Yes so… Crypto Lending Script…Much of you have requested a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to earn interest on your cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing business model of individual platforms, the return rates, the trustworthiness and performance history, use of their apps and we will likewise discuss some of the risks that you should consider when depositing your crypto on among these platforms. We will also round up the comparison with our independent rating of the just-mentioned classifications for every single platform. So keep watching till completion to find out how we scored individual platforms. if you are new to this channel and your objective is to become a more educated P2P financier
consider subscribing and struck the like button to see more content like this in the future. So let’s very first give you a brief introduction to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto loaning platform in the world, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users utilizing Celsius Network to earn or take a crypto loan interest on their stablecoins and cryptocurrencies. In overall, Celsius handles more than $17 B worth of possessions. The platform offers its services worldwide, nevertheless, they are presently not providing loans in the United States due to regional regulations. BlockFi is the biggest
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The platform uses 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 offers crypto enthusiasts the option to earn interest not only on their coins but likewise fiat deposits. Nexo is in fact, one of only 2, to us understood, crypto financing platforms that offer interest on fiat deposits.
And the platform is also planning 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 borrowers. That’s at least our analysis from Nexo’s business model as the platform does not have A devoted section about
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If you are seeing this video, you want to make money by depositing your coins on one of the platforms? Every platform has specific limits and terms when it comes to offering interest on your coins. You are just able to earn greater rates if you decide to receive the interest in Celsius’s own energy token.
9% per year. What deserves pointing out is that if you want to save some fees, 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 large gas cost, as the currency works on the Binance Smart Chain with way lower fees in comparison to stablecoins that operate on the ethereum network. The Binance USD coin is currently just 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 utility tokens. 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 uses greater benefits for those who wish to get the interest in the native NEXO tokens instead of the deposited currency. The platform offers 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you must remember is that platforms tend to adjust the rates from time to time, so you can’t really predict the genuine return from your deposits. Likewise, keep in mind that by depositing your crypto, the value of the currency might decrease Which will make it hard for you to liquidate your possessions if that’s something you would otherwise think about. So now, that you understand the returns let’s briefly evaluation the trustworthiness of the platforms and their track record. Celsius Network is most likely the most legitimate platform in this space. The creator Alex Mashinsky is a well-known entrepreneur. Before 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 monitor the development and evaluate some of the statistics. As we are taping this video, there are over 650,000 users and the platform is managing $17 billion worth of possessions. Alone in the last 12 months, Celsius has Crypto Lending Script
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deposit amount as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting requirements as we have mentioned together with other red flags in our previous video. At the beginning of January, Nexo had just $4B under its management from 1 M users, now 5 months later on, the platform declares to manage $12B from 1.5 M users, which we believe is a bit of a high development even if we consider the hype in the crypto space. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research, Antoni was a Bulgarian political leader with experience in the style Retail market. On his LinkedIn profile, he describes Nexo as the leading controlled banks for digital properties. I would be truly interested by whom Nexo is regulated, 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 study, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is no place to be discovered on the site. The 2nd co-founder of Nexo is Kosta Kantchev who also founded Credissimo, a Bulgarian payday loan business that apparently is financing Nexo. According to our recent research study, the executive board doesn’t even consist of 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 customers money”. When reviewing some of Nexo’s comments from the CEO
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in the media, he is often only promoting crypto and anticipating costs but does not have any much deeper insights into the crypto financing space or how Nexo is running. That’s simply our impression from his Bloomberg talks. Nexo is the only platform that provides interest on fiat. According to our understanding, you can not use interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Although we are not attorneys, we struggle to understand the legal setup under which Nexo is providing its services. So now that we have actually reviewed some of the track records of the 4 mentioned platforms, let’s briefly go over the use of every crypto financing website. Celsius has actually started as a native mobile app. The app is well developed and it features different security functions such as the biometric scan, HODL mode, and 2FA. In the dashboard, you are able to see how lots of assets you are holding and what are the currently provided rates. You can withdraw and transfer supported coins however there is no exchange, so if you do not deposit your cryptos from another wallet, you can acquire them straight through the app. Note, however, that there might be charges for charge card purchases or SEPA transfers. Celsius Network supports currently 40 digital assets. BlockiFi makes a less developed impression. The app is very easy therefore is the desktop variation of the platform. BlockFi supports presently only 10 digital currencies. The platform also uses a dedicated exchange so you can even trade them. We do not advise this function that much as the exchange rates are not the very best. While the crypto loans on BlockFi are only readily available to U.S. residents, the platform is likewise dealing with a Bitcoin benefits charge card which will be competing with the charge card from Crypto.com YouHodler uses a few of the most advanced services amongst the crypto financing platforms. Currently, the platform supports 18 digital
currencies on which you are able to make interest. YouHodler permits you to exchange between different currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit quantities are very low, so you do not need to move numerous 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 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 euros or dollars. YouHodler is also one of the platforms with flexible loan terms and an optimum LTV of 90%. Apart from those services, YouHodler likewise uses 2 leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic financiers. As the performance of those functions goes beyond this video, you can learn how it operates in our dedicated youhodler review on p2pempire. Nexo’s usability resembles Celsius Network. Nexo is also utilizing its utility tokens to offer much better rates on loans, greater interests on crypto and fiat deposits, or more complimentary withdrawals monthly. If you choose to stake your coins or fiat, suggesting you lock your possessions for a specified term, you can get a higher interest rate. Like BlockFi, Nexo also provides you to buy, or exchange crypto if you wish to hold your possessions in various currencies. Now you have a really strong idea of what every crypto financing platform is providing. What you should think about though, is that as soon as you transfer your crypto on any platform, you are not owning your personal keys any longer and your possessions might 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 keys, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are very clear about the truth that you Crypto Lending Script
The only way to protect your crypto is to store it on a dedicated hardware wallet like this one from Trezor. The disadvantage of this strategy is that you will only 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 loaning platforms. Based on our thorough comparison, let’s have a look at our independent rankings of every category for every platform.