Crypto Loan Steuern 2021 – Crypto Loans

Yes so… Crypto Loan Steuern…Many of you have actually requested a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to earn interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing the organization model of private platforms, the return rates, the trustworthiness and track record, functionality of their apps and we will likewise talk about some of the threats that you need to consider when transferring your crypto on one of these platforms.

 

Let’s very first give you a quick introduction to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto lending platform in the world, which was founded in 2017 by Alex Mashinsky. The platform offers its services worldwide, nevertheless, they are currently not providing loans in the United States due to regional guidelines.

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The platform uses crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of approved nations. Nexo is another European platform that provides crypto lovers the alternative to earn interest not just on their coins but also fiat deposits. Nexo is in truth, one of just 2, to us understood, crypto lending platforms that provide interest on fiat deposits.

 

let’s talk about how they make money in the first place. So Celsius makes money from the interest they credit the debtors which are either retail borrowers or institutions, they also make money from their CEL token which is an utility token that you can utilize to increase your rewards on Celsius Network. Another income stream is the rehypothecation which suggests that Celsius uses the collateral from the borrowers and deploys it in order to generate additional earnings. BlockFi is also earning money through the interest that is being credited borrowers. The platform likewise charges a 2% origination charge for anyone who desires to take a loan. Another earnings stream is BlockFi’s exchange feature. The platform makes money from the spread when exchanging currencies. BlockFi likewise charges withdrawal fees after your one complimentary withdrawal monthly. And the platform is also preparing to release a BlockFi charge card which will generate another earnings stream. YouHodler is also generating income from the interest credited debtors. In addition to that, there is a small withdrawal cost and costs for additional services such as the Multi HODL tool, which is a function that lets you take advantage of your crypto assets in exchange for possible returns. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the borrowers. Nexo likewise makes revenues with their Nexo token. That’s at least our analysis from Nexo’s service model as the platform does not have A dedicated area about

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this on their site. Now let’s speak about the returns. If you are enjoying this video, you want to generate income by transferring your coins on among the platforms right? Prior to we compare the rates, there are a few things that you ought to think about. Every platform has particular limits and terms when it concerns offering interest on your coins. So for instance, Celsius Network alters the rates weekly to reflect the present market scenario. You are only able to make greater rates if you choose to get the interest in Celsius’s own utility token. The greater benefit rates are likewise not available for US citizens. If you would not want to pay out your benefits in the CEL token, you can presently anticipate to get 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 properties. The more bitcoin or ethereum you deposit, the less interest you will get. The rate of interest for Ethereum ranges between 0.5% and 4.5%, the rate for bitcoin is between 0.5% and 5%, and the rate for the two stablecoins is currently at

 

9% annually. What deserves mentioning is that if you want 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 require to pay the large gas fee, as the currency operates on the Binance Smart Chain with method lower costs in comparison to stablecoins that work on the ethereum network. The Binance USD coin is currently just 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 energy tokens. You can make 12% interest on your USDC holdings and the platform uses 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that uses higher rewards for those who wish to receive the interest in the native NEXO tokens instead of the deposited currency. The platform uses 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. Keep in mind that by transferring your crypto, the value of the currency may reduce Which will make it hard for you to liquidate your assets if that’s something you would otherwise consider. So now, that you know the returns let’s briefly evaluation the credibility of the platforms and their performance history. Celsius Network is most likely the most legitimate platform in this area. The founder Alex Mashinsky is a well-known entrepreneur. Prior to launching the Celsius network, he has actually co-founded three start-ups worth more than $1 Billion each. On the Celsius App, you are likewise able to keep an eye on the progress and review a few of the statistics. As we are tape-recording 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 Loan Steuern

