Looking for Youhodler…Much of you have asked for a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to earn interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing the business design of individual platforms, the return rates, the reliability and performance history, use of their apps and we will likewise discuss some of the threats that you should consider when transferring your crypto on among these platforms. We will also round up the comparison with our independent score of the just-mentioned classifications for every single platform. So keep watching until completion to find out how we scored individual platforms. if you are new to this channel and your objective is to end up being a more informed P2P investor
think about subscribing and hit the like button to see more material like this in the future. Let’s first give you a brief intro to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto lending platform in the world, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users utilizing Celsius Network to take a crypto loan or make interest on their cryptocurrencies and stablecoins. 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 local regulations. BlockFi is the biggest
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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 approved 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 reality, one of only two, to us known, crypto financing platforms that use interest on fiat deposits.
let’s talk about how they earn money in the first place. Celsius makes money from the interest they charge to the debtors which are either retail customers or organizations, they also make money from their CEL token which is an utility token that you can use to increase your benefits on Celsius Network. Another earnings stream is the rehypothecation which suggests that Celsius uses the collateral from the debtors and deploys it in order to generate additional income. BlockFi is likewise making money through the interest that is being charged to customers. The platform also charges a 2% origination charge for anyone who desires to take a loan. Another earnings stream is BlockFi’s exchange function. The platform generates income from the spread when exchanging currencies. BlockFi also charges withdrawal costs after your one free withdrawal monthly. And the platform is also planning to introduce a BlockFi charge card which will produce another earnings stream. YouHodler is likewise generating income from the interest credited debtors. There is a small withdrawal fee and charges for extra services such as the Multi HODL tool, which is a feature that lets you leverage your crypto assets in exchange for possible returns. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the customers. Nexo also makes profits with their Nexo token. That’s at least our analysis from Nexo’s organization model as the platform does not have A dedicated section about
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If you are viewing this video, you want to make money by depositing your coins on one of the platforms? Every platform has certain limits and terms when it comes to offering interest on your coins. You are just able to make higher rates if you choose to get the interest in Celsius’s own energy token.
9% annually. What deserves mentioning is that if you want to save some costs, and bring more stability into your crypto interest account, you can also transfer the Binance USD coin for which you will not require to pay the hefty gas cost, as the currency runs on the Binance Smart Chain with method lower fees in comparison to stablecoins that work on the ethereum network. The Binance USD coin is currently only supported on Celsius Network and BlockFi. YouHodler uses 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 offers 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that provides higher benefits for those who want to get 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 remember is that platforms tend to change the rates from time to time, so you can’t truly forecast the genuine return from your deposits. 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 possessions if that’s something you would otherwise consider. Now, that you are aware of the returns let’s briefly review the reliability of the platforms and their track record. Celsius Network is most likely the most legitimate platform in this space. The founder Alex Mashinsky is a well-known business owner. Before launching the Celsius network, he has actually co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are also able to keep track of the development and examine a few of the stats. As we are tape-recording this video, there are over 650,000 users and the platform is handling $17 billion worth of properties. Alone in the last 12 months, Celsius has Youhodler
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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 financial report for 2020, where you will find out that the platform is not rewarding. BlockFi is likewise funded by lots of institutional financiers and the platform is mainly targeting the US market. According to our research study, it appears 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 handle $12B from 1.5 M users, which we think is a bit of a high growth even if we consider the hype in the crypto area. The 2nd co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday loan business that apparently is financing Nexo. According to our current research, the executive board does not even include Antoli, but only 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 “abuse of clients money”.
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Nexo is the only platform that provides interest on fiat. Now that we have actually evaluated some of the track records of the 4 discussed platforms, let’s briefly go over the usability of every crypto financing site. While the crypto loans on BlockFi are only offered to U.S. citizens, the platform is also 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 amongst the crypto lending platforms.
YouHodler is likewise one of the platforms with versatile loan terms and an optimum LTV of 90%. Now you have a truly strong idea of what every crypto financing platform is using. What you should think about however, is that as soon as you deposit your crypto on any platform, you are not owning your personal keys any longer and your properties may get compromised either by third celebrations or by the platform itself. Youhodler
The only way to protect 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 just benefit from the increased worth of your coin but 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 scores of every category for every platform.