Looking for Youhodler Kraken…A number of you have requested a contrast in between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that permit you to earn interest on your stablecoins and cryptocurrencies. As requested, in this video, we will be comparing the business design of specific platforms, the return rates, the reliability and performance history, use of their apps and we will also speak about a few of the dangers that you ought to think about when transferring your crypto on one of these platforms. We will also assemble the contrast with our independent score of the just-mentioned categories for each platform. Keep watching until the end to discover out how we scored private platforms. If you are new to this channel and your objective is to end up being a more informed P2P financier,
consider subscribing and hit the like button to see more material like this in the future. So let’s very first give you a brief introduction to every platform prior to we dive deeper into the contrast. Celsius Network is the fastest-growing crypto lending platform worldwide, which was founded in 2017 by Alex Mashinsky. Currently, there are over 650,000 users using Celsius Network to earn or take a crypto loan interest on their stablecoins and cryptocurrencies. In total, Celsius manages more than $17 B worth of possessions. The platform offers its services worldwide, nevertheless, they are presently not releasing loans in the United States due to local guidelines. BlockFi is the biggest
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competitor to Celsius Network. The US-based business has trading and loaning licenses in various US states. If you are looking for a wealth-management app for your crypto assets BlockFi is certainly worth considering. The platform uses crypto-backed loans in 47 US states and their crypto interest account is offered around the world with exception of sanctioned countries. YouHodler is most likely the most genuine crypto loaning platform in Europe. The company is registered in Cyprus, with a dedicated branch in Switzerland. YouHodler provides really competitive rates on your crypto possessions in addition to numerous other functions which you will not discover on any other platforms. The platform is readily available in lots of nations with the exception of Germany and the U.S.A.. If you reside in the states, you won’t be able to utilize YouHodler’s services. Nexo is another European platform that uses crypto enthusiasts the choice to earn interest not just on their coins however likewise fiat deposits. Nexo remains in truth, one of only 2, to us known, crypto loaning platforms that provide interest on fiat deposits. The platform provides its services worldwide, with exception of Bulgaria and Estonia. Now that you have a brief introduction of every platform
And the platform is likewise preparing to introduce a BlockFi credit card which will produce 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 doesn’t have A devoted area about
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If you are watching this video, you want to make cash by depositing your coins on one of the platforms? Every platform has specific limits and terms when it comes to using interest on your coins. You are just able to earn higher 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 uses 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 predict the genuine return from your deposits. Youhodler Kraken
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deposit amount as compared to the users on the Celsius Network. We are not excited about Nexo’s reporting requirements as we have explained 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 five months later on, the platform claims to manage $12B from 1.5 M users, which we believe is a bit of a steep growth even if we think about the buzz in the crypto area. 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 fashion Retail market. On his LinkedIn profile, he explains Nexo as the leading controlled financial institution for digital assets. I would be truly interested by whom Nexo is regulated, as the business does not have a financing license in Estonia, where they are a legal entity Nexo Services OU is based. During our research study, we found connections to Bulgaria, Estonia, the UK, and the Cayman Islands but their legal address is nowhere to be discovered on the website. The second co-founder of Nexo is Kosta Kantchev who also founded Credissimo, a Bulgarian payday loan business that apparently is financing Nexo. According to our current research, the executive board does not even consist of Antoli, but just Kosta and 2 other gentlemen, from which one is William Arthur Vesilind who was formerly the executive director at TrustBuddy, a Swedish p2p financing platform, which is known for the “abuse of customers cash”. Also when evaluating 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 reviewed some of the track records of the four discussed platforms, let’s briefly go over the functionality of every crypto lending site. While the crypto loans on BlockFi are just offered to U.S. residents, the platform is also working on a Bitcoin rewards credit card which will be competing with the credit card from Crypto.com YouHodler offers some of the most innovative services amongst the crypto loaning platforms.
YouHodler is also one of the platforms with versatile loan terms and a maximum LTV of 90%. Now you have a truly strong concept of what every crypto lending platform is using. What you should think about though, is that as quickly as you transfer your crypto on any platform, you are not owning your personal keys any longer and your possessions might get jeopardized either by 3rd celebrations or by the platform itself. Youhodler Kraken
The only method to secure your crypto is to store it on a devoted hardware wallet like this one from Trezor. The drawback 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 loaning platforms. Based on our thorough comparison, let’s have a look at our independent ratings of every category for every platform.