Looking for Youhodler Zcash…Many of you have asked for a comparison between Celsius, BlockFi, YouHodler, and Nexo which are all platforms that enable you to earn interest on your cryptocurrencies and stablecoins. As asked for, in this video, we will be comparing the company model of specific 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 depositing your crypto on one of these platforms.
Let’s very first give you a quick 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 established in 2017 by Alex Mashinsky. The platform uses its services worldwide, however, they are currently not providing loans in the United States due to local policies.
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competitor to Celsius Network. The US-based company has trading and financing licenses in various US states. If you are searching for a wealth-management app for your crypto assets BlockFi is definitely worth considering. The platform offers crypto-backed loans in 47 US states and their crypto interest account is available worldwide with exception of approved nations. YouHodler is most likely the most genuine crypto financing platform in Europe. The business is registered in Cyprus, with a devoted branch in Switzerland. YouHodler uses really competitive rates on your crypto possessions in addition to numerous other features which you won’t find on any other platforms. The platform is available in numerous 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 uses crypto lovers the choice to make interest not just on their coins but also fiat deposits. Nexo remains in truth, one of only 2, to us understood, crypto lending platforms that offer interest on fiat deposits. The platform uses its services worldwide, with exception of Bulgaria and Estonia. So now that you have a quick overview of every platform
let’s discuss how they generate income in the first place. Celsius makes cash from the interest they charge to the customers which are either retail debtors or organizations, they also make cash from their CEL token which is an utility token that you can utilize to increase your rewards on Celsius Network. Another income stream is the rehypothecation which means that Celsius uses the security from the debtors and releases it in order to create additional income. BlockFi is likewise generating income through the interest that is being credited debtors. The platform also charges a 2% origination charge for anyone who desires to take a loan. Another income stream is BlockFi’s exchange feature. When exchanging currencies, the platform makes cash from the spread. BlockFi likewise charges withdrawal charges after your one complimentary withdrawal each month. And the platform is also preparing to release a BlockFi charge card which will create another earnings stream. YouHodler is likewise making money from the interest credited borrowers. In addition to that, there is a small withdrawal charge and costs for additional services such as the Multi HODL tool, which is a function that lets you leverage your crypto properties 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 service model as the platform does not have A dedicated area about
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this on their site. Now let’s speak 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 couple of things that you must consider. When it comes to providing interest on your coins, every platform has certain limitations and terms. So for example, Celsius Network changes the rates weekly to reflect the present market scenario. You are only able to make higher rates if you choose to get the interest in Celsius’s own energy token. The higher reward rates are also not offered for United States residents. If you would not want 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 on the variety of your properties. The more bitcoin or ethereum you deposit, the less interest you will receive. The rates of interest for Ethereum varieties in 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 pointing out 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 need to pay the substantial gas fee, as the currency operates on the Binance Smart Chain with method lower fees in comparison to stablecoins that operate on the ethereum network. The Binance USD coin is presently just supported on Celsius Network and BlockFi. YouHodler provides currently the most competitive rates for your USDC coins without the requirement to stake the platform’s own utility tokens. You can earn 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 greater benefits for those who wish to get 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 change the rates from time to time, so you can’t truly forecast the genuine return from your deposits. Keep in mind that by depositing your crypto, the value of the currency may decrease Which will make it hard for you to liquidate your possessions if that’s something you would otherwise think about. Now, that you are mindful of the returns let’s briefly evaluation the credibility of the platforms and their track record. Celsius Network is likely the most legitimate platform in this area. The founder Alex Mashinsky is a widely known entrepreneur. Before releasing the Celsius network, he has co-founded three start-ups worth more than $1 Billion each. On the Celsius App, you are likewise able to keep an eye on the development and examine some of the stats. 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 Zcash
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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 resolving the most frequently asked questions, which is something rather unusual in this area. The platform is not transparent when it comes to sharing its monetary reports, however with a little bit of digging, you can get your hands on the financial report for 2020, where you will discover out that the platform is not profitable. BlockFi is co-founded by Zac Prince and Flori Marquez. The CEO Zac Prince has more experience within the business advancement area rather than the fintech space. BlockFi is also funded by numerous institutional investors and the platform is primarily targeting the US market. While you can utilize the crypto interest account worldwide, the crypto loans are available Only for U.S people as BlockFi has the required lending licenses just in the U.S. , if you desire to examine BlockFi’s stats you won’t be delighted as there are none readily available.. Some external sources recommend that there are more than 125,000 signed up users, nevertheless, we were not able to verify any of those claims straight with BlockFi. YouHodler is founded by Ilya Volkov, who brings previous experience from the fintech space in Russia. According to our research, it seems like he has relocated to Switzerland to launch his crypto loaning platform YouHodler in 2017. I know that YouHodler has actually been applauded by a few of you in the comments on previous videos, sadly, the platform isn’t publicly revealing any monetary reports, nor data about their user base or assets under YouHodler’s management. This is something you ought to definitely think about when using YouHodler. Moving on to Nexo. Nexo declares to manage $12 B worth of properties from more than 1.5 M of users. If this is correct, it would mean that Nexo is two times as big in regards to user base as Celsius with a much lower average
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 think is a bit of a high growth even if we think about the buzz in the crypto space. The second co-founder of Nexo is Kosta Kantchev who also established Credissimo, a Bulgarian payday loan business that obviously is financing Nexo. According to our current research study, the executive board does not even include Antoli, but just Kosta and two other gentlemen, from which one is William Arthur Vesilind who was previously the executive director at TrustBuddy, a Swedish p2p lending platform, which is known for the “abuse of customers money”.
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in the media, he is frequently only promoting crypto and anticipating prices but lacks any much deeper insights into the crypto lending area or how Nexo is running. But that’s just our impression from his Bloomberg talks. Also, Nexo is the only platform that offers interest on fiat. According to our knowledge, 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 attorneys, we have a hard time to understand the legal setup under which Nexo is offering its services. Now that we have actually reviewed some of the track records of the four pointed out platforms, let’s briefly go over the usability of every crypto lending site. Celsius has started as a native mobile app. The app is well developed and it features numerous security features such as the biometric scan, HODL mode, and 2FA. Right in the control panel, you have the ability to see how many assets you are holding and what are the currently offered rates. You can transfer and withdraw supported coins however there is no exchange, so if you don’t transfer your cryptos from another wallet, you can buy them directly through the app. Keep in mind, nevertheless, that there might be costs for credit card purchases or SEPA transfers. Celsius Network supports presently 40 digital assets. BlockiFi makes a less industrialized impression. The app is very easy therefore is the desktop variation of the platform. BlockFi supports presently just 10 digital currencies. The platform also offers a dedicated exchange so you can even trade them. We don’t advise this function that much as the exchange rates are not the best. While the crypto loans on BlockFi are just offered to U.S. people, the platform is also dealing with a Bitcoin benefits charge card which will be competing with the charge card from Crypto.com YouHodler uses some of the most advanced services amongst the crypto lending platforms. Presently, the platform supports 18 digital
YouHodler is also one of the platforms with versatile loan terms and a maximum LTV of 90%. Now you have an actually solid concept of what every crypto loaning platform is using. What you need to think about though, is that as soon as you deposit your crypto on any platform, you are not owning your private secrets any longer and your properties may get compromised either by third parties or by the platform itself. Youhodler Zcash
quit your ownership of the possessions as long as you hold them in the platform’s wallet. The only way to protect your crypto is to save it on a dedicated hardware wallet like this one from Trezor. That’s the best method to keep your cryptos safe. The drawback of this strategy is that you will only 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 loaning platforms. However, as with any financial investment, it constantly boils down to the danger and return and your risk profile. Based on our extensive contrast, let’s have a look at our independent ratings of every classification for every platform. Keep in mind, that we have actually designated the scores based on our own research. One represents the lowest rating while five mean the greatest score. Within business model category.