Yes so… Kraken Vs Youhodler…Many of you have actually requested a comparison 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 model of private platforms, the return rates, the credibility and performance history, usability of their apps and we will likewise talk about some of the risks that you ought to think about when depositing your crypto on one of these platforms. We will likewise assemble the contrast with our independent rating of the just-mentioned categories for every platform. So keep watching up until completion to discover how we scored private platforms. if you are new to this channel and your objective is to become a more informed P2P financier
think about subscribing and struck the like button to see more material like this in the future. So let’s first provide you a quick introduction to every platform prior to we dive deeper into the contrast. Celsius Network is the fastest-growing crypto lending platform on the planet, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users using Celsius Network to take a crypto loan or earn interest on their stablecoins and cryptocurrencies. In overall, Celsius handles more than $17 B worth of properties. The platform uses its services worldwide, nevertheless, they are presently not issuing loans in the United States due to local regulations. BlockFi is the biggest
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The platform uses crypto-backed loans in 47 US states and their crypto interest account is available worldwide with exception of sanctioned nations. Nexo is another European platform that provides crypto lovers the option to make interest not only on their coins but also fiat deposits. Nexo is in truth, one of just 2, to us understood, crypto financing platforms that provide interest on fiat deposits.
let’s speak about how they generate income in the first place. Celsius makes money from the interest they charge to the customers which are either retail customers or institutions, they likewise make cash from their CEL token which is an utility token that you can utilize to increase your rewards on Celsius Network. Another earnings stream is the rehypothecation which means that Celsius uses the security from the customers and deploys it in order to produce additional earnings. BlockFi is also generating income through the interest that is being credited borrowers. The platform likewise charges a 2% origination fee for anybody who desires to take a loan. Another earnings stream is BlockFi’s exchange function. When exchanging currencies, the platform makes money from the spread. BlockFi also charges withdrawal charges after your one free withdrawal per month. And the platform is likewise preparing to launch a BlockFi credit card which will create another income stream. YouHodler is likewise earning money from the interest credited borrowers. In addition to that, there is a little withdrawal fee and charges for additional services such as the Multi HODL tool, which is a feature that lets you utilize your crypto properties in exchange for potential returns. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the debtors. Nexo also makes profits with their Nexo token. That’s at least our interpretation from Nexo’s business model as the platform does not have A dedicated section about
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If you are watching this video, you want to make money by transferring your coins on one of the platforms? Every platform has certain limits and terms when it comes to providing interest on your coins. You are just able to earn greater rates if you decide to get the interest in Celsius’s own energy token.
You can earn 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 greater benefits for those who want to get the interest in the native NEXO tokens rather of the deposited currency. What you ought to keep in mind is that platforms tend to adjust the rates from time to time, so you can’t really anticipate the real return from your deposits. Kraken Vs Youhodler
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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 lucrative. BlockFi is also funded by numerous institutional financiers and the platform is mainly targeting the US market. According to our research study, it seems like he has transferred to Switzerland to launch his crypto financing platform YouHodler in 2017.
deposit amount as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting requirements as we have mentioned together with other red flags in our previous video. Also, at the start of January, Nexo had only $4B under its management from 1 M users, now five months later on, the platform declares to handle $12B from 1.5 M users, which we think is a bit of a high development even if we think about the buzz in the crypto area. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research study, Antoni was a Bulgarian political leader with experience in the fashion Retail market. On his LinkedIn profile, he explains Nexo as the leading managed banks for digital assets. I would be truly 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. Throughout our research study, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is nowhere to be discovered on the website. The 2nd co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday loan company that apparently is funding Nexo. According to our recent research, the executive board doesn’t even include 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 lending platform, which is known for the “abuse of clients money”. When reviewing some 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 evaluated some of the track records of the four mentioned platforms, let’s briefly go over the use of every crypto loaning site. While the crypto loans on BlockFi are only offered to U.S. residents, the platform is also working on a Bitcoin rewards credit card which will be contending with the credit card from Crypto.com YouHodler uses some of the most sophisticated services amongst the crypto loaning platforms.
YouHodler is also one of the platforms with flexible loan terms and an optimum LTV of 90%. Now you have a really strong concept of what every crypto lending platform is using. What you must consider though, is that as soon as you transfer your crypto on any platform, you are not owning your private secrets anymore and your possessions may get compromised either by 3rd parties or by the platform itself. Kraken Vs Youhodler
The only way to protect your crypto is to keep it on a dedicated hardware wallet like this one from Trezor. The drawback 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 lending platforms. Based on our thorough comparison, let’s have a look at our independent scores of every category for every platform.