Looking for Youhodler Blog…Many of you have actually requested a comparison in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing the business design of individual platforms, the return rates, the reliability and track record, functionality of their apps and we will also talk about some of the threats that you should think about when transferring your crypto on one of these platforms.
think about subscribing and hit the like button to see more content like this in the future. So let’s very first offer you a quick introduction to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing platform in the world, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users using Celsius Network to make or take a crypto loan interest on their stablecoins and cryptocurrencies. In overall, Celsius handles more than $17 B worth of possessions. The platform provides its services worldwide, however, they are currently not releasing loans in the United States due to regional policies. BlockFi is the biggest
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The platform uses crypto-backed loans in 47 US states and their crypto interest account is offered around the world with exception of approved nations. Nexo is another European platform that offers crypto enthusiasts the alternative to make interest not just on their coins however likewise fiat deposits. Nexo is in truth, one of just 2, to us understood, crypto lending platforms that provide interest on fiat deposits.
And the platform is likewise planning to release a BlockFi credit card which will create 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 analysis from Nexo’s business model as the platform does not have A devoted area about
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If you are seeing this video, you desire to make money by transferring your coins on one of the platforms? Every platform has particular limitations and terms when it comes to offering interest on your coins. You are just able to make greater rates if you choose to get the interest in Celsius’s own energy token.
You can make 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 offers higher benefits for those who want to get the interest in the native NEXO tokens rather of the deposited currency. What you should 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 Blog
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The platform is not transparent when it comes to sharing its financial reports, but with a little bit of digging, you can get your hands on the financial report for 2020, where you will find out that the platform is not successful. BlockFi is also funded by many institutional investors and the platform is mainly targeting the United States market. According to our research study, it appears like he has relocated to Switzerland to launch his crypto lending platform YouHodler in 2017.
deposit quantity as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting requirements as we have actually explained together with other warnings in our previous video. Likewise, 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 think is a little bit of a steep development even if we consider the buzz in the crypto area. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research, Antoni was a Bulgarian political leader with experience in the style Retail market. On his LinkedIn profile, he explains Nexo as the leading managed banks for digital properties. I would be actually interested by whom Nexo is controlled, as the business does not have a lending license in Estonia, where they are a legal entity Nexo Services OU is based. During our research study, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be discovered on the website. The 2nd 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 does not even include Antoli, however only Kosta and two 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 customers cash”. Likewise when evaluating a few of Nexo’s remarks from the CEO
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Nexo is the only platform that offers 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 usability of every crypto loaning website. While the crypto loans on BlockFi are only readily available to U.S. people, the platform is also working on a Bitcoin benefits credit card which will be competing with the credit card from Crypto.com YouHodler uses some of the most innovative services among the crypto loaning platforms.
currencies on which you are able to earn interest. YouHodler allows you to exchange in between various currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit amounts are extremely low, so you do not need to transfer hundreds of Dollars or euros to evaluate 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 possessions. Apart from making interest on your deposits or exchanging cryptos, YouHodler also offers you the alternative to borrow fiat money in exchange for security. The platform currently supports just loans in us euros or dollars. YouHodler is also among the platforms with versatile loan terms and an optimum LTV of 90%. Apart from those services, YouHodler also uses 2 leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic financiers. As the functionality of those features exceeds this video, you can find out how it works in our devoted youhodler evaluation on p2pempire. Nexo’s usability is similar to Celsius Network. Nexo is also utilizing its utility tokens to use much better rates on loans, greater interests on crypto and fiat deposits, or more totally free withdrawals monthly. Also if you choose to stake your coins or fiat, indicating you lock your properties for a defined term, you can get a greater rate of interest. Like BlockFi, Nexo also offers you to purchase, or exchange crypto if you want to hold your possessions in numerous currencies. Now you have an actually strong concept of what every crypto loaning platform is offering. What you need to think about though, is that as quickly as you transfer your crypto on any platform, you are not owning your personal secrets any longer and your assets might get compromised either by 3rd parties or by the platform itself. It resembles transferring your crypto on the exchange – if you do not own the secrets, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are extremely clear about the truth that you Youhodler Blog
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 method is that you will just benefit 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 lending platforms. Based on our extensive contrast, let’s have an appearance at our independent ratings of every category for every platform.