Looking for Youhodler Gemini…Many of you have asked for 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 private platforms, the return rates, the trustworthiness and track record, functionality of their apps and we will also talk about some of the threats that you should consider when depositing your crypto on one of these platforms.
consider subscribing and struck the like button to see more content like this in the future. Let’s very first offer you a quick intro to every platform prior to we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing platform on the planet, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users utilizing Celsius Network to take a crypto loan or make interest on their cryptocurrencies and stablecoins. In total, Celsius handles more than $17 B worth of properties. The platform uses its services worldwide, however, they are presently not providing loans in the United States due to local regulations. BlockFi is the largest
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of sanctioned nations. Nexo is another European platform that provides crypto enthusiasts the alternative to earn interest not only on their coins but also fiat deposits. Nexo is in reality, one of just two, to us understood, crypto financing platforms that use interest on fiat deposits.
let’s discuss how they generate income in the first place. So Celsius generates income from the interest they charge to the debtors which are either retail customers or organizations, they likewise make money from their CEL token which is an energy token that you can use to increase your benefits on Celsius Network. Another earnings stream is the rehypothecation which indicates that Celsius uses the collateral from the debtors and deploys it in order to generate additional income. BlockFi is also earning money through the interest that is being credited debtors. In addition to that, the platform also charges a 2% origination charge for anybody who wishes to take a loan. Another income stream is BlockFi’s exchange function. The platform generates income from the spread when exchanging currencies. BlockFi likewise charges withdrawal fees after your one free withdrawal monthly. And the platform is also planning to release a BlockFi credit card which will create another earnings stream. YouHodler is also making money from the interest credited debtors. In addition to that, there is a small withdrawal charge and charges for additional services such as the Multi HODL tool, which is a feature that lets you utilize your crypto possessions in exchange for potential returns. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the borrowers. Nexo also makes revenues with their Nexo token. That’s at least our interpretation from Nexo’s service design as the platform doesn’t 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 specific limits and terms when it comes to providing interest on your coins. You are just able to earn higher rates if you choose to receive the interest in Celsius’s own energy token.
9% per year. What deserves mentioning is that if you wish to save some costs, and bring more stability into your crypto interest account, you can likewise deposit the Binance USD coin for which you will not need to pay the substantial gas fee, as the currency works on the Binance Smart Chain with way lower charges in comparison to stablecoins that operate 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 utility tokens. 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 provides higher rewards for those who want to get the interest in the native NEXO tokens instead of the deposited currency. The platform provides 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you should remember is that platforms tend to adjust the rates from time to time, so you can’t truly anticipate the genuine return from your deposits. Keep 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. Now, that you are aware of the returns let’s briefly review the trustworthiness of the platforms and their track record. Celsius Network is likely the most genuine platform in this space. The founder Alex Mashinsky is a widely known entrepreneur. Before launching the Celsius network, he has 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 examine some of the data. As we are taping 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 Gemini
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deposit quantity as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting requirements as we have pointed out together with other red flags in our previous video. At the start of January, Nexo had only $4B under its management from 1 M users, now 5 months later, the platform claims to handle $12B from 1.5 M users, which we believe is a bit of a steep growth 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 fashion Retail market. On his LinkedIn profile, he explains Nexo as the leading regulated banks 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 Solutions OU is based. Throughout our research, 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 founded Credissimo, a Bulgarian payday advance company that apparently is funding Nexo. According to our current research, 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 lending platform, which is known for the “misuse of clients money”. When reviewing some of Nexo’s comments from the CEO
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Nexo is the only platform that uses interest on fiat. Now that we have evaluated some of the track records of the 4 discussed platforms, let’s briefly go over the usability of every crypto loaning website. While the crypto loans on BlockFi are just readily available to U.S. residents, the platform is likewise working on a Bitcoin benefits credit card which will be contending with the credit card from Crypto.com YouHodler provides some of the most advanced services among the crypto lending platforms.
YouHodler is likewise one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have a truly strong idea of what every crypto financing platform is using. What you should consider though, is that as quickly as you transfer your crypto on any platform, you are not owning your private secrets anymore and your possessions might get compromised either by 3rd celebrations or by the platform itself. Youhodler Gemini
The only method to secure your crypto is to save it on a dedicated hardware wallet like this one from Trezor. The drawback of this technique is that you will just 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 loaning platforms. Based on our in-depth comparison, let’s have an appearance at our independent scores of every category for every platform.