Yes so… Voyager Crypto Loans…A number of you have actually requested a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to make interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing the business model of individual platforms, the return rates, the reliability and track record, usability of their apps and we will also speak about some of the dangers that you need to consider when transferring your crypto on one of these platforms. We will likewise assemble the comparison with our independent rating of the just-mentioned classifications for every single platform. Keep enjoying up until the end to discover out how we scored private platforms. if you are new to this channel and your goal is to become a more informed P2P financier
Let’s first provide you a quick introduction to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing platform in the world, which was established in 2017 by Alex Mashinsky. The platform provides its services worldwide, however, they are presently not providing loans in the United States due to regional regulations.
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competitor to Celsius Network. The US-based business has trading and loaning licenses in various US states. If you are looking for a wealth-management app for your crypto assets BlockFi is certainly worth thinking about. The platform provides crypto-backed loans in 47 US states and their crypto interest account is available worldwide with exception of sanctioned nations. YouHodler is likely the most genuine crypto lending platform in Europe. The company is registered in Cyprus, with a dedicated branch in Switzerland. YouHodler offers very competitive rates on your crypto possessions in addition to numerous other functions which you will not discover on any other platforms. The platform is offered in numerous countries with the exception of Germany and the U.S.A.. If you live in the states, you will not be able to use YouHodler’s services. Nexo is another European platform that provides crypto lovers the choice to make interest not just on their coins but also fiat deposits. Nexo is in reality, among just two, to us known, crypto lending platforms that use interest on fiat deposits. The platform provides its services worldwide, with exception of Bulgaria and Estonia. So now that you have a quick summary of every platform
let’s discuss how they generate income in the first place. Celsius makes money from the interest they charge to the borrowers which are either retail debtors or institutions, they likewise make money from their CEL token which is an utility token that you can utilize to increase your rewards on Celsius Network. Another earnings stream is the rehypothecation which implies that Celsius utilizes the collateral from the borrowers and deploys it in order to create additional income. BlockFi is also making money through the interest that is being charged to customers. The platform also charges a 2% origination fee for anyone who desires to take a loan. Another income stream is BlockFi’s exchange feature. The platform earns money from the spread when exchanging currencies. BlockFi also charges withdrawal fees after your one complimentary withdrawal monthly. And the platform is likewise planning to introduce a BlockFi charge card which will generate another earnings stream. YouHodler is likewise earning money from the interest credited customers. In addition to that, there is a little withdrawal fee and charges for extra services such as the Multi HODL tool, which is a function that lets you leverage your crypto assets in exchange for potential returns. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the customers. Nexo likewise makes profits with their Nexo token. That’s at least our analysis from Nexo’s organization model as the platform does not have A dedicated area 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 specific limitations and terms when it comes to providing interest on your coins. You are only able to make higher rates if you choose to receive the interest in Celsius’s own utility token.
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 rather of the deposited currency. What you must keep in mind is that platforms tend to change the rates from time to time, so you can’t truly predict the real return from your deposits. Voyager Crypto Loans
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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 discover out that the platform is not lucrative. BlockFi is likewise funded by lots of institutional investors and the platform is primarily targeting the US market. According to our research, it appears like he has transferred to Switzerland to release his crypto financing platform YouHodler in 2017.
At the start of January, Nexo had just $4B under its management from 1 M users, now five months later on, the platform claims to handle $12B from 1.5 M users, which we believe is a bit of a high development even if we think about the hype in the crypto space. The second co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday loan company that obviously is funding Nexo. According to our current research, the executive board does not even include Antoli, but just 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 understood for the “misuse of clients cash”.
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in the media, he is typically only promoting crypto and forecasting rates but does not have any much deeper insights into the crypto financing area or how Nexo is operating. That’s simply our impression from his Bloomberg talks. Likewise, Nexo is the only platform that offers interest on fiat. According to our understanding, you can not use interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Although we are not attorneys, we have a hard time to comprehend the legal setup under which Nexo is offering its services. 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 lending website. Celsius has actually started as a native mobile app. The app is well developed and it includes various security functions such as the biometric scan, HODL mode, and 2FA. Right in the dashboard, you have the ability to see the number of properties you are holding and what are the presently used rates. You can withdraw and transfer supported coins but there is no exchange, so if you don’t deposit your cryptos from another wallet, you can buy them straight through the app. Keep in mind, however, 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 easy and so is the desktop version of the platform. BlockFi supports currently just 10 digital currencies. The platform likewise offers a devoted exchange so you can even trade them. We do not suggest this function that much as the currency exchange rate are not the best. While the crypto loans on BlockFi are just offered to U.S. people, the platform is also working on a Bitcoin rewards credit card which will be taking on the charge card from Crypto.com YouHodler uses some of the most advanced services amongst the crypto loaning platforms. Currently, the platform supports 18 digital
YouHodler is also one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have an actually strong idea of what every crypto loaning platform is offering. What you must consider however, is that as quickly as you deposit your crypto on any platform, you are not owning your personal secrets any longer and your properties may get jeopardized either by third parties or by the platform itself. Voyager Crypto Loans
quit your ownership of the assets as long as you hold them in the platform’s wallet. The only method to safeguard your crypto is to store it on a devoted hardware wallet like this one from Trezor. That’s the very best method to keep your cryptos safe. The disadvantage of this method is that you will just gain 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 financing platforms. As with any financial investment, it always comes down to the threat and return and your risk profile. So based on our in-depth comparison, let’s have a look at our independent scores of every category for each platform. Note, that we have actually assigned the scores based upon our own research. One represents the lowest score while 5 stands for the highest rating. Within the business design category.