Yes so… Loan My Bitcoin…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 cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing the business design of individual platforms, the return rates, the trustworthiness and track record, usability of their apps and we will also talk about some of the dangers that you need to think about when depositing your crypto on one of these platforms.
think about subscribing and hit the like button to see more material like this in the future. Let’s first provide you a quick intro to every platform before we dive deeper into the comparison. 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 utilizing 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 provides its services worldwide, however, they are presently not providing loans in the United States due to local guidelines. BlockFi is the biggest
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competitor to Celsius Network. The US-based company has trading and financing licenses in various US states. If you are searching for a wealth-management app for your crypto properties BlockFi is certainly worth thinking about. The platform offers crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of sanctioned countries. YouHodler is likely the most legitimate crypto loaning platform in Europe. The business is registered in Cyprus, with a dedicated branch in Switzerland. YouHodler offers extremely competitive rates on your crypto properties in addition to numerous other features which you will not discover on any other platforms. The platform is available in many countries with the exception of Germany and the USA. If you reside in the states, you won’t be able to utilize YouHodler’s services. Nexo is another European platform that provides crypto enthusiasts the choice to earn interest not only on their coins however likewise fiat deposits. Nexo remains in reality, among only two, to us known, crypto financing platforms that provide interest on fiat deposits. The platform uses its services worldwide, with exception of Bulgaria and Estonia. Now that you have a quick overview of every platform
And the platform is likewise preparing to launch a BlockFi credit card which will produce another earnings 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 analysis from Nexo’s company model as the platform doesn’t have A dedicated area about
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this on their website. Now let’s speak about the returns. If you are seeing this video, you wish to generate income by depositing your coins on one of the platforms right? Prior to we compare the rates, there are a few things that you must consider. Every platform has specific limits and terms when it comes to using interest on your coins. So for instance, Celsius Network changes the rates every week to show the current market situation. You are just able to make higher rates if you decide to get the interest in Celsius’s own utility token. The greater benefit rates are also not available for US citizens. If you would not want to pay your benefits in the CEL token, you can presently 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 on the number of your assets. The more bitcoin or ethereum you deposit, the less interest you will get. The rates of interest for Ethereum varieties in between 0.5% and 4.5%, the rate for bitcoin is between 0.5% and 5%, and the rate for the two stablecoins is presently at
9% each year. What’s worth mentioning is that if you want to save some costs, and bring more stability into your crypto interest account, you can also transfer the Binance USD coin for which you will not need to pay the large gas fee, as the currency works on the Binance Smart Chain with way lower charges in comparison to stablecoins that work on the ethereum network. The Binance USD coin is currently just supported on Celsius Network and BlockFi. YouHodler provides currently the most competitive rates for your USDC coins without the need to stake the platform’s own utility tokens. 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 provides higher benefits for those who want to receive 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 adjust the rates from time to time, so you can’t really forecast 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 consider. So now, that you are aware of the returns let’s briefly review the trustworthiness of the platforms and their track record. Celsius Network is most likely the most genuine platform in this area. The founder Alex Mashinsky is a popular business owner. Prior to introducing the Celsius network, he has actually co-founded three start-ups worth more than $1 Billion each. On the Celsius App, you are also able to keep track of the progress and review a few of the stats. As we are recording this video, there are over 650,000 users and the platform is managing $17 billion worth of properties. Alone in the last 12 months, Celsius has Loan My Bitcoin
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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 monetary report for 2020, where you will discover out that the platform is not successful. BlockFi is also financed by lots of institutional financiers and the platform is primarily targeting the United States market. According to our research study, it appears like he has moved to Switzerland to release his crypto loaning platform YouHodler in 2017.
At the start of January, Nexo had just $4B under its management from 1 M users, now 5 months later, the platform claims to handle $12B from 1.5 M users, which we think is a bit of a high development even if we consider the hype in the crypto space. The second co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday loan company that obviously is financing Nexo. According to our recent research, the executive board doesn’t even include Antoli, but only 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 “abuse of clients money”.
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Nexo is the only platform that uses interest on fiat. Now that we have actually reviewed some of the track records of the 4 discussed platforms, let’s briefly go over the use of every crypto financing website. While the crypto loans on BlockFi are only available to U.S. residents, the platform is also working on a Bitcoin benefits credit card which will be contending with the credit card from Crypto.com YouHodler uses some of the most advanced services among the crypto financing platforms.
YouHodler is also one of the platforms with versatile loan terms and a maximum LTV of 90%. Now you have an actually strong idea of what every crypto lending platform is offering. What you need to think about though, is that as quickly as you transfer your crypto on any platform, you are not owning your personal secrets any longer and your possessions might get compromised either by third parties or by the platform itself. Loan My Bitcoin
The only way to safeguard your crypto is to store it on a dedicated hardware wallet like this one from Trezor. The drawback of this strategy is that you will only benefit from the increased value 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 in-depth comparison, let’s have an appearance at our independent scores of every category for every platform.