Youhodler Tutorial 2021 – Crypto Loans

Yes so… Youhodler Tutorial…Many of you have actually asked for a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to earn interest on your cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing the business model of private platforms, the return rates, the credibility and track record, use of their apps and we will likewise talk about some of the dangers that you need to think about when transferring your crypto on one of these platforms.

 

think about subscribing and struck the like button to see more content like this in the future. Let’s first give you a quick intro to every platform before we dive deeper into the comparison. 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 using Celsius Network to earn or take a crypto loan interest on their cryptocurrencies and stablecoins. In overall, Celsius manages more than $17 B worth of assets. The platform provides its services worldwide, nevertheless, they are currently not releasing loans in the United States due to regional guidelines. BlockFi is the largest

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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 sanctioned nations. Nexo is another European platform that provides crypto enthusiasts the option to earn interest not only on their coins but likewise fiat deposits. Nexo is in fact, one of just two, to us understood, crypto lending platforms that provide interest on fiat deposits.

 

And the platform is likewise preparing to launch 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 customers. That’s at least our analysis from Nexo’s business design as the platform does not 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? Prior to we compare the rates, there are a couple of things that you ought to consider. When it comes to providing interest on your coins, every platform has specific limits and terms. For example, Celsius Network alters the rates every week to reflect the present market situation. Likewise, you are just able to make greater rates if you choose to get the interest in Celsius’s own utility token. The higher benefit rates are also not offered for United States residents. If you would not want to pay your rewards in the CEL token, you can presently 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 upon the number of your properties. The more bitcoin or ethereum you deposit, the less interest you will receive. The interest rate for Ethereum varieties in between 0.5% and 4.5%, the rate for bitcoin is between 0.5% and 5%, and the rate for the two stablecoins is presently 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 provides higher 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 adjust the rates from time to time, so you can’t really anticipate the genuine return from your deposits. Youhodler Tutorial

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paid out more than $367 M worth of benefits. While we have not managed to get answers to our concerns, the CEO does hold a weekly AMA session where he is attending to the most frequently asked questions, which is something rather unusual in this area. The platform is not transparent when it comes to sharing its financial reports, but with a little bit of digging, you can get your hands on the financial report for 2020, where you will discover out that the platform is not successful. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within business advancement area instead of the fintech area. BlockFi is likewise financed by many institutional financiers and the platform is mainly targeting the United States market. While you can utilize the crypto interest account worldwide, the crypto loans are offered Only for U.S citizens as BlockFi has the necessary lending licenses only in the U.S. If you want to inspect BlockFi’s statistics you will not be happy as there are none offered. Some external sources suggest that there are more than 125,000 signed up users, nevertheless, we were not able to validate any of those claims directly with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech space in Russia. According to our research study, it seems like he has relocated to Switzerland to introduce his crypto loaning platform YouHodler in 2017. I understand that YouHodler has actually been applauded by some of you in the comments on previous videos, sadly, the platform isn’t publicly exposing any financial reports, nor data about their user base or assets under YouHodler’s management. When using YouHodler, this is something you must certainly think about. Proceeding to Nexo. Nexo claims to manage $12 B worth of assets from more than 1.5 M of users. It would suggest that Nexo is twice as huge in terms of user base as Celsius with a much lower average if this is correct

 

deposit amount as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting requirements as we have pointed out together with other red flags in our previous video. Also, at the beginning of January, Nexo had just $4B under its management from 1 M users, now five months later on, the platform claims to manage $12B from 1.5 M users, which we believe is a little bit of a steep development even if we consider the buzz in the crypto space. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research study, Antoni was a Bulgarian political leader with experience in the fashion Retail market. On his LinkedIn profile, he describes Nexo as the leading regulated banks for digital assets. I would be truly interested by whom Nexo is regulated, as the business doesn’t have a lending license in Estonia, where they are a legal entity Nexo Provider OU is based. During our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be found on the site. The second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance loan company that apparently is financing Nexo. According to our current research, the executive board doesn’t even consist of Antoli, but just Kosta and two other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p financing platform, which is understood for the “misuse of clients cash”. Likewise when examining some of Nexo’s comments from the CEO

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in the media, he is frequently only promoting crypto and anticipating prices however lacks any much deeper insights into the crypto financing space or how Nexo is running. That’s simply our impression from his Bloomberg talks. Likewise, Nexo is the only platform that provides interest on fiat. According to our knowledge, you can not provide interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Even though we are not attorneys, we struggle to understand the legal setup under which Nexo is offering its services. Now that we have examined some of the track records of the 4 discussed platforms, let’s briefly go over the functionality of every crypto loaning site. Celsius has started as a native mobile app. The app is well established 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 the number of properties you are holding and what are the presently used rates. You can transfer and withdraw supported coins however there is no exchange, so if you don’t deposit your cryptos from another wallet, you can buy them directly through the app. Keep in mind, nevertheless, that there might be costs for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital possessions. BlockiFi makes a less developed impression. The app is very simple therefore is the desktop variation 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 advise this function that much as the exchange rates are not the best. While the crypto loans on BlockFi are just readily available to U.S. citizens, the platform is also working on a Bitcoin rewards credit card which will be taking on the credit card from Crypto.com YouHodler provides a few of the most advanced services amongst the crypto loaning platforms. Currently, 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 concept of what every crypto loaning platform is using. What you ought to consider however, 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 Tutorial

 

give up your ownership of the properties as long as you hold them in the platform’s wallet. The only method to secure your crypto is to keep it on a devoted hardware wallet like this one from Trezor. That’s the very best way to keep your cryptos safe. The drawback of this strategy is that you will only benefit from the increased worth of your coin but not the interest on your deposits, which is something you can do on among the crypto lending platforms. As with any financial investment, it constantly comes down to the threat and return and your threat profile. Based on our in-depth comparison, let’s have a look at our independent ratings of every category for every platform. Note, that we have assigned the ratings based upon our own research study. One represents the most affordable score while five represent the highest score. Within business model category.