Looking for Zach Prince Youhodler…Many of you have actually requested a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing the service design of specific platforms, the return rates, the trustworthiness and track record, use of their apps and we will likewise talk about some of the dangers that you need to consider when transferring your crypto on one of these platforms.
consider subscribing and struck the like button to see more material like this in the future. Let’s very first provide you a brief intro to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto lending platform in the world, 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 stablecoins and cryptocurrencies. In total, Celsius handles more than $17 B worth of properties. The platform uses its services worldwide, nevertheless, they are currently not providing loans in the United States due to regional guidelines. BlockFi is the largest
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The platform provides crypto-backed loans in 47 US states and their crypto interest account is offered around the world with exception of approved countries. Nexo is another European platform that provides crypto lovers the alternative to earn interest not only on their coins however likewise fiat deposits. Nexo is in fact, one of only two, to us known, crypto lending platforms that provide interest on fiat deposits.
And the platform is also preparing to launch 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 analysis from Nexo’s organization model as the platform does not have A devoted area about
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If you are enjoying this video, you desire to make money by depositing your coins on one of the platforms? Every platform has certain limitations and terms when it comes to using interest on your coins. You are just able to earn higher rates if you decide to receive the interest in Celsius’s own energy token.
9% each year. What deserves pointing out is that if you wish to conserve some costs, and bring more stability into your crypto interest account, you can also deposit the Binance USD coin for which you will not need to pay the significant gas cost, as the currency runs on the Binance Smart Chain with way lower costs in contrast to stablecoins that work on the ethereum network. The Binance USD coin is presently just supported on Celsius Network and BlockFi. YouHodler provides currently the most competitive rates for your USDC coins without the requirement to stake the platform’s own utility tokens. You can earn 12% interest on your USDC holdings and the platform provides 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that provides greater benefits for those who want to receive 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 must bear in mind is that platforms tend to adjust the rates from time to time, so you can’t truly predict the real return from your deposits. Also, bear in mind that by depositing your crypto, the worth of the currency may reduce Which will make it hard for you to liquidate your possessions if that’s something you would otherwise consider. So now, that you understand the returns let’s briefly evaluation the credibility of the platforms and their performance history. Celsius Network is likely the most genuine platform in this area. The founder Alex Mashinsky is a well-known business owner. Prior to introducing 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 track of the progress and evaluate some of the stats. As we are taping this video, there are over 650,000 users and the platform is handling $17 billion worth of assets. Alone in the last 12 months, Celsius has Zach Prince Youhodler
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deposit amount as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting standards as we have mentioned together with other warnings in our previous video. Also, at the start of January, Nexo had just $4B under its management from 1 M users, now 5 months later on, the platform claims to handle $12B from 1.5 M users, which we believe is a little bit of a high growth even if we consider the buzz in the crypto area. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research, Antoni was a Bulgarian politician with experience in the fashion Retail industry. On his LinkedIn profile, he explains Nexo as the leading managed financial institution for digital assets. I would be actually interested by whom Nexo is controlled, as the company doesn’t have a lending license in Estonia, where they are a legal entity Nexo Solutions OU is based. During our research, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is no place to be found on the website. The second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday loan business that obviously is funding Nexo. According to our recent research study, the executive board does not even include Antoli, but only Kosta and two other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p lending platform, which is known for the “misuse of customers money”. Likewise when examining a few of Nexo’s remarks from the CEO
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in the media, he is often only promoting crypto and predicting rates but lacks any much deeper insights into the crypto financing area or how Nexo is operating. That’s simply our impression from his Bloomberg talks. Nexo is the only platform that uses interest on fiat. According to our understanding, you can not offer interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Although we are not attorneys, we have a hard time to comprehend the legal setup under which Nexo is using its services. So now that we have examined some of the track records of the 4 pointed out platforms, let’s briefly review the use of every crypto financing website. Celsius has actually begun as a native mobile app. The app is well developed and it includes different security functions such as the biometric scan, HODL mode, and 2FA. Right in the dashboard, you are able to see the number of possessions you are holding and what are the presently provided rates. You can move and withdraw supported coins however there is no exchange, so if you don’t deposit your cryptos from another wallet, you can buy them directly through the app. Note, nevertheless, that there might be costs for charge card purchases or SEPA transfers. Celsius Network supports presently 40 digital properties. BlockiFi makes a less industrialized impression. The app is very basic therefore is the desktop version of the platform. BlockFi supports currently only 10 digital currencies. The platform likewise provides a devoted exchange so you can even trade them. We do not advise this feature that much as the currency exchange rate are not the very best. While the crypto loans on BlockFi are only available to U.S. residents, the platform is also working on a Bitcoin benefits credit card which will be competing with the charge card from Crypto.com YouHodler offers some of the most advanced services among the crypto loaning platforms. Currently, the platform supports 18 digital
currencies on which you have the ability to make interest. YouHodler enables you to exchange in between different currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit amounts are extremely low, so you don’t 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 only earn interest on your crypto possessions. Apart from making interest on your deposits or exchanging cryptos, YouHodler likewise uses you the option to obtain fiat money in exchange for security. The platform currently supports only loans in us dollars or euros. YouHodler is likewise one of the platforms with versatile loan terms and an optimum LTV of 90%. Apart from those services, YouHodler also offers two leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic investors. As the performance of those features surpasses this video, you can find out how it works in our dedicated youhodler evaluation on p2pempire. Nexo’s functionality resembles Celsius Network. Nexo is likewise using its energy tokens to offer better rates on loans, greater interests on crypto and fiat deposits, or more totally free withdrawals per month. Also if you decide to stake your coins or fiat, meaning you lock your assets for a specified term, you can get a greater interest rate. Like BlockFi, Nexo also provides you to purchase, or exchange crypto if you wish to hold your properties in various currencies. Now you have a really solid idea of what every crypto financing platform is using. What you should consider however, is that as quickly as you transfer your crypto on any platform, you are not owning your personal keys any longer and your assets may get jeopardized either by third parties or by the platform itself. It’s like transferring your crypto on the exchange – if you do not own the keys, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are very clear about the fact that you Zach Prince Youhodler
The only way to safeguard your crypto is to save it on a dedicated hardware wallet like this one from Trezor. The drawback of this method is that you will only 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 loaning platforms. Based on our thorough contrast, let’s have an appearance at our independent ratings of every classification for every platform.