Looking for Cointree Cryptocurrency Exchange…Many 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 the business design of specific platforms, the return rates, the reliability and track record, functionality of their apps and we will also talk about a few of the risks that you must think about when transferring your crypto on among these platforms. We will also assemble the comparison with our independent score of the just-mentioned categories for each platform. So keep watching until the end to find out how we scored specific platforms. if you are brand-new to this channel and your objective is to end up being a more informed P2P investor
Let’s very first give you a brief intro to every platform prior to we dive deeper into the comparison. Celsius Network is the fastest-growing crypto financing platform in the world, which was established in 2017 by Alex Mashinsky. The platform provides its services worldwide, however, they are presently not issuing loans in the United States due to regional policies.
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competitor to Celsius Network. The US-based business has trading and loaning licenses in various US states. If you are searching for a wealth-management app for your crypto possessions BlockFi is definitely worth thinking about. The platform offers crypto-backed loans in 47 US states and their crypto interest account is offered around the world with exception of approved nations. YouHodler is most likely the most genuine crypto financing platform in Europe. The company is registered in Cyprus, with a devoted branch in Switzerland. YouHodler uses extremely competitive rates on your crypto assets as well as numerous other functions which you will not discover on any other platforms. The platform is available in lots of nations with the exception of Germany and the USA. So if you reside in the states, you will not be able to utilize YouHodler’s services. Nexo is another European platform that uses crypto enthusiasts the option to earn interest not just on their coins but likewise fiat deposits. Nexo is in truth, one of only two, to us known, crypto loaning platforms that provide interest on fiat deposits. The platform provides its services worldwide, with exception of Bulgaria and Estonia. Now that you have a quick summary of every platform
And the platform is likewise planning to launch 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 debtors. That’s at least our analysis from Nexo’s company design as the platform doesn’t have A dedicated section about
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If you are enjoying this video, you desire 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 only able to earn greater rates if you choose to get the interest in Celsius’s own utility token.
9% annually. What deserves discussing is that if you wish 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 significant gas fee, as the currency works on the Binance Smart Chain with method lower charges in comparison to stablecoins that run on the ethereum network. The Binance USD coin is currently just supported on Celsius Network and BlockFi. YouHodler offers presently the most competitive rates for your USDC coins without the need to stake the platform’s own energy tokens. You can make 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 greater benefits for those who wish to get 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 should remember is that platforms tend to adjust the rates from time to time, so you can’t truly forecast the genuine return from your deposits. Also, keep in mind that by transferring your crypto, the worth 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 are aware of the returns let’s briefly review the reliability of the platforms and their track record. Celsius Network is most likely the most legitimate platform in this area. The founder Alex Mashinsky is a widely known business owner. Prior to introducing the Celsius network, he has actually co-founded 3 startups worth more than $1 Billion each. On the Celsius App, you are also able to monitor the progress and evaluate some of the stats. As we are taping this video, there are over 650,000 users and the platform is handling $17 billion worth of possessions. Alone in the last 12 months, Celsius has Cointree Cryptocurrency Exchange
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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 financial report for 2020, where you will find out that the platform is not successful. BlockFi is also funded by many institutional financiers and the platform is mainly targeting the US market. According to our research, it appears like he has actually relocated to Switzerland to release his crypto lending 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 explained together with other warnings in our previous video. At the start of January, Nexo had only $4B under its management from 1 M users, now 5 months later, the platform declares to handle $12B from 1.5 M users, which we believe is a bit of a steep growth even if we consider the hype in the crypto area. So 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 fashion Retail market. On his LinkedIn profile, he describes Nexo as the leading managed financial institution for digital assets. I would be truly 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. Throughout our research, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is no place to be discovered on the website. The 2nd co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday advance loan business that apparently is funding Nexo. According to our recent research study, the executive board doesn’t even consist of Antoli, but 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 known for the “abuse of clients cash”. When reviewing some of Nexo’s remarks from the CEO
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Nexo is the only platform that offers interest on fiat. Now that we have actually examined some of the track records of the four mentioned platforms, let’s briefly go over the functionality of every crypto loaning website. While the crypto loans on BlockFi are only offered to U.S. citizens, the platform is also working on a Bitcoin benefits credit card which will be completing with the credit card from Crypto.com YouHodler uses some of the most sophisticated services among the crypto financing platforms.
YouHodler is also one of the platforms with versatile loan terms and an optimum LTV of 90%. Now you have a really strong concept of what every crypto financing platform is offering. What you must think about though, is that as soon as you transfer your crypto on any platform, you are not owning your personal secrets anymore and your properties might get jeopardized either by third celebrations or by the platform itself. Cointree Cryptocurrency Exchange
The only method to protect your crypto is to store it on a dedicated hardware wallet like this one from Trezor. The downside of this technique 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 lending platforms. Based on our in-depth contrast, let’s have an appearance at our independent ratings of every classification for every platform.