BlockFi VS Celsius VS Voyager VS Nexo | WHICH IS THE BEST??

hey friends andy here how you doing good to see ya i can't really call cryptocurrency the hot new thing as it's not that new anymore it's still hot though and more and more people are jumping into it every day if you're not a serious crypto tech nerd though it can be a little hard to know exactly how to get started after all we want to maximize our roi and minimize risk just like with any other type of investment but crypto platforms are a relatively new concept that a lot of us are still wrapping our heads around today i'm going to review four popular crypto platforms blockfi celsius nexo and voyager all of which make it easy to jump into the crypto game i'll talk about the pros and cons of each one and which one might be the right choice for you i've reviewed each of these platforms separately in the past so if you'd like to do a deeper dive into any of them be sure to check out those videos right up here but today i thought it might be useful to see how they stack up against each other one thing i want to make clear about all these platforms and any crypto exchange is that they're not covered by the fdic or s ipc in a way a traditional bank or brokerage is that means if the company goes under or gets hacked or is abducted by aliens or whatever you could potentially lose all of your money and not have any recourse obviously none of these companies want that to happen and they're all taking steps to make sure your money is as safe as possible but just be aware that it's a risk that doesn't exist with more traditional platforms now if you're the kind of person who likes to skip to the last page of the book here's a quick spoiler alert just for you my faves are blockfi and celsius i use both myself so that's a personal recommendation but really it comes down to your personal needs what features you prefer and what coins you're wanting to earn interest on if you want more details than that and i'm guessing you do then stick around for the 4-1-1 on all four of these platforms before we start if you find this review helpful it would be great if you click that like button it helps out a ton and costs you nothing all right let us jump into it first up is blockfi founded in 2017 blockfy has three main offerings the blockfy interest account trading account and crypto backed loans creating a blockfy account is easy and quick you can transfer up to 25 000 a day from your bank or wire money if you need to move bigger amounts faster block fight offers one crypto withdrawal and one stablecoin withdrawal a month for free and then charges a small fee for withdrawals after that it can take up to three days to process a withdrawal so don't count on moving your money around quickly the block by interest account is basically a savings account with support from multiple cryptocurrencies and multiple interest rates with the highest of those interest rates being offered on stable coins [Music] quick mini lesson stable coins are cryptocurrencies that have their value pegged to another asset most often to the us dollar but sometimes other fiat currencies over the value of gold block 5's highest interest rate is 7.5 percent on usdc g usd and pax which are stable coins that are pegged to the u.s dollar meaning their value is always one dollar by way of comparison if you have some regular old fiat dollar sitting in a traditional bank account you're lucky if you'll be making 0.5 apy and the national average is more like 0.05 so 7.5 percent is a truly incredible rate especially when you consider the magic of compound interest working in your favor and thanks to the monthly interest payouts that compound interest can kick into gear pretty quickly now these rates like all apys are subject to change like a traditional bank blockfi loans out your money and passes some of the profit back to you as interest but they don't just lend two big institutions they also lend to their own users you can borrow up to 50 of the value of your crypto you have stored with block 5 for interest rates as low as 4.5 percent you get these funds the same business day and they have no fees or penalties if you pay back the loan early block by also offers a credit card no annual fee no foreign transaction fees and you get 1.5 back in bitcoin for every purchase you make formally this card costs 200 a year which was pretty steep but they've since ditched the fee i think it's a pretty good deal but there is a wait list trading wise block fi allows you to buy and sell the assets you have in your account with no trading fees transfers are instant and you begin earning interest on your new currency right away the drawback block fi currently only has eight types of crypto for you to buy and sell how does block fi keep your money safe when you deposit funds into block fi you're actually depositing them with gemini block 5's partner gemiini keeps the vast majority of their assets in cold storage i.e offline so they are out of reach of hackers as for downsides well that's the withdrawal fee i mentioned but more importantly they did have a data breach earlier this year no funds were stolen but some of the private user