Yes so… Come Funziona Youhodler…A lot of you have asked for a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to make interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the business design 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 need to think about when depositing your crypto on one of these platforms. We will also round up the comparison with our independent score of the just-mentioned classifications for every platform. Keep watching until the end to find out how we scored specific platforms. if you are brand-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 content like this in the future. So let’s very first offer you a short introduction to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto lending platform worldwide, 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 manages more than $17 B worth of assets. The platform provides its services worldwide, however, they are presently not releasing loans in the United States due to local guidelines. 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 around the world with exception of approved countries. Nexo is another European platform that uses crypto lovers the alternative to make interest not just on their coins but also fiat deposits. Nexo is in truth, one of only two, to us understood, crypto lending platforms that offer interest on fiat deposits.
let’s talk about how they earn money in the first place. Celsius makes cash from the interest they charge to the customers which are either retail borrowers or organizations, they also make money from their CEL token which is an energy token that you can utilize to increase your rewards on Celsius Network. Another income stream is the rehypothecation which means that Celsius uses the collateral from the debtors and releases it in order to create additional income. BlockFi is also making money through the interest that is being charged to customers. The platform likewise charges a 2% origination cost for anybody who wants to take a loan. Another income stream is BlockFi’s exchange function. The platform makes money from the spread when exchanging currencies. BlockFi also charges withdrawal fees after your one free withdrawal each month. And the platform is also preparing to release a BlockFi credit card which will generate another income stream. YouHodler is likewise making money from the interest credited customers. There is a small withdrawal charge and costs for extra services such as the Multi HODL tool, which is a feature that lets you leverage your crypto properties in exchange for prospective 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 business design as the platform doesn’t have A dedicated 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 limits and terms when it comes to offering interest on your coins. You are only able to make higher rates if you decide to get the interest in Celsius’s own energy token.
You can make 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 offers higher benefits for those who want to receive the interest in the native NEXO tokens instead of the deposited currency. What you must keep in mind is that platforms tend to adjust the rates from time to time, so you can’t really anticipate the genuine return from your deposits. Come Funziona Youhodler
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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 financial report for 2020, where you will discover out that the platform is not rewarding. BlockFi is likewise financed by many institutional investors and the platform is mainly targeting the United States market. According to our research study, it appears like he has relocated to Switzerland to release his crypto financing platform YouHodler in 2017.
deposit quantity as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting standards as we have explained together with other red flags in our previous video. Also, at the beginning of January, Nexo had just $4B under its management from 1 M users, now 5 months later on, the platform claims to manage $12B from 1.5 M users, which we believe is a little bit of a steep development even if we consider the hype in the crypto area. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research study, Antoni was a Bulgarian politician with experience in the style Retail industry. On his LinkedIn profile, he explains Nexo as the leading managed banks for digital possessions. I would be truly interested by whom Nexo is controlled, as the company does not have a financing license in Estonia, where they are a legal entity Nexo Services OU is based. Throughout our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is nowhere to be discovered on the site. The second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday loan company that apparently is financing Nexo. According to our recent research, the executive board does not even include Antoli, but 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 understood for the “misuse of clients money”. When evaluating some of Nexo’s remarks from the CEO
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in the media, he is often only promoting crypto and anticipating costs however lacks 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 provide interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Even though we are not legal representatives, we struggle to understand the legal setup under which Nexo is offering its services. Now that we have actually evaluated some of the track records of the four mentioned platforms, let’s briefly go over the usability of every crypto lending website. Celsius has actually started as a native mobile app. The app is well established and it comes with various security features such as the biometric scan, HODL mode, and 2FA. Right in the dashboard, you are able to see the number of assets you are holding and what are the presently provided rates. You can transfer and withdraw supported coins but there is no exchange, so if you don’t deposit your cryptos from another wallet, you can acquire them directly through the app. Note, however, that there might be charges for credit card purchases or SEPA transfers. Celsius Network supports presently 40 digital properties. BlockiFi makes a less developed impression. The app is extremely basic therefore is the desktop version of the platform. BlockFi supports currently only 10 digital currencies. The platform also uses 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 readily available to U.S. citizens, the platform is also working on a Bitcoin rewards charge card which will be taking on the credit card from Crypto.com YouHodler provides a few of the most sophisticated services among the crypto loaning platforms. Currently, the platform supports 18 digital
currencies on which you have the ability to earn interest. YouHodler allows you to exchange in between numerous currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit quantities are very low, so you do not require to move numerous Dollars or euros 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 just earn interest on your crypto possessions. Apart from earning interest on your deposits or exchanging cryptos, YouHodler also provides you the choice to obtain fiat money in exchange for security. The platform currently supports just loans in us dollars or euros. YouHodler is also among the platforms with flexible loan terms and an optimum LTV of 90%. Apart from those services, YouHodler also provides 2 leveraging tools such as Turbocharged loans and Multi HODL, which appropriate for more opportunistic financiers. As the performance of those functions goes beyond this video, you can discover how it operates in our dedicated youhodler review on p2pempire. Nexo’s functionality resembles Celsius Network. Nexo is also using its energy tokens to provide much 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, meaning you lock your properties for a defined term, you can get a greater interest rate. Like BlockFi, Nexo also provides you to buy, or exchange crypto if you wish to hold your properties in numerous currencies. Now you have an actually strong idea of what every crypto financing platform is providing. What you need to think about though, is that as quickly as you transfer your crypto on any platform, you are not owning your personal keys anymore and your possessions may get compromised either by 3rd parties or by the platform itself. It’s like transferring your crypto on the exchange – if you do not own the secrets, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are very clear about the fact that you Come Funziona Youhodler
The only way to secure your crypto is to save it on a dedicated hardware wallet like this one from Trezor. The drawback of this strategy 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 loaning platforms. Based on our thorough contrast, let’s have an appearance at our independent ratings of every classification for every platform.