Last Updated: November 29, 2022
Pros:
✅ A reasonable amount of cryptocurrencies
✅ Earning interest in crypto
✅ Borrow with your cryptocurrency
✅ Modern trading instruments
✅ Strict anti-money laundering (AML) and know-your-customer (KYC) procedures
✅ Excellent client service
Cons:
❌ Not accessible in the US
❌ Requirement of minimum investment
❌ Insufficient transparency
❌ Loans with high APRs
YouHodler Pros:
YouHodler offers a respectable range of cryptocurrencies that pay interest, including 24 cryptocurrencies and 8 stablecoins. Several cryptocurrencies, including Cardano (ADA), Tezos (XTZ), and Monero (XMR), can be used as collateral but do not earn interest. This is frustrating because incentives can be earned by staking Cardano and Tezos on other exchanges. Additionally, it provides non-fungible tokens (NFTs), which are digital collectibles that can be traded or used as security for a loan.
It makes sense to look for strategies to increase the value of your assets if you intend to hold cryptocurrencies for a long time. Depending on the currency, YouHodler bets roughly 5% interest on alternative coins and around 12% interest on stablecoins. Bitcoin cannot be deposited and interest paid in dollars; interest compounds weekly and is paid in the same currency. You are always welcome to take money out.
These rates are competitive with those offered by other cryptocurrency lenders, but you should compare your options and shop around. For instance, you can make money on various cryptocurrencies by providing liquidity (dedicating your coins to a trading platform) or staking them (tying them up to essentially make the network more reliable). Each option has some advantages and disadvantages.
YouHodler allows you to utilize your crypto as collateral if you have a cryptocurrency and do need cash. High loan-to-value ratios are available (LTVs). LTV is the proportion of available collateral that can be borrowed. (For instance, if someone possessed crypto worth $1,000 and the LTV was 90%, then they could borrow $900.). This loan does not require a credit check because it is secured, and is typically authorized right away. To save on interest, wait until you can afford to pay the charges in full before you take out any loans.
Customers can use advanced trading tools and leverage to buy cryptocurrency through YouHodler. For instance, you can wager on whether a cryptocurrency’s price will increase or decrease (going “long” or “short”). Borrowing money is another way to boost your investment returns; we go into more detail on this below.
Depending on how you look at it, this might be either a pro or a drawback. YouHodler is not for you if you wish to trade cryptocurrencies in an anonymous manner. On the other hand, YouHodler takes this matter seriously if you want assurance that you’re dealing with a firm that wishes to prevent laundered money.
On TrustPilot, YouHodler has a rating of 4.4 out of 5. Their rapid customer service and high-interest rates are praised by customers. One word of caution: YouHodler received unfavorable feedback from certain users, primarily due to its withdrawal alternatives. Make sure you are confident in your ability to withdraw the money before you transfer a sizable sum to any bitcoin exchange.
YouHodler is a cryptocurrency platform with a basis in Switzerland that was established with the goal of enabling its members to benefit from cryptocurrency. It’s a platform for lending cryptocurrency that provides loans backed by cryptocurrencies as well as an exchange, a wallet, and opportunities to earn income on your crypto holdings.
If a user creates a new account using the YouHodler referral link, they can be eligible for a bonus. Users can benefit from the referral incentive by employing the referral link or referral code. To use the referral bonus, click here. Using this link will get you crypto loans backed by the TOP 58 coins with up to 90% loan-to-value. Earn interest on crypto up to 10.7% APR. Store, exchange, and pay anytime. HODL smartly.
Using our link or referral code is now hassle-free because the “Referral Code” section in your browser will already be filled in. Just finish the registration procedure’ last few steps. Please be aware that your YouHodler referral code may be used in connection with either of the two approved mail- or mobile-based procedures. Customers may find YouHodler particularly tempting because its cryptocurrency loans include cutting-edge features like take profits, higher loan-to-value ratios, and extended price-down limits that shield loans from margin calls.
Verify that you have read and understood all of the T&Cs before continuing. Before you start your trading adventure with them with joy and satisfaction, make sure you are fully aware of all the terms.
YouHodler Cons:
Residents in the US are not permitted to use YouHodler. This can be a result of severe regulations around leveraged trading options in the US. Your account might be frozen and you might lose any investment returns if you use YouHodler’s services from the United States, China, or any restricted country. It wouldn’t be a good idea to utilize the platform from a prohibited country because users must prove their actual addresses in order to withdraw money from the exchange. There are a number of outstanding cryptocurrency exchanges that are registered to do business in the United States and offer competitive interest rates.
The smallest deposit allowed is $5. However, depending on the cryptocurrency, you must reach a minimum of $100 or more to earn interest on your money. And that is a minimum for each coin; having $100 in total is not sufficient. For instance, in order to earn interest on your holdings of Bitcoin (BTC), Ripple (XRP), and Ethereum (ETH), you would need to deposit at least $100 worth of each.
While $100 may not seem like much, certain cryptocurrency exchanges that offer interest don’t have an account minimum requirement. Additionally, that minimum begins to increase when you have a variety of coins. The account maximum also applies.
Transparency is important whether you’re a saver or a borrower. Asking where the money originates from is significant if you’re paying high-interest rates. The details of YouHodler’s situation are difficult to come by. Customers’ loan interest payments are probably where they get the interest they pay. However, the website doesn’t make it clear, and some decentralized finance (Defi) lenders make risky loans to finance profitable investments.
The APR on a personal loan, which is the total yearly cost of borrowing and includes interest and fees, is another piece of information that all lenders in the U.S. are required to publish. This makes it easier for borrowers to compare like with like and decide where to borrow money wisely. YouHodler provides the whole price of the loan.
The total loan costs are expensive when compared to some of the best unsecured personal loans. They do resemble the APRs of many reputable credit cards, in fact. Look around to obtain the most advantageous terms for your circumstance if you need to borrow money. Although YouHodler allows borrowers to extend their loan terms, the longest initial loan period offered is six months. Longer loan terms from non-crypto lenders may provide you with greater repayment options.
