Looking for Youhodler Scam…Many of you have asked for a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing the business model of individual platforms, the return rates, the trustworthiness and track record, functionality of their apps and we will also talk about some of the dangers that you should think about when transferring your crypto on one of these platforms.
think about subscribing and hit the like button to see more material like this in the future. Let’s very first give you a short intro to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto loaning platform worldwide, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users using Celsius Network to make or take a crypto loan interest on their cryptocurrencies and stablecoins. In overall, Celsius handles more than $17 B worth of assets. The platform uses its services worldwide, nevertheless, they are currently not releasing loans in the United States due to regional regulations. BlockFi is the biggest
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is readily available around the world with exception of approved countries. Nexo is another European platform that provides crypto lovers the option to make interest not just on their coins however also fiat deposits. Nexo is in reality, one of only 2, to us known, crypto financing platforms that use interest on fiat deposits.
let’s discuss how they generate income in the first place. Celsius makes cash from the interest they charge to the borrowers which are either retail borrowers or organizations, they also make money from their CEL token which is an energy token that you can use to increase your benefits on Celsius Network. Another income stream is the rehypothecation which implies that Celsius uses the collateral from the customers and deploys it in order to produce extra earnings. BlockFi is also earning money through the interest that is being charged to debtors. The platform likewise charges a 2% origination fee for anybody who desires to take a loan. Another earnings stream is BlockFi’s exchange function. When exchanging currencies, the platform makes money from the spread. BlockFi also charges withdrawal charges after your one free withdrawal per month. And the platform is also preparing to release a BlockFi credit card which will produce another earnings stream. YouHodler is likewise generating income from the interest charged to customers. There is a little withdrawal cost and fees for additional services such as the Multi HODL tool, which is a feature that lets you leverage 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 borrowers. Nexo likewise makes revenues with their Nexo token. That’s at least our interpretation from Nexo’s organization model as the platform doesn’t have A devoted section about
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this on their website. Now let’s talk about the returns. If you are seeing this video, you wish to generate income by transferring your coins on among the platforms right? Prior to we compare the rates, there are a few things that you should consider however. When it comes to offering interest on your coins, every platform has certain limits and terms. So for instance, Celsius Network alters the rates every week to reflect the present market situation. Also, you are only able to make greater rates if you decide to get the interest in Celsius’s own energy token. The greater reward rates are also not readily available for US citizens. If you would not wish to pay your benefits in the CEL token, you can currently anticipate to get 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’s worth pointing out is that if you wish to save some costs, and bring more stability into your crypto interest account, you can also transfer the Binance USD coin for which you will not require to pay the hefty gas cost, as the currency runs on the Binance Smart Chain with way lower costs in contrast to stablecoins that work on the ethereum network. The Binance USD coin is currently 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 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 offers higher rewards for those who wish 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 ought to remember is that platforms tend to adjust 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 worth of the currency may reduce Which will make it hard for you to liquidate your assets if that’s something you would otherwise think about. Now, that you are conscious of the returns let’s briefly evaluation the reliability of the platforms and their track record. Celsius Network is most likely the most legitimate platform in this space. The creator Alex Mashinsky is a popular business owner. Before introducing 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 examine a few of the stats. As we are tape-recording this video, there are over 650,000 users and the platform is handling $17 billion worth of properties. Alone in the last 12 months, Celsius has Youhodler Scam
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deposit quantity as compared to the users on the Celsius Network. We are not delighted about Nexo’s reporting standards as we have actually pointed out together with other warnings in our previous video. Also, at the start of January, Nexo had just $4B under its management from 1 M users, now five months later, the platform claims to handle $12B from 1.5 M users, which we believe is a little bit of a high development even if we think about the hype in the crypto space. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research, Antoni was a Bulgarian politician with experience in the fashion Retail industry. On his LinkedIn profile, he describes Nexo as the leading controlled banks for digital assets. I would be really interested by whom Nexo is regulated, as the company does not have a loaning license in Estonia, where they are a legal entity Nexo Provider OU is based. During our research, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is no place to be discovered on the site. The second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance loan company that apparently is financing Nexo. According to our recent research study, the executive board does not even include Antoli, however only Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p lending platform, which is understood for the “abuse of customers cash”. When reviewing some of Nexo’s remarks from the CEO
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Nexo is the only platform that uses interest on fiat. Now that we have actually evaluated some of the track records of the 4 pointed out platforms, let’s briefly go over the usability of every crypto loaning site. While the crypto loans on BlockFi are only offered to U.S. residents, the platform is likewise working on a Bitcoin benefits credit card which will be competing with the credit card from Crypto.com YouHodler offers some of the most advanced services amongst the crypto financing platforms.
currencies on which you are able to make interest. YouHodler allows you to exchange in between various currencies or deposit fiat by means of bank wire or other supported payment services. The minimum deposit quantities are extremely low, so you do not need to transfer hundreds of Euros or Dollars to check 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 making interest on your deposits or exchanging cryptos, YouHodler likewise offers you the alternative to obtain fiat money in exchange for security. The platform currently supports only loans in us dollars or euros. YouHodler is likewise among the platforms with versatile loan terms and an optimum 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 surpasses this video, you can find out how it works in our dedicated youhodler evaluation on p2pempire. Nexo’s functionality is similar to Celsius Network. Nexo is also using its utility tokens to use much better rates on loans, higher interests on crypto and fiat deposits, or more totally free withdrawals monthly. Likewise if you decide to stake your coins or fiat, meaning you lock your assets for a defined term, you can get a greater rates of interest. Like BlockFi, Nexo likewise offers you to buy, or exchange crypto if you wish to hold your properties in various currencies. Now you have an actually strong concept of what every crypto lending platform is providing. What you ought to think about though, is that as soon as you deposit your crypto on any platform, you are not owning your private keys anymore and your properties might get jeopardized either by 3rd parties or by the platform itself. It’s like transferring your crypto on the exchange – if you do not own the keys, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are very clear about the fact that you Youhodler Scam
quit your ownership of the properties as long as you hold them in the platform’s wallet. The only way to safeguard your crypto is to keep it on a devoted hardware wallet like this one from Trezor. That’s the best method to keep your cryptos safe. The downside of this method is that you will just take advantage of the increased value of your coin but not the interest on your deposits, which is something you can do on among the crypto lending platforms. As with any investment, it always comes down to the danger and return and your danger profile. So based upon our extensive comparison, let’s have a look at our independent rankings of every category for every single platform. Note, that we have designated the rankings based upon our own research study. One represents the lowest ranking while 5 represent the greatest ranking. Within business design classification.