Yes so… Youhodler Crypto Rewards Card…Many 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 design of specific platforms, the return rates, the trustworthiness and track record, functionality of their apps and we will also discuss a few of the dangers that you need to consider when transferring your crypto on one of these platforms. We will also assemble the contrast with our independent score of the just-mentioned categories for each platform. Keep seeing till the end to discover out how we scored private platforms. If you are brand-new to this channel and your objective is to become a more informed P2P financier,
Let’s first offer you a quick intro to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto loaning platform in the world, which was established in 2017 by Alex Mashinsky. The platform offers its services worldwide, nevertheless, they are presently not releasing loans in the United States due to local guidelines.
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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. Nexo is another European platform that provides crypto lovers the option to make interest not just on their coins but also fiat deposits. Nexo is in reality, one of only two, to us known, crypto lending platforms that offer interest on fiat deposits.
let’s discuss how they earn money in the first place. So Celsius earns money 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 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 security from the debtors and releases it in order to create extra income. BlockFi is also earning money through the interest that is being charged to customers. The platform also charges a 2% origination charge for anyone who desires to take a loan. Another income stream is BlockFi’s exchange function. When exchanging currencies, the platform makes money from the spread. BlockFi likewise charges withdrawal fees after your one free withdrawal each month. And the platform is likewise planning to release a BlockFi credit card which will produce another earnings stream. YouHodler is also earning money from the interest credited debtors. In addition to that, there is a little withdrawal cost 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 possible returns. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the debtors. Nexo also makes revenues with their Nexo token. That’s at least our interpretation from Nexo’s service model as the platform doesn’t have A dedicated area about
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this on their site. Now let’s talk about the returns. If you are viewing this video, you desire to make money by depositing your coins on one of the platforms? Before we compare the rates, there are a few things that you need to consider. When it comes to providing interest on your coins, every platform has particular limits and terms. So for example, Celsius Network alters the rates each week to show the present market scenario. Also, you are only able to earn higher rates if you decide to receive the interest in Celsius’s own utility token. The greater benefit rates are likewise not available for United States citizens. If you would not want to pay out your benefits in the CEL token, you can currently 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 variety of your properties. The more bitcoin or ethereum you deposit, the less interest you will get. The rate of interest for Ethereum varieties in between 0.5% and 4.5%, the rate for bitcoin is in between 0.5% and 5%, and the rate for the two stablecoins is presently at
9% annually. What deserves discussing is that if you want to conserve some fees, and bring more stability into your crypto interest account, you can likewise deposit the Binance USD coin for which you will not require to pay the large gas fee, as the currency runs on the Binance Smart Chain with method lower fees in contrast to stablecoins that work on the ethereum network. The Binance USD coin is presently just supported on Celsius Network and BlockFi. YouHodler uses currently the most competitive rates for your USDC coins without the requirement to stake the platform’s own energy 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 provides higher rewards for those who wish to get the interest in the native NEXO tokens instead of the deposited currency. The platform provides 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you should keep in mind is that platforms tend to change the rates from time to time, so you can’t really anticipate the real return from your deposits. Keep in mind that by depositing your crypto, the worth of the currency might reduce Which will make it hard for you to liquidate your possessions if that’s something you would otherwise consider. Now, that you are conscious of the returns let’s briefly review the credibility of the platforms and their track record. Celsius Network is most likely the most legitimate platform in this space. The founder Alex Mashinsky is a popular business owner. Before releasing the Celsius network, he has actually co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are likewise able to monitor the progress and review some of the statistics. As we are recording this video, there are over 650,000 users and the platform is managing $17 billion worth of possessions. Alone in the last 12 months, Celsius has Youhodler Crypto Rewards Card
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deposit quantity as compared to the users on the Celsius Network. We are not delighted about Nexo’s reporting standards as we have pointed out together with other red flags in our previous video. At the start of January, Nexo had just $4B under its management from 1 M users, now 5 months later, the platform claims to manage $12B from 1.5 M users, which we think is a bit of a high growth even if we consider the buzz in the crypto space. 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 fashion Retail market. On his LinkedIn profile, he describes Nexo as the leading managed financial institution for digital possessions. I would be really interested by whom Nexo is controlled, as the business does not have a financing license in Estonia, where they are a legal entity Nexo Services OU is based. During our research study, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is no place to be found on the website. The second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance company that apparently is funding Nexo. According to our recent research, the executive board does not even include Antoli, however only Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p loaning platform, which is understood for the “abuse of customers money”. When evaluating some of Nexo’s remarks from the CEO
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in the media, he is frequently only promoting crypto and predicting prices however lacks any much 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 understanding, you can not offer interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Even though we are not legal representatives, we struggle to understand the legal setup under which Nexo is using its services. Now that we have actually evaluated some of the track records of the 4 pointed out platforms, let’s briefly go over the use of every crypto lending site. Celsius has actually started as a native mobile app. The app is well established and it includes various security functions such as the biometric scan, HODL mode, and 2FA. In the dashboard, you are able to see how lots of possessions 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 don’t deposit your cryptos from another wallet, you can buy them straight through the app. Note, however, that there might be charges for credit card purchases or SEPA transfers. Celsius Network supports presently 40 digital possessions. BlockiFi makes a less industrialized impression. The app is extremely basic and so is the desktop version of the platform. BlockFi supports presently just 10 digital currencies. The platform likewise provides a devoted exchange so you can even trade them. We don’t advise this feature that much as the exchange rates are not the best. While the crypto loans on BlockFi are only available to U.S. residents, the platform is also dealing with a Bitcoin benefits charge card which will be competing with the credit card from Crypto.com YouHodler provides a few of the most advanced services amongst the crypto loaning platforms. Currently, the platform supports 18 digital
currencies on which you have the ability to earn interest. YouHodler permits you to exchange in between various currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit amounts are extremely low, so you do not require to transfer hundreds of Dollars or euros to evaluate 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 make interest on your crypto properties. Apart from earning interest on your deposits or exchanging cryptos, YouHodler likewise uses you the alternative to borrow fiat money in exchange for collateral. The platform presently supports just 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 likewise uses two leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic financiers. As the performance of those features exceeds this video, you can discover how it operates in our devoted youhodler review on p2pempire. Nexo’s usability is similar to Celsius Network. Nexo is likewise using its energy tokens to use better rates on loans, greater interests on crypto and fiat deposits, or more totally free withdrawals per month. If you decide to stake your coins or fiat, meaning you lock your possessions for a specified term, you can get a greater interest rate. Like BlockFi, Nexo also uses you to buy, or exchange crypto if you want to hold your assets in numerous currencies. Now you have a truly strong concept of what every crypto loaning platform is offering. What you should consider however, is that as quickly as you transfer your crypto on any platform, you are not owning your personal secrets anymore and your possessions might get jeopardized either by third parties or by the platform itself. It resembles depositing your crypto on the exchange – if you do not own the secrets, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are really clear about the fact that you Youhodler Crypto Rewards Card
quit 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 save it on a dedicated hardware wallet like this one from Trezor. That’s the best way to keep your cryptos safe. The disadvantage of this method is that you will only benefit from the increased value of your coin but not the interest on your deposits, which is something you can do on among the crypto loaning platforms. But, just like any investment, it constantly comes down to the danger and return and your threat profile. Based on our in-depth contrast, let’s have a look at our independent rankings of every category for every platform. Keep in mind, that we have designated the rankings based upon our own research. One represents the lowest ranking while 5 stands for the greatest score. Within the business model category.