Looking for Youhodler Yuri Mushkin…A lot of you have requested a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to earn interest on your cryptocurrencies and stablecoins. As requested, in this video, we will be comparing business design of individual platforms, the return rates, the reliability and track record, usability of their apps and we will also talk about a few of the threats that you need to think about when transferring your crypto on among these platforms. We will likewise assemble the comparison with our independent rating of the just-mentioned categories for every single platform. Keep watching till the end to discover out how we scored individual platforms. if you are new to this channel and your goal is to end up being a more educated P2P financier
consider subscribing and hit the like button to see more material like this in the future. Let’s first give you a short introduction to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto loaning platform on the planet, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users using Celsius Network to earn or take a crypto loan interest on their cryptocurrencies and stablecoins. In total, Celsius handles more than $17 B worth of possessions. The platform offers its services worldwide, nevertheless, they are presently not providing loans in the United States due to regional policies. BlockFi is the biggest
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The platform provides crypto-backed loans in 47 US states and their crypto interest account is offered around the world with exception of approved nations. Nexo is another European platform that offers crypto enthusiasts the alternative to make interest not just on their coins however also fiat deposits. Nexo is in reality, one of just 2, to us known, crypto financing platforms that use interest on fiat deposits.
let’s speak about how they generate income in the first place. So Celsius generates income from the interest they charge to the debtors which are either retail customers or organizations, they likewise generate income from their CEL token which is an utility token that you can utilize to increase your benefits on Celsius Network. Another income stream is the rehypothecation which means that Celsius uses the security from the customers and deploys it in order to generate extra earnings. BlockFi is likewise earning money through the interest that is being charged to customers. The platform likewise charges a 2% origination fee for anyone who desires to take a loan. Another earnings stream is BlockFi’s exchange feature. The platform earns money from the spread when exchanging currencies. BlockFi also charges withdrawal costs after your one complimentary withdrawal monthly. And the platform is also planning to launch a BlockFi charge card which will generate another earnings stream. YouHodler is likewise earning money from the interest charged to borrowers. There is a little withdrawal charge and fees for additional services such as the Multi HODL tool, which is a function that lets you take advantage of your crypto possessions in exchange for prospective returns. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the debtors. Nexo likewise makes earnings with their Nexo token. That’s at least our interpretation from Nexo’s business model as the platform doesn’t have A devoted section about
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If you are seeing this video, you want to make money by transferring your coins on one of the platforms? Every platform has particular limitations and terms when it comes to offering interest on your coins. You are just able to earn higher rates if you choose to receive the interest in Celsius’s own utility token.
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 offers higher rewards for those who want to get the interest in the native NEXO tokens rather 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 forecast the real return from your deposits. Youhodler Yuri Mushkin
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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 find out that the platform is not rewarding. BlockFi is also financed by many institutional investors and the platform is generally targeting the US market. According to our research, it seems like he has transferred to Switzerland to release his crypto lending platform YouHodler in 2017.
deposit amount as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting requirements 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 five months later on, the platform declares 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. So what about Nexo’s management? Nexo is co-founded by Antoni Trenchev and Kosta Kantchev. Based upon our research, Antoni was a Bulgarian political leader with experience in the fashion Retail industry. On his LinkedIn profile, he explains Nexo as the leading controlled financial institution 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 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 2nd co-founder of Nexo is Kosta Kantchev who likewise founded Credissimo, a Bulgarian payday loan company that obviously is financing Nexo. According to our current research, the executive board doesn’t even include Antoli, however just 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 understood for the “abuse of clients money”. When examining some of Nexo’s remarks from the CEO
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in the media, he is typically only promoting crypto and forecasting prices however lacks any deeper insights into the crypto loaning space or how Nexo is running. But that’s just our impression from his Bloomberg talks. Nexo is the only platform that offers interest on fiat. According to our knowledge, you can not offer interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Despite the fact that we are not lawyers, we struggle to understand the legal setup under which Nexo is offering its services. Now that we have actually examined some of the track records of the 4 pointed out platforms, let’s briefly go over the use of every crypto financing site. Celsius has actually begun as a native mobile app. The app is well developed and it comes with various security features such as the biometric scan, HODL mode, and 2FA. In the dashboard, you are able to see how numerous possessions you are holding and what are the presently provided rates. You can withdraw and move supported coins but there is no exchange, so if you don’t transfer your cryptos from another wallet, you can acquire them straight through the app. Note, however, that there might be charges for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital assets. BlockiFi makes a less developed impression. The app is really simple 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 function that much as the exchange rates are not the best. While the crypto loans on BlockFi are just readily available to U.S. residents, the platform is also dealing with a Bitcoin rewards credit card which will be taking on the credit card from Crypto.com YouHodler offers a few of the most sophisticated services among the crypto lending platforms. Presently, the platform supports 18 digital
currencies on which you have the ability to make interest. YouHodler permits you to exchange in between numerous currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit amounts are very low, so you do not require to move hundreds of Euros or Dollars to evaluate the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler doesn’t have a banking license, you can just earn interest on your crypto assets. Apart from earning interest on your deposits or exchanging cryptos, YouHodler also uses you the alternative to obtain fiat money in exchange for collateral. The platform presently supports only loans in us dollars or euros. YouHodler is likewise one of the platforms with versatile loan terms and an optimum LTV of 90%. Apart from those services, YouHodler also offers 2 leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic investors. As the functionality of those functions goes beyond this video, you can find out how it operates in our dedicated youhodler evaluation on p2pempire. Nexo’s use resembles Celsius Network. Nexo is likewise utilizing its utility tokens to use much better rates on loans, higher interests on crypto and fiat deposits, or more complimentary withdrawals each month. Also if you choose to stake your coins or fiat, meaning you lock your possessions for a specified term, you can get a higher interest rate. Like BlockFi, Nexo likewise uses you to purchase, or exchange crypto if you want to hold your properties in various currencies. Now you have an actually strong idea of what every crypto loaning platform is using. What you ought to think about however, is that as soon as you transfer your crypto on any platform, you are not owning your private secrets anymore and your possessions might get compromised either by 3rd parties or by the platform itself. It resembles transferring your crypto on the exchange – if you don’t own the keys, the coin isn’t technically yours anymore. Platforms like Celsius and BlockFi are really clear about the truth that you Youhodler Yuri Mushkin
The only way to secure your crypto is to save it on a devoted hardware wallet like this one from Trezor. The downside of this method is that you will only 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 lending platforms. Based on our extensive contrast, let’s have a look at our independent rankings of every classification for every platform.