Looking for Lock-up Period Youhodler…Many of you have actually requested a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing the service model of private platforms, the return rates, the reliability and track record, usability 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.
Let’s first give you a quick intro to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto lending platform in the world, which was established in 2017 by Alex Mashinsky. The platform provides its services worldwide, nevertheless, they are presently not releasing loans in the United States due to regional regulations.
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rival to Celsius Network. The US-based company has trading and financing licenses in various US states. If you are trying to find a wealth-management app for your crypto possessions BlockFi is definitely worth considering. The platform provides crypto-backed loans in 47 US states and their crypto interest account is readily available worldwide with exception of sanctioned nations. YouHodler is most likely the most genuine crypto loaning platform in Europe. The business is signed up in Cyprus, with a dedicated branch in Switzerland. YouHodler provides really competitive rates on your crypto assets in addition to a number of other functions which you won’t find on any other platforms. The platform is available in numerous nations with the exception of Germany and the USA. So if you reside in the states, you will not be able to use YouHodler’s services. Nexo is another European platform that provides crypto enthusiasts the choice to earn interest not just on their coins but likewise fiat deposits. Nexo remains in reality, one of only 2, to us known, crypto lending platforms that offer interest on fiat deposits. The platform offers its services worldwide, with exception of Bulgaria and Estonia. Now that you have a short overview of every platform
let’s speak about how they make money in the first place. So Celsius makes money from the interest they charge to the borrowers which are either retail debtors or institutions, they also earn money from their CEL token which is an energy token that you can use to increase your rewards on Celsius Network. Another income stream is the rehypothecation which suggests that Celsius utilizes the collateral from the borrowers and releases it in order to produce extra income. BlockFi is also making money through the interest that is being charged to customers. The platform also charges a 2% origination cost for anybody who wants to take a loan. Another income stream is BlockFi’s exchange function. The platform generates income from the spread when exchanging currencies. BlockFi also charges withdrawal fees after your one totally free withdrawal each month. And the platform is also preparing to introduce a BlockFi charge card which will produce another income stream. YouHodler is also generating income from the interest charged to borrowers. There is a small withdrawal charge and costs for extra services such as the Multi HODL tool, which is a function that lets you take advantage of your crypto possessions in exchange for potential returns. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the customers. Nexo also makes profits with their Nexo token. That’s at least our analysis from Nexo’s company design as the platform doesn’t have A dedicated area about
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this on their site. Now let’s talk about the returns. If you are enjoying this video, you want to make money by transferring your coins on one of the platforms? Prior to we compare the rates, there are a few things that you must think about though. Every platform has specific limitations and terms when it concerns using interest on your coins. For example, Celsius Network changes the rates every week to show the current market situation. Also, you are only able to earn higher rates if you choose to receive the interest in Celsius’s own energy token. The higher benefit rates are also not offered for United States citizens. If you would not wish to pay your rewards in the CEL token, you can presently anticipate 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 upon the variety of your properties. The more bitcoin or ethereum you deposit, the less interest you will get. 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% each year. What deserves discussing is that if you wish to save some charges, and bring more stability into your crypto interest account, you can also deposit the Binance USD coin for which you will not need to pay the significant gas fee, as the currency operates on the Binance Smart Chain with way lower charges in comparison to stablecoins that work on the ethereum network. The Binance USD coin is presently just supported on Celsius Network and BlockFi. YouHodler provides currently the most competitive rates for your USDC coins without the need to stake the platform’s own utility tokens. 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 provides greater benefits for those who wish to get the interest in the native NEXO tokens instead of the deposited currency. The platform uses 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you should keep in mind is that platforms tend to change the rates from time to time, so you can’t truly anticipate the genuine return from your deposits. Keep in mind that by transferring your crypto, the value of the currency might decrease Which will make it hard for you to liquidate your possessions if that’s something you would otherwise think about. So 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 creator Alex Mashinsky is a popular business owner. Before launching the Celsius network, he has co-founded three startups worth more than $1 Billion each. On the Celsius App, you are also able to keep an eye on the progress and examine a few of the data. As we are tape-recording this video, there are over 650,000 users and the platform is handling $17 billion worth of possessions. Alone in the last 12 months, Celsius has Lock-up Period Youhodler
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The platform is not transparent when it comes to sharing its financial reports, however 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 successful. BlockFi is likewise funded by numerous institutional financiers and the platform is generally targeting the US market. According to our research, it appears like he has moved to Switzerland to introduce his crypto lending platform YouHodler in 2017.
At the beginning of January, Nexo had only $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 think is a bit of a steep development 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 obviously is funding Nexo. According to our current research, the executive board doesn’t even include Antoli, however only 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 known for the “abuse of clients money”.
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Nexo is the only platform that provides interest on fiat. Now that we have actually examined some of the track records of the four pointed out platforms, let’s briefly go over the use of every crypto lending site. While the crypto loans on BlockFi are just offered to U.S. citizens, the platform is also working on a Bitcoin benefits credit card which will be competing with the credit card from Crypto.com YouHodler uses some of the most advanced services among the crypto loaning platforms.
YouHodler is likewise one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have a really strong idea of what every crypto loaning platform is offering. What you should consider though, is that as quickly as you deposit your crypto on any platform, you are not owning your private keys anymore and your assets may get jeopardized either by third parties or by the platform itself. Lock-up Period Youhodler
The only method to protect your crypto is to keep it on a dedicated 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 but not the interest on your deposits, which is something you can do on one of the crypto financing platforms. Based on our extensive contrast, let’s have an appearance at our independent ratings of every category for every platform.