Yes so… Youhodler Loan Liquidation…Many of you have asked for a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to make interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the service design of private platforms, the return rates, the trustworthiness and track record, functionality of their apps and we will also talk about some of the risks that you should think about when depositing your crypto on one of these platforms.
think about subscribing and struck the like button to see more material like this in the future. Let’s first give you a short introduction to every platform prior to we dive deeper into the contrast. Celsius Network is the fastest-growing crypto financing platform in the world, 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 handles more than $17 B worth of properties. The platform offers its services worldwide, nevertheless, they are currently not issuing loans in the United States due to regional policies. BlockFi is the largest
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rival to Celsius Network. The US-based company has trading and financing licenses in various US states. , if you are looking for 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 approved nations. YouHodler is most likely the most genuine crypto lending platform in Europe. The business is registered in Cyprus, with a dedicated branch in Switzerland. YouHodler uses extremely competitive rates on your crypto properties in addition to a number of other functions which you will not find on any other platforms. The platform is available in many 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 uses crypto enthusiasts the alternative to make interest not only on their coins but also fiat deposits. Nexo is in truth, among only two, to us understood, crypto lending platforms that use interest on fiat deposits. The platform uses its services worldwide, with exception of Bulgaria and Estonia. So now that you have a quick introduction of every platform
let’s speak about how they make money in the first place. Celsius makes cash from the interest they charge to the borrowers which are either retail debtors or organizations, they also make cash from their CEL token which is an utility token that you can use to increase your rewards on Celsius Network. Another earnings stream is the rehypothecation which suggests that Celsius uses the security from the debtors and deploys it in order to create extra income. BlockFi is likewise generating income through the interest that is being charged to debtors. The platform likewise charges a 2% origination fee for anyone who desires to take a loan. Another income stream is BlockFi’s exchange function. When exchanging currencies, the platform makes cash from the spread. BlockFi likewise charges withdrawal fees after your one free withdrawal monthly. And the platform is also planning to introduce a BlockFi charge card which will generate another earnings stream. YouHodler is likewise generating income from the interest charged to borrowers. There is a small withdrawal cost and fees for extra services such as the Multi HODL tool, which is a feature that lets you leverage your crypto assets in exchange for potential returns. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the borrowers. Nexo likewise makes profits with their Nexo token. That’s at least our interpretation from Nexo’s business design as the platform does not have A dedicated section about
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If you are enjoying this video, you want to make money by depositing your coins on one of the platforms? Every platform has certain limits and terms when it comes to offering interest on your coins. You are just able to make higher rates if you choose to receive the interest in Celsius’s own utility token.
You can earn 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 rewards for those who want to receive the interest in the native NEXO tokens instead of the deposited currency. What you ought to keep in mind is that platforms tend to change the rates from time to time, so you can’t really predict the real return from your deposits. Youhodler Loan Liquidation
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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 lucrative. BlockFi is likewise financed by many institutional financiers and the platform is primarily targeting the United States market. According to our research study, it appears like he has moved to Switzerland to introduce his crypto financing platform YouHodler in 2017.
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 steep growth even if we consider the hype in the crypto space. The second co-founder of Nexo is Kosta Kantchev who also founded Credissimo, a Bulgarian payday loan company that apparently is financing Nexo. According to our recent research study, the executive board doesn’t even consist of 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 known for the “abuse of customers cash”.
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in the media, he is typically only promoting crypto and predicting rates but lacks any deeper insights into the crypto financing space or how Nexo is operating. That’s simply our impression from his Bloomberg talks. Nexo is the only platform that uses interest on fiat. According to our understanding, you can not use interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Even though we are not lawyers, we have a hard time to understand the legal setup under which Nexo is providing its services. So now that we have evaluated a few of the performance history of the 4 mentioned platforms, let’s briefly go over the use of every crypto financing site. Celsius has started as a native mobile app. The app is well developed and it comes with various security features such as the biometric scan, HODL mode, and 2FA. In the dashboard, you are able to see how numerous assets you are holding and what are the currently provided rates. You can withdraw and transfer supported coins but there is no exchange, so if you do not transfer your cryptos from another wallet, you can purchase them directly through the app. Note, nevertheless, 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 simple and so is the desktop version of the platform. BlockFi supports currently only 10 digital currencies. The platform also uses a devoted exchange so you can even trade them. We do not advise this function that much as the currency exchange rate are not the best. While the crypto loans on BlockFi are just readily available to U.S. residents, the platform is likewise working on a Bitcoin rewards charge card which will be taking on the credit card from Crypto.com YouHodler provides some of the most advanced services amongst the crypto financing platforms. Presently, the platform supports 18 digital
YouHodler is also one of the platforms with flexible loan terms and an optimum LTV of 90%. Now you have a really strong idea of what every crypto loaning platform is offering. What you must think about though, is that as soon as you deposit your crypto on any platform, you are not owning your personal keys anymore and your properties might get compromised either by 3rd parties or by the platform itself. Youhodler Loan Liquidation
give up your ownership of the assets as long as you hold them in the platform’s wallet. The only method to secure your crypto is to keep it on a dedicated hardware wallet like this one from Trezor. That’s the very best way to keep your cryptos safe. The downside of this technique is that you will just gain 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 financing platforms. However, as with any financial investment, it constantly comes down to the danger and return and your risk profile. So based on our in-depth contrast, let’s have a look at our independent rankings of every category for every single platform. Keep in mind, that we have actually assigned the ratings based upon our own research. One represents the lowest score while 5 represent the highest rating. Within business design category.