Yes so… Youhodler Dai…Numerous of you have requested a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to earn interest on your cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing the service design of private platforms, the return rates, the trustworthiness and track record, use of their apps and we will also talk about some of the threats that you must consider when transferring your crypto on one of these platforms.
consider subscribing and hit the like button to see more material like this in the future. So let’s very first give you a quick introduction to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto loaning platform on the planet, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users utilizing Celsius Network to make or take a crypto loan interest on their cryptocurrencies and stablecoins. In total, Celsius manages more than $17 B worth of assets. The platform offers its services worldwide, nevertheless, they are presently not providing loans in the United States due to regional guidelines. BlockFi is the biggest
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is available worldwide with exception of approved nations. Nexo is another European platform that uses crypto lovers the alternative to earn interest not only on their coins but also fiat deposits. Nexo is in reality, one of just two, to us known, crypto financing platforms that use interest on fiat deposits.
let’s speak about how they generate income in the first place. So Celsius generates income from the interest they credit the customers which are either retail debtors or institutions, they likewise earn money 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 uses the collateral from the debtors and releases it in order to generate extra earnings. BlockFi is also making money through the interest that is being credited borrowers. The platform likewise charges a 2% origination charge for anybody who desires to take a loan. Another income stream is BlockFi’s exchange function. The platform earns money from the spread when exchanging currencies. BlockFi likewise charges withdrawal fees after your one totally free withdrawal monthly. And the platform is also preparing to launch a BlockFi charge card which will produce another earnings stream. YouHodler is also earning money from the interest credited borrowers. In addition to that, there is a small withdrawal charge 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 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 service model as the platform does not have A dedicated area about
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this on their site. Now let’s speak about the returns. If you are seeing this video, you want to earn money by depositing your coins on among the platforms right? Before we compare the rates, there are a couple of things that you should think about however. When it comes to providing interest on your coins, every platform has particular limits and terms. For example, Celsius Network changes the rates every week to show the current market situation. You are just able to earn greater rates if you choose to get the interest in Celsius’s own utility token. The higher benefit rates are also not available for US people. If you would not want to pay your benefits in the CEL token, you can currently 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 on the variety of your assets. The more bitcoin or ethereum you deposit, the less interest you will receive. The rate of interest for Ethereum ranges 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 currently at
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 offers greater benefits for those who desire 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 change the rates from time to time, so you can’t truly predict the genuine return from your deposits. Youhodler Dai
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deposit quantity as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting requirements as we have actually explained together with other red flags in our previous video. Likewise, 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 think is a bit of a steep growth even if we think about 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 study, Antoni was a Bulgarian politician with experience in the style Retail market. On his LinkedIn profile, he describes Nexo as the leading managed banks for digital assets. I would be actually interested by whom Nexo is regulated, as the company doesn’t have a financing license in Estonia, where they are a legal entity Nexo Solutions OU is based. Throughout our research study, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is nowhere to be discovered on the site. The 2nd co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday advance loan company that apparently is funding Nexo. According to our recent research study, the executive board does not even consist of Antoli, but only Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p lending platform, which is known for the “abuse of clients money”. Likewise when reviewing some of Nexo’s comments from the CEO
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Nexo is the only platform that uses interest on fiat. Now that we have actually evaluated some of the track records of the four discussed platforms, let’s briefly go over the usability of every crypto loaning website. While the crypto loans on BlockFi are just offered to U.S. people, the platform is also working on a Bitcoin rewards credit card which will be competing with the credit card from Crypto.com YouHodler uses some of the most advanced services among the crypto loaning platforms.
YouHodler is also one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have a truly solid idea of what every crypto financing platform is using. What you should consider though, is that as soon as you transfer your crypto on any platform, you are not owning your private secrets any longer and your assets may get jeopardized either by third celebrations or by the platform itself. Youhodler Dai
The only way to safeguard your crypto is to save it on a dedicated hardware wallet like this one from Trezor. The disadvantage of this method is that you will only benefit from the increased value 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 classification for every platform.