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paid more than $367 M worth of rewards. While we haven’t managed to get answers to our questions, the CEO does hold a weekly AMA session where he is attending to the most frequently asked questions, which is something rather uncommon in this space. The platform is not transparent when it comes to sharing its financial reports, however 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 co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business development area rather than the fintech space. BlockFi is also financed by numerous institutional investors and the platform is primarily targeting the United States market. While you can use the crypto interest account worldwide, the crypto loans are readily available Only for U.S residents as BlockFi has the required financing licenses only in the U.S. If you wish to examine BlockFi’s statistics you won’t enjoy as there are none readily available. Some external sources recommend that there are more than 125,000 signed up users, however, we were not able to verify any of those claims directly with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech area in Russia. According to our research, it seems like he has relocated to Switzerland to introduce his crypto loaning platform YouHodler in 2017. I know that YouHodler has actually been praised by some of you in the talk about previous videos, sadly, the platform isn’t publicly revealing any financial reports, nor data about their user base or possessions under YouHodler’s management. This is something you need to definitely consider when using YouHodler. Proceeding to Nexo. Nexo declares to handle $12 B worth of assets from more than 1.5 M of users. If this is appropriate, it would mean that Nexo is two times as big in terms of user base as Celsius with a much lower average

 

deposit quantity as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting standards as we have mentioned together with other red flags in our previous video. Also, at the beginning of January, Nexo had only $4B under its management from 1 M users, now 5 months later, the platform claims to handle $12B from 1.5 M users, which we believe is a bit of a steep growth even if we think about the buzz in the crypto space. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research study, Antoni was a Bulgarian political leader with experience in the fashion Retail industry. On his LinkedIn profile, he explains Nexo as the leading controlled financial institution for digital possessions. I would be really interested by whom Nexo is regulated, as the business does not have a loaning license in Estonia, where they are a legal entity Nexo Provider OU is based. Throughout 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 site. The 2nd co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday advance loan company that apparently is funding Nexo. According to our current 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 formerly the executive director at TrustBuddy, a Swedish p2p lending platform, which is understood for the “abuse of clients money”. Also when examining some of Nexo’s comments from the CEO

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in the media, he is typically only promoting crypto and anticipating costs however lacks any much deeper insights into the crypto financing area or how Nexo is running. But that’s simply our impression from his Bloomberg talks. Also, Nexo is the only platform that uses interest on fiat. According to our knowledge, you can not use interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Despite the fact that we are not lawyers, we struggle to comprehend the legal setup under which Nexo is providing its services. Now that we have actually reviewed some of the track records of the four pointed out platforms, let’s briefly go over the usability of every crypto loaning website. Celsius has actually begun as a native mobile app. The app is well developed and it comes with numerous security functions such as the biometric scan, HODL mode, and 2FA. In the control panel, you are able to see how many assets you are holding and what are the presently provided rates. You can withdraw and move supported coins but there is no exchange, so if you do not transfer your cryptos from another wallet, you can buy them straight through the app. Keep in mind, nevertheless, that there might be fees for charge card purchases or SEPA transfers. Celsius Network supports presently 40 digital possessions. BlockiFi makes a less developed impression. The app is really easy and so is the desktop version of the platform. BlockFi supports currently only 10 digital currencies. The platform also offers a dedicated exchange so you can even trade them. We don’t suggest this function that much as the exchange rates are not the very best. While the crypto loans on BlockFi are only available to U.S. residents, the platform is also dealing with a Bitcoin rewards credit card which will be taking on the credit card from Crypto.com YouHodler provides a few of the most innovative services amongst the crypto lending platforms. Currently, the platform supports 18 digital

 

currencies on which you are able to make interest. YouHodler enables you to exchange between various 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 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 making interest on your deposits or exchanging cryptos, YouHodler also offers you the option to borrow fiat money in exchange for security. The platform currently supports only loans in us euros or dollars. YouHodler is also one of the platforms with versatile 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 features goes beyond this video, you can discover how it works in our devoted youhodler review on p2pempire. Nexo’s use is similar to Celsius Network. Nexo is also using its utility tokens to offer better rates on loans, greater interests on crypto and fiat deposits, or more complimentary withdrawals each month. Also if you choose to stake your coins or fiat, implying you lock your properties 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 assets in various currencies. Now you have a really solid idea of what every crypto lending platform is providing. What you must think about however, is that as soon as you deposit your crypto on any platform, you are not owning your personal keys anymore and your assets might get jeopardized either by third parties or by the platform itself. It resembles depositing your crypto on the exchange – if you don’t own the keys, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are very clear about the reality that you Crypto Loan Steuern

 

The only method to protect your crypto is to store 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 but not the interest on your deposits, which is something you can do on one of the crypto financing platforms. Based on our in-depth contrast, let’s have a look at our independent ratings of every classification for every platform.