Looking for Galaxy Youhodler…Much of you have requested a comparison in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to make interest on your cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing business design of individual platforms, the return rates, the reliability and track record, use of their apps and we will likewise discuss a few of the risks that you must consider when depositing your crypto on among these platforms. We will likewise assemble the comparison with our independent ranking of the just-mentioned categories for every single platform. So keep watching till the end to learn how we scored individual platforms. If you are new to this channel and your goal is to become a more educated P2P financier,
consider subscribing and hit the like button to see more content like this in the future. Let’s first provide you a brief intro to every platform before we dive deeper into the comparison. Celsius Network is the fastest-growing crypto lending platform worldwide, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users using Celsius Network to take a crypto loan or earn interest on their stablecoins and cryptocurrencies. In overall, Celsius manages more than $17 B worth of properties. The platform provides its services worldwide, nevertheless, they are currently not releasing loans in the United States due to regional policies. BlockFi is the largest
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is available around the world with exception of approved nations. Nexo is another European platform that offers crypto enthusiasts the option to make interest not just on their coins however also fiat deposits. Nexo is in truth, one of only 2, to us understood, crypto loaning platforms that use interest on fiat deposits.
let’s discuss how they earn money in the first place. So Celsius generates income from the interest they credit the debtors which are either retail debtors or organizations, they likewise make money from their CEL token which is an utility token that you can use to increase your rewards on Celsius Network. Another income stream is the rehypothecation which means that Celsius uses the security from the customers and deploys it in order to generate additional earnings. BlockFi is also generating income through the interest that is being charged to customers. The platform also charges a 2% origination cost for anyone who desires to take a loan. Another earnings stream is BlockFi’s exchange feature. When exchanging currencies, the platform makes money from the spread. BlockFi likewise charges withdrawal charges after your one free withdrawal monthly. And the platform is also planning to introduce a BlockFi credit card which will generate another earnings stream. YouHodler is likewise making money from the interest credited customers. In addition to that, there is a small withdrawal charge and fees for additional services such as the Multi HODL tool, which is a function that lets you utilize your crypto properties in exchange for possible returns. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the debtors. Nexo also makes earnings with their Nexo token. That’s at least our interpretation from Nexo’s business model as the platform doesn’t have A dedicated section about
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If you are watching this video, you desire to make money by depositing 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 higher rates if you decide to get the interest in Celsius’s own energy token.
9% per year. What’s worth discussing is that if you want to save some charges, 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 large gas charge, as the currency runs on the Binance Smart Chain with method lower charges in comparison to stablecoins that operate on the ethereum network. The Binance USD coin is currently only supported on Celsius Network and BlockFi. YouHodler offers currently the most competitive rates for your USDC coins without the requirement to stake the platform’s own energy tokens. You can make 12% interest on your USDC holdings and the platform uses 5.5% on Ethereum and 4.8% on your bitcoin deposits. Nexo is another platform that offers higher rewards for those who want 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 must keep in mind is that platforms tend to adjust the rates from time to time, so you can’t really predict the real return from your deposits. Keep in mind that by depositing your crypto, the value of the currency might decrease Which will make it hard for you to liquidate your properties if that’s something you would otherwise think about. Now, that you are mindful of the returns let’s briefly review the trustworthiness of the platforms and their track record. Celsius Network is likely the most legitimate platform in this area. The founder Alex Mashinsky is a popular entrepreneur. Prior to launching the Celsius network, he has actually co-founded 3 start-ups worth more than $1 Billion each. On the Celsius App, you are also able to keep track of the development and examine some of the stats. As we are 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 Galaxy Youhodler
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deposit quantity as compared to the users on the Celsius Network. We are not delighted 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 claims to manage $12B from 1.5 M users, which we think is a bit of a high growth even if we think about 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, Antoni was a Bulgarian political leader with experience in the style 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 company doesn’t have a lending license in Estonia, where they are a legal entity Nexo Provider OU is based. During our research, we discovered connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is no place to be found on the site. The 2nd co-founder of Nexo is Kosta Kantchev who also founded Credissimo, a Bulgarian payday loan company that apparently is financing Nexo. According to our current research, the executive board doesn’t even consist of 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 loaning platform, which is understood for the “misuse of clients money”. 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 4 discussed platforms, let’s briefly go over the functionality of every crypto financing website. While the crypto loans on BlockFi are just offered to U.S. citizens, the platform is also working on a Bitcoin rewards credit card which will be completing with the credit card from Crypto.com YouHodler offers some of the most advanced services amongst the crypto financing platforms.
currencies on which you have the ability to earn interest. YouHodler enables you to exchange between different currencies or deposit fiat via bank wire or other supported payment services. The minimum deposit amounts are really low, so you don’t require to move numerous Euros or Dollars 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 assets. Apart from making interest on your deposits or exchanging cryptos, YouHodler likewise offers you the option to borrow fiat money in exchange for collateral. The platform currently supports only loans in us dollars or euros. YouHodler is likewise one of the platforms with flexible loan terms and an optimum LTV of 90%. Apart from those services, YouHodler also provides two leveraging tools such as Turbocharged loans and Multi HODL, which are suitable for more opportunistic investors. As the performance of those features exceeds this video, you can discover how it operates in our devoted youhodler evaluation on p2pempire. Nexo’s usability resembles Celsius Network. Nexo is also using its utility tokens to provide much better rates on loans, greater interests on crypto and fiat deposits, or more free withdrawals monthly. Also if you choose to stake your coins or fiat, suggesting you lock your possessions for a defined term, you can get a higher interest rate. Like BlockFi, Nexo also offers you to buy, or exchange crypto if you wish to hold your properties in different currencies. Now you have a really solid idea of what every crypto financing platform is offering. What you must consider though, is that as quickly as you deposit your crypto on any platform, you are not owning your personal keys any longer and your assets may get compromised either by 3rd parties or by the platform itself. It resembles 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 very clear about the reality that you Galaxy Youhodler
quit your ownership of the possessions as long as you hold them in the platform’s wallet. The only method to secure your crypto is to keep it on a dedicated hardware wallet like this one from Trezor. That’s the best way to keep your cryptos safe. The drawback of this technique is that you will only take advantage of the increased worth of your coin but not the interest on your deposits, which is something you can do on one of the crypto loaning platforms. But, similar to any investment, it always comes down to the risk and return and your danger profile. Based on our thorough comparison, let’s have an appearance at our independent ratings of every category for every platform. Keep in mind, that we have designated the rankings based upon our own research study. One represents the lowest score while 5 represent the greatest rating. Within business model category.