Yes so… Youhodler Ponzi…Many of you have asked for a contrast in 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 business design of individual platforms, the return rates, the trustworthiness and track record, functionality of their apps and we will also speak about a few of the threats that you must think about when transferring your crypto on one of these platforms. We will likewise assemble the contrast with our independent rating of the just-mentioned categories for every platform. So keep watching till the end to discover how we scored specific platforms. If you are new to this channel and your goal is to end up being a more informed P2P investor,
Let’s very first provide 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 founded in 2017 by Alex Mashinsky. The platform uses its services worldwide, however, they are presently not issuing loans in the United States due to local guidelines.
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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 properties BlockFi is definitely worth thinking about.. The platform provides crypto-backed loans in 47 US states and their crypto interest account is readily available worldwide with exception of approved countries. YouHodler is likely the most legitimate crypto lending platform in Europe. The business is registered in Cyprus, with a devoted branch in Switzerland. YouHodler provides really competitive rates on your crypto assets along with numerous other features which you will not find on any other platforms. The platform is offered in numerous nations with the exception of Germany and the U.S.A.. So if you live in the states, you will not be able to use YouHodler’s services. Nexo is another European platform that offers crypto lovers the alternative to make interest not only on their coins however likewise fiat deposits. Nexo remains in reality, among just two, to us understood, crypto loaning platforms that provide interest on fiat deposits. The platform offers its services worldwide, with exception of Bulgaria and Estonia. So now that you have a quick summary of every platform
And the platform is also planning to introduce a BlockFi credit card which will generate another income stream. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the debtors. That’s at least our analysis from Nexo’s business design as the platform does not have A devoted section about
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this on their site. Now let’s speak about the returns. If you are enjoying this video, you wish to earn money by transferring your coins on one of the platforms right? Before we compare the rates, there are a couple of things that you need to consider. When it comes to providing interest on your coins, every platform has specific limits and terms. For example, Celsius Network changes the rates every week to reflect the existing market scenario. You are only able to earn higher rates if you choose to get the interest in Celsius’s own utility token. The higher reward rates are also not readily available for US citizens. If you would not wish to pay out your rewards in the CEL token, you can presently anticipate 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 properties. The more bitcoin or ethereum you deposit, the less interest you will get. The rate of interest for Ethereum varieties 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 higher benefits 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 change the rates from time to time, so you can’t really predict the genuine return from your deposits. Youhodler Ponzi
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deposit quantity as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting standards as we have mentioned together with other warnings in our previous video. Likewise, at the beginning of January, Nexo had only $4B under its management from 1 M users, now 5 months later on, the platform claims to handle $12B from 1.5 M users, which we believe is a bit of a steep development even if we consider the hype 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 style Retail industry. On his LinkedIn profile, he describes Nexo as the leading managed financial institution for digital assets. I would be really interested by whom Nexo is managed, as the business does not have a loaning license in Estonia, where they are a legal entity Nexo Provider OU is based. Throughout our research, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be discovered on the website. The second co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday advance loan business that apparently is financing Nexo. According to our recent research, 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 understood for the “misuse of customers money”. Also when examining some of Nexo’s remarks from the CEO
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in the media, he is often only promoting crypto and forecasting costs however 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 use interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Even though we are not attorneys, we have a hard time to comprehend the legal setup under which Nexo is using its services. So now that we have actually reviewed some of the track records of the 4 mentioned platforms, let’s briefly discuss the functionality of every crypto financing site. Celsius has actually begun as a native mobile app. The app is well established and it includes numerous security functions such as the biometric scan, HODL mode, and 2FA. In the dashboard, you are able to see how many properties you are holding and what are the currently offered rates. You can move and withdraw supported coins however there is no exchange, so if you do not transfer your cryptos from another wallet, you can purchase them straight through the app. Note, however, that there might be costs for charge card purchases or SEPA transfers. Celsius Network supports presently 40 digital properties. BlockiFi makes a less developed impression. The app is very easy and so is the desktop variation of the platform. BlockFi supports currently just 10 digital currencies. The platform likewise provides a devoted exchange so you can even trade them. We don’t recommend this feature that much as the currency exchange rate are not the very best. While the crypto loans on BlockFi are just offered to U.S. citizens, the platform is likewise working on a Bitcoin rewards credit card which will be taking on the credit card from Crypto.com YouHodler uses a few of the most advanced services among the crypto loaning 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 an actually strong concept of what every crypto lending platform is providing. What you need to think about however, is that as soon as you deposit your crypto on any platform, you are not owning your private secrets anymore and your assets might get jeopardized either by third celebrations or by the platform itself. Youhodler Ponzi
The only way to protect your crypto is to store it on a dedicated hardware wallet like this one from Trezor. The drawback of this technique 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 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.