Yes so… Youhodler Deposit Rewards…Much of you have actually requested a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to make interest on your stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing business model of private platforms, the return rates, the credibility and performance history, use of their apps and we will also talk about a few of the threats that you need to consider when depositing your crypto on one of these platforms. We will likewise assemble the comparison with our independent score of the just-mentioned categories for every single platform. Keep seeing until the end to discover out how we scored private platforms. If you are new to this channel and your goal is to become a more informed P2P financier,
think about subscribing and struck the like button to see more content like this in the future. Let’s very first offer you a short intro to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto loaning platform worldwide, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users using Celsius Network to take a crypto loan or make interest on their cryptocurrencies and stablecoins. In overall, Celsius manages more than $17 B worth of assets. The platform uses its services worldwide, nevertheless, they are presently not issuing loans in the United States due to local regulations. BlockFi is the biggest
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The platform provides crypto-backed loans in 47 US states and their crypto interest account is available around the world with exception of approved nations. Nexo is another European platform that provides crypto lovers the alternative to make interest not just on their coins but also fiat deposits. Nexo is in truth, one of just 2, to us known, crypto financing platforms that offer interest on fiat deposits.
And the platform is likewise preparing to launch a BlockFi credit card which will produce another earnings stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the borrowers. That’s at least our interpretation from Nexo’s service design as the platform doesn’t have A dedicated area about
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this on their website. Now let’s discuss the returns. If you are viewing this video, you desire to make cash by transferring your coins on one of the platforms? Before we compare the rates, there are a couple of things that you ought to consider however. Every platform has particular limits and terms when it comes to providing interest on your coins. So for example, Celsius Network changes the rates every week to show the current market situation. Also, you are just able to earn higher rates if you decide to receive the interest in Celsius’s own utility token. The greater reward rates are likewise not readily available for US residents. If you would not want to pay 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 number of your possessions. The more bitcoin or ethereum you deposit, the less interest you will get. The rates of interest for Ethereum ranges between 0.5% and 4.5%, the rate for bitcoin is between 0.5% and 5%, and the rate for the two stablecoins is currently at
You can earn 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 offers higher benefits for those who desire to get the interest in the native NEXO tokens rather of the deposited currency. What you need to keep in mind is that platforms tend to adjust the rates from time to time, so you can’t truly predict the genuine return from your deposits. Youhodler Deposit Rewards
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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 find out that the platform is not rewarding. BlockFi is likewise financed by numerous institutional financiers and the platform is primarily targeting the US market. According to our research, it seems like he has relocated to Switzerland to introduce his crypto loaning platform YouHodler in 2017.
deposit quantity as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting requirements as we have actually mentioned together with other warnings in our previous video. Likewise, at the start of January, Nexo had just $4B under its management from 1 M users, now 5 months later, the platform claims to handle $12B from 1.5 M users, which we believe is a bit of a high development even if we consider the buzz in the crypto area. 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 explains Nexo as the leading regulated banks for digital possessions. I would be really interested by whom Nexo is managed, as the business doesn’t have a financing license in Estonia, where they are a legal entity Nexo Services OU is based. Throughout 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 site. The 2nd co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday advance loan business that obviously is funding Nexo. According to our recent research, the executive board doesn’t even include Antoli, however only Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p loaning platform, which is understood for the “misuse of clients money”. Also when evaluating a few of Nexo’s remarks from the CEO
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in the media, he is frequently only promoting crypto and forecasting rates but does not have any much deeper insights into the crypto lending space or how Nexo is operating. That’s just our impression from his Bloomberg talks. Nexo is the only platform that provides 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. Although we are not legal representatives, 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 mentioned platforms, let’s briefly go over the functionality of every crypto lending website. Celsius has started as a native mobile app. The app is well developed and it features various security functions such as the biometric scan, HODL mode, and 2FA. Right in the dashboard, you have the ability to see how many assets you are holding and what are the currently used rates. You can transfer and withdraw supported coins but there is no exchange, so if you don’t transfer your cryptos from another wallet, you can acquire them straight through the app. Keep in mind, however, that there might be charges for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital properties. BlockiFi makes a less developed impression. The app is very basic therefore is the desktop variation of the platform. BlockFi supports currently only 10 digital currencies. The platform likewise provides a dedicated exchange so you can even trade them. We do not recommend 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 also working on a Bitcoin benefits credit card which will be competing with the credit card from Crypto.com YouHodler uses a few of the most innovative services amongst the crypto lending platforms. Currently, the platform supports 18 digital
YouHodler is likewise one of the platforms with flexible loan terms and an optimum LTV of 90%. Now you have a really strong concept of what every crypto loaning platform is using. What you must think about though, is that as soon as you transfer your crypto on any platform, you are not owning your private keys any longer and your properties may get compromised either by third parties or by the platform itself. Youhodler Deposit Rewards
The only way to safeguard your crypto is to store it on a dedicated hardware wallet like this one from Trezor. The drawback of this strategy is that you will just benefit from the increased worth 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 category for every platform.