Yes so… Youhodler Blockchain Wallet…Many of you have asked for a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to earn interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing the organization model of individual platforms, the return rates, the trustworthiness and track record, functionality of their apps and we will likewise talk about some of the dangers that you should consider when depositing your crypto on one of these platforms.
consider subscribing and struck the like button to see more content like this in the future. So let’s very first offer you a brief introduction to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto loaning platform in the world, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users using Celsius Network to earn or take a crypto loan interest on their cryptocurrencies and stablecoins. In overall, Celsius manages more than $17 B worth of properties. The platform offers its services worldwide, however, they are presently not issuing loans in the United States due to regional policies. BlockFi is the largest
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The platform uses crypto-backed loans in 47 US states and their crypto interest account is available around the world with exception of sanctioned nations. Nexo is another European platform that offers crypto enthusiasts the option to earn interest not only on their coins however also fiat deposits. Nexo is in reality, one of only two, to us known, crypto financing platforms that offer interest on fiat deposits.
let’s discuss how they generate income in the first place. So Celsius generates income from the interest they charge to the debtors which are either retail customers or institutions, they also generate income from their CEL token which is an utility token that you can use to increase your rewards on Celsius Network. Another income stream is the rehypothecation which means that Celsius utilizes the collateral from the debtors and deploys it in order to create extra earnings. BlockFi is also making money through the interest that is being credited debtors. In addition to that, the platform also charges a 2% origination fee for anybody who wants to take a loan. Another income stream is BlockFi’s exchange function. When exchanging currencies, the platform makes cash from the spread. BlockFi also charges withdrawal costs after your one totally free withdrawal per month. And the platform is also planning to launch a BlockFi credit card which will generate another income stream. YouHodler is also earning money from the interest charged to borrowers. In addition to that, there is a little withdrawal fee and costs for additional services such as the Multi HODL tool, which is a feature that lets you take advantage of 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 borrowers. Nexo also makes profits with their Nexo token. That’s at least our interpretation from Nexo’s business design as the platform does not have A devoted section about
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If you are enjoying this video, you desire to make money by depositing your coins on one of the platforms? Every platform has certain limitations and terms when it comes to offering interest on your coins. You are just able to earn greater rates if you decide 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 provides higher rewards for those who desire to get the interest in the native NEXO tokens instead of the deposited currency. What you should keep in mind is that platforms tend to adjust the rates from time to time, so you can’t really predict the real return from your deposits. Youhodler Blockchain Wallet
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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 generally targeting the US market. According to our research study, it seems like he has actually moved to Switzerland to release his crypto financing platform YouHodler in 2017.
deposit amount as compared to the users on the Celsius Network. We are not delighted about Nexo’s reporting requirements as we have pointed out together with other warnings in our previous video. At the start of January, Nexo had only $4B under its management from 1 M users, now 5 months later, the platform declares to handle $12B from 1.5 M users, which we believe is a bit of a steep development even if we think about the hype in the crypto area. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research study, Antoni was a Bulgarian political leader with experience in the style Retail market. On his LinkedIn profile, he explains Nexo as the leading managed banks for digital properties. I would be actually interested by whom Nexo is controlled, as the company does not have a loaning 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 also established Credissimo, a Bulgarian payday loan company that apparently is financing Nexo. According to our recent research, the executive board doesn’t even include Antoli, however only Kosta and two other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p financing platform, which is known for the “abuse of clients money”. Likewise when evaluating some of Nexo’s comments from the CEO
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in the media, he is often only promoting crypto and predicting costs but lacks any deeper insights into the crypto financing 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 understanding, you can not offer interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Despite the fact that we are not legal representatives, we struggle to understand the legal setup under which Nexo is using its services. Now that we have actually reviewed some of the track records of the 4 pointed out platforms, let’s briefly go over the usability of every crypto loaning site. Celsius has actually begun as a native mobile app. The app is well established and it features different security functions such as the biometric scan, HODL mode, and 2FA. Right in the dashboard, you have the ability to see how many properties you are holding and what are the currently offered rates. You can move and withdraw supported coins however there is no exchange, so if you do not deposit your cryptos from another wallet, you can acquire them directly through the app. Note, nevertheless, 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 extremely simple and so is the desktop variation of the platform. BlockFi supports currently just 10 digital currencies. The platform also offers a devoted exchange so you can even trade them. We do not advise this feature 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 rewards credit card which will be competing with the credit card from Crypto.com YouHodler provides some of the most innovative services among the crypto financing platforms. Presently, the platform supports 18 digital
currencies on which you are able to earn interest. YouHodler allows you to exchange between numerous currencies or deposit fiat by means of bank wire or other supported payment services. The minimum deposit quantities are very low, so you do not need to transfer hundreds of Euros or Dollars to check the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler does not have a banking license, you can only earn interest on your crypto possessions. Apart from making interest on your deposits or exchanging cryptos, YouHodler also provides you the choice to borrow fiat money in exchange for collateral. The platform presently supports only loans in us euros or dollars. YouHodler is likewise one of the platforms with versatile loan terms and a maximum LTV of 90%. Apart from those services, YouHodler likewise uses two leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic investors. As the functionality of those features surpasses this video, you can learn how it works in our devoted youhodler evaluation on p2pempire. Nexo’s use resembles 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 free withdrawals per month. Likewise if you decide to stake your coins or fiat, implying you lock your properties for a specified term, you can get a higher interest rate. Like BlockFi, Nexo also uses you to buy, or exchange crypto if you want to hold your possessions in numerous currencies. Now you have a truly solid idea of what every crypto lending platform is using. What you ought to think about however, is that as quickly as you transfer your crypto on any platform, you are not owning your personal secrets anymore and your properties might get compromised either by 3rd parties or by the platform itself. It resembles transferring your crypto on the exchange – if you don’t own the secrets, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are really clear about the truth that you Youhodler Blockchain Wallet
give up your ownership of the assets as long as you hold them in the platform’s wallet. The only way to protect your crypto is to keep it on a dedicated hardware wallet like this one from Trezor. That’s the very best method to keep your cryptos safe. The drawback of this method is that you will just benefit from the increased value of your coin however not the interest on your deposits, which is something you can do on among the crypto financing platforms. As with any investment, it constantly comes down to the risk and return and your risk profile. Based on our in-depth contrast, let’s have a look at our independent rankings of every classification for every platform. Note, that we have appointed the scores based on our own research study. One represents the most affordable ranking while five mean the highest score. Within business model category.