Is Blockfi App Down 2021 – Crypto Loans

Yes so… Is Blockfi App Down…Numerous of you have actually requested a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing the business model of individual platforms, the return rates, the trustworthiness and track record, usability of their apps and we will likewise talk about some of the threats that you should think about when depositing your crypto on one of these platforms.

 

Let’s very first offer you a short intro to every platform prior to 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, however, they are currently not releasing loans in the United States due to local guidelines.

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rival to Celsius Network. The US-based business has trading and financing licenses in different US states. , if you are looking for a wealth-management app for your crypto properties BlockFi is definitely worth considering.. The platform offers crypto-backed loans in 47 US states and their crypto interest account is offered around the world with exception of approved countries. YouHodler is likely the most legitimate crypto loaning platform in Europe. The company is signed up in Cyprus, with a dedicated branch in Switzerland. YouHodler offers extremely competitive rates on your crypto properties in addition to several other functions which you will not discover on any other platforms. The platform is available in numerous countries with the exception of Germany and the U.S.A.. If you live in the states, you won’t be able to use YouHodler’s services. Nexo is another European platform that uses crypto enthusiasts the alternative to make interest not only on their coins but also fiat deposits. Nexo is in reality, among only 2, to us understood, crypto loaning platforms that provide interest on fiat deposits. The platform offers its services worldwide, with exception of Bulgaria and Estonia. So now that you have a brief overview of every platform

 

And the platform is likewise planning to launch a BlockFi credit card which will generate another income 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 organization model as the platform does not have A dedicated section about

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this on their site. Now let’s discuss the returns. If you are enjoying this video, you want 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 ought to think about. When it comes to providing interest on your coins, every platform has specific limitations and terms. For example, Celsius Network alters the rates every week to show the present market situation. You are only able to make greater rates if you choose to receive the interest in Celsius’s own utility token. The greater reward rates are likewise not readily available for US people. If you would not wish to pay your rewards 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 assets. The more bitcoin or ethereum you deposit, the less interest you will get. The rates of interest 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 presently at

 

9% per year. What’s worth pointing out is that if you want to save some charges, and bring more stability into your crypto interest account, you can likewise deposit the Binance USD coin for which you will not require to pay the substantial gas fee, as the currency works on the Binance Smart Chain with way lower charges in comparison to stablecoins that run on the ethereum network. The Binance USD coin is presently only supported on Celsius Network and BlockFi. YouHodler uses presently the most competitive rates for your USDC coins without the need to stake the platform’s own energy tokens. 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 uses higher 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 ought to keep in mind is that platforms tend to change the rates from time to time, so you can’t really anticipate the real return from your deposits. Keep in mind that by transferring your crypto, the worth of the currency might decrease Which will make it hard for you to liquidate your possessions if that’s something you would otherwise consider. So now, that you know the returns let’s briefly review the reliability of the platforms and their performance history. Celsius Network is most likely the most genuine platform in this space. The founder Alex Mashinsky is a popular entrepreneur. Before introducing the Celsius network, he has co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are also able to monitor the progress and review some of the statistics. As we are tape-recording 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 Is Blockfi App Down

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paid more than $367 M worth of benefits. While we have not managed to get answers to our concerns, the CEO does hold a weekly AMA session where he is resolving the most frequently asked questions, which is something rather unusual in this space. The platform is not transparent when it concerns sharing its financial reports, but with a bit of digging, you can get your hands on the financial report for 2020, where you will find out that the platform is not lucrative yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business advancement space instead of the fintech area. BlockFi is also financed by lots of institutional financiers and the platform is mainly targeting the US market. While you can utilize the crypto interest account worldwide, the crypto loans are offered Only for U.S citizens as BlockFi has the necessary financing licenses only in the U.S. , if you desire to check BlockFi’s statistics you will not be pleased as there are none offered.. Some external sources recommend that there are more than 125,000 signed up users, nevertheless, we were unable to verify any of those claims directly with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech space in Russia. According to our research study, it looks like he has actually transferred to Switzerland to launch his crypto financing platform YouHodler in 2017. I understand that YouHodler has been applauded by some of you in the comments on previous videos, sadly, the platform isn’t publicly revealing any monetary reports, nor statistics about their user base or assets under YouHodler’s management. When utilizing YouHodler, this is something you should certainly think about. Moving on to Nexo. Nexo claims to manage $12 B worth of properties from more than 1.5 M of users. It would imply that Nexo is twice as big in terms of user base as Celsius with a much lower average if this is appropriate

 

deposit quantity as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting standards as we have actually pointed out together with other red flags in our previous video. At the start of January, Nexo had just $4B under its management from 1 M users, now five months later on, the platform claims to manage $12B from 1.5 M users, which we think is a bit of a steep growth even if we consider the buzz in the crypto area. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research, Antoni was a Bulgarian political leader with experience in the style Retail industry. On his LinkedIn profile, he describes Nexo as the leading regulated banks for digital assets. I would be really interested by whom Nexo is managed, as the company doesn’t have a lending license in Estonia, where they are a legal entity Nexo Solutions OU is based. During 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 site. The 2nd co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance loan business that apparently is financing Nexo. According to our current research, 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 previously the executive director at TrustBuddy, a Swedish p2p financing platform, which is known for the “misuse of clients money”. When examining some of Nexo’s remarks from the CEO

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in the media, he is typically only promoting crypto and forecasting costs but lacks any deeper insights into the crypto lending space or how Nexo is running. However that’s just our impression from his Bloomberg talks. Likewise, Nexo is the only platform that uses interest on fiat. According to our understanding, you can not provide interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Even though we are not legal representatives, we have a hard time to comprehend the legal setup under which Nexo is using its services. Now that we have actually evaluated some of the track records of the 4 mentioned platforms, let’s briefly go over the functionality of every crypto loaning site. Celsius has begun as a native mobile app. The app is well developed and it comes with numerous security features such as the biometric scan, HODL mode, and 2FA. Right in the control panel, you have the ability to see how many possessions you are holding and what are the currently offered rates. You can withdraw and transfer supported coins however there is no exchange, so if you don’t deposit your cryptos from another wallet, you can acquire them straight through the app. Note, however, that there might be charges for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital properties. BlockiFi makes a less industrialized impression. The app is really easy and so is the desktop version of the platform. BlockFi supports currently only 10 digital currencies. The platform likewise offers a dedicated exchange so you can even trade them. We don’t suggest this feature that much as the exchange rates are not the best. While the crypto loans on BlockFi are only readily available to U.S. residents, the platform is also working on a Bitcoin rewards credit card which will be competing with the charge card from Crypto.com YouHodler offers a few of the most innovative services among the crypto financing platforms. Currently, the platform supports 18 digital

 

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 quantities are really low, so you don’t require to transfer hundreds of Euros or Dollars 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 assets. Apart from making interest on your deposits or exchanging cryptos, YouHodler also uses you the option 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 two leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic investors. As the functionality of those features surpasses this video, you can discover how it operates in our dedicated youhodler review on p2pempire. Nexo’s usability resembles Celsius Network. Nexo is also using its energy tokens to provide better rates on loans, greater interests on crypto and fiat deposits, or more totally free withdrawals monthly. If you choose to stake your coins or fiat, indicating you lock your possessions for a defined term, you can get a greater interest rate. Like BlockFi, Nexo likewise offers you to buy, or exchange crypto if you wish to hold your possessions in various currencies. Now you have a really strong concept of what every crypto loaning platform is using. What you must think about however, is that as quickly as you transfer your crypto on any platform, you are not owning your private secrets anymore and your properties may get compromised either by 3rd parties or by the platform itself. It resembles transferring your crypto on the exchange – if you don’t own the secrets, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are really clear about the reality that you Is Blockfi App Down

 

The only way to protect your crypto is to store it on a devoted hardware wallet like this one from Trezor. The disadvantage of this technique 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 financing platforms. Based on our in-depth comparison, let’s have a look at our independent ratings of every category for every platform.