Galaxy Youhodler 2021 – Crypto Loans

Yes so… Galaxy Youhodler…Many of you have actually requested a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to earn interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing business model of private platforms, the return rates, the reliability and performance history, functionality of their apps and we will likewise discuss some of the risks that you need to think about when depositing your crypto on among these platforms. We will also assemble the contrast with our independent score of the just-mentioned classifications for each platform. So keep watching until completion to find out how we scored specific platforms. If you are new to this channel and your goal is to become a more educated P2P investor,

 

think about subscribing and hit the like button to see more material like this in the future. Let’s very first provide you a quick intro to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto lending platform on the planet, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users utilizing Celsius Network to earn or take a crypto loan interest on their cryptocurrencies and stablecoins. In overall, Celsius handles more than $17 B worth of possessions. The platform provides its services worldwide, nevertheless, they are currently not releasing loans in the United States due to regional policies. BlockFi is the largest

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The platform uses crypto-backed loans in 47 US states and their crypto interest account is readily available worldwide with exception of approved countries. Nexo is another European platform that uses crypto lovers the option to earn interest not just on their coins but also fiat deposits. Nexo is in reality, one of only two, to us known, crypto financing platforms that offer interest on fiat deposits.

 

And the platform is likewise preparing to launch a BlockFi credit card which will create another income stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the debtors. That’s at least our analysis from Nexo’s organization design as the platform does not have A dedicated area about

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If you are seeing this video, you desire to make money by depositing your coins on one of the platforms? Every platform has specific limitations and terms when it comes to providing interest on your coins. You are just able to earn higher rates if you choose to receive the interest in Celsius’s own energy token.

 

You can make 12% interest on your USDC holdings and the platform offers 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 need to keep in mind is that platforms tend to change the rates from time to time, so you can’t actually predict the genuine return from your deposits. Galaxy Youhodler

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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 lucrative. BlockFi is likewise funded by lots of institutional financiers and the platform is generally targeting the US market. According to our research, it appears like he has actually relocated to Switzerland to launch his crypto financing platform YouHodler in 2017.

 

At the start of January, Nexo had just $4B under its management from 1 M users, now 5 months later, the platform claims to manage $12B from 1.5 M users, which we think is a bit of a steep development even if we consider the hype in the crypto space. The 2nd co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday loan company that apparently is financing Nexo. According to our recent research, the executive board doesn’t even consist of Antoli, but just Kosta and two other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p loaning platform, which is known for the “abuse of clients money”.

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in the media, he is often only promoting crypto and predicting prices however does not have any deeper insights into the crypto financing area or how Nexo is running. However that’s just our impression from his Bloomberg talks. Nexo is the only platform that offers 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. Even though we are not lawyers, we have a hard time to comprehend the legal setup under which Nexo is offering its services. So now that we have examined a few of the track records of the 4 discussed platforms, let’s briefly discuss the use of every crypto loaning site. Celsius has begun as a native mobile app. The app is well established and it features numerous security features such as the biometric scan, HODL mode, and 2FA. Right in the control panel, you are able to see how many possessions 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 do not deposit your cryptos from another wallet, you can acquire them directly 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 simple and so is the desktop version of the platform. BlockFi supports presently only 10 digital currencies. The platform also uses a dedicated exchange so you can even trade them. We don’t recommend this feature that much as the currency exchange rate are not the very best. While the crypto loans on BlockFi are just offered to U.S. citizens, the platform is likewise working on a Bitcoin rewards charge card which will be taking on the charge card from Crypto.com YouHodler provides a few of the most advanced services amongst the crypto loaning platforms. Presently, the platform supports 18 digital

 

YouHodler is also one of the platforms with flexible loan terms and an optimum LTV of 90%. Now you have a truly strong concept of what every crypto lending platform is offering. What you need to think about however, is that as quickly as you deposit your crypto on any platform, you are not owning your personal keys any longer and your properties might get jeopardized either by third parties or by the platform itself. Galaxy Youhodler

 

The only way to safeguard your crypto is to store it on a devoted hardware wallet like this one from Trezor. The downside of this strategy is that you will just 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 lending platforms. Based on our extensive comparison, let’s have an appearance at our independent rankings of every classification for every platform.