Youhodler Ethereum Classic 2022 – Now FAQ

Looking for Youhodler Ethereum Classic…Numerous of you have actually asked for a comparison 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 the company model of individual platforms, the return rates, the trustworthiness and track record, use of their apps and we will likewise talk about some of the risks that you must consider when depositing your crypto on one of these platforms.

 

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

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The platform offers crypto-backed loans in 47 US states and their crypto interest account is readily available around the world with exception of sanctioned nations. Nexo is another European platform that uses crypto lovers the alternative to earn interest not only on their coins however likewise fiat deposits. Nexo is in reality, one of only 2, to us understood, crypto loaning platforms that offer interest on fiat deposits.

 

And the platform is also planning to release a BlockFi credit card which will generate another earnings 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 interpretation from Nexo’s business design as the platform doesn’t have A devoted section about

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If you are enjoying this video, you desire to make money by transferring your coins on one of the platforms? Every platform has certain limitations and terms when it comes to providing interest on your coins. You are only able to make greater rates if you decide to get the interest in Celsius’s own utility token.

 

You can make 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 want to get the interest in the native NEXO tokens instead of the deposited currency. What you should keep in mind is that platforms tend to change the rates from time to time, so you can’t actually anticipate the real return from your deposits. Youhodler Ethereum Classic

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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 comes to sharing its monetary 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 profitable. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business advancement space rather than the fintech space. BlockFi is also financed by numerous institutional investors and the platform is generally targeting the United States market. While you can use the crypto interest account worldwide, the crypto loans are available Only for U.S people as BlockFi has the necessary lending licenses only in the U.S. If you want to examine BlockFi’s statistics you will not more than happy as there are none available. 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 straight with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech area in Russia. According to our research study, it appears like he has moved to Switzerland to release his crypto financing platform YouHodler in 2017. I understand that YouHodler has been applauded by a few of you in the talk about previous videos, regrettably, the platform isn’t openly revealing any financial reports, nor stats about their user base or possessions under YouHodler’s management. This is something you need to certainly think about when using YouHodler. Proceeding to Nexo. Nexo claims to handle $12 B worth of assets from more than 1.5 M of users. If this is right, it would indicate that Nexo is twice as huge in regards to user base as Celsius with a much lower average

 

At the start of January, Nexo had just $4B under its management from 1 M users, now five months later, the platform claims to manage $12B from 1.5 M users, which we think is a bit of a steep growth even if we think about the hype in the crypto space. The 2nd co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday loan company that obviously is funding Nexo. According to our current research study, the executive board does not even include 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 loaning platform, which is known for the “misuse of clients money”.

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in the media, he is frequently only promoting crypto and predicting rates however lacks any much deeper insights into the crypto financing space or how Nexo is running. That’s just our impression from his Bloomberg talks. Likewise, Nexo is the only platform that provides interest on fiat. According to our knowledge, you can not offer interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Despite the fact that we are not legal representatives, we have a hard time to comprehend the legal setup under which Nexo is providing its services. So now that we have actually evaluated some of the track records of the 4 pointed out platforms, let’s briefly discuss the functionality of every crypto loaning site. Celsius has actually started as a native mobile app. The app is well established and it includes numerous security functions such as the biometric scan, HODL mode, and 2FA. In the control panel, you are able to see how numerous possessions you are holding and what are the currently provided rates. You can move and withdraw supported coins however there is no exchange, so if you do not deposit 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 currently 40 digital possessions. BlockiFi makes a less industrialized impression. The app is very simple and so is the desktop version of the platform. BlockFi supports currently only 10 digital currencies. The platform likewise uses a dedicated exchange so you can even trade them. We do not advise this function that much as the exchange rates are not the best. While the crypto loans on BlockFi are only readily available to U.S. citizens, the platform is also working on a Bitcoin benefits credit card which will be competing with the charge card from Crypto.com YouHodler provides a few of the most advanced services among the crypto financing platforms. Currently, the platform supports 18 digital

 

currencies on which you are able to make interest. YouHodler permits you to exchange between numerous currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit quantities are extremely low, so you do not require to transfer numerous Euros or Dollars to check the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler doesn’t have a banking license, you can only earn interest on your crypto properties. Apart from earning interest on your deposits or exchanging cryptos, YouHodler likewise uses you the choice to obtain fiat money in exchange for collateral. The platform currently supports only loans in us euros or dollars. YouHodler is likewise one of the platforms with flexible loan terms and a maximum 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 performance of those features surpasses this video, you can learn how it works in our devoted youhodler evaluation on p2pempire. Nexo’s functionality is similar to Celsius Network. Nexo is also utilizing its utility tokens to provide better rates on loans, higher interests on crypto and fiat deposits, or more totally free withdrawals per month. Also if you choose to stake your coins or fiat, indicating you lock your properties for a defined term, you can get a higher rate of interest. Like BlockFi, Nexo likewise uses you to purchase, or exchange crypto if you wish to hold your assets in various currencies. Now you have a really strong idea of what every crypto loaning platform is using. What you ought to consider however, is that as soon as you transfer your crypto on any platform, you are not owning your private 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 don’t own the secrets, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are really clear about the fact that you Youhodler Ethereum Classic

 

The only way to secure your crypto is to store it on a devoted hardware wallet like this one from Trezor. The disadvantage of this method is that you will only 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 financing platforms. Based on our in-depth comparison, let’s have an appearance at our independent rankings of every category for every platform.