Youhodler Bitcoin Review 2021 – Crypto Loans

Yes so… Youhodler Bitcoin Review…Many of you have actually asked for a contrast in 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 private platforms, the return rates, the trustworthiness and performance history, usability of their apps and we will also speak about a few of the risks that you must consider when depositing your crypto on one of these platforms. We will also round up the contrast with our independent ranking of the just-mentioned classifications for every platform. Keep seeing up until the end to discover out how we scored specific platforms. if you are new to this channel and your goal is to end up being a more educated P2P investor

 

think about subscribing and hit the like button to see more content like this in the future. Let’s very first provide you a brief intro to every platform prior to we dive deeper into the contrast. Celsius Network is the fastest-growing crypto financing platform on the planet, 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 handles more than $17 B worth of properties. The platform uses its services worldwide, nevertheless, they are presently not providing loans in the United States due to regional regulations. BlockFi is the biggest

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The platform provides crypto-backed loans in 47 US states and their crypto interest account is readily available around the world with exception of approved countries. Nexo is another European platform that provides crypto lovers the choice to make interest not just on their coins but likewise fiat deposits. Nexo is in fact, one of only 2, to us known, crypto lending platforms that provide interest on fiat deposits.

 

let’s talk about how they earn money in the first place. So Celsius makes money from the interest they credit the borrowers which are either retail borrowers or organizations, they likewise generate income from their CEL token which is an energy token that you can utilize to increase your benefits on Celsius Network. Another earnings stream is the rehypothecation which means that Celsius utilizes the collateral from the borrowers and deploys it in order to create extra earnings. BlockFi is also earning money through the interest that is being charged to debtors. In addition to that, the platform likewise charges a 2% origination fee for anybody who wishes to take a loan. Another earnings stream is BlockFi’s exchange feature. When exchanging currencies, the platform makes cash from the spread. BlockFi also charges withdrawal fees after your one free withdrawal per month. And the platform is likewise preparing to introduce a BlockFi credit card which will produce another earnings stream. YouHodler is likewise making money from the interest charged to borrowers. There is a small withdrawal charge and costs for extra services such as the Multi HODL tool, which is a function that lets you leverage your crypto possessions in exchange for possible returns. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the customers. Nexo also makes earnings with their Nexo token. That’s at least our interpretation from Nexo’s business design as the platform doesn’t have A dedicated area about

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this on their website. Now let’s talk about the returns. If you are viewing this video, you desire to make cash by depositing your coins on one of the platforms? Before we compare the rates, there are a few things that you should consider. When it comes to offering interest on your coins, every platform has certain limits and terms. For example, Celsius Network alters the rates every week to reflect the existing market situation. You are just able to make greater rates if you choose to receive the interest in Celsius’s own utility token. The greater reward rates are also not available for US people. If you would not wish to pay your benefits in the CEL token, you can presently expect 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 interest rate 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

 

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 uses higher benefits for those who desire to receive 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 actually predict the real return from your deposits. Youhodler Bitcoin Review

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paid more than $367 M worth of benefits. While we have not managed to get answers to our concerns, the CEO does hold a weekly AMA session where he is attending to the most frequently asked questions, which is something rather unusual in this area. The platform is not transparent when it concerns 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 that the platform is not profitable yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within business advancement area instead of the fintech space. BlockFi is likewise funded by many institutional investors and the platform is mainly targeting the United States market. While you can utilize the crypto interest account worldwide, the crypto loans are readily available Only for U.S citizens as BlockFi has the necessary lending licenses only in the U.S. , if you want to examine BlockFi’s statistics you won’t be happy as there are none offered.. Some external sources suggest that there are more than 125,000 registered users, nevertheless, we were not able to validate any of those claims directly with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech space in Russia. According to our research study, it appears like he has transferred to Switzerland to release his crypto financing platform YouHodler in 2017. I know that YouHodler has actually been praised by a few of you in the talk about previous videos, sadly, the platform isn’t publicly exposing any monetary reports, nor stats about their user base or assets under YouHodler’s management. This is something you must certainly think about when using YouHodler. Proceeding to Nexo. Nexo declares to handle $12 B worth of assets from more than 1.5 M of users. It would suggest that Nexo is twice as huge in terms of user base as Celsius with a much lower average if this is correct

 

deposit amount as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting standards as we have actually pointed out together with other red flags in our previous video. At the beginning of January, Nexo had just $4B under its management from 1 M users, now five months later on, the platform claims to manage $12B from 1.5 M users, which we believe is a bit of a steep development even if we consider the hype in the crypto area. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research, Antoni was a Bulgarian political leader with experience in the fashion Retail market. On his LinkedIn profile, he explains Nexo as the leading regulated banks for digital possessions. I would be actually interested by whom Nexo is managed, as the company doesn’t have a financing license in Estonia, where they are a legal entity Nexo Services OU is based. Throughout our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is nowhere to be discovered on the website. 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 doesn’t even include Antoli, but just Kosta and two other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p loaning platform, which is known for the “abuse of customers cash”. Likewise when evaluating some of Nexo’s comments from the CEO

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in the media, he is typically only promoting crypto and predicting prices but does not have any deeper insights into the crypto loaning space or how Nexo is operating. That’s just our impression from his Bloomberg talks. Nexo is the only platform that provides interest on fiat. According to our understanding, you can not use interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Even though we are not lawyers, we have a hard time to comprehend the legal setup under which Nexo is providing its services. Now that we have actually examined some of the track records of the four mentioned 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 features various security features such as the biometric scan, HODL mode, and 2FA. In the control panel, you are able to see how numerous assets you are holding and what are the presently used rates. You can transfer and withdraw supported coins however there is no exchange, so if you do not transfer your cryptos from another wallet, you can acquire them directly through the app. Keep in mind, however, that there might be fees for credit card purchases or SEPA transfers. Celsius Network supports presently 40 digital assets. BlockiFi makes a less industrialized impression. The app is extremely easy therefore is the desktop version of the platform. BlockFi supports currently only 10 digital currencies. The platform also offers a dedicated exchange so you can even trade them. We don’t advise this function that much as the exchange rates are not the very best. While the crypto loans on BlockFi are only available to U.S. residents, the platform is likewise dealing with a Bitcoin benefits charge card which will be competing with the credit card from Crypto.com YouHodler uses some of the most advanced services among the crypto financing platforms. Presently, the platform supports 18 digital

 

YouHodler is likewise one of the platforms with flexible loan terms and an optimum LTV of 90%. Now you have an actually solid idea of what every crypto lending 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 assets may get compromised either by third parties or by the platform itself. Youhodler Bitcoin Review

 

The only method to protect your crypto is to keep it on a dedicated hardware wallet like this one from Trezor. The disadvantage of this strategy is that you will just benefit from the increased worth of your coin however not the interest on your deposits, which is something you can do on one of the crypto financing platforms. Based on our extensive comparison, let’s have a look at our independent scores of every category for every platform.