Youhodler Crypto App Review 2021 – Crypto Loans

Yes so… Youhodler Crypto App Review…Much 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 business design of private platforms, the return rates, the credibility and performance history, use of their apps and we will also speak about some of the risks that you should think about when depositing your crypto on among these platforms. We will also assemble the comparison with our independent ranking of the just-mentioned categories for every platform. Keep enjoying till the end to find out how we scored individual platforms. If you are new to this channel and your objective is to become a more informed P2P financier,

 

Let’s very first provide you a quick introduction to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto lending platform in the world, which was established in 2017 by Alex Mashinsky. The platform provides its services worldwide, nevertheless, they are currently not releasing loans in the United States due to local regulations.

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competitor to Celsius Network. The US-based company has trading and lending licenses in different US states. If you are trying to find a wealth-management app for your crypto assets BlockFi is certainly worth thinking about. 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. YouHodler is most likely the most legitimate crypto lending platform in Europe. The business is signed up in Cyprus, with a dedicated branch in Switzerland. YouHodler uses very competitive rates on your crypto assets as well as several other features which you will not discover on any other platforms. The platform is readily available in numerous countries with the exception of Germany and the USA. If you reside in the states, you will not be able to use YouHodler’s services. Nexo is another European platform that provides crypto enthusiasts the option to earn interest not just on their coins but likewise fiat deposits. Nexo remains in fact, among only two, to us understood, crypto lending platforms that offer interest on fiat deposits. The platform offers its services worldwide, with exception of Bulgaria and Estonia. So now that you have a brief introduction of every platform

 

let’s talk about how they generate income in the first place. So Celsius makes money from the interest they credit the borrowers which are either retail debtors or organizations, they also earn money from their CEL token which is an energy token that you can utilize to increase your rewards on Celsius Network. Another earnings stream is the rehypothecation which means that Celsius uses the collateral from the customers and releases it in order to produce additional earnings. BlockFi is also generating income through the interest that is being credited debtors. In addition to that, the platform also charges a 2% origination fee for anybody who wishes to take a loan. Another income stream is BlockFi’s exchange feature. The platform generates income from the spread when exchanging currencies. BlockFi also charges withdrawal fees after your one totally free withdrawal per month. And the platform is also planning to launch a BlockFi charge card which will produce another income stream. YouHodler is also generating income from the interest credited borrowers. In addition to that, there is a small withdrawal fee and costs for extra services such as the Multi HODL tool, which is a function that lets you utilize your crypto assets 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 revenues with their Nexo token. That’s at least our interpretation from Nexo’s organization model as the platform doesn’t have A devoted section about

money fees on celsius services priced about stablecoins  profit margin Youhodler Crypto App Review

this on their website. Now let’s talk about the returns. If you are seeing this video, you wish to make money by depositing your coins on one of the platforms right? Prior to we compare the rates, there are a few things that you ought to think about however. When it comes to using interest on your coins, every platform has particular limits and terms. For example, Celsius Network changes the rates every week to show the existing market situation. You are only able to earn greater rates if you choose to get the interest in Celsius’s own energy token. The higher benefit rates are likewise not available for United States citizens. If you would not wish to pay out your benefits in the CEL token, you can presently expect to get 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 upon the variety of your properties. The more bitcoin or ethereum you deposit, the less interest you will get. The interest rate for Ethereum ranges 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

 

9% per year. What deserves mentioning is that if you wish to save some fees, and bring more stability into your crypto interest account, you can also deposit the Binance USD coin for which you will not need to pay the hefty gas fee, as the currency runs on the Binance Smart Chain with way lower costs in contrast to stablecoins that run on the ethereum network. The Binance USD coin is currently only supported on Celsius Network and BlockFi. YouHodler provides presently 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 provides 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that uses higher benefits for those who want 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 should remember is that platforms tend to change the rates from time to time, so you can’t truly forecast the genuine return from your deposits. Keep in mind that by transferring your crypto, the value of the currency may decrease Which will make it hard for you to liquidate your properties if that’s something you would otherwise think about. Now, that you are mindful of the returns let’s briefly evaluation the credibility of the platforms and their track record. Celsius Network is likely the most genuine platform in this space. The founder Alex Mashinsky is a popular business owner. Prior to releasing the Celsius network, he has actually co-founded 3 startups worth more than $1 Billion each. On the Celsius App, you are also able to keep an eye on the development and evaluate a few of the stats. As we are tape-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 Youhodler Crypto App Review

