Banks Refusing Loans If You Have Bitcoin – Get Crypto Loan Today

Looking for Banks Refusing Loans If You Have Bitcoin…Many of you have requested a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the service model of individual platforms, the return rates, the credibility and track record, use of their apps and we will also talk about some of the threats that you ought to consider when depositing your crypto on one of these platforms.

 

think about subscribing and hit the like button to see more material like this in the future. So let’s first provide you a short introduction to every platform prior to we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing 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 stablecoins and cryptocurrencies. In total, Celsius manages more than $17 B worth of assets. The platform uses its services worldwide, nevertheless, they are currently not providing loans in the United States due to regional guidelines. BlockFi is the biggest

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competitor to Celsius Network. The US-based company has trading and financing licenses in different US states. If you are searching for a wealth-management app for your crypto assets BlockFi is definitely worth considering. The platform offers crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of approved nations. YouHodler is likely the most genuine crypto financing platform in Europe. The company is registered in Cyprus, with a devoted branch in Switzerland. YouHodler offers really competitive rates on your crypto assets in addition to numerous other functions which you will not find on any other platforms. The platform is readily available in lots of countries with the exception of Germany and the U.S.A.. 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 option to earn interest not just on their coins however likewise fiat deposits. Nexo is in reality, among only 2, to us understood, crypto lending platforms that provide interest on fiat deposits. The platform offers its services worldwide, with exception of Bulgaria and Estonia. Now that you have a brief summary of every platform

 

And the platform is likewise planning to introduce a BlockFi credit card which will create another income 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 design as the platform doesn’t have A dedicated area about

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If you are enjoying this video, you desire to make money by depositing your coins on one of the platforms? Every platform has certain limitations and terms when it comes to using interest on your coins. You are just able to earn greater rates if you choose to get the interest in Celsius’s own utility token.

 

You can make 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 benefits for those who desire to get the interest in the native NEXO tokens rather 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 forecast the genuine return from your deposits. Banks Refusing Loans If You Have Bitcoin

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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 discover out that the platform is not rewarding. BlockFi is also financed by lots of institutional investors and the platform is generally targeting the United States market. According to our research study, it appears like he has actually moved 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 actually mentioned together with other red flags in our previous video. At the start of January, Nexo had just $4B under its management from 1 M users, now five months later on, the platform claims to handle $12B from 1.5 M users, which we think is a bit of a high development even if we think about the buzz in the crypto area. So 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 fashion Retail industry. On his LinkedIn profile, he describes Nexo as the leading managed financial institution for digital properties. I would be truly interested by whom Nexo is managed, as the company doesn’t have a lending license in Estonia, where they are a legal entity Nexo Solutions OU is based. During 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 website. The 2nd co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance company that apparently is funding Nexo. According to our recent research study, the executive board does not even consist of Antoli, but just Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p loaning platform, which is known for the “misuse of clients cash”. When reviewing some of Nexo’s remarks from the CEO

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in the media, he is frequently only promoting crypto and anticipating rates but lacks any much deeper insights into the crypto financing space or how Nexo is operating. But 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. 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 actually evaluated some of the performance history of the 4 pointed out platforms, let’s briefly discuss the functionality of every crypto lending website. Celsius has actually begun as a native mobile app. The app is well established and it features numerous security features such as the biometric scan, HODL mode, and 2FA. Right in the control panel, you are able to see how many properties you are holding and what are the presently offered rates. You can withdraw and transfer supported coins however there is no exchange, so if you do not transfer your cryptos from another wallet, you can acquire them directly through the app. Note, nevertheless, that there might be fees for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital possessions. BlockiFi makes a less developed impression. The app is really easy therefore is the desktop variation of the platform. BlockFi supports currently just 10 digital currencies. The platform likewise uses a devoted exchange so you can even trade them. We do not advise this feature that much as the currency exchange rate are not the best. While the crypto loans on BlockFi are just offered to U.S. citizens, the platform is likewise dealing with a Bitcoin rewards charge card which will be taking on the credit card from Crypto.com YouHodler provides some of the most sophisticated services amongst the crypto financing platforms. Presently, the platform supports 18 digital

 

currencies on which you have the ability to make interest. YouHodler permits you to exchange between numerous currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit amounts are really low, so you do not require to move hundreds of Dollars or euros to test the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler does not have a banking license, you can just earn interest on your crypto assets. Apart from making interest on your deposits or exchanging cryptos, YouHodler likewise provides you the alternative to borrow fiat money in exchange for security. The platform presently supports only loans in us euros or dollars. YouHodler is also one of the platforms with flexible loan terms and a maximum LTV of 90%. Apart from those services, YouHodler likewise offers two leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic investors. As the functionality of those functions goes beyond this video, you can find out how it works in our devoted youhodler evaluation on p2pempire. Nexo’s functionality resembles Celsius Network. Nexo is also using its energy tokens to offer much better rates on loans, higher interests on crypto and fiat deposits, or more complimentary withdrawals per month. Likewise if you decide to stake your coins or fiat, implying you lock your properties for a defined term, you can get a greater rate of interest. Like BlockFi, Nexo likewise provides you to purchase, or exchange crypto if you wish to hold your properties in various currencies. Now you have a truly solid concept of what every crypto loaning platform is providing. What you ought to consider though, is that as quickly as you deposit your crypto on any platform, you are not owning your private secrets any longer and your possessions may get compromised either by 3rd parties or by the platform itself. It’s like transferring your crypto on the exchange – if you don’t own the secrets, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are very clear about the reality that you Banks Refusing Loans If You Have Bitcoin

 

The only way to safeguard your crypto is to keep it on a devoted hardware wallet like this one from Trezor. The downside of this strategy is that you will only 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 in-depth comparison, let’s have a look at our independent ratings of every category for every platform.