Yes so… Blockchain Youhodler…A number of you have requested a comparison in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to make interest on your stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing business model of individual platforms, the return rates, the credibility and track record, use of their apps and we will also talk about a few of the risks that you need to think about when transferring your crypto on among these platforms. We will also round up the contrast with our independent rating of the just-mentioned categories for every single platform. Keep watching until the end to discover out how we scored specific platforms. If you are new to this channel and your objective is to become 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 provide you a short intro to every platform prior to we dive deeper into the contrast. Celsius Network is the fastest-growing crypto financing platform in the world, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users using 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 assets. The platform provides its services worldwide, nevertheless, they are currently not releasing loans in the United States due to regional guidelines. BlockFi is the largest
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competitor to Celsius Network. The US-based company has trading and loaning licenses in different US states. , if you are looking for a wealth-management app for your crypto possessions BlockFi is definitely worth considering.. The platform provides crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of sanctioned nations. YouHodler is most likely the most genuine crypto financing platform in Europe. The company is signed up in Cyprus, with a dedicated branch in Switzerland. YouHodler provides really competitive rates on your crypto assets as well as a number of other features which you won’t discover on any other platforms. The platform is offered in many countries with the exception of Germany and the U.S.A.. So if you live in the states, you won’t be able to use YouHodler’s services. Nexo is another European platform that offers crypto lovers the alternative to make interest not just on their coins however likewise fiat deposits. Nexo remains in reality, one of only two, to us understood, crypto financing platforms that use interest on fiat deposits. The platform offers its services worldwide, with exception of Bulgaria and Estonia. Now that you have a brief summary of every platform
let’s discuss how they make money in the first place. So Celsius generates income from the interest they credit the debtors which are either retail debtors or institutions, they likewise earn money from their CEL token which is an energy token that you can use to increase your rewards on Celsius Network. Another income stream is the rehypothecation which suggests that Celsius utilizes the security from the customers and releases it in order to create extra earnings. BlockFi is likewise earning money through the interest that is being charged to customers. The platform also charges a 2% origination charge for anybody who wants to take a loan. Another income stream is BlockFi’s exchange function. When exchanging currencies, the platform makes money from the spread. BlockFi also charges withdrawal fees after your one totally free withdrawal per month. And the platform is likewise preparing to release a BlockFi credit card which will create another income stream. YouHodler is also earning money from the interest credited borrowers. There is a little withdrawal fee and fees for extra services such as the Multi HODL tool, which is a feature that lets you leverage your crypto properties in exchange for possible returns. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the customers. Nexo also makes revenues with their Nexo token. That’s at least our interpretation from Nexo’s business design as the platform does not have A devoted section about
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If you are seeing this video, you desire to make money by depositing 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 only able to earn higher rates if you choose to receive the interest in Celsius’s own energy token.
9% per year. What’s worth discussing is that if you wish to save some fees, and bring more stability into your crypto interest account, you can likewise transfer the Binance USD coin for which you will not require to pay the significant gas charge, as the currency works on the Binance Smart Chain with way lower costs in comparison to stablecoins that work on the ethereum network. The Binance USD coin is presently just supported on Celsius Network and BlockFi. YouHodler offers presently 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 rewards for those who wish 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 keep in mind is that platforms tend to adjust the rates from time to time, so you can’t actually predict the genuine return from your deposits. Also, keep in mind that by transferring your crypto, the worth of the currency might reduce Which will make it hard for you to liquidate your properties if that’s something you would otherwise consider. So now, that you understand the returns let’s briefly review the reliability of the platforms and their track record. Celsius Network is most likely the most genuine platform in this space. The creator Alex Mashinsky is a widely known entrepreneur. Before launching the Celsius network, he has actually co-founded three startups worth more than $1 Billion each. On the Celsius App, you are also able to keep track of the development and review some of the data. As we are tape-recording 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 Blockchain Youhodler
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At the start of January, Nexo had just $4B under its management from 1 M users, now five months later on, 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 hype in the crypto space. The second co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday loan business that apparently is financing Nexo. According to our recent research, the executive board doesn’t even include Antoli, however just Kosta and two other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p financing platform, which is known for the “misuse of customers cash”.
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in the media, he is typically only promoting crypto and anticipating costs however does not have any much deeper insights into the crypto lending space or how Nexo is running. However that’s simply our impression from his Bloomberg talks. Nexo is the only platform that offers interest on fiat. According to our knowledge, you can not use interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Even though we are not legal representatives, we have a hard time to understand the legal setup under which Nexo is providing its services. Now that we have reviewed some of the track records of the 4 discussed platforms, let’s briefly go over the usability of every crypto financing website. Celsius has begun 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 many properties you are holding and what are the currently used rates. You can transfer and withdraw supported coins however there is no exchange, so if you do not deposit your cryptos from another wallet, you can purchase them straight through the app. Keep in mind, nevertheless, that there might be costs for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital properties. BlockiFi makes a less developed impression. The app is really basic therefore is the desktop variation of the platform. BlockFi supports presently only 10 digital currencies. The platform also offers a dedicated exchange so you can even trade them. We do not suggest this function that much as the exchange rates are not the best. While the crypto loans on BlockFi are just available to U.S. residents, the platform is likewise dealing with a Bitcoin benefits credit card which will be competing with the charge card from Crypto.com YouHodler uses some of the most innovative services among the crypto loaning platforms. Currently, the platform supports 18 digital
currencies on which you are able to make interest. YouHodler enables 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 don’t need to transfer hundreds of Dollars or euros to test 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 make interest on your crypto assets. Apart from earning interest on your deposits or exchanging cryptos, YouHodler likewise provides you the choice to borrow fiat money in exchange for security. The platform presently supports just loans in us euros or dollars. YouHodler is also among the platforms with versatile loan terms and a maximum LTV of 90%. Apart from those services, YouHodler likewise provides two leveraging tools such as Turbocharged loans and Multi HODL, which appropriate for more opportunistic investors. As the performance of those features exceeds this video, you can discover how it operates in our devoted youhodler review on p2pempire. Nexo’s functionality resembles Celsius Network. Nexo is likewise utilizing its utility tokens to provide better rates on loans, greater interests on crypto and fiat deposits, or more totally free withdrawals monthly. If you decide to stake your coins or fiat, implying you lock your properties for a specified term, you can get a higher interest rate. Like BlockFi, Nexo likewise offers you to purchase, or exchange crypto if you want to hold your assets in numerous currencies. Now you have a really solid idea of what every crypto financing platform is offering. What you should consider however, is that as quickly as you deposit your crypto on any platform, you are not owning your personal keys anymore and your possessions may get jeopardized either by 3rd parties or by the platform itself. It resembles 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 really clear about the truth that you Blockchain Youhodler
The only way to safeguard your crypto is to keep it on a devoted hardware wallet like this one from Trezor. The drawback 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 extensive contrast, let’s have an appearance at our independent scores of every category for every platform.