Yes so… Loan Crypto Coins…Many of you have asked for 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 company model of specific platforms, the return rates, the reliability and track record, functionality of their apps and we will also talk about some of the risks that you should think about when depositing your crypto on one of these platforms.
Let’s first give you a brief intro to every platform before 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. The platform uses its services worldwide, however, they are currently not issuing loans in the United States due to regional regulations.
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competitor to Celsius Network. The US-based company has trading and lending licenses in different US states. If you are trying to find a wealth-management app for your crypto possessions BlockFi is definitely worth thinking about. The platform uses crypto-backed loans in 47 US states and their crypto interest account is available around the world with exception of approved nations. YouHodler is most likely the most legitimate crypto financing platform in Europe. The company is signed up in Cyprus, with a devoted branch in Switzerland. YouHodler provides really competitive rates on your crypto properties in addition to numerous other features which you won’t discover on any other platforms. The platform is readily available in numerous countries with the exception of Germany and the U.S.A.. So if you reside in the states, you will not be able to utilize YouHodler’s services. Nexo is another European platform that provides crypto enthusiasts the option to earn interest not only on their coins but likewise fiat deposits. Nexo is in reality, one of just two, to us known, crypto financing platforms that offer interest on fiat deposits. The platform offers its services worldwide, with exception of Bulgaria and Estonia. So now that you have a short overview of every platform
And the platform is likewise preparing to introduce 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 borrowers. That’s at least our interpretation from Nexo’s business model as the platform doesn’t have A dedicated section about
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If you are viewing this video, you want to make money by depositing your coins on one of the platforms? Every platform has certain limitations and terms when it comes to using interest on your coins. You are only able to earn greater rates if you decide to receive the interest in Celsius’s own energy token.
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 offers greater benefits for those who want to get the interest in the native NEXO tokens instead of the deposited currency. What you need to keep in mind is that platforms tend to adjust the rates from time to time, so you can’t actually forecast the genuine return from your deposits. Loan Crypto Coins
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The platform is not transparent when it comes to sharing its financial reports, but with a little bit of digging, you can get your hands on the monetary report for 2020, where you will find out that the platform is not successful. BlockFi is likewise financed by many institutional investors and the platform is primarily targeting the United States market. According to our research study, it seems like he has actually transferred to Switzerland to release his crypto financing platform YouHodler in 2017.
At the start of January, Nexo had only $4B under its management from 1 M users, now five months later, the platform declares to handle $12B from 1.5 M users, which we think is a bit of a high growth even if we think about the hype in the crypto area. The 2nd co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday loan company that apparently is funding Nexo. According to our current research study, 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 lending platform, which is known for the “abuse of clients money”.
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Nexo is the only platform that offers interest on fiat. Now that we have actually evaluated some of the track records of the four mentioned platforms, let’s briefly go over the use of every crypto lending website. While the crypto loans on BlockFi are just available to U.S. people, the platform is likewise working on a Bitcoin rewards credit card which will be competing with the credit card from Crypto.com YouHodler uses some of the most sophisticated services among the crypto lending platforms.
currencies on which you are able to earn interest. YouHodler permits you to exchange in between different currencies or deposit fiat via bank wire or other supported payment services. The minimum deposit quantities are extremely low, so you do not need to transfer hundreds of Euros or Dollars to test 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 possessions. Apart from earning interest on your deposits or exchanging cryptos, YouHodler likewise provides you the option to borrow fiat money in exchange for collateral. The platform presently supports only loans in us dollars or euros. YouHodler is likewise among the platforms with flexible loan terms and a maximum LTV of 90%. Apart from those services, YouHodler likewise uses two leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic investors. As the performance of those features surpasses this video, you can find out how it works in our dedicated youhodler evaluation on p2pempire. Nexo’s use is similar to Celsius Network. Nexo is likewise using its energy tokens to provide better rates on loans, higher interests on crypto and fiat deposits, or more complimentary withdrawals monthly. If you choose to stake your coins or fiat, indicating you lock your properties for a specified term, you can get a greater interest rate. Like BlockFi, Nexo also provides you to purchase, or exchange crypto if you wish to hold your properties in various currencies. Now you have an actually solid idea of what every crypto financing platform is using. What you must think about however, is that as soon as you deposit your crypto on any platform, you are not owning your private keys any longer and your assets may get compromised either by 3rd parties or by the platform itself. It resembles transferring your crypto on the exchange – if you do not own the secrets, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are extremely clear about the fact that you Loan Crypto Coins
The only way to safeguard your crypto is to keep 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 loaning platforms. Based on our extensive comparison, let’s have an appearance at our independent scores of every category for every platform.