Yes so… Loan Bitcoin Poloniex…Much of you have requested a comparison in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the business design of individual platforms, the return rates, the reliability and track record, functionality of their apps and we will also speak about some of the threats that you ought to think about when depositing your crypto on one of these platforms. We will also round up the contrast with our independent score of the just-mentioned classifications for each platform. Keep watching until the end to discover out how we scored specific platforms. If you are brand-new to this channel and your goal is to end up being a more educated P2P investor,
think about subscribing and struck the like button to see more material like this in the future. Let’s first give you a brief introduction to every platform prior to we dive deeper into the comparison. Celsius Network is the fastest-growing crypto lending platform in the world, 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 stablecoins and cryptocurrencies. In overall, Celsius handles more than $17 B worth of assets. The platform uses its services worldwide, however, they are presently not providing loans in the United States due to regional regulations. BlockFi is the biggest
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The platform provides crypto-backed loans in 47 US states and their crypto interest account is readily available around the world with exception of sanctioned countries. Nexo is another European platform that offers crypto lovers the alternative to earn interest not just on their coins but likewise fiat deposits. Nexo is in truth, one of just two, to us understood, crypto lending platforms that use interest on fiat deposits.
And the platform is likewise preparing to release a BlockFi credit card which will generate another income stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the customers. That’s at least our interpretation from Nexo’s business model as the platform does not have A dedicated area about
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If you are seeing this video, you want to make money by transferring your coins on one of the platforms? Every platform has specific limitations and terms when it comes to providing interest on your coins. You are only able to make higher rates if you decide to receive the interest in Celsius’s own utility token.
9% annually. What’s worth pointing out is that if you wish to save some costs, and bring more stability into your crypto interest account, you can also deposit the Binance USD coin for which you will not require to pay the hefty gas cost, as the currency works on the Binance Smart Chain with method lower charges in contrast to stablecoins that run on the ethereum network. The Binance USD coin is currently just supported on Celsius Network and BlockFi. YouHodler offers presently the most competitive rates for your USDC coins without the need to stake the platform’s own utility tokens. You can make 12% interest on your USDC holdings and the platform uses 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that uses greater benefits for those who wish to get the interest in the native NEXO tokens instead of the deposited currency. The platform provides 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you must bear in mind is that platforms tend to adjust the rates from time to time, so you can’t really predict the real return from your deposits. Keep in mind that by transferring your crypto, the value of the currency may decrease Which will make it hard for you to liquidate your properties if that’s something you would otherwise think about. So now, that you understand the returns let’s briefly review the credibility of the platforms and their track record. Celsius Network is most likely the most legitimate platform in this area. The creator Alex Mashinsky is a well-known entrepreneur. Before launching the Celsius network, he has co-founded 3 startups worth more than $1 Billion each. On the Celsius App, you are likewise able to keep an eye on the progress and review a few of the statistics. As we are recording this video, there are over 650,000 users and the platform is handling $17 billion worth of possessions. Alone in the last 12 months, Celsius has Loan Bitcoin Poloniex
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The platform is not transparent when it comes to sharing its financial reports, however with a little 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. BlockFi is likewise financed by numerous institutional financiers and the platform is mainly targeting the United States market. According to our research study, it seems like he has relocated to Switzerland to release his crypto financing platform YouHodler in 2017.
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 warnings in our previous video. Likewise, 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 manage $12B from 1.5 M users, which we think is a bit of a steep development even if we consider the hype in the crypto area. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research, Antoni was a Bulgarian politician with experience in the style Retail market. On his LinkedIn profile, he explains Nexo as the leading managed financial institution for digital properties. I would be really interested by whom Nexo is managed, as the company doesn’t have a loaning 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 but their legal address is no place to be discovered on the website. The 2nd co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday advance company that obviously is financing Nexo. According to our current research, the executive board doesn’t even include Antoli, however just Kosta and two other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p financing platform, which is understood for the “misuse of customers cash”. When evaluating some of Nexo’s comments from the CEO
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in the media, he is often only promoting crypto and predicting rates but lacks any deeper insights into the crypto financing area or how Nexo is operating. But that’s just our impression from his Bloomberg talks. Also, Nexo is the only platform that offers interest on fiat. According to our understanding, you can not offer interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Although we are not legal representatives, we struggle to comprehend the legal setup under which Nexo is using its services. Now that we have actually reviewed some of the track records of the 4 pointed out platforms, let’s briefly go over the use of every crypto loaning website. Celsius has begun as a native mobile app. The app is well developed and it comes with numerous security functions such as the biometric scan, HODL mode, and 2FA. In the control panel, you are able to see how many possessions you are holding and what are the presently offered rates. You can move and withdraw supported coins however there is no exchange, so if you don’t transfer your cryptos from another wallet, you can purchase them straight through the app. Note, nevertheless, that there might be charges for charge card purchases or SEPA transfers. Celsius Network supports currently 40 digital properties. BlockiFi makes a less industrialized impression. The app is very simple therefore is the desktop variation of the platform. BlockFi supports presently only 10 digital currencies. The platform also provides a devoted exchange so you can even trade them. We don’t recommend this function that much as the currency exchange rate are not the best. While the crypto loans on BlockFi are only offered to U.S. residents, the platform is likewise dealing with a Bitcoin benefits credit card which will be taking on the charge card from Crypto.com YouHodler provides a few of the most innovative services among the crypto financing platforms. Presently, the platform supports 18 digital
YouHodler is likewise one of the platforms with flexible loan terms and an optimum LTV of 90%. Now you have an actually strong concept of what every crypto loaning platform is using. What you must consider though, is that as quickly as you deposit your crypto on any platform, you are not owning your private secrets any longer and your properties might get compromised either by third celebrations or by the platform itself. Loan Bitcoin Poloniex
The only way to protect your crypto is to save it on a dedicated hardware wallet like this one from Trezor. The drawback of this strategy is that you will just benefit from the increased worth of your coin however not the interest on your deposits, which is something you can do on one of the crypto financing platforms. Based on our thorough comparison, let’s have a look at our independent scores of every classification for every platform.