information was compromised obviously they're going to do their best to make sure it doesn't happen again but it's not a perfect system block file has a nice little referral program if you use my link to sign up and you deposit 100 or more you will get anywhere from 15 to 250 in bitcoin for free and so will i then if someone uses your referral code you and they will get a bonus as well next up is a voyager voyager was founded in 2017 with a strategy of swaying investors to their platform by providing one of the most user-friendly app experiences and zero commission trading yes zero voyager also has some pretty enticing interest rates voyager allows you to link your bank accounts and transfers between accounts takes just a few minutes once your voyager account is funded you are ready to trade one nice advantage of voyager is that you can withdraw money for free though withdrawals and transfers can take a few days currently voyager is offering a hefty nine percent apy on usdc and a respectable 5.75 on bitcoin along with interest rates that vary from one to eight percent for other cryptocurrencies in order to qualify for these apys you have to have a minimum balance that differs depending on the currency but it's generally in the neighborhood of a couple hundred dollars as with all these platforms these apys are subject to change but still a darn slight better than anything you'll get in a traditional savings account just like with blockfy you earn interest on a monthly basis when voyager says they're commission free they mean it buying and selling crypto on their platform costs nothing voyager uses proprietary technology called voyager smart order router to access other exchanges which lets users buy and sell over 60 different cryptocurrencies all in one place of those over half offer at least some kind of interest minimum trade amount is only ten dollars one downside of voyager is that so far it only has a mobile application for those of us who like to deal with our accounts from a laptop we're out of luck another is that voyager isn't international yet in fact it's not even fully national if you're a resident of new york you can't trade on voyager right now because voyager does not have the bit license it needs to do business there yet also some people aren't crazy about how they make their money they do it by quoting you one price on trades finding a price below what they quoted you and then pocketing the difference making money via spread is kind of an invisible fee skimmed off the difference in exchange rates whether you care about that or not is up to you currently voyager has a referral program that gives 25 in bitcoin to the person that signs up and the person whose code they use once the new account is funded with at least 100 next on the list is celsius celsius is slightly younger than its competitors but not by much having been founded in 2018 celsius was designed to provide zero fee fair interest transactions that allow investors to grow their crypto portfolios with interest-bearing accounts users are also encouraged to use their portfolios as collateral for cheap loans signing up for celsius is easy and quick users must provide proof of identity date of birth and a social security number withdrawals from celsius are some of the easiest and quickest of all the platforms celsius offers unlimited free withdrawals and they just zip right over to your account address as long as the amount is under fifty thousand dollars over 50k requires further verification processing right now the majority of celsius's stable coins offer an 8.88 apy which is not half bad in fact it's really good but there's a little bit of a catch rates at celsius on interest bearing accounts are not called rates they're called rewards and that's because celsius rewards loyalty by assigning you to a loyalty tier based on what percentage of your holdings consists of celsius's proprietary token cell the more sell you hold the more you can earn in interest the bigger catch well cel isn't available to united states residents at least not yet so the biggest rewards are off limits to us americans the upside though is that your reward payout is weekly not monthly meaning that compound interest can get to work for you a little faster than on other platforms like the other platforms we're reviewing today celsius makes its money by making loans including loans to people like you you can use your crypto as collateral when you borrow you can't get rewards on your crypto when you do this but you can still benefit from market moves collateralizing loans with crypto means celsius can let you borrow money for less than a traditional bank they also don't run a credit check and the money is transferred almost instantaneously celsius does block fines credit card one better by having no annual fee no foreign transaction fees and no late payment fees they say you can earn weekly rewards on your crypto collateral but they're a little cagey about exactly how much and again there's a wait list celsius allows you to buy and sell over 30 cryptocurrencies but it's less of a trading platform and more of a way to earn interest on what you own that makes it a good choice