Looking for Youhodler Founder Flori Marquez…Many of you have actually asked for a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to earn interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing business model of private platforms, the return rates, the reliability and track record, use of their apps and we will likewise discuss some of the risks that you should think about when transferring your crypto on one of these platforms. We will also round up the comparison with our independent ranking of the just-mentioned categories for each platform. So keep watching till the end to discover how we scored private platforms. if you are brand-new to this channel and your objective is to become a more informed P2P investor
consider subscribing and hit the like button to see more content like this in the future. Let’s very first provide you a brief intro to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing platform on the planet, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users using Celsius Network to take a crypto loan or earn interest on their cryptocurrencies and stablecoins. In overall, Celsius handles more than $17 B worth of assets. The platform provides its services worldwide, nevertheless, they are currently not issuing loans in the United States due to local guidelines. BlockFi is the biggest
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The platform uses crypto-backed loans in 47 US states and their crypto interest account is readily available worldwide with exception of approved countries. Nexo is another European platform that offers crypto enthusiasts the option to make interest not only on their coins but also fiat deposits. Nexo is in truth, one of only two, to us understood, crypto financing platforms that provide interest on fiat deposits.
And the platform is likewise preparing to introduce a BlockFi credit card which will produce another earnings stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the borrowers. That’s at least our interpretation from Nexo’s company design as the platform doesn’t have A dedicated section about
money fees on celsius services priced about stablecoins profit margin Youhodler Founder Flori Marquez
this on their website. Now let’s discuss the returns. If you are seeing this video, you want to make cash by depositing your coins on one of the platforms? Prior to we compare the rates, there are a couple of things that you must think about though. 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 show the current market scenario. You are only able to earn higher rates if you decide to get the interest in Celsius’s own energy token. The greater reward rates are likewise not available for US citizens. If you would not want to pay your benefits 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 on the number of your possessions. 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% annually. What deserves discussing is that if you want to conserve some fees, and bring more stability into your crypto interest account, you can likewise deposit the Binance USD coin for which you will not require to pay the significant gas fee, as the currency runs on the Binance Smart Chain with way lower charges in comparison to stablecoins that operate on the ethereum network. The Binance USD coin is presently only supported on Celsius Network and BlockFi. YouHodler provides presently the most competitive rates for your USDC coins without the requirement to stake the platform’s own utility tokens. 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 uses higher rewards for those who want 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 should remember is that platforms tend to adjust the rates from time to time, so you can’t truly anticipate the real return from your deposits. 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 possessions if that’s something you would otherwise think about. So now, that you understand the returns let’s briefly evaluation the trustworthiness of the platforms and their track record. Celsius Network is most likely the most legitimate platform in this area. The creator Alex Mashinsky is a widely known entrepreneur. Before launching the Celsius network, he has co-founded three start-ups worth more than $1 Billion each. On the Celsius App, you are likewise able to monitor the progress and evaluate some of the stats. 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 Founder Flori Marquez
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paid out more than $367 M worth of benefits. While we haven’t managed to get answers to our concerns, the CEO does hold a weekly AMA session where he is addressing the most frequently asked questions, which is something rather uncommon in this space. The platform is not transparent when it comes to sharing its monetary reports, however with a little bit of digging, you can get your hands on the monetary report for 2020, where you will learn that the platform is not profitable yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business development area instead of the fintech space. BlockFi is likewise financed by lots of institutional financiers and the platform is generally targeting the US market. While you can use the crypto interest account worldwide, the crypto loans are readily available Just for U.S citizens as BlockFi has the required loaning licenses just in the U.S. If you wish to inspect BlockFi’s data you won’t more than happy as there are none available. Some external sources suggest that there are more than 125,000 signed up users, nevertheless, we were unable to verify any of those claims straight with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech area in Russia. According to our research, it appears like he has moved to Switzerland to introduce his crypto loaning platform YouHodler in 2017. I understand that YouHodler has actually been praised by some of you in the talk about previous videos, unfortunately, the platform isn’t openly revealing any monetary reports, nor statistics about their user base or possessions under YouHodler’s management. This is something you ought to certainly think about when using YouHodler. Carrying on to Nexo. Nexo claims to handle $12 B worth of assets from more than 1.5 M of users. If this is right, it would indicate that Nexo is twice as big in regards to user base as Celsius with a much lower average
deposit quantity as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting standards as we have actually mentioned together with other warnings in our previous video. Likewise, at the start 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 believe is a little bit of a high growth even if we think about 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 politician with experience in the style Retail market. On his LinkedIn profile, he describes Nexo as the leading controlled financial institution for digital possessions. I would be actually interested by whom Nexo is regulated, as the company doesn’t have a financing 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 however their legal address is no place to be found on the website. The second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday loan business that obviously is funding Nexo. According to our current research study, the executive board does not even include Antoli, but only Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p lending platform, which is known for the “misuse of customers money”. When evaluating some of Nexo’s comments from the CEO
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in the media, he is often only promoting crypto and forecasting rates however lacks any deeper insights into the crypto financing area or how Nexo is operating. However 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. Despite the fact that we are not legal representatives, we struggle to understand the legal setup under which Nexo is using its services. Now that we have examined some of the track records of the 4 pointed out platforms, let’s briefly go over the functionality of every crypto lending site. Celsius has actually begun as a native mobile app. The app is well established and it includes various security features such as the biometric scan, HODL mode, and 2FA. Right in the dashboard, you are able to see how many assets you are holding and what are the currently provided rates. You can withdraw and transfer supported coins but there is no exchange, so if you don’t deposit 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 presently 40 digital possessions. BlockiFi makes a less industrialized impression. The app is very basic therefore is the desktop version of the platform. BlockFi supports currently just 10 digital currencies. The platform likewise provides a devoted exchange so you can even trade them. We do not recommend this feature that much as the currency exchange rate are not the very best. While the crypto loans on BlockFi are just available to U.S. people, the platform is likewise working on a Bitcoin rewards charge card which will be competing with the credit card from Crypto.com YouHodler uses some of the most sophisticated services amongst the crypto lending 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 solid idea of what every crypto financing platform is offering. What you need to think about 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 jeopardized either by third celebrations or by the platform itself. Youhodler Founder Flori Marquez
give up your ownership of the properties as long as you hold them in the platform’s wallet. The only method to protect your crypto is to store it on a devoted hardware wallet like this one from Trezor. That’s the best way to keep your cryptos safe. The disadvantage of this method is that you will only gain from the increased value of your coin however not the interest on your deposits, which is something you can do on among the crypto loaning platforms. However, similar to any financial investment, it always boils down to the danger and return and your danger profile. Based on our in-depth contrast, let’s have an appearance at our independent rankings of every classification for every platform. Note, that we have actually designated the rankings based upon our own research. One represents the lowest score while five stands for the highest ranking. Within business design classification.