Yes so… Ledger Crypto Loans…Much of you have actually asked for a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to earn interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing business model of private platforms, the return rates, the credibility and track record, usability of their apps and we will likewise speak about some of the risks that you ought to think about when transferring your crypto on one of these platforms. We will also assemble the comparison with our independent ranking of the just-mentioned classifications for every platform. Keep watching till the end to find out how we scored specific platforms. if you are new to this channel and your goal is to become a more informed P2P investor
consider subscribing and hit the like button to see more material like this in the future. Let’s first give you a short intro to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto loaning platform in the world, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users utilizing Celsius Network to take a crypto loan or make interest on their stablecoins and cryptocurrencies. In overall, Celsius handles more than $17 B worth of assets. The platform offers its services worldwide, nevertheless, they are currently not providing loans in the United States due to local regulations. BlockFi is the largest
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The platform uses crypto-backed loans in 47 US states and their crypto interest account is offered around the world with exception of sanctioned nations. Nexo is another European platform that offers crypto lovers the choice to earn interest not only on their coins however likewise fiat deposits. Nexo is in reality, one of just 2, to us understood, crypto financing platforms that use interest on fiat deposits.
And the platform is likewise preparing to release a BlockFi credit card which will create another income stream. Like all the other platforms, Nexo likewise 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 dedicated area about
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this on their site. Now let’s talk about the returns. If you are watching this video, you want to make money by transferring your coins on one of the platforms right? Before we compare the rates, there are a few things that you need to consider. When it comes to using interest on your coins, every platform has certain limitations and terms. For example, Celsius Network changes the rates every week to show the current market situation. You are just able to make greater rates if you decide to receive the interest in Celsius’s own utility token. The greater benefit rates are also not offered for United States citizens. If you would not want to pay out your benefits in the CEL token, you can currently anticipate 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 upon the number of your assets. The more bitcoin or ethereum you deposit, the less interest you will receive. The interest rate for Ethereum varieties 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 deserves pointing out is that if you want to conserve some charges, and bring more stability into your crypto interest account, you can also transfer the Binance USD coin for which you will not require to pay the substantial gas cost, as the currency works on the Binance Smart Chain with method lower fees in comparison to stablecoins that operate on the ethereum network. The Binance USD coin is currently only supported on Celsius Network and BlockFi. YouHodler offers presently the most competitive rates for your USDC coins without the requirement to stake the platform’s own utility 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 must remember is that platforms tend to change the rates from time to time, so you can’t really anticipate the genuine return from your deposits. Likewise, keep in mind that by depositing your crypto, the value of the currency may decrease Which will make it hard for you to liquidate your assets if that’s something you would otherwise consider. Now, that you are mindful of the returns let’s briefly evaluation the trustworthiness of the platforms and their track record. Celsius Network is likely the most legitimate platform in this space. The creator Alex Mashinsky is a widely known business owner. Prior to releasing the Celsius network, he has actually co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are also able to keep track of the development and examine some of the stats. As we are recording this video, there are over 650,000 users and the platform is managing $17 billion worth of possessions. Alone in the last 12 months, Celsius has Ledger Crypto Loans
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deposit amount as compared to the users on the Celsius Network. We are not delighted about Nexo’s reporting standards as we have actually explained together with other red flags in our previous video. Likewise, at the beginning 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 little a steep growth even if we consider the hype 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 political leader with experience in the style Retail industry. On his LinkedIn profile, he explains Nexo as the leading regulated banks for digital properties. I would be really interested by whom Nexo is controlled, as the company does not have a lending license in Estonia, where they are a legal entity Nexo Solutions OU is based. Throughout our research, 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 second co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday advance loan company that obviously is financing Nexo. According to our current research study, the executive board doesn’t even include Antoli, but just Kosta and two other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p loaning platform, which is known for the “misuse of customers money”. Also when evaluating a few of Nexo’s comments from the CEO
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Nexo is the only platform that provides interest on fiat. Now that we have examined some of the track records of the 4 mentioned platforms, let’s briefly go over the functionality of every crypto loaning website. While the crypto loans on BlockFi are only readily available to U.S. residents, the platform is likewise working on a Bitcoin rewards credit card which will be contending with the credit card from Crypto.com YouHodler offers some of the most sophisticated services among the crypto lending platforms.
YouHodler is likewise one of the platforms with flexible loan terms and an optimum LTV of 90%. Now you have a truly solid concept of what every crypto loaning platform is using. What you should consider though, is that as quickly as you transfer your crypto on any platform, you are not owning your private secrets anymore and your possessions may get jeopardized either by third parties or by the platform itself. Ledger Crypto Loans
give up your ownership of the possessions as long as you hold them in the platform’s wallet. The only way to secure your crypto is to store it on a dedicated hardware wallet like this one from Trezor. That’s the very best method to keep your cryptos safe. The disadvantage of this strategy is that you will only gain from the increased value of your coin however not the interest on your deposits, which is something you can do on among the crypto loaning platforms. As with any financial investment, it constantly comes down to the risk and return and your risk profile. Based on our extensive contrast, let’s have a look at our independent ratings of every category for every platform. Keep in mind, that we have appointed the rankings based upon our own research study. One represents the most affordable score while five stands for the greatest score. Within business model classification.