for you hodlers out there like all these platforms celsius isn't insured by the government but they have secured some insurance by the custodians fire block and prime trust right now most of celsius's functionality is through their mobile app they do have a limited desktop option but it's definitely not as robust as the mobile app maybe not a deal breaker but kind of a pain and of course if you're in the us you won't be able to take advantage of the highest reward payouts they have an excellent referral program if someone uses your referral code to sign up and meets the 400 crypto transfer requirement you both get 40 in bitcoin and last up is nexo fun fact nexo founded in 2017 was the very first platform to offer instant loans against cryptocurrency you can open account on nexo with just a few clicks if you want to open a trading account you need to provide a little extra information like proof of identity and a social security number there are no minimum balance requirements for most features withdrawals are free but there is a limit on the number of free withdrawals users are allowed per month depending on which loyalty tier they are in base users are allowed one while platinum users are allowed up to five nexo makes daily interest payouts which is pretty awesome not all of nexus cryptocurrencies give you interest but some of them run as high as 12 percent however similar to celsius the higher rates are reserved for the highest tier users your cheer is based on the percentage of your portfolio that's in nexo's own token the creatively named nexo and just like celsius's cels nexos aren't available to people in the u.s i'm sorry interestingly you can also earn 10 to 12 on euros pound sterling and u.s dollars which is pretty much unheard of for fiat currencies the drawback is you have to have a minimum of 50 000 to get that rate nexo has no trading fees but has only 14 cryptocurrencies for you to buy and sell however just like voyager it's come under some criticism for charging a high spread which again is kind of an invisible fee skimmed off the difference in exchange rates nexo hasn't publicly disclosed theirs but some people have estimated it at about two percent nexa will loan you money for whatever wacky thing you want to spend it on seriously no questions asked but depending on what tier you're in you'll pay 5.9 to 11.9 percent in interest their loans are quick and easy and involve a credit check but the interest rates are by far the highest of any of the platforms we're looking at today if you need a loan you could probably do better nexo uses two-factor authentication for both logging in and withdrawals as an extra security measure and it's a licensed and regulated digital assets institution which gives them a little sheen of respectability and trustworthiness additionally they're insured up to 375 million on custodial assets to offer reassurance to its users that their money is safe with nexo now that doesn't guarantee that you'll get your money back in the event that there's a massive hack or nexo goes under but it does make it more likely like block fi and celsius nexo offers a credit card and a waiting list to get it once you get it you'll earn two percent back in bitcoin or nexo you can use it to create virtual cards for safer online shopping and again there's no annual fee or foreign transaction fees as mentioned us users can't take advantage of the highest earning rates and loyalty brackets because they can't receive nexo tokens as payment the interest rates are still high just not as high as they could be for americans also because there's a limit on the number of free withdrawals a month nexo probably isn't the best option for anyone planning to do a lot of transfers and finally the last downside of nexo is that they have been dealing with a lawsuit this is because they suspended ripple or xrp without notifying its users in december of 2020. according to the lawsuit nexo liquidated over 10 million dollars in xrp of the users seems like a lot of that is being wrapped up now but just something to be cautious of all right that was a lot to cover but hopefully it gave you a good overview of these platforms and how they compare to each other let me know down in the comments if you use one of these accounts and what your experience has been and if you found this review helpful then please like the video and subscribe for more money related content on my channel and while you're at it follow me on twitter i post original content there every single day otherwise i will see you in the next video goodbye

Channel: Your Friend Andy

Views: 19,642

Keywords: blockfi review 2021, celsius network review 2021, blockfi vs celsius, blockfi vs celsius vs nexo, blockfi vs celsius vs nexo vs voyager, nexo crypto review, voyager crypto app review, best crypto interest account, best place to earn interest on crypto, best app to earn interest on crypto, best crypto compound interest, bitcoin interest account, crypto interest explained, cryptocurrency interest accounts, how to earn compound interest on cryptocurrency, crypto interest account

Id: 1GcGCjoKEYc

Length: 13min 26sec (806 seconds)

Published: Fri Jul 16 2021