Yes so… Supported Currencies Youhodler…Many of you have requested a comparison in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to make interest on your stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing the business model of specific platforms, the return rates, the reliability and track record, functionality of their apps and we will likewise talk about some of the risks that you must consider when depositing your crypto on one of these platforms.
Let’s very first provide you a quick intro to every platform prior to we dive deeper into the contrast. Celsius Network is the fastest-growing crypto financing platform in the world, which was founded in 2017 by Alex Mashinsky. The platform offers its services worldwide, nevertheless, they are presently not releasing loans in the United States due to local regulations.
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is readily available worldwide with exception of sanctioned countries. Nexo is another European platform that offers crypto enthusiasts the alternative to earn interest not only on their coins but also fiat deposits. Nexo is in truth, one of just 2, to us understood, crypto lending platforms that offer interest on fiat deposits.
And the platform is likewise planning to release a BlockFi credit card which will produce 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 company model as the platform does not have A dedicated area about
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If you are seeing this video, you desire to make cash 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 just able to make greater rates if you choose to receive the interest in Celsius’s own energy token.
9% each year. What deserves discussing 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 significant gas fee, as the currency runs on the Binance Smart Chain with way lower fees in comparison to stablecoins that run on the ethereum network. The Binance USD coin is presently just supported on Celsius Network and BlockFi. YouHodler offers currently 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 uses 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that offers greater benefits for those who wish 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 need to remember is that platforms tend to adjust the rates from time to time, so you can’t actually anticipate the real return from your deposits. Keep in mind that by depositing your crypto, the value of the currency may reduce Which will make it hard for you to liquidate your assets if that’s something you would otherwise think about. Now, that you are conscious of the returns let’s briefly evaluation the trustworthiness of the platforms and their track record. Celsius Network is most likely the most legitimate platform in this area. The founder Alex Mashinsky is a widely known entrepreneur. Before introducing 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 monitor the development and review some of the data. As we are recording this video, there are over 650,000 users and the platform is handling $17 billion worth of assets. Alone in the last 12 months, Celsius has Supported Currencies Youhodler
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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 also funded by many institutional financiers and the platform is mainly targeting the US market. According to our research, it appears like he has relocated to Switzerland to launch his crypto loaning 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 buzz in the crypto area. The 2nd co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday loan company that obviously is financing Nexo. According to our recent research, the executive board doesn’t even consist of Antoli, however only Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p loaning platform, which is understood for the “abuse of clients cash”.
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in the media, he is often only promoting crypto and forecasting rates however lacks any deeper insights into the crypto lending area or how Nexo is running. However that’s just our impression from his Bloomberg talks. Likewise, Nexo is the only platform that offers interest on fiat. According to our knowledge, you can not provide interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Even though we are not lawyers, we struggle to comprehend the legal setup under which Nexo is using its services. Now that we have actually examined some of the track records of the four pointed out platforms, let’s briefly go over the usability of every crypto lending website. Celsius has actually started as a native mobile app. The app is well developed and it comes with various security functions such as the biometric scan, HODL mode, and 2FA. In the control panel, you are able to see how many assets you are holding and what are the presently offered rates. You can transfer and withdraw supported coins but there is no exchange, so if you don’t deposit your cryptos from another wallet, you can purchase them directly through the app. Keep in mind, however, that there might be fees for charge card purchases or SEPA transfers. Celsius Network supports presently 40 digital properties. BlockiFi makes a less developed impression. The app is very easy and so is the desktop version of the platform. BlockFi supports presently just 10 digital currencies. The platform also offers a dedicated exchange so you can even trade them. We do not recommend this feature that much as the exchange rates are not the very best. While the crypto loans on BlockFi are just offered to U.S. residents, the platform is likewise working on a Bitcoin rewards credit card which will be taking on the charge card from Crypto.com YouHodler offers a few of the most advanced services amongst the crypto loaning platforms. Presently, the platform supports 18 digital
YouHodler is likewise one of the platforms with versatile loan terms and an optimum LTV of 90%. Now you have a truly strong idea of what every crypto lending platform is providing. What you should think about however, is that as soon as you deposit your crypto on any platform, you are not owning your personal keys any longer and your assets might get compromised either by third celebrations or by the platform itself. Supported Currencies Youhodler
The only method to protect your crypto is to save it on a devoted 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 however not the interest on your deposits, which is something you can do on one of the crypto loaning platforms. Based on our extensive contrast, let’s have an appearance at our independent ratings of every category for every platform.