Yes so… Instagram Youhodler…Many of you have actually asked for a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to make interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing the business design of individual platforms, the return rates, the reliability and track record, usability of their apps and we will also talk about some of the threats that you should consider when transferring your crypto on one of these platforms.
Let’s first provide you a short 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 founded in 2017 by Alex Mashinsky. The platform uses its services worldwide, however, they are currently not providing loans in the United States due to local policies.
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is available worldwide with exception of approved nations. Nexo is another European platform that uses crypto lovers the alternative to earn interest not only on their coins but likewise fiat deposits. Nexo is in reality, one of just 2, to us known, crypto financing platforms that offer interest on fiat deposits.
And the platform is likewise planning to release 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 debtors. That’s at least our interpretation from Nexo’s organization design as the platform does not have A devoted section about
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this on their site. Now let’s talk about the returns. If you are watching this video, you wish to make money by depositing your coins on among the platforms right? Prior to we compare the rates, there are a couple of things that you need to consider though. When it comes to providing interest on your coins, every platform has certain limitations and terms. So for example, Celsius Network changes the rates every week to reflect the existing market scenario. Also, you are only able to earn higher rates if you choose to receive the interest in Celsius’s own energy token. The greater benefit rates are also not readily available for United States residents. If you would not want to pay 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 properties. The more bitcoin or ethereum you deposit, the less interest you will get. The interest rate for Ethereum varieties 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 currently at
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 greater rewards for those who desire to receive the interest in the native NEXO tokens rather of the deposited currency. What you need to keep in mind is that platforms tend to adjust the rates from time to time, so you can’t really predict the genuine return from your deposits. Instagram Youhodler
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deposit quantity as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting standards as we have actually explained together with other red flags in our previous video. Likewise, at the start of January, Nexo had only $4B under its management from 1 M users, now five months later on, the platform claims to handle $12B from 1.5 M users, which we think is a little a high growth even if we consider 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 politician with experience in the fashion Retail market. On his LinkedIn profile, he explains Nexo as the leading controlled financial institution for digital assets. I would be truly interested by whom Nexo is controlled, as the company doesn’t have a loaning license in Estonia, where they are a legal entity Nexo Services OU is based. During our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is nowhere to be found on the site. The 2nd co-founder of Nexo is Kosta Kantchev who also founded Credissimo, a Bulgarian payday advance loan business that apparently is funding 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 financing platform, which is known for the “misuse of customers cash”. Also when reviewing a few of Nexo’s remarks from the CEO
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Nexo is the only platform that provides interest on fiat. Now that we have actually evaluated some of the track records of the four pointed out platforms, let’s briefly go over the use of every crypto loaning website. While the crypto loans on BlockFi are only available to U.S. residents, the platform is also working on a Bitcoin benefits credit card which will be competing with the credit card from Crypto.com YouHodler uses some of the most advanced services among the crypto lending platforms.
currencies on which you have the ability to make interest. YouHodler enables you to exchange in 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 require to transfer numerous Dollars or euros to evaluate 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 earn interest on your crypto properties. Apart from making interest on your deposits or exchanging cryptos, YouHodler also uses you the alternative to borrow fiat money in exchange for security. The platform currently supports only loans in us euros or dollars. YouHodler is also among the platforms with versatile loan terms and an optimum 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 features goes beyond this video, you can find out how it works in our devoted youhodler evaluation on p2pempire. Nexo’s usability resembles Celsius Network. Nexo is also utilizing its energy tokens to use better rates on loans, greater interests on crypto and fiat deposits, or more free withdrawals each month. If you choose to stake your coins or fiat, suggesting you lock your possessions for a defined term, you can get a higher interest rate. Like BlockFi, Nexo also offers you to buy, or exchange crypto if you wish to hold your properties in numerous currencies. Now you have a really strong concept of what every crypto loaning platform is offering. What you must consider though, is that as quickly as you transfer your crypto on any platform, you are not owning your personal secrets anymore and your properties might get compromised either by third parties or by the platform itself. It’s like depositing your crypto on the exchange – if you do not own the secrets, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are extremely clear about the truth that you Instagram Youhodler
give up your ownership of the properties as long as you hold them in the platform’s wallet. The only way to secure your crypto is to save it on a dedicated hardware wallet like this one from Trezor. That’s the best method to keep your cryptos safe. The drawback 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 among the crypto loaning platforms. As with any investment, it always comes down to the danger and return and your risk profile. So based on our thorough comparison, let’s have a look at our independent ratings of every category for each platform. Keep in mind, that we have actually appointed the scores based on our own research. One represents the most affordable ranking while five represent the highest ranking. Within business design category.