Looking for Youhodler Paxg…Many of you have requested a comparison in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to make interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing the service model of private platforms, the return rates, the trustworthiness and track record, use of their apps and we will also talk about some of the risks that you need to consider when transferring your crypto on one of these platforms.
consider subscribing and struck the like button to see more material like this in the future. So let’s 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. Currently, there are over 650,000 users using Celsius Network to earn or take a crypto loan interest on their stablecoins and cryptocurrencies. In total, Celsius handles more than $17 B worth of assets. The platform provides its services worldwide, however, they are presently not issuing loans in the United States due to regional guidelines. BlockFi is the biggest
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of approved countries. Nexo is another European platform that offers crypto enthusiasts the choice to earn interest not just on their coins but also fiat deposits. Nexo is in truth, one of only two, to us known, crypto lending platforms that provide interest on fiat deposits.
let’s discuss how they earn money in the first place. So Celsius generates income from the interest they credit the debtors which are either retail debtors or institutions, they also earn money from their CEL token which is an energy token that you can utilize to increase your rewards on Celsius Network. Another income stream is the rehypothecation which implies that Celsius utilizes the collateral from the debtors and releases it in order to create extra income. BlockFi is also making money through the interest that is being credited customers. In addition to that, the platform also charges a 2% origination fee for anyone who wishes to take a loan. Another income stream is BlockFi’s exchange function. When exchanging currencies, the platform makes cash from the spread. BlockFi also charges withdrawal charges after your one totally free withdrawal monthly. And the platform is likewise preparing to launch a BlockFi credit card which will create another earnings stream. YouHodler is also earning money from the interest credited customers. There is a little withdrawal cost and charges for extra services such as the Multi HODL tool, which is a function that lets you take advantage of your crypto assets in exchange for possible returns. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the borrowers. Nexo also makes earnings with their Nexo token. That’s at least our analysis from Nexo’s service design as the platform doesn’t have A devoted section about
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If you are watching this video, you want to make cash by transferring your coins on one of the platforms? Every platform has certain limits and terms when it comes to using interest on your coins. You are just able to earn higher rates if you decide to get the interest in Celsius’s own energy token.
9% per year. What’s worth discussing is that if you want to save some fees, 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 large gas cost, as the currency runs on the Binance Smart Chain with way lower charges in contrast to stablecoins that run on the ethereum network. The Binance USD coin is presently just 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 energy tokens. You can earn 12% interest on your USDC holdings and the platform provides 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that offers higher benefits for those who want to receive the interest in the native NEXO tokens instead of the deposited currency. The platform provides 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you need to keep in mind is that platforms tend to change the rates from time to time, so you can’t truly predict the real return from your deposits. Likewise, bear in mind that by transferring your crypto, the value of the currency may decrease Which will make it hard for you to liquidate your assets if that’s something you would otherwise think about. So now, that you understand the returns let’s briefly review the reliability of the platforms and their performance history. Celsius Network is likely the most genuine platform in this space. The creator Alex Mashinsky is a well-known entrepreneur. Prior to introducing the Celsius network, he has actually co-founded three startups worth more than $1 Billion each. On the Celsius App, you are likewise able to keep an eye on the progress and evaluate a few of the statistics. As we are tape-recording this video, there are over 650,000 users and the platform is managing $17 billion worth of properties. Alone in the last 12 months, Celsius has Youhodler Paxg
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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 financial report for 2020, where you will find out that the platform is not rewarding. BlockFi is also funded by many institutional financiers and the platform is mainly targeting the United States market. According to our research study, it appears like he has relocated to Switzerland to launch his crypto financing platform YouHodler in 2017.
deposit quantity as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting requirements as we have actually explained 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 buzz in the crypto space. So 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 fashion Retail market. On his LinkedIn profile, he describes Nexo as the leading regulated banks for digital properties. I would be truly interested by whom Nexo is managed, as the business doesn’t have a financing license in Estonia, where they are a legal entity Nexo Solutions OU is based. During our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is no place to be discovered on the site. The 2nd co-founder of Nexo is Kosta Kantchev who also founded Credissimo, a Bulgarian payday advance loan company that apparently is financing Nexo. According to our recent research, the executive board does not even include Antoli, however just Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p financing platform, which is understood for the “misuse of customers cash”. When reviewing some of Nexo’s comments from the CEO
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in the media, he is often only promoting crypto and anticipating rates but lacks any much deeper insights into the crypto lending space or how Nexo is operating. But that’s simply our impression from his Bloomberg talks. Nexo is the only platform that offers interest on fiat. According to our understanding, you can not offer interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Even though we are not attorneys, we have a hard time to comprehend the legal setup under which Nexo is using its services. So now that we have actually evaluated some of the performance history of the 4 mentioned platforms, let’s briefly go over the functionality of every crypto loaning website. Celsius has started as a native mobile app. The app is well developed and it comes with various security functions such as the biometric scan, HODL mode, and 2FA. Right in the dashboard, you are able to see the number of possessions you are holding and what are the presently provided rates. You can transfer and withdraw supported coins however there is no exchange, so if you don’t transfer your cryptos from another wallet, you can buy them directly through the app. Keep in mind, however, that there might be charges for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital assets. BlockiFi makes a less industrialized impression. The app is extremely easy and so is the desktop variation of the platform. BlockFi supports currently just 10 digital currencies. The platform also provides a dedicated exchange so you can even trade them. We don’t recommend this function that much as the exchange rates are not the very best. While the crypto loans on BlockFi are only offered to U.S. residents, the platform is likewise dealing with a Bitcoin rewards charge card which will be competing with the charge card from Crypto.com YouHodler uses a few of the most advanced services among the crypto financing platforms. Currently, 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 don’t require to transfer hundreds of Euros or Dollars 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 only earn interest on your crypto assets. Apart from earning interest on your deposits or exchanging cryptos, YouHodler also provides you the alternative to borrow fiat money in exchange for collateral. The platform presently supports only loans in us euros or dollars. YouHodler is likewise one of the platforms with versatile 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 performance of those features exceeds this video, you can discover how it operates in our dedicated youhodler review on p2pempire. Nexo’s functionality is similar to Celsius Network. Nexo is likewise using its utility tokens to use better rates on loans, greater interests on crypto and fiat deposits, or more complimentary withdrawals per month. If you decide to stake your coins or fiat, indicating you lock your possessions for a defined term, you can get a greater interest rate. Like BlockFi, Nexo likewise provides you to buy, or exchange crypto if you want to hold your assets in different currencies. Now you have an actually strong idea of what every crypto loaning platform is providing. What you should consider however, is that as quickly as you transfer your crypto on any platform, you are not owning your personal secrets anymore and your possessions might get jeopardized either by 3rd parties or by the platform itself. It resembles depositing your crypto on the exchange – if you don’t own the secrets, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are extremely clear about the truth that you Youhodler Paxg
The only method to protect your crypto is to keep it on a devoted hardware wallet like this one from Trezor. The downside of this technique 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 loaning platforms. Based on our in-depth comparison, let’s have a look at our independent ratings of every classification for every platform.