YouHodler Review – Is YouHodler Safe? Features and Fees Explained
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Are you looking for a way to generate passive income from your cryptocurrency without having to cash out your tokens? If so, the easiest strategy would be to deposit your digital assets into a crypto lending platform like YouHodler.
This YouHodler review will help you understand the different crypto products available on this platform and what sort of yields you can earn. We also discuss the security offered and the fees charged so that you can decide whether YouHodler is a good fit for your needs.
Table of Contents
What is YouHodler?
YouHodler was launched as a crypto-backed lending platform in 2017.
Today, it has grown into a full-fledged ecosystem, offering several crypto-related services under its umbrella – including exchanges, a number of investment products, savings accounts, and more.
The company is based out of Switzerland and offers its services across the globe.
Here is a summary of what you can do with YouHodler:
- Take a crypto-backed loan by pledging your digital assets as collateral.
- Hold your cryptocurrencies in a secure wallet and earn a high interest rate paid weekly.
- Buy cryptocurrencies using fiat money.
- Convert one crypto to another.
- Store your cryptocurrencies in a secure wallet accessible via the web and mobile.
Simply put, YouHodler gives you many different opportunities to put your idle cryptocurrencies to use by generating income – while allowing you to maintain their ownership.
Moreover, the platform is also user-friendly, making its products accessible to investors across all levels.
YouHodler Supported Cryptocurrencies
YouHodler offers a compact, curated list of about 50 digital assets.
You can access all popular cryptocurrencies, stablecoins, and a wide selection of altcoins. This will be sufficient for most investors, except perhaps for advanced traders who seek access to rare crypto-to-crypto trading pairs.
Unlike many competitors, YouHodler also supports fiat currencies on its platform.
At the time of writing, you can buy cryptocurrencies with US dollars, euros, Swiss francs, and British pounds. It is also possible to trade crypto-to-fiat pairs on the YouHodler exchange.
YouHodler Features
YouHodler is a one-stop-shop for cryptocurrencies. It offers a range of services that are attractive to both long-term and short-term crypto investors.
In this section of our YouHodler review, we break down the core products offered by this platform.
YouHodler Crypto Loans
If you hold cryptocurrency in your wallet, you can use those digital assets as collateral to receive a loan from YouHodler.
However, unlike the majority of crypto lending platforms, YouHodler also offers loans in fiat currency. Alternatively, if you wish to receive a loan in crypto – you can borrow Bitcoin or stablecoins.
At the time of writing, YouHodler accepts over 50 cryptocurrencies as collateral. When requesting a loan, you have the option to choose between different LTVs and durations. It is worth noting that YouHodler offers the highest LTV you can find in the crypto market – up to 90%. You also have the option to choose between different loan tenors, between 10 to 365 days.
The only condition is that you should meet the minimum loan amount of $100. The interest charged is dynamic and depends on your chosen loan terms. – the LTV and the duration you choose.
Moreover, there is no need to make monthly or daily interest payments. Instead, the interest plus the loan amount can be settled at the end of the term. The loans are processed instantly and you will be able to withdraw the money/crypto to your wallet or bank account.
However, bear in mind that each loan has a Price-Down-Limit. If the value of collateral drops below this point, your funds will be sold to repay the loan.
YouHodler also integrates a number of unique features that let you manage your loan more efficiently.
- Increase LTV – If the value of your collateral has increased, you can use this option to borrow additional funds.
- Extend PDL – If you think the market is about to turn southwards, you can extend the predefined PDL of your loan before the value of your collateral reaches this level.
- Set Take-Profit Price – This feature facilitates the automatic closing of your loan if the value of your collateral reaches the TP value. Anything remaining from the proceeds can be withdrawn to your account.
- Close Now – While the TP feature automates the closing of your loan, you can also do so manually, when the market conditions are favorable. If you choose the ‘Close Now’ option, YouHodler will automatically sell the collateral and use the profit to cover the loan repayment. The remaining crypto will be added to your wallet.
As you can see, YouHodler packs several tools that give you more control over your crypto loan.
These can turn out to be very advantageous given the volatile nature of the crypto market. However, the platform also charges service fees for accessing these tools – which we discuss in detail in the later section of this YouHodler review.
YouHodler Crypto Savings Accounts
You can earn interest just by depositing and holding crypto in your YouHodler wallet. Yes, it is that simple – however, you will need to deposit at last the equivalent of $100 worth of digital coins.
There is no need to lock in your crypto for any required time and therefore, you can withdraw your assets whenever you want.
The interest you receive will vary depending on the cryptocurrency and how long you hold the tokens in your YouHodler wallet.
For stablecoins, YouHodler offers an APY of up to 12.3% through its crypto interest accounts; whereas, for other cryptocurrencies, the interest can go as high as 15%. The interest is accumulated every day and paid out on a weekly basis.
YouHodler Turbocharge
The Turbocharge product is based on the principle of cascade loans.
This is how it works:
- You use your cryptocurrencies as collateral to obtain a loan on YouHodler.
- YouHodler then uses this loan to buy more cryptocurrencies.
- This process is repeated between three to 15 times – and you can set the desired number of cycles.
- You unlock the final amount of crypto after repaying the initial loan.
This investment strategy works best if you think the value of your chosen cryptocurrency is going to go up. Like other crypto loans offered on YouHodler, you can set a take-profit level for Turbocharge investments too.
You should also remember that if the value of your collateral goes below the Price-Down Limit, the platform will be