Youhodler Crypto Security 2021 – Crypto Loans

Yes so… Youhodler Crypto Security…A lot of you have actually requested a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to make interest on your stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing business model of specific platforms, the return rates, the credibility and track record, use of their apps and we will also discuss a few of the risks that you must consider when depositing your crypto on one of these platforms. We will likewise assemble the contrast with our independent score of the just-mentioned categories for every platform. So keep watching up until completion to find out how we scored specific platforms. if you are brand-new to this channel and your objective is to become a more educated P2P investor

 

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 loaning platform in the world, which was founded in 2017 by Alex Mashinsky. The platform uses its services worldwide, however, they are currently not issuing loans in the United States due to regional guidelines.

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The platform uses crypto-backed loans in 47 US states and their crypto interest account is offered around the world with exception of approved nations. Nexo is another European platform that offers crypto enthusiasts the option to make interest not only on their coins however also fiat deposits. Nexo is in reality, one of only 2, to us understood, crypto financing platforms that offer interest on fiat deposits.

 

let’s talk about how they earn money in the first place. Celsius makes cash from the interest they charge to the customers which are either retail borrowers or institutions, they also make money from their CEL token which is an utility token that you can use to increase your benefits on Celsius Network. Another earnings stream is the rehypothecation which means that Celsius uses the collateral from the borrowers and releases it in order to produce additional earnings. BlockFi is likewise generating income through the interest that is being credited debtors. The platform likewise charges a 2% origination fee for anyone who wants to take a loan. Another income stream is BlockFi’s exchange feature. The platform earns money from the spread when exchanging currencies. BlockFi likewise charges withdrawal fees after your one free withdrawal monthly. And the platform is likewise planning to release a BlockFi credit card which will create another income stream. YouHodler is also generating income from the interest charged to customers. There is a small withdrawal fee and charges for additional services such as the Multi HODL tool, which is a feature that lets you utilize your crypto possessions in exchange for potential 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 business model as the platform does not have A dedicated section about

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If you are seeing this video, you desire to make money by transferring your coins on one of the platforms? Every platform has particular limits and terms when it comes to offering interest on your coins. You are just able to earn higher 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 provides greater rewards for those who want to receive 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 real return from your deposits. Youhodler Crypto Security

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paid out more than $367 M worth of benefits. While we haven’t managed to get answers to our questions, the CEO does hold a weekly AMA session where he is attending to the most frequently asked questions, which is something rather rare in this space. The platform is not transparent when it concerns sharing its financial reports, however with a little bit of digging, you can get your hands on the monetary report for 2020, where you will find out 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 rather than the fintech area. BlockFi is likewise financed by many institutional investors and the platform is mainly targeting the United States market. While you can use the crypto interest account worldwide, the crypto loans are offered Just for U.S people as BlockFi has the required lending licenses just in the U.S. If you wish to check BlockFi’s stats you will not enjoy as there are none readily available. Some external sources suggest that there are more than 125,000 signed up users, nevertheless, we were unable to verify any of those claims directly with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech area in Russia. According to our research study, it seems like he has relocated to Switzerland to launch his crypto lending platform YouHodler in 2017. I know that YouHodler has been applauded by some of you in the comments on previous videos, regrettably, the platform isn’t publicly exposing any monetary reports, nor data about their user base or possessions under YouHodler’s management. When utilizing YouHodler, this is something you must definitely think about. Proceeding to Nexo. Nexo declares to manage $12 B worth of possessions from more than 1.5 M of users. If this is appropriate, it would mean that Nexo is two times as big in terms of user base as Celsius with a much lower average

 

At the beginning of January, Nexo had just $4B under its management from 1 M users, now five months later, the platform declares to manage $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 space. The second co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday loan company that apparently is funding Nexo. According to our current research study, the executive board does not even include Antoli, however just Kosta and two other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p lending platform, which is understood for the “misuse of customers money”.

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in the media, he is frequently only promoting crypto and forecasting rates but lacks any much deeper insights into the crypto financing 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 provide interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Even though we are not attorneys, we struggle to understand the legal setup under which Nexo is providing its services. Now that we have evaluated some of the track records of the 4 discussed 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 comes with various security functions such as the biometric scan, HODL mode, and 2FA. In the dashboard, you are able to see how lots of assets you are holding and what are the currently used rates. You can withdraw and move supported coins however there is no exchange, so if you don’t deposit your cryptos from another wallet, you can purchase them directly through the app. Note, nevertheless, that there might be fees for charge card purchases or SEPA transfers. Celsius Network supports currently 40 digital assets. BlockiFi makes a less developed impression. The app is very basic and so is the desktop version of the platform. BlockFi supports presently just 10 digital currencies. The platform likewise uses a devoted exchange so you can even trade them. We do not recommend this function that much as the exchange rates are not the very best. While the crypto loans on BlockFi are only readily available to U.S. people, the platform is also working on a Bitcoin rewards charge card which will be taking on the charge card from Crypto.com YouHodler uses a few of the most innovative services among the crypto loaning platforms. Currently, the platform supports 18 digital

 

YouHodler is also one of the platforms with versatile loan terms and a maximum LTV of 90%. Now you have a really strong idea of what every crypto loaning platform is offering. What you must consider though, is that as quickly as you deposit your crypto on any platform, you are not owning your private secrets any longer and your properties may get jeopardized either by third celebrations or by the platform itself. Youhodler Crypto Security

 

The only way to protect your crypto is to store it on a devoted hardware wallet like this one from Trezor. The downside of this technique is that you will just 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 lending platforms. Based on our extensive comparison, let’s have an appearance at our independent scores of every classification for every platform.