Looking for Exchange With The Most Cryptocurrencies…Many of you have asked for a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to make interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the company design of individual platforms, the return rates, the credibility and track record, use of their apps and we will also talk about some of the dangers that you must consider when transferring 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 brief intro to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto lending platform in the world, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users utilizing 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 providing loans in the United States due to regional policies. BlockFi is the biggest
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competitor to Celsius Network. The US-based company has trading and loaning licenses in different US states. , if you are looking 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 available around the world with exception of sanctioned countries. YouHodler is most likely the most genuine crypto lending platform in Europe. The business is registered in Cyprus, with a dedicated branch in Switzerland. YouHodler provides really competitive rates on your crypto assets in addition to numerous other functions which you won’t find on any other platforms. The platform is offered in many countries with the exception of Germany and the USA. If you live in the states, you will not be able to use YouHodler’s services. Nexo is another European platform that offers crypto enthusiasts the alternative to earn interest not just on their coins but likewise fiat deposits. Nexo remains in fact, one of only two, to us understood, crypto financing platforms that offer interest on fiat deposits. The platform uses its services worldwide, with exception of Bulgaria and Estonia. Now that you have a short summary of every platform
And the platform is likewise preparing to introduce a BlockFi credit card which will produce another income 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 analysis from Nexo’s business model as the platform does not have A devoted area about
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If you are enjoying this video, you want to make cash by transferring 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 only able to earn higher rates if you decide to get the interest in Celsius’s own utility token.
9% annually. What deserves mentioning is that if you want to conserve some fees, and bring more stability into your crypto interest account, you can also transfer the Binance USD coin for which you will not require to pay the significant gas cost, as the currency works on the Binance Smart Chain with way lower fees in contrast to stablecoins that run on the ethereum network. The Binance USD coin is presently only supported on Celsius Network and BlockFi. YouHodler offers presently the most competitive rates for your USDC coins without the requirement to stake the platform’s own utility 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 provides higher benefits for those who wish to receive 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 ought to bear in mind is that platforms tend to adjust the rates from time to time, so you can’t really anticipate the real return from your deposits. Also, remember that by depositing your crypto, the value of the currency might reduce Which will make it hard for you to liquidate your properties if that’s something you would otherwise consider. So now, that you understand the returns let’s briefly evaluation the credibility of the platforms and their track record. Celsius Network is likely the most genuine platform in this space. The creator Alex Mashinsky is a widely known business owner. Prior to launching the Celsius network, he has co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are likewise able to monitor the progress and review some of the statistics. As we are tape-recording this video, there are over 650,000 users and the platform is managing $17 billion worth of properties. Alone in the last 12 months, Celsius has Exchange With The Most Cryptocurrencies
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deposit quantity as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting standards as we have actually pointed out together with other red flags in our previous video. Also, 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 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 on 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 controlled banks for digital possessions. I would be truly interested by whom Nexo is managed, as the company doesn’t have a financing license in Estonia, where they are a legal entity Nexo Services 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 site. The 2nd co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday advance company that apparently is funding Nexo. According to our current research, the executive board does not even include Antoli, but just Kosta and two other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p loaning platform, which is understood for the “misuse of clients cash”. Also when examining some of Nexo’s remarks from the CEO
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Nexo is the only platform that provides interest on fiat. Now that we have reviewed some of the track records of the 4 mentioned platforms, let’s briefly go over the usability of every crypto financing website. While the crypto loans on BlockFi are only offered to U.S. people, the platform is likewise working on a Bitcoin rewards credit card which will be contending with the credit card from Crypto.com YouHodler uses some of the most sophisticated services amongst the crypto lending platforms.
YouHodler is also one of the platforms with flexible loan terms and an optimum LTV of 90%. Now you have a really solid idea of what every crypto financing platform is providing. What you must think about though, is that as quickly as you deposit your crypto on any platform, you are not owning your personal keys anymore and your properties may get compromised either by third celebrations or by the platform itself. Exchange With The Most Cryptocurrencies
give up your ownership of the properties as long as you hold them in the platform’s wallet. The only way to secure your crypto is to save it on a devoted hardware wallet like this one from Trezor. That’s the best method to keep your cryptos safe. The disadvantage of this strategy 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 financing platforms. As with any financial investment, it constantly comes down to the danger and return and your risk profile. Based on our extensive contrast, let’s have an appearance at our independent ratings of every classification for every platform. Keep in mind, that we have designated the rankings based on our own research. One represents the lowest rating while 5 represent the highest ranking. Within the business model category.