Yes so… Youhodler Vs Nexo…Many of you have requested a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to make interest on your cryptocurrencies and stablecoins. As requested, 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 likewise talk about some of the risks that you should consider when depositing your crypto on one of these platforms.
consider subscribing and struck the like button to see more material like this in the future. Let’s very first provide you a quick introduction to every platform prior to 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 take a crypto loan or earn interest on their cryptocurrencies and stablecoins. In total, Celsius handles more than $17 B worth of assets. The platform provides its services worldwide, however, they are currently not releasing loans in the United States due to regional regulations. BlockFi is the largest
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The platform provides crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of sanctioned nations. Nexo is another European platform that uses crypto lovers the option to make interest not only on their coins but likewise fiat deposits. Nexo is in reality, one of only 2, to us known, crypto loaning platforms that offer interest on fiat deposits.
And the platform is also preparing to release a BlockFi credit card which will generate another earnings stream. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the borrowers. 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 website. Now let’s discuss the returns. If you are seeing this video, you wish to make money by depositing your coins on among the platforms right? Prior to we compare the rates, there are a few things that you need to consider though. Every platform has specific limitations and terms when it comes to providing interest on your coins. For example, Celsius Network alters the rates every week to reflect the present market scenario. Likewise, you are only able to make greater rates if you decide to receive the interest in Celsius’s own utility token. The higher reward rates are likewise not readily available for US citizens. If you would not want to pay your rewards in the CEL token, you can presently 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 properties. The more bitcoin or ethereum you deposit, the less interest you will receive. The rate 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 presently at
9% per year. What’s worth mentioning is that if you wish to save some charges, and bring more stability into your crypto interest account, you can likewise deposit the Binance USD coin for which you will not need to pay the large gas cost, as the currency works on the Binance Smart Chain with way lower charges in contrast to stablecoins that operate on the ethereum network. The Binance USD coin is presently just supported on Celsius Network and BlockFi. YouHodler offers presently the most competitive rates for your USDC coins without the requirement to stake the platform’s own energy tokens. You can earn 12% interest on your USDC holdings and the platform uses 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that offers higher rewards for those who wish to receive the interest in the native NEXO tokens instead of the deposited currency. The platform offers 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you need to bear 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. Likewise, keep in mind that by transferring your crypto, the worth of the currency might decrease Which will make it hard for you to liquidate your assets if that’s something you would otherwise consider. Now, that you are aware of the returns let’s briefly evaluation the credibility of the platforms and their track record. Celsius Network is likely the most legitimate platform in this area. The founder Alex Mashinsky is a well-known business owner. Before launching the Celsius network, he has actually co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are likewise able to monitor the progress and examine some of the statistics. As we are recording this video, there are over 650,000 users and the platform is managing $17 billion worth of assets. Alone in the last 12 months, Celsius has Youhodler Vs Nexo
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The platform is not transparent when it comes to sharing its monetary reports, but 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 successful. BlockFi is also funded by many institutional financiers and the platform is primarily targeting the United States market. According to our research, it seems like he has transferred to Switzerland to release 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 standards as we have mentioned together with other red flags 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 declares to manage $12B from 1.5 M users, which we believe is a little a high development even if we consider the hype in the crypto space. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based on our research, Antoni was a Bulgarian political leader with experience in the style Retail industry. On his LinkedIn profile, he explains Nexo as the leading managed banks for digital properties. I would be truly interested by whom Nexo is managed, as the company does not have a lending license in Estonia, where they are a legal entity Nexo Services OU is based. Throughout our research, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is nowhere to be found on the site. The second co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday advance loan company that apparently is financing Nexo. According to our current research, the executive board does not even include Antoli, but just 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 clients cash”. 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 anticipating costs however lacks any much deeper insights into the crypto financing area 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 knowledge, you can not offer interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Despite the fact that we are not legal representatives, we have a hard time to understand the legal setup under which Nexo is offering its services. Now that we have actually reviewed some of the track records of the 4 discussed platforms, let’s briefly go over the functionality of every crypto loaning website. Celsius has begun as a native mobile app. The app is well developed and it comes with different security functions such as the biometric scan, HODL mode, and 2FA. In the control panel, you are able to see how lots of assets you are holding and what are the presently used rates. You can move and withdraw supported coins but there is no exchange, so if you do not transfer your cryptos from another wallet, you can buy them straight through the app. Keep in mind, however, that there might be charges for charge card purchases or SEPA transfers. Celsius Network supports currently 40 digital possessions. BlockiFi makes a less industrialized impression. The app is really easy therefore is the desktop version of the platform. BlockFi supports presently just 10 digital currencies. The platform likewise offers a devoted exchange so you can even trade them. We don’t recommend this function that much as the currency exchange rate are not the very best. While the crypto loans on BlockFi are only available to U.S. citizens, the platform is likewise dealing with a Bitcoin rewards credit card which will be competing with the credit card from Crypto.com YouHodler uses a few of the most innovative services among the crypto loaning platforms. Presently, the platform supports 18 digital
YouHodler is also one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have a really solid concept of what every crypto loaning platform is offering. What you ought to consider however, is that as quickly as you deposit your crypto on any platform, you are not owning your private keys any longer and your possessions may get compromised either by 3rd parties or by the platform itself. Youhodler Vs Nexo
The only method to secure your crypto is to save it on a devoted hardware wallet like this one from Trezor. The downside of this method is that you will just 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 a look at our independent ratings of every classification for every platform.