Looking for Youhodler Vs Salt…Many of you have asked for a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that allow you to make interest on your stablecoins and cryptocurrencies. As asked for, in this video, we will be comparing the business model of specific platforms, the return rates, the reliability and track record, functionality of their apps and we will likewise speak about some of the dangers that you ought to think about when transferring your crypto on one of these platforms. We will likewise round up the comparison with our independent score of the just-mentioned categories for each platform. So keep watching until completion to discover how we scored individual platforms. if you are brand-new to this channel and your objective is to become a more informed P2P financier
think about subscribing and struck the like button to see more material like this in the future. Let’s first give you a short introduction to every platform prior to we dive deeper into the contrast. Celsius Network is the fastest-growing crypto financing platform in the world, which was founded in 2017 by Alex Mashinsky. Presently, there are over 650,000 users using Celsius Network to make or take a crypto loan interest on their stablecoins and cryptocurrencies. In overall, Celsius manages more than $17 B worth of properties. The platform uses its services worldwide, however, they are currently not issuing loans in the United States due to local regulations. BlockFi is the largest
youhodler crypto interest loans, platform for users
The platform provides crypto-backed loans in 47 US states and their crypto interest account is offered worldwide with exception of approved nations. Nexo is another European platform that offers crypto lovers the choice to earn interest not just on their coins however also fiat deposits. Nexo is in truth, one of only 2, to us understood, crypto lending platforms that offer interest on fiat deposits.
let’s speak about how they make money in the first place. So Celsius makes money from the interest they charge to the customers which are either retail debtors or organizations, they likewise earn money from their CEL token which is an utility token that you can utilize to increase your benefits on Celsius Network. Another income stream is the rehypothecation which indicates that Celsius uses the collateral from the customers and releases it in order to create additional income. BlockFi is likewise earning money through the interest that is being credited customers. In addition to that, the platform also charges a 2% origination cost for anybody who wants to take a loan. Another earnings stream is BlockFi’s exchange function. The platform earns money from the spread when exchanging currencies. BlockFi likewise charges withdrawal charges after your one totally free withdrawal monthly. And the platform is likewise preparing to release a BlockFi charge card which will create another earnings stream. YouHodler is also earning money from the interest charged to customers. In addition to that, there is a little withdrawal charge and fees for additional services such as the Multi HODL tool, which is a function that lets you leverage your crypto assets in exchange for prospective returns. Like all the other platforms, Nexo likewise takes a cut from the interest that is being paid by the debtors. Nexo also makes revenues with their Nexo token. That’s at least our analysis from Nexo’s company design as the platform doesn’t have A devoted area about
money fees on celsius services priced about stablecoins profit margin Youhodler Vs Salt
this on their site. Now let’s talk about the returns. If you are enjoying this video, you wish to generate income by transferring your coins on among the platforms right? Before we compare the rates, there are a few things that you ought to consider. Every platform has specific limitations and terms when it pertains to offering interest on your coins. For example, Celsius Network alters the rates every week to reflect the current market circumstance. Also, you are just able to make higher rates if you choose to get the interest in Celsius’s own utility token. The higher benefit rates are also not readily available for US residents. If you would not want to pay your rewards in the CEL token, you can currently expect 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 on the number of your assets. The more bitcoin or ethereum you deposit, the less interest you will receive. The rates of interest for Ethereum varieties between 0.5% and 4.5%, the rate for bitcoin is in between 0.5% and 5%, and the rate for the two stablecoins is presently at
9% each year. What’s worth discussing is that if you want to save some costs, 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 cost, as the currency runs on the Binance Smart Chain with way lower charges in comparison to stablecoins that work on the ethereum network. The Binance USD coin is currently only supported on Celsius Network and BlockFi. YouHodler uses 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 uses higher benefits for those who wish to receive the interest in the native NEXO tokens instead of the deposited currency. The platform offers 6% for non-Nexo token holders on bitcoin and ethereum and 10% on the USDC coin. What you need to keep in mind is that platforms tend to adjust the rates from time to time, so you can’t truly forecast the real return from your deposits. Likewise, bear in mind that by transferring your crypto, the worth of the currency may reduce Which will make it hard for you to liquidate your assets if that’s something you would otherwise consider. So now, that you know the returns let’s briefly evaluation the credibility of the platforms and their performance history. Celsius Network is most likely the most genuine platform in this area. The creator Alex Mashinsky is a widely known entrepreneur. Before launching the Celsius network, he has actually co-founded three start-ups worth more than $1 Billion each. On the Celsius App, you are likewise able to keep track of the development and examine a few of the data. As we are tape-recording 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 Vs Salt
bitcoin amount of lending service with value feature trading
paid out 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 resolving the most frequently asked questions, which is something rather unusual in this space. The platform is not transparent when it comes to sharing its financial reports, however with a little bit of digging, you can get your hands on the monetary report for 2020, where you will discover out that the platform is not successful. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within business development space instead of the fintech space. BlockFi is likewise financed by numerous institutional financiers and the platform is generally targeting the US market. While you can use the crypto interest account worldwide, the crypto loans are offered Only for U.S citizens as BlockFi has the required lending licenses just in the U.S. If you want to examine BlockFi’s data you won’t be happy as there are none offered. Some external sources recommend that there are more than 125,000 registered users, however, we were not able to confirm 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 looks like he has transferred to Switzerland to launch his crypto financing platform YouHodler in 2017. I know that YouHodler has been praised by a few of you in the comments on previous videos, unfortunately, the platform isn’t openly revealing any financial reports, nor statistics about their user base or properties under YouHodler’s management. When using YouHodler, this is something you need to definitely consider. Carrying on to Nexo. Nexo declares to manage $12 B worth of assets from more than 1.5 M of users. If this is right, it would indicate 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 standards as we have actually explained 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 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 controlled banks for digital properties. I would be truly interested by whom Nexo is managed, as the business doesn’t have a financing 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 however their legal address is nowhere to be discovered on the site. The 2nd co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday advance loan business that apparently is financing Nexo. According to our current research study, the executive board doesn’t even include Antoli, but 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 “abuse of clients money”. Likewise when reviewing some of Nexo’s comments from the CEO
turbocharge stablecoins crypto assets coins investment profile
in the media, he is typically only promoting crypto and anticipating prices however lacks any deeper insights into the crypto lending space or how Nexo is operating. That’s just our impression from his Bloomberg talks. Likewise, Nexo is the only platform that provides interest on fiat. According to our understanding, you can not offer interest on fiat deposits unless you have a banking license which Nexo definitely does not have. Even though we are not attorneys, we struggle to comprehend the legal setup under which Nexo is using its services. So now that we have reviewed a few of the track records of the four pointed out platforms, let’s briefly discuss the functionality of every crypto financing website. Celsius has actually begun as a native mobile app. The app is well established and it comes with various security features such as the biometric scan, HODL mode, and 2FA. Right in the control panel, you have the ability to see how many possessions you are holding and what are the currently provided rates. You can move and withdraw supported coins but there is no exchange, so if you do not transfer your cryptos from another wallet, you can buy them directly through the app. Note, however, that there might be charges for credit card purchases or SEPA transfers. Celsius Network supports currently 40 digital assets. BlockiFi makes a less developed impression. The app is very simple and so is the desktop variation of the platform. BlockFi supports presently only 10 digital currencies. The platform also offers a dedicated exchange so you can even trade them. We don’t recommend this function that much as the exchange rates are not the very best. While the crypto loans on BlockFi are just available to U.S. citizens, the platform is also dealing with a Bitcoin rewards credit card which will be taking on the charge card from Crypto.com YouHodler offers a few of the most advanced services among the crypto loaning platforms. Presently, 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 a really strong concept of what every crypto financing platform is using. What you must think about however, is that as soon as you transfer your crypto on any platform, you are not owning your private keys any longer and your assets might get jeopardized either by 3rd celebrations or by the platform itself. Youhodler Vs Salt
give up your ownership of the properties as long as you hold them in the platform’s wallet. The only method to secure your crypto is to store it on a dedicated hardware wallet like this one from Trezor. That’s the very best method to keep your cryptos safe. The disadvantage of this strategy is that you will only benefit from the increased value of your coin however not the interest on your deposits, which is something you can do on one of the crypto lending platforms. However, just like any investment, it constantly comes down to the risk and return and your danger profile. So based on our extensive contrast, let’s take a look at our independent ratings of every category for each platform. Note, that we have actually assigned the ratings based on our own research study. One represents the most affordable score while 5 represent the greatest ranking. Within the business design category.