Is Youhodler A Scam 2021 – Crypto Loans

Yes so… Is Youhodler A Scam…Many of you have actually asked for a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to make interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the organization model of individual platforms, the return rates, the credibility and track record, functionality of their apps and we will also talk about some of the risks that you ought to consider when transferring your crypto on one of these platforms.

 

consider subscribing and hit the like button to see more content like this in the future. Let’s very first provide you a quick introduction to every platform prior to we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing platform worldwide, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users using Celsius Network to take a crypto loan or make interest on their cryptocurrencies and stablecoins. In overall, Celsius manages more than $17 B worth of assets. The platform offers its services worldwide, nevertheless, they are presently not releasing loans in the United States due to regional policies. BlockFi is the biggest

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The platform provides crypto-backed loans in 47 US states and their crypto interest account is available around the world with exception of approved countries. Nexo is another European platform that offers crypto lovers the alternative to earn interest not only on their coins but likewise fiat deposits. Nexo is in truth, one of only 2, to us understood, crypto financing platforms that use interest on fiat deposits.

 

And the platform is likewise planning to launch a BlockFi credit card which will generate another earnings stream. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the customers. That’s at least our interpretation from Nexo’s company design as the platform does not have A devoted area about

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this on their website. Now let’s speak about the returns. If you are enjoying this video, you desire to make cash by transferring your coins on one of the platforms? Prior to we compare the rates, there are a couple of things that you must think about though. When it comes to providing interest on your coins, every platform has certain limits and terms. So for instance, Celsius Network alters the rates weekly to show the existing market situation. You are only able to earn higher rates if you choose to receive the interest in Celsius’s own energy token. The higher reward rates are likewise not offered for US residents. If you would not want to pay out your benefits in the CEL token, you can currently 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 rate of interest for Ethereum ranges in 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 currently at

 

9% annually. What’s worth pointing out is that if you wish to save some fees, and bring more stability into your crypto interest account, you can likewise transfer 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 run on the ethereum network. The Binance USD coin is currently just supported on Celsius Network and BlockFi. YouHodler uses currently the most competitive rates for your USDC coins without the requirement to stake the platform’s own utility tokens. 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 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 need to remember is that platforms tend to change the rates from time to time, so you can’t really forecast the real return from your deposits. Keep in mind that by depositing your crypto, the worth of the currency may decrease Which will make it hard for you to liquidate your assets if that’s something you would otherwise think about. So now, that you understand the returns let’s briefly evaluation the trustworthiness of the platforms and their track record. Celsius Network is most likely the most legitimate platform in this space. The creator Alex Mashinsky is a popular 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 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 properties. Alone in the last 12 months, Celsius has Is Youhodler A Scam

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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 addressing the most frequently asked questions, which is something rather unusual in this area. The platform is not transparent when it comes to sharing its monetary reports, however with a little bit of digging, you can get your hands on the financial 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 business development space instead of the fintech area. BlockFi is likewise funded by numerous institutional investors and the platform is primarily targeting the United States market. While you can utilize the crypto interest account worldwide, the crypto loans are available Just for U.S residents as BlockFi has the required lending licenses just in the U.S. If you wish to examine BlockFi’s statistics you will not enjoy as there are none readily available. Some external sources suggest that there are more than 125,000 registered users, however, we were not able to confirm 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 study, it appears like he has moved to Switzerland to introduce his crypto lending platform YouHodler in 2017. I know that YouHodler has been applauded by some of you in the comments on previous videos, unfortunately, the platform isn’t openly exposing any financial reports, nor statistics about their user base or possessions under YouHodler’s management. This is something you must definitely consider when utilizing YouHodler. Proceeding to Nexo. Nexo claims to manage $12 B worth of possessions 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 correct

 

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 handle $12B from 1.5 M users, which we think is a bit of a steep growth even if we think about the buzz in the crypto area. The 2nd co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday loan company that obviously is funding Nexo. According to our current research study, the executive board does not even include 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 known for the “abuse of customers cash”.

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in the media, he is frequently only promoting crypto and predicting costs however lacks any deeper insights into the crypto financing space or how Nexo is operating. However that’s simply our impression from his Bloomberg talks. Nexo is the only platform that uses interest on fiat. According to our understanding, 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 struggle 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 four mentioned platforms, let’s briefly review the use of every crypto lending website. Celsius has started as a native mobile app. The app is well established and it comes with different security functions such as the biometric scan, HODL mode, and 2FA. Right in the dashboard, you have the ability to see the number of assets you are holding and what are the currently offered rates. You can withdraw and transfer 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. Note, nevertheless, that there might be fees for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital assets. BlockiFi makes a less developed impression. The app is very basic and so is the desktop variation of the platform. BlockFi supports presently just 10 digital currencies. The platform also uses a devoted exchange so you can even trade them. We do not recommend this feature that much as the exchange rates are not the very best. While the crypto loans on BlockFi are just available to U.S. people, the platform is also dealing with a Bitcoin rewards charge card which will be competing with the credit card from Crypto.com YouHodler offers a few of the most advanced services amongst the crypto loaning platforms. Presently, 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 by means of bank wire or other supported payment services. The minimum deposit amounts are really low, so you do not require to transfer numerous Euros or Dollars to evaluate the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler does not 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 obtain fiat money in exchange for collateral. The platform presently supports just loans in us dollars or euros. YouHodler is also one of the platforms with flexible loan terms and a maximum 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 investors. As the functionality of those features goes beyond this video, you can learn how it works in our dedicated youhodler evaluation on p2pempire. Nexo’s use is similar to Celsius Network. Nexo is also utilizing its utility tokens to use better rates on loans, greater interests on crypto and fiat deposits, or more free withdrawals each month. If you decide 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 purchase, or exchange crypto if you want to hold your assets in different currencies. Now you have an actually strong concept of what every crypto loaning platform is providing. What you should consider 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 compromised either by 3rd parties or by the platform itself. It’s like transferring your crypto on the exchange – if you do not own the keys, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are very clear about the truth that you Is Youhodler A Scam

 

give up your ownership of the assets as long as you hold them in the platform’s wallet. The only way to safeguard your crypto is to store 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 technique is that you will just take advantage of the increased worth of your coin but not the interest on your deposits, which is something you can do on among the crypto lending platforms. As with any investment, it constantly comes down to the risk and return and your danger profile. So based upon our in-depth comparison, let’s have a look at our independent ratings of every category for each platform. Keep in mind, that we have actually designated the ratings based upon our own research study. One represents the lowest ranking while 5 stands for the highest rating. Within the business model category.