Looking for Youhodler Token…Much of you have requested a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to make interest on your stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing the business design of individual platforms, the return rates, the reliability and performance history, functionality of their apps and we will also talk about some of the risks that you ought to consider when transferring your crypto on one of these platforms. We will likewise round up the contrast with our independent score of the just-mentioned categories for every single platform. So keep watching until the end to learn how we scored specific platforms. If you are brand-new to this channel and your goal is to become a more informed P2P financier,
think about subscribing and hit the like button to see more content like this in the future. Let’s first offer you a brief intro to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto financing platform worldwide, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users utilizing Celsius Network to take a crypto loan or earn interest on their cryptocurrencies and stablecoins. In total, Celsius manages more than $17 B worth of assets. The platform offers its services worldwide, however, they are currently not releasing loans in the United States due to local 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 worldwide with exception of approved nations. Nexo is another European platform that uses crypto lovers the option to make interest not just on their coins but likewise fiat deposits. Nexo is in truth, one of just 2, to us understood, crypto lending platforms that provide interest on fiat deposits.
And the platform is also preparing to introduce a BlockFi credit card which will generate another earnings stream. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the customers. That’s at least our interpretation from Nexo’s service design as the platform does not have A devoted area about
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this on their website. Now let’s talk about the returns. If you are enjoying this video, you desire to make cash by depositing your coins on one of the platforms? Before we compare the rates, there are a few things that you should think about. When it comes to using interest on your coins, every platform has particular limitations and terms. For example, Celsius Network changes the rates every week to reflect the current market scenario. You are just able to earn higher rates if you decide to get the interest in Celsius’s own energy token. The greater reward rates are also not offered for United States people. If you would not wish to pay out your rewards in the CEL token, you can presently expect 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 variety of your assets. 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
You can earn 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 provides higher rewards for those who want to get the interest in the native NEXO tokens instead of the deposited currency. What you should keep in mind is that platforms tend to change the rates from time to time, so you can’t truly predict the genuine return from your deposits. Youhodler Token
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The platform is not transparent when it comes to sharing its financial 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 financiers and the platform is primarily targeting the United States market. According to our research study, it appears like he has relocated to Switzerland to launch his crypto lending platform YouHodler in 2017.
deposit amount as compared to the users on the Celsius Network. We are not thrilled about Nexo’s reporting standards as we have explained together with other warnings in our previous video. At the beginning of January, Nexo had just $4B under its management from 1 M users, now 5 months later on, the platform claims to manage $12B from 1.5 M users, which we believe is a bit of a high development even if we consider the buzz in the crypto area. What about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research study, Antoni was a Bulgarian political leader with experience in the fashion Retail market. On his LinkedIn profile, he explains Nexo as the leading managed banks for digital properties. I would be really interested by whom Nexo is managed, as the business doesn’t have a lending license in Estonia, where they are a legal entity Nexo Solutions OU is based. Throughout our research study, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands however their legal address is nowhere to be found on the website. The second co-founder of Nexo is Kosta Kantchev who likewise established Credissimo, a Bulgarian payday advance loan company that apparently is funding Nexo. According to our current research, the executive board doesn’t even consist of Antoli, however only Kosta and two other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p financing platform, which is known for the “misuse of clients money”. Also when examining some of Nexo’s remarks from the CEO
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in the media, he is frequently only promoting crypto and predicting rates but lacks any deeper insights into the crypto financing space or how Nexo is running. However that’s just our impression from his Bloomberg talks. Also, 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. Despite the fact that we are not legal representatives, we have a hard time to understand the legal setup under which Nexo is using its services. So now that we have examined a few of the performance history of the 4 pointed out platforms, let’s briefly discuss the functionality of every crypto lending site. Celsius has started as a native mobile app. The app is well established and it features various security features such as the biometric scan, HODL mode, and 2FA. In the control panel, you are able to see how numerous properties you are holding and what are the presently offered rates. You can transfer and withdraw supported coins but there is no exchange, so if you do not deposit your cryptos from another wallet, you can buy them directly through the app. Note, nevertheless, that there might be costs for charge card purchases or SEPA transfers. Celsius Network supports presently 40 digital assets. BlockiFi makes a less developed impression. The app is really easy and so is the desktop variation of the platform. BlockFi supports presently only 10 digital currencies. The platform also offers a dedicated exchange so you can even trade them. We don’t recommend this feature that much as the currency exchange rate are not the very best. While the crypto loans on BlockFi are only readily available to U.S. people, the platform is also dealing with a Bitcoin benefits credit card which will be competing with the charge card from Crypto.com YouHodler offers some of the most sophisticated services among the crypto financing platforms. Presently, the platform supports 18 digital
YouHodler is likewise one of the platforms with versatile loan terms and an optimum LTV of 90%. Now you have an actually solid idea of what every crypto loaning platform is offering. What you must think about though, is that as soon as you deposit your crypto on any platform, you are not owning your private keys any longer and your assets might get compromised either by third celebrations or by the platform itself. Youhodler Token
The only way to secure your crypto is to store it on a dedicated hardware wallet like this one from Trezor. The drawback of this strategy is that you will just 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 loaning platforms. Based on our in-depth comparison, let’s have a look at our independent ratings of every classification for every platform.