Yes so… Crypto Loan Attack…Numerous of you have asked for a comparison 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 the service design of specific platforms, the return rates, the trustworthiness and track record, functionality of their apps and we will likewise talk about some of the dangers that you must think about when depositing your crypto on one of these platforms.
consider subscribing and hit the like button to see more material like this in the future. So let’s very first give you a quick introduction to every platform prior to we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing platform in the world, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users using 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 properties. The platform offers its services worldwide, however, they are presently not issuing loans in the United States due to regional policies. BlockFi is the largest
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is readily available around the world with exception of approved countries. Nexo is another European platform that offers crypto lovers the choice to make interest not only on their coins but also fiat deposits. Nexo is in reality, one of just two, to us known, crypto financing platforms that use interest on fiat deposits.
And the platform is also preparing to launch a BlockFi credit card which will create another earnings stream. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the borrowers. That’s at least our analysis from Nexo’s company design as the platform doesn’t have A dedicated area about
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this on their site. Now let’s discuss the returns. If you are seeing this video, you want to make money by transferring your coins on one of the platforms? Before we compare the rates, there are a few things that you need to think about. Every platform has certain limitations and terms when it pertains to offering interest on your coins. So for example, Celsius Network changes the rates each week to reflect the present market situation. Likewise, you are only able to earn greater rates if you choose to get the interest in Celsius’s own energy token. The higher reward rates are likewise not readily available for US residents. If you would not wish to pay out your rewards in the CEL token, you can presently expect to receive 5.05% on your Ethereum, 3.51% on your Bitcoin, and 10% interest on your deposits in Binance USD or USDC which is the stablecoin from Coinbase. On BlockFi, the rate for your Ethereum and Bitcoin deposits depends on the number of your assets. The more bitcoin or ethereum you deposit, the less interest you will receive. The interest rate for Ethereum ranges between 0.5% and 4.5%, the rate for bitcoin is in between 0.5% and 5%, and the rate for the two stablecoins is currently at
9% per year. What deserves pointing out is that if you want to conserve some fees, 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 large gas charge, as the currency operates on the Binance Smart Chain with method lower costs in contrast to stablecoins that operate on the ethereum network. The Binance USD coin is presently only supported on Celsius Network and BlockFi. YouHodler offers 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 higher rewards for those who want 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 must keep in mind 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 reduce Which will make it hard for you to liquidate your properties if that’s something you would otherwise think about. So now, that you understand the returns let’s briefly evaluation the reliability of the platforms and their performance history. Celsius Network is most likely the most genuine platform in this area. The founder Alex Mashinsky is a well-known business owner. Before releasing 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 progress and evaluate a few of the data. 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 Crypto Loan Attack
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The platform is not transparent when it comes to sharing its monetary reports, but with a little bit of digging, you can get your hands on the monetary report for 2020, where you will discover out that the platform is not profitable. BlockFi is also financed by many institutional investors and the platform is mainly targeting the US market. According to our research study, it appears like he has moved to Switzerland to introduce his crypto financing platform YouHodler in 2017.
At the start of January, Nexo had just $4B under its management from 1 M users, now five months later, the platform declares to manage $12B from 1.5 M users, which we think is a bit of a high development 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 company that apparently is financing Nexo. According to our recent research, the executive board does not even consist of Antoli, but just Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p lending platform, which is understood for the “misuse of clients cash”.
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Nexo is the only platform that offers interest on fiat. Now that we have reviewed some of the track records of the four discussed platforms, let’s briefly go over the usability of every crypto financing website. While the crypto loans on BlockFi are just offered to U.S. residents, the platform is also working on a Bitcoin benefits credit card which will be completing with the credit card from Crypto.com YouHodler provides some of the most sophisticated services among the crypto financing platforms.
currencies on which you have the ability to earn interest. YouHodler allows you to exchange between various currencies or deposit fiat via bank wire or other supported payment services. The minimum deposit amounts are really low, so you don’t need to transfer hundreds of Dollars or euros to check the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler does not have a banking license, you can just make interest on your crypto properties. Apart from making interest on your deposits or exchanging cryptos, YouHodler likewise provides you the alternative to borrow fiat money in exchange for collateral. The platform currently supports just loans in us euros or dollars. YouHodler is likewise one of the platforms with flexible loan terms and a maximum LTV of 90%. Apart from those services, YouHodler also uses 2 leveraging tools such as Turbocharged loans and Multi HODL, which appropriate for more opportunistic investors. As the performance of those functions goes beyond this video, you can learn how it works in our devoted youhodler review on p2pempire. Nexo’s use is similar to Celsius Network. Nexo is also using its energy tokens to use better rates on loans, higher interests on crypto and fiat deposits, or more totally free withdrawals per month. If you choose to stake your coins or fiat, indicating you lock your assets for a defined term, you can get a greater interest rate. Like BlockFi, Nexo likewise uses you to purchase, or exchange crypto if you wish to hold your properties in different currencies. Now you have an actually strong concept of what every crypto lending platform is using. What you need to 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 properties may get compromised either by third parties or by the platform itself. It resembles depositing your crypto on the exchange – if you do not own the keys, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are really clear about the fact that you Crypto Loan Attack
quit your ownership of the properties as long as you hold them in the platform’s wallet. The only method to secure your crypto is to save it on a devoted hardware wallet like this one from Trezor. That’s the best method to keep your cryptos safe. The downside of this method is that you will just take advantage of the increased worth of your coin however not the interest on your deposits, which is something you can do on one of the crypto lending platforms. But, just like any financial investment, it constantly boils down to the danger and return and your risk profile. Based on our thorough contrast, let’s have a look at our independent ratings of every category for every platform. Keep in mind, that we have appointed the rankings based on our own research. One represents the most affordable rating while 5 stands for the highest score. Within the business model classification.