Find Bitcoin Loan Scams – Loans

Looking for Bitcoin Loan Scams…A lot of you have requested a contrast between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to earn interest on your stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing the business model of individual platforms, the return rates, the reliability and performance history, usability of their apps and we will also speak about some of the dangers that you need to consider when depositing your crypto on one of these platforms. We will also round up the comparison with our independent ranking of the just-mentioned classifications for every single platform. Keep seeing up until the end to find out how we scored individual platforms. If you are new to this channel and your objective is to become a more informed P2P financier,

 

consider subscribing and hit the like button to see more content like this in the future. Let’s first offer you a quick intro to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing platform in the world, 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 overall, Celsius manages more than $17 B worth of properties. The platform offers its services worldwide, however, they are currently not releasing loans in the United States due to regional regulations. 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 sanctioned nations. Nexo is another European platform that offers crypto enthusiasts the alternative to earn interest not just on their coins however also fiat deposits. Nexo is in reality, one of just 2, to us understood, crypto lending platforms that use interest on fiat deposits.

 

let’s speak about how they earn money in the first place. Celsius makes cash from the interest they charge to the customers which are either retail debtors or organizations, they likewise make cash from their CEL token which is an utility token that you can utilize to increase your rewards on Celsius Network. Another earnings stream is the rehypothecation which implies that Celsius uses the collateral from the borrowers and releases it in order to generate additional income. BlockFi is likewise making money through the interest that is being charged to debtors. The platform likewise charges a 2% origination charge for anybody who wants to take a loan. Another earnings stream is BlockFi’s exchange feature. The platform makes money from the spread when exchanging currencies. BlockFi also charges withdrawal costs after your one free withdrawal monthly. And the platform is likewise planning to launch a BlockFi charge card which will produce another earnings stream. YouHodler is also earning money from the interest charged to customers. There is a small withdrawal cost and costs for additional services such as the Multi HODL tool, which is a function that lets you take advantage of your crypto properties in exchange for prospective returns. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the borrowers. Nexo also makes revenues with their Nexo token. That’s at least our interpretation from Nexo’s business design as the platform does not have A dedicated area about

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If you are viewing this video, you want to make money by depositing 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 only able to earn higher rates if you decide to receive the interest in Celsius’s own energy token.

 

You can make 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 uses 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 adjust the rates from time to time, so you can’t really forecast the genuine return from your deposits. Bitcoin Loan Scams

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The platform is not transparent when it comes to sharing its monetary reports, but 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 lucrative. BlockFi is also financed by numerous institutional financiers and the platform is generally targeting the United States market. According to our research study, it appears like he has actually 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 delighted about Nexo’s reporting standards as we have pointed out together with other warnings in our previous video. At the start of January, Nexo had just $4B under its management from 1 M users, now 5 months later, the platform claims to manage $12B from 1.5 M users, which we think is a bit of a steep development 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 upon our research study, Antoni was a Bulgarian politician with experience in the style Retail industry. On his LinkedIn profile, he describes Nexo as the leading managed financial institution for digital assets. I would be really interested by whom Nexo is regulated, as the business does not have a loaning license in Estonia, where they are a legal entity Nexo Solutions OU is based. Throughout our research, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be discovered on the site. The 2nd co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday advance business that apparently is financing Nexo. According to our current research study, the executive board doesn’t even include 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 understood for the “abuse of customers cash”. When reviewing some of Nexo’s remarks from the CEO

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in the media, he is often only promoting crypto and predicting costs however does not have any much 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 uses interest on fiat. According to our understanding, you can not provide interest on fiat deposits unless you have a banking license which Nexo certainly does not have. Although we are not legal representatives, we struggle to understand the legal setup under which Nexo is offering its services. Now that we have actually reviewed some of the track records of the 4 pointed out platforms, let’s briefly go over the use of every crypto loaning site. 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 control panel, you are able to see how many assets you are holding and what are the presently 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 straight through the app. Note, nevertheless, that there might be costs for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital assets. BlockiFi makes a less industrialized impression. The app is extremely basic and so is the desktop variation of the platform. BlockFi supports currently just 10 digital currencies. The platform likewise uses a devoted exchange so you can even trade them. We do not 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. citizens, the platform is also working on a Bitcoin rewards credit card which will be taking on the charge card from Crypto.com YouHodler offers a few of the most sophisticated services amongst the crypto loaning platforms. Currently, 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 a really strong idea of what every crypto financing platform is using. What you should think about however, is that as soon as you transfer your crypto on any platform, you are not owning your personal secrets anymore and your assets might get compromised either by third celebrations or by the platform itself. Bitcoin Loan Scams

 

The only method to secure your crypto is to keep it on a dedicated hardware wallet like this one from Trezor. The drawback of this method is that you will only benefit from the increased value of your coin however not the interest on your deposits, which is something you can do on one of the crypto financing platforms. Based on our extensive comparison, let’s have an appearance at our independent rankings of every category for every platform.