worth of your coin however not the interest on your deposits, which is something you can do on one of the crypto financing platforms. But, as with any investment, it always comes down to the risk and return and your risk profile. Based on our in-depth comparison, let’s have a look at our independent scores of every classification for every platform. Keep in mind, that we have appointed the ratings based on our own research. One represents the lowest score while five mean the highest ranking. Within business model category.