Looking for Youhodler Deposit Rewards…Many of you have actually 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 requested, in this video, we will be comparing the company design of specific platforms, the return rates, the reliability and track record, usability of their apps and we will also talk about some of the threats that you should think about when depositing your crypto on one of these platforms.
Let’s first offer you a quick introduction to every platform prior to we dive deeper into the comparison. Celsius Network is the fastest-growing crypto loaning platform in the world, which was founded in 2017 by Alex Mashinsky. The platform provides its services worldwide, nevertheless, they are currently not issuing loans in the United States due to regional regulations.
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The platform offers crypto-backed loans in 47 US states and their crypto interest account is available worldwide with exception of sanctioned countries. Nexo is another European platform that provides crypto lovers the option 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 provide interest on fiat deposits.
And the platform is also planning to launch a BlockFi credit card which will create another earnings stream. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the customers. That’s at least our interpretation from Nexo’s company model as the platform doesn’t have A dedicated area about
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this on their site. Now let’s speak about the returns. If you are watching this video, you desire to make cash by depositing your coins on one of the platforms? Prior to we compare the rates, there are a few things that you need to consider however. When it comes to providing interest on your coins, every platform has specific limitations and terms. So for example, Celsius Network alters the rates weekly to show the current market circumstance. Also, you are only able to make higher rates if you decide to receive the interest in Celsius’s own utility token. The higher reward rates are also not offered for United States people. If you would not wish to pay out your rewards in the CEL token, you can presently anticipate to receive 5.05% on your Ethereum, 3.51% on your Bitcoin, and 10% interest on your deposits in Binance USD or USDC which is the stablecoin from Coinbase. On BlockFi, the rate for your Ethereum and Bitcoin deposits depends upon the variety of your possessions. The more bitcoin or ethereum you deposit, the less interest you will get. The interest rate for Ethereum ranges in between 0.5% and 4.5%, the rate for bitcoin is between 0.5% and 5%, and the rate for the two stablecoins is presently at
9% each year. What’s worth mentioning is that if you wish to conserve some fees, and bring more stability into your crypto interest account, you can also deposit the Binance USD coin for which you will not require to pay the large gas fee, as the currency works on the Binance Smart Chain with method lower costs in contrast to stablecoins that run on the ethereum network. The Binance USD coin is presently only supported on Celsius Network and BlockFi. YouHodler provides currently the most competitive rates for your USDC coins without the need to stake the platform’s own utility tokens. You can make 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 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 actually anticipate the genuine return from your deposits. Keep in mind that by depositing 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 know 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 co-founded 3 startups worth more than $1 Billion each. On the Celsius App, you are also able to keep track of the progress and examine some of the data. As we are taping this video, there are over 650,000 users and the platform is handling $17 billion worth of assets. Alone in the last 12 months, Celsius has Youhodler Deposit Rewards
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paid more than $367 M worth of rewards. While we haven’t managed to get answers to our questions, the CEO does hold a weekly AMA session where he is dealing with the most frequently asked questions, which is something rather unusual in this area. The platform is not transparent when it concerns sharing its financial reports, but with a bit of digging, you can get your hands on the monetary report for 2020, where you will find out that the platform is not lucrative yet. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business advancement area instead of the fintech area. BlockFi is likewise funded by numerous institutional investors and the platform is generally targeting the United States market. While you can utilize the crypto interest account worldwide, the crypto loans are available Just for U.S residents as BlockFi has the required loaning licenses just in the U.S. If you wish to inspect BlockFi’s statistics you will not enjoy as there are none offered. Some external sources recommend that there are more than 125,000 signed up users, however, we were unable to verify any of those claims directly with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech space in Russia. According to our research, it appears like he has transferred to Switzerland to release his crypto lending platform YouHodler in 2017. I understand that YouHodler has been applauded by some of you in the talk about previous videos, regrettably, the platform isn’t openly revealing any financial reports, nor statistics about their user base or possessions under YouHodler’s management. When utilizing YouHodler, this is something you need to definitely consider. Proceeding to Nexo. Nexo declares to handle $12 B worth of assets from more than 1.5 M of users. If this is right, it would suggest that Nexo is two times as big in regards to user base as Celsius with a much lower average
deposit amount as compared to the users on the Celsius Network. We are not delighted about Nexo’s reporting requirements as we have explained together with other red flags in our previous video. Also, at the start of January, Nexo had only $4B under its management from 1 M users, now 5 months later on, the platform claims to manage $12B from 1.5 M users, which we believe is a bit of a steep development 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 upon our research, Antoni was a Bulgarian politician with experience in the style Retail market. On his LinkedIn profile, he describes Nexo as the leading managed financial institution for digital properties. I would be really interested by whom Nexo is regulated, as the business doesn’t have a lending 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 nowhere to be discovered on the site. The second co-founder of Nexo is Kosta Kantchev who also founded Credissimo, a Bulgarian payday advance loan company that obviously is financing Nexo. According to our recent research, the executive board doesn’t 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 “abuse of clients cash”. Also when evaluating some of Nexo’s comments from the CEO
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in the media, he is typically only promoting crypto and forecasting rates but lacks any much deeper insights into the crypto loaning area or how Nexo is running. However that’s simply our impression from his Bloomberg talks. Likewise, Nexo is the only platform that offers interest on fiat. According to our understanding, you can not use interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Despite the fact that we are not legal representatives, we struggle to comprehend the legal setup under which Nexo is using its services. So now that we have actually evaluated a few of the performance history of the 4 discussed platforms, let’s briefly discuss the use of every crypto financing site. Celsius has started as a native mobile app. The app is well developed and it comes with various security features such as the biometric scan, HODL mode, and 2FA. In the dashboard, you are able to see how numerous assets you are holding and what are the presently provided rates. You can withdraw and move supported coins but there is no exchange, so if you don’t transfer your cryptos from another wallet, you can acquire them directly through the app. Keep in mind, however, that there might be fees for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital properties. BlockiFi makes a less industrialized impression. The app is extremely easy therefore is the desktop variation of the platform. BlockFi supports currently only 10 digital currencies. The platform likewise provides a devoted exchange so you can even trade them. We do not advise this feature that much as the currency exchange rate are not the best. While the crypto loans on BlockFi are only readily available to U.S. residents, the platform is likewise working on a Bitcoin rewards credit card which will be taking on the credit card from Crypto.com YouHodler offers some of the most innovative services amongst the crypto loaning platforms. Currently, the platform supports 18 digital
YouHodler is also one of the platforms with flexible loan terms and a maximum LTV of 90%. Now you have an actually solid idea of what every crypto financing platform is offering. What you ought to think about though, is that as soon as you deposit your crypto on any platform, you are not owning your private keys anymore and your possessions may get compromised either by third celebrations or by the platform itself. Youhodler Deposit Rewards
The only method to protect your crypto is to keep it on a devoted hardware wallet like this one from Trezor. The downside of this method is that you will just 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 lending platforms. Based on our thorough comparison, let’s have an appearance at our independent rankings of every category for every platform.