bitcoin amount of lending service with value feature trading

paid out more than $367 M worth of rewards. While we haven’t managed to get answers to our concerns, the CEO does hold a weekly AMA session where he is resolving the most frequently asked questions, which is something rather unusual in this space. The platform is not transparent when it pertains to sharing its financial reports, however with a bit of digging, you can get your hands on the monetary report for 2020, where you will learn that the platform is not rewarding yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within business development space rather than the fintech space. BlockFi is also financed by numerous institutional financiers and the platform is generally targeting the United States market. While you can use the crypto interest account worldwide, the crypto loans are readily available Just for U.S people as BlockFi has the necessary financing licenses just in the U.S. If you want to examine BlockFi’s stats you won’t more than happy as there are none available. Some external sources suggest that there are more than 125,000 signed up users, nevertheless, we were unable to validate any of those claims straight with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech area in Russia. According to our research, it appears like he has actually relocated to Switzerland to launch his crypto lending platform YouHodler in 2017. I understand that YouHodler has actually been praised by some of you in the talk about previous videos, regrettably, the platform isn’t publicly exposing any monetary reports, nor data about their user base or assets under YouHodler’s management. This is something you should certainly consider when using YouHodler. Moving on to Nexo. Nexo claims to handle $12 B worth of assets from more than 1.5 M of users. If this is appropriate, it would mean that Nexo is twice as huge in regards to user base as Celsius with a much lower average

 

deposit quantity as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting requirements as we have actually 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 five months later, the platform declares to handle $12B from 1.5 M users, which we think is a bit of a steep growth even if we think about the buzz in the crypto space. So 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 industry. On his LinkedIn profile, he describes Nexo as the leading managed financial institution for digital assets. I would be actually interested by whom Nexo is regulated, as the business does not have a financing license in Estonia, where they are a legal entity Nexo Services OU is based. Throughout our research study, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is no place to be found on the site. The second co-founder of Nexo is Kosta Kantchev who also founded Credissimo, a Bulgarian payday advance loan business that apparently is financing Nexo. According to our recent research study, the executive board doesn’t 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 financing platform, which is understood for the “abuse of clients cash”. When examining some of Nexo’s comments from the CEO

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in the media, he is typically only promoting crypto and predicting costs however lacks any deeper insights into the crypto financing area or how Nexo is running. But that’s simply our impression from his Bloomberg talks. Nexo is the only platform that uses interest on fiat. According to our knowledge, you can not offer 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 using its services. So now that we have actually examined some of the track records of the 4 discussed platforms, let’s briefly review the use of every crypto financing website. Celsius has begun as a native mobile app. The app is well developed and it comes with different security functions such as the biometric scan, HODL mode, and 2FA. In the dashboard, you are able to see how lots of properties you are holding and what are the presently used rates. You can move and withdraw supported coins but there is no exchange, so if you do not transfer your cryptos from another wallet, you can purchase them straight through the app. Note, nevertheless, that there might be costs for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital properties. BlockiFi makes a less industrialized impression. The app is extremely easy therefore is the desktop variation of the platform. BlockFi supports presently only 10 digital currencies. The platform likewise provides a devoted exchange so you can even trade them. We don’t suggest this feature that much as the currency exchange rate are not the best. While the crypto loans on BlockFi are only available to U.S. people, the platform is likewise working on a Bitcoin benefits charge card which will be taking on the charge card from Crypto.com YouHodler offers a few of the most innovative services among the crypto financing platforms. Currently, the platform supports 18 digital

 

YouHodler is likewise one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have a truly strong idea of what every crypto lending platform is using. What you must think about however, is that as soon as you deposit your crypto on any platform, you are not owning your personal keys anymore and your assets might get compromised either by third parties or by the platform itself. Youhodler Crypto App Review

 

give up your ownership of the assets as long as you hold them in the platform’s wallet. The only way to safeguard 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 gain from the increased value of your coin but not the interest on your deposits, which is something you can do on among the crypto financing platforms. As with any financial investment, it constantly comes down to the risk and return and your danger profile. Based on our thorough contrast, let’s have a look at our independent scores of every category for every platform. Note, that we have actually assigned the rankings based upon our own research study. One represents the lowest rating while 5 mean the greatest score. Within business model classification.