Looking for Cryptocurrency Exchange…Numerous of you have asked for a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to make interest on your cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing the organization design of specific platforms, the return rates, the trustworthiness and track record, usability of their apps and we will also talk about some of the risks that you ought to think about when depositing your crypto on one of these platforms.
think about subscribing and struck the like button to see more material like this in the future. Let’s very first give you a short introduction to every platform prior to we dive deeper into the comparison. Celsius Network is the fastest-growing crypto lending platform on the planet, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users utilizing Celsius Network to make or take a crypto loan interest on their stablecoins and cryptocurrencies. In overall, Celsius handles more than $17 B worth of assets. The platform provides its services worldwide, however, they are currently not issuing loans in the United States due to regional policies. 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 around the world with exception of sanctioned countries. Nexo is another European platform that provides crypto lovers the alternative to earn interest not just on their coins however also fiat deposits. Nexo is in reality, one of just two, to us known, crypto financing platforms that offer interest on fiat deposits.
And the platform is also planning to launch a BlockFi credit card which will generate another earnings stream. Like all the other platforms, Nexo also takes a cut from the interest that is being paid by the debtors. That’s at least our interpretation from Nexo’s service model as the platform doesn’t have A dedicated section about
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If you are seeing 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 offering interest on your coins. You are just able to make higher rates if you choose to receive the interest in Celsius’s own utility token.
You can earn 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 uses higher rewards for those who want to receive the interest in the native NEXO tokens rather of the deposited currency. What you must 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. 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 monetary report for 2020, where you will find out that the platform is not rewarding. BlockFi is likewise financed by many institutional financiers and the platform is generally targeting the US market. According to our research study, it appears like he has 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 excited about Nexo’s reporting requirements as we have actually mentioned together with other red flags in our previous video. At the beginning of January, Nexo had only $4B under its management from 1 M users, now 5 months later on, the platform claims to handle $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 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 politician with experience in the fashion Retail industry. On his LinkedIn profile, he explains Nexo as the leading managed financial institution for digital possessions. I would be actually interested by whom Nexo is controlled, as the company doesn’t have a lending 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 nowhere to be discovered on the site. The 2nd co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday advance loan business that apparently is financing Nexo. According to our recent research study, the executive board doesn’t even consist of Antoli, however just Kosta and two 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 “misuse of customers cash”. Also when examining a few of Nexo’s comments from the CEO
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Nexo is the only platform that offers interest on fiat. Now that we have examined some of the track records of the 4 pointed out platforms, let’s briefly go over the use of every crypto loaning website. While the crypto loans on BlockFi are just readily available to U.S. people, the platform is likewise working on a Bitcoin rewards credit card which will be completing with the credit card from Crypto.com YouHodler uses some of the most sophisticated services amongst the crypto lending platforms.
currencies on which you have the ability to make interest. YouHodler permits you to exchange in between different currencies or deposit fiat through bank wire or other supported payment services. The minimum deposit quantities are really low, so you do not need to transfer numerous Dollars or euros to test 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 make interest on your crypto properties. Apart from earning interest on your deposits or exchanging cryptos, YouHodler also offers you the choice to borrow fiat money in exchange for security. The platform presently supports only loans in us euros or dollars. YouHodler is also among 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 appropriate for more opportunistic investors. As the performance of those features surpasses this video, you can learn how it works in our devoted youhodler evaluation on p2pempire. Nexo’s usability resembles Celsius Network. Nexo is also utilizing its utility tokens to offer better rates on loans, higher interests on crypto and fiat deposits, or more free withdrawals each month. If you decide to stake your coins or fiat, indicating you lock your assets for a specified term, you can get a greater interest rate. Like BlockFi, Nexo also offers you to purchase, or exchange crypto if you wish to hold your possessions in numerous currencies. Now you have a really solid concept of what every crypto loaning platform is using. What you should consider however, is that as soon as you deposit your crypto on any platform, you are not owning your personal keys any longer and your assets might get jeopardized either by 3rd parties or by the platform itself. It’s like depositing 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 extremely clear about the fact that you Cryptocurrency Exchange
The only method to safeguard your crypto is to store it on a devoted hardware wallet like this one from Trezor. The downside of this strategy is that you will only benefit from the increased worth of your coin but not the interest on your deposits, which is something you can do on one of the crypto financing platforms. Based on our thorough comparison, let’s have an appearance at our independent ratings of every category for every platform.