Youhodler Backers 2022 – Now FAQ

Looking for Youhodler Backers…Many of you have actually asked for a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing the company design of private platforms, the return rates, the trustworthiness and track record, usability of their apps and we will also talk about some of the dangers that you ought to consider when transferring your crypto on one of these platforms.

 

Let’s first give you a short introduction to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto financing platform in the world, which was established in 2017 by Alex Mashinsky. The platform provides its services worldwide, nevertheless, they are presently not providing loans in the United States due to local guidelines.

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The platform provides 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 offers crypto lovers the alternative to make interest not only on their coins however also fiat deposits. Nexo is in fact, one of just 2, to us understood, crypto financing platforms that use interest on fiat deposits.

 

And the platform is also preparing to release 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 borrowers. That’s at least our analysis from Nexo’s organization design as the platform doesn’t have A devoted section about

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If you are enjoying this video, you want to make cash by transferring your coins on one of the platforms? Every platform has certain limitations and terms when it comes to offering interest on your coins. You are just able to earn higher rates if you choose to get the interest in Celsius’s own utility token.

 

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 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 actually forecast the real return from your deposits. Youhodler Backers

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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 monetary report for 2020, where you will discover out that the platform is not rewarding. BlockFi is also funded by numerous institutional investors and the platform is mainly targeting the US market. According to our research, it seems like he has transferred to Switzerland to release his crypto loaning platform YouHodler in 2017.

 

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 believe is a bit of a steep development even if we consider the hype in the crypto space. The second co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday loan business that apparently is funding Nexo. According to our recent research, the executive board does not even include Antoli, but just Kosta and two 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 clients money”.

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in the media, he is typically only promoting crypto and anticipating rates but lacks any deeper insights into the crypto loaning area or how Nexo is running. That’s simply our impression from his Bloomberg talks. Likewise, Nexo is the only platform that provides interest on fiat. According to our understanding, you can not provide interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Even though we are not attorneys, we have a hard time to comprehend the legal setup under which Nexo is offering its services. So now that we have reviewed some of the track records of the 4 mentioned platforms, let’s briefly discuss the usability of every crypto financing site. Celsius has actually started as a native mobile app. The app is well developed and it includes various security functions such as the biometric scan, HODL mode, and 2FA. In the control panel, you are able to see how numerous assets you are holding and what are the presently used rates. You can withdraw and move supported coins however there is no exchange, so if you do not transfer your cryptos from another wallet, you can buy them directly through the app. Note, nevertheless, that there might be charges for credit card purchases or SEPA transfers. Celsius Network supports presently 40 digital assets. BlockiFi makes a less developed impression. The app is extremely basic and so is the desktop version of the platform. BlockFi supports currently only 10 digital currencies. The platform also provides a devoted exchange so you can even trade them. We don’t recommend this function that much as the exchange rates are not the very best. While the crypto loans on BlockFi are just readily available to U.S. citizens, the platform is likewise working on a Bitcoin rewards charge card which will be competing with the charge card from Crypto.com YouHodler offers some of the most innovative services amongst the crypto financing platforms. Presently, the platform supports 18 digital

 

YouHodler is also one of the platforms with versatile loan terms and an optimum LTV of 90%. Now you have an actually solid concept of what every crypto lending 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 anymore and your possessions might get compromised either by third celebrations or by the platform itself. Youhodler Backers

 

The only method to secure your crypto is to keep it on a dedicated hardware wallet like this one from Trezor. The drawback of this strategy is that you will just benefit from the increased value of your coin however 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 category for every platform.