Looking for Exchange Trading Cryptocurrency…Much of you have asked for a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to make interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing business design of specific platforms, the return rates, the credibility and performance history, use of their apps and we will also talk about some of the threats that you must consider when transferring your crypto on one of these platforms. We will also assemble the comparison with our independent ranking of the just-mentioned categories for every single platform. Keep enjoying till the end to discover out how we scored specific platforms. If you are new to this channel and your objective is to become a more informed P2P financier,
Let’s very first offer you a short introduction to every platform before we dive deeper into the contrast. Celsius Network is the fastest-growing crypto loaning platform in the world, which was established in 2017 by Alex Mashinsky. The platform uses its services worldwide, nevertheless, they are presently not issuing loans in the United States due to local guidelines.
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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 countries. Nexo is another European platform that offers crypto enthusiasts the alternative to make interest not only on their coins but likewise fiat deposits. Nexo is in fact, one of just two, to us understood, crypto financing platforms that provide interest on fiat deposits.
And the platform is likewise planning to release 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 customers. That’s at least our interpretation from Nexo’s service design as the platform does not have A dedicated section about
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If you are viewing this video, you desire to make cash by transferring your coins on one of the platforms? Every platform has specific limitations and terms when it comes to offering interest on your coins. You are just able to make greater rates if you choose to receive the interest in Celsius’s own energy token.
You can earn 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 provides higher benefits for those who want to receive the interest in the native NEXO tokens instead 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. Exchange Trading Cryptocurrency
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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 funded by numerous institutional investors and the platform is generally targeting the US market. According to our research, it seems like he has moved to Switzerland to launch 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 standards as we have mentioned together with other red flags in our previous video. At the beginning of January, Nexo had just $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 think is a bit of a high 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 on our research study, Antoni was a Bulgarian political leader with experience in the fashion Retail market. On his LinkedIn profile, he describes Nexo as the leading controlled financial institution for digital assets. I would be really interested by whom Nexo is managed, as the business does not have a loaning license in Estonia, where they are a legal entity Nexo Solutions OU is based. During our research study, 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 advance loan business that apparently is funding Nexo. According to our current research, the executive board doesn’t even include 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 customers cash”. When examining some of Nexo’s comments from the CEO
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Nexo is the only platform that provides interest on fiat. Now that we have actually examined some of the track records of the four discussed platforms, let’s briefly go over the functionality of every crypto loaning site. While the crypto loans on BlockFi are just 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 provides some of the most advanced services amongst the crypto lending platforms.
currencies on which you have the ability to make interest. YouHodler allows you to exchange between numerous currencies or deposit fiat by means of bank wire or other supported payment services. The minimum deposit quantities are extremely low, so you do not require to move numerous Dollars or euros to test the platform. The minimum deposit is around 50 EUR or USD worth of cryptocurrency. As YouHodler does not have a banking license, you can just make interest on your crypto assets. Apart from making interest on your deposits or exchanging cryptos, YouHodler likewise offers you the alternative to obtain fiat money in exchange for security. The platform presently supports only loans in us dollars or euros. YouHodler is also one of the platforms with flexible loan terms and a maximum LTV of 90%. Apart from those services, YouHodler likewise uses two leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic investors. As the functionality of those functions surpasses this video, you can discover how it works in our devoted youhodler evaluation on p2pempire. Nexo’s usability resembles Celsius Network. Nexo is likewise utilizing its utility tokens to use much better rates on loans, greater interests on crypto and fiat deposits, or more totally free withdrawals each month. Also if you decide to stake your coins or fiat, implying you lock your possessions for a defined term, you can get a higher rate of interest. Like BlockFi, Nexo likewise offers you to purchase, or exchange crypto if you wish to hold your possessions in various currencies. Now you have a really solid idea of what every crypto lending platform is providing. What you must consider however, is that as soon as you deposit your crypto on any platform, you are not owning your private secrets any longer and your properties might get compromised either by 3rd parties or by the platform itself. It’s like depositing your crypto on the exchange – if you don’t own the secrets, the coin isn’t technically yours any longer. Platforms like Celsius and BlockFi are extremely clear about the truth that you Exchange Trading Cryptocurrency
The only method to protect your crypto is to store 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 worth 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 in-depth comparison, let’s have an appearance at our independent ratings of every category for every platform.