Yes so… Does Youhodler Offer Dogecoin…Many of you have actually asked for a comparison in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to earn interest on your stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing the organization model of individual platforms, the return rates, the trustworthiness and track record, usability of their apps and we will also talk about some of the threats that you should think about when depositing your crypto on one of these platforms.
Let’s very first provide you a quick introduction to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing platform in the world, which was established in 2017 by Alex Mashinsky. The platform provides its services worldwide, nevertheless, they are presently not providing loans in the United States due to local guidelines.
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competitor to Celsius Network. The US-based company has trading and lending licenses in numerous US states. , if you are looking for a wealth-management app for your crypto properties BlockFi is certainly worth thinking about.. The platform provides crypto-backed loans in 47 US states and their crypto interest account is available around the world with exception of approved nations. YouHodler is likely the most genuine crypto lending platform in Europe. The business is registered in Cyprus, with a devoted branch in Switzerland. YouHodler provides really competitive rates on your crypto properties as well as several other features which you will not find on any other platforms. The platform is available in many countries with the exception of Germany and the U.S.A.. If you reside in the states, you won’t be able to use YouHodler’s services. Nexo is another European platform that provides crypto lovers the alternative to earn interest not only on their coins but also fiat deposits. Nexo remains in reality, one of only two, to us known, crypto loaning platforms that use interest on fiat deposits. The platform uses its services worldwide, with exception of Bulgaria and Estonia. So now that you have a short overview of every platform
let’s talk about how they generate income in the first place. So Celsius makes money from the interest they charge to the borrowers which are either retail borrowers or institutions, they likewise earn 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 customers and releases it in order to generate additional income. BlockFi is also generating income through the interest that is being charged to borrowers. The platform likewise charges a 2% origination charge for anyone 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 likewise charges withdrawal costs after your one free withdrawal per month. And the platform is also planning to launch a BlockFi charge card which will create another earnings stream. YouHodler is also making money from the interest charged to debtors. There is a small withdrawal cost and charges for additional services such as the Multi HODL tool, which is a function 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 debtors. Nexo likewise makes earnings with their Nexo token. That’s at least our interpretation from Nexo’s organization model as the platform does not have A dedicated area about
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this on their website. Now let’s speak about the returns. If you are viewing this video, you desire to make money by transferring your coins on one of the platforms? Prior to we compare the rates, there are a few things that you should think about though. When it comes to using interest on your coins, every platform has particular limitations and terms. So for example, Celsius Network alters the rates weekly to reflect the existing market situation. You are only able to earn greater rates if you decide to receive the interest in Celsius’s own utility token. The higher reward rates are also not offered for United States citizens. If you would not wish to pay out your benefits in the CEL token, you can currently 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 upon the variety of your properties. The more bitcoin or ethereum you deposit, the less interest you will receive. The interest rate for Ethereum ranges in between 0.5% and 4.5%, the rate for bitcoin is between 0.5% and 5%, and the rate for the two stablecoins is presently at
9% annually. What’s worth mentioning is that if you wish to save some fees, and bring more stability into your crypto interest account, you can also deposit the Binance USD coin for which you will not need to pay the large gas fee, as the currency works on the Binance Smart Chain with way lower charges in contrast to stablecoins that work on the ethereum network. The Binance USD coin is presently 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 provides 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that offers greater rewards for those who want 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 should keep in mind is that platforms tend to change the rates from time to time, so you can’t truly anticipate the genuine return from your deposits. Likewise, bear in mind that by depositing your crypto, the value of the currency might reduce Which will make it hard for you to liquidate your possessions if that’s something you would otherwise think about. Now, that you are conscious of the returns let’s briefly evaluation the trustworthiness of the platforms and their track record. Celsius Network is likely the most legitimate platform in this space. The founder Alex Mashinsky is a widely known business owner. Prior to releasing the Celsius network, he has co-founded three start-ups 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 recording this video, there are over 650,000 users and the platform is handling $17 billion worth of properties. Alone in the last 12 months, Celsius has Does Youhodler Offer Dogecoin
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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 find out that the platform is not lucrative. BlockFi is also funded by many institutional financiers and the platform is primarily targeting the United States market. According to our research, it appears like he has moved to Switzerland to release his crypto lending platform YouHodler in 2017.
deposit amount as compared to the users on the Celsius Network. We are not delighted about Nexo’s reporting requirements as we have actually explained 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 think is a bit of a steep growth even if we consider the hype in the crypto area. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on 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 controlled financial institution for digital possessions. I would be actually interested by whom Nexo is regulated, as the company doesn’t have a loaning license in Estonia, where they are a legal entity Nexo Provider OU is based. Throughout our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be found on the website. The 2nd co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday loan business that apparently is financing Nexo. According to our recent research study, the executive board does not even consist of Antoli, but only 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 clients cash”. When examining some of Nexo’s remarks from the CEO
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in the media, he is often only promoting crypto and predicting rates but lacks any deeper insights into the crypto loaning space or how Nexo is running. That’s just our impression from his Bloomberg talks. 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 definitely does not have. Even though we are not attorneys, we have a hard time to comprehend the legal setup under which Nexo is offering its services. Now that we have actually reviewed some of the track records of the four mentioned 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 features different security functions such as the biometric scan, HODL mode, and 2FA. Right in the control panel, you have the ability to see the number of properties 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 directly through the app. Note, however, that there might be costs for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital assets. BlockiFi makes a less developed impression. The app is extremely basic and so is the desktop variation of the platform. BlockFi supports presently just 10 digital currencies. The platform also offers a dedicated exchange so you can even trade them. We don’t recommend this function that much as the currency exchange rate are not the very best. While the crypto loans on BlockFi are only offered to U.S. people, the platform is also working on a Bitcoin benefits credit card which will be taking on the credit card from Crypto.com YouHodler provides a few of the most advanced services amongst the crypto financing platforms. Currently, the platform supports 18 digital
YouHodler is also one of the platforms with versatile loan terms and a maximum LTV of 90%. Now you have a really solid concept of what every crypto financing platform is providing. What you should think about though, is that as soon as you deposit your crypto on any platform, you are not owning your private keys anymore and your possessions may get compromised either by third parties or by the platform itself. Does Youhodler Offer Dogecoin
give up your ownership of the possessions 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 very best method to keep your cryptos safe. The downside of this strategy is that you will just take advantage of the increased value of your coin but not the interest on your deposits, which is something you can do on one of the crypto financing platforms. However, just like any financial investment, it always boils down to the risk and return and your risk profile. Based on our extensive comparison, let’s have an appearance at our independent ratings of every category for every platform. Keep in mind, that we have actually assigned the scores based on our own research. One represents the lowest score while five represent the greatest rating. Within the business model category.