Yes so… Youhodler 2019…A number of you have actually asked for a contrast 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 design of private platforms, the return rates, the credibility and track record, usability of their apps and we will likewise speak about some of the dangers that you should think about when transferring your crypto on among these platforms. We will also round up the contrast with our independent rating of the just-mentioned categories for every platform. Keep seeing until the end to find out how we scored individual platforms. If you are brand-new to this channel and your objective is to become a more educated P2P financier,
think about subscribing and hit the like button to see more content like this in the future. Let’s first offer you a brief intro to every platform prior to we dive deeper into the contrast. Celsius Network is the fastest-growing crypto loaning platform in the world, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users utilizing Celsius Network to earn or take a crypto loan interest on their stablecoins and cryptocurrencies. In total, Celsius manages more than $17 B worth of assets. The platform offers its services worldwide, however, they are presently not issuing loans in the United States due to regional guidelines. BlockFi is the largest
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competitor to Celsius Network. The US-based company has trading and loaning licenses in various US states. , if you are looking for a wealth-management app for your crypto properties BlockFi is definitely worth thinking about.. The platform uses crypto-backed loans in 47 US states and their crypto interest account is readily available around the world with exception of approved nations. YouHodler is likely the most genuine crypto loaning platform in Europe. The business is signed up in Cyprus, with a devoted branch in Switzerland. YouHodler offers extremely competitive rates on your crypto properties as well as several other features which you will not discover on any other platforms. The platform is available in numerous nations with the exception of Germany and the USA. So if you live in the states, you won’t be able to use YouHodler’s services. Nexo is another European platform that offers crypto enthusiasts the choice to make interest not just on their coins however also fiat deposits. Nexo is in reality, one of 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 short overview of every platform
let’s talk about how they earn money in the first place. Celsius makes cash from the interest they charge to the debtors which are either retail customers or organizations, they also make money from their CEL token which is an energy token that you can use to increase your rewards on Celsius Network. Another income stream is the rehypothecation which indicates that Celsius uses the security from the debtors and deploys it in order to generate extra income. BlockFi is also earning money through the interest that is being charged to borrowers. In addition to that, the platform also charges a 2% origination fee for anybody who wants to take a loan. Another earnings stream is BlockFi’s exchange function. The platform generates income from the spread when exchanging currencies. BlockFi also charges withdrawal fees after your one free withdrawal per month. And the platform is also preparing to introduce a BlockFi charge card which will generate another income stream. YouHodler is likewise generating income from the interest credited borrowers. There is a little withdrawal charge and costs for additional services such as the Multi HODL tool, which is a feature that lets you leverage your crypto properties in exchange for prospective returns. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the debtors. Nexo also makes profits with their Nexo token. That’s at least our interpretation from Nexo’s company model as the platform doesn’t have A dedicated area about
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If you are seeing this video, you want to make money by depositing your coins on one of the platforms? Every platform has certain limits and terms when it comes to using interest on your coins. You are only able to earn greater rates if you decide to get the interest in Celsius’s own utility token.
You can make 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 uses greater benefits for those who desire to get the interest in the native NEXO tokens instead of the deposited currency. What you must 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. Youhodler 2019
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deposit quantity as compared to the users on the Celsius Network. We are not delighted about Nexo’s reporting requirements as we have actually pointed out together with other red flags in our previous video. Likewise, at the start of January, Nexo had just $4B under its management from 1 M users, now five months later, the platform claims to handle $12B from 1.5 M users, which we believe is a bit of a steep development even if we think about the buzz in the crypto area. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research, Antoni was a Bulgarian politician with experience in the fashion Retail market. On his LinkedIn profile, he explains Nexo as the leading controlled banks for digital assets. I would be actually interested by whom Nexo is managed, as the company doesn’t have a lending license in Estonia, where they are a legal entity Nexo Provider OU is based. Throughout our research, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is nowhere to be found on the site. The 2nd co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance company that obviously is financing Nexo. According to our current research, the executive board does not even consist of 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 “abuse of customers cash”. Also when evaluating a few of Nexo’s comments from the CEO
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in the media, he is frequently only promoting crypto and forecasting costs but lacks any deeper insights into the crypto lending space or how Nexo is running. However that’s just our impression from his Bloomberg talks. Nexo is the only platform that offers interest on fiat. According to our knowledge, you can not offer 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 understand the legal setup under which Nexo is offering its services. Now that we have evaluated some of the track records of the 4 discussed platforms, let’s briefly go over the use of every crypto lending site. Celsius has begun as a native mobile app. The app is well developed and it features different security features such as the biometric scan, HODL mode, and 2FA. Right in the control panel, you have the ability to see the number of properties you are holding and what are the currently provided rates. You can move and withdraw supported coins but there is no exchange, so if you don’t deposit your cryptos from another wallet, you can purchase them straight through the app. Note, however, that there might be costs for charge card purchases or SEPA transfers. Celsius Network supports currently 40 digital properties. BlockiFi makes a less industrialized impression. The app is extremely easy and so is the desktop version of the platform. BlockFi supports currently just 10 digital currencies. The platform also uses a dedicated exchange so you can even trade them. We don’t suggest this feature that much as the exchange rates are not the best. While the crypto loans on BlockFi are just available to U.S. citizens, the platform is likewise working on a Bitcoin rewards credit card which will be competing with the credit card from Crypto.com YouHodler offers a few of the most advanced services amongst the crypto financing platforms. Currently, the platform supports 18 digital
currencies on which you are able to make interest. YouHodler enables you to exchange between different currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit quantities are very low, so you do not need to move hundreds of Dollars or euros to check the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler doesn’t have a banking license, you can only earn interest on your crypto possessions. Apart from earning interest on your deposits or exchanging cryptos, YouHodler also provides you the alternative to borrow fiat money in exchange for security. The platform currently supports only loans in us euros or dollars. YouHodler is also one of the platforms with flexible loan terms and a maximum LTV of 90%. Apart from those services, YouHodler also offers 2 leveraging tools such as Turbocharged loans and Multi HODL, which appropriate for more opportunistic financiers. As the functionality of those functions goes beyond this video, you can learn how it operates in our dedicated youhodler evaluation on p2pempire. Nexo’s usability is similar to Celsius Network. Nexo is also utilizing its energy tokens to use much better rates on loans, higher interests on crypto and fiat deposits, or more complimentary withdrawals monthly. If you decide to stake your coins or fiat, implying you lock your properties for a defined term, you can get a greater interest rate. Like BlockFi, Nexo likewise provides you to buy, or exchange crypto if you wish to hold your assets in various currencies. Now you have a truly strong idea of what every crypto loaning platform is offering. What you should consider though, is that as quickly as you deposit your crypto on any platform, you are not owning your personal keys any longer and your properties might get jeopardized either by 3rd parties or by the platform itself. It resembles depositing your crypto on the exchange – if you don’t own the keys, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are very clear about the fact that you Youhodler 2019
give up your ownership of the possessions as long as you hold them in the platform’s wallet. The only way to safeguard your crypto is to store it on a dedicated 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 only 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 financing platforms. But, similar to any investment, it always comes down to the threat and return and your threat profile. So based upon our in-depth contrast, let’s have a look at our independent ratings of every category for every single platform. Keep in mind, that we have appointed the rankings based on our own research. One represents the lowest rating while five represent the greatest score. Within business model category.