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– TIMESTAMPS –
1:30 What are crypto lending platforms?
13:24 Crypto .com
20:39 Final Thoughts
💸 Try A Crypto Lending Platform 💸
► Blockfi: https://guy.coinbureau.com/r/blockfi
► Nexo: https://nexo.io
► Crypto.com: https://guy.coinbureau.com/crypto-mco/
► Celsius: https://guy.coinbureau.com/r/celsius
► Aave: https://aave.com
📝 Overview 📝
Want to earn passive income or do you need cash but don’t want to sell your crypto? Well, there is a way to do all that by using a crypto lending platform.
In this video, I’ll tell you everything you need to know about them and help choose the right platform for you!
❓ What Are Crypto Lending Platforms ❓
These platforms provide two key services:
► They allow you to supply crypto to earn interest.
► To deposit crypto to get instant loans.
But how do these loans work? In a nutshell, you offer up crypto as collateral and get a percentage of that collateral in either fiat or stablecoins. If the price of crypto moves against you, in fiat terms, then your crypto could get sold to cover the outstanding loan.
There are no credit checks at all and they are usually instantly approved. Another key reason people go for this type of lending is to get cash to spend in the real world today, whilst retaining ownership of their crypto.
5️⃣ Blockfi 5️⃣
This lending platform operates out of New York city and was founded in 2017.
You can get rates as high a 6% for supplying Bitcoin and 8.6% for stablecoins.
Security is also a priority here and the platform is about as secure as the Gemini exchange – that’s because Gemini is its primary custodian. I do need to tell you that Blockfi recently did fall prey to a SIM-swap hack attack and some confidential information was leaked as a result.
If you want to get a crypto loan, you can do just that at Blockfi by providing BTC, ETH or LTC as collateral. The standard loan-to-value ratio here is 50% and the minimum loan amount is a whopping $10,000.
4️⃣ Nexo 4️⃣
Nexo is actually an offshoot of a company called Credissimo which has been in action since 2007. Since 2018, Nexo has processed over $1.5 billion for over 550k users. That means this is a damn popular crypto lending platform.
Interest rates are as high as 8% for assets like Ether, USDC, Paxos, TrueUSD, Dai, Euros and GBP. On top of that killer rate, you can get an additional rate bump to 10% if you hold enough Nexo tokens in your wallet.
In terms of security, funds are insured for up to $100 million via Bitgo. However, you must remember that the platform is centralized and needs KYC.
For those wanting to get a loan, you can do just that for amounts between $500 and $2 million and you’ll pay around 5.9% APR to make that happen.
3️⃣ Crypto.com 3️⃣
I’ve already gone over Crypto.com in another video so I recommend you check that out!
2️⃣ Celsius 2️⃣
These guys have been in business since 2017 and boast over 133,000 users with over $850 million in assets. The platform has also facilitated over $8 billion in loan originations.
Interest rates here are as high as 11.9% if you accept interest payment in CEL token and interest can be earned in a plethora of different currency stablecoins.
As a centralized platform, Celsius has all the security shortcomings of the other platforms mentioned in this video. That being said, user funds are insured for up to $100 million via Bitgo again and Celsius has committed to using its own balance sheet.
There are no minimum deposit amounts on this platform. That makes it perfect for anyone dipping their toes into the crypto lending waters.
If you want to get a crypto loan, there is a lot of flexibility when it comes to LTV, collateral types and loan terms. Oh yes, the minimum loan is only $1,000.
1️⃣ Aave 1️⃣
Watch the video to find out why I have made Aave my number one pick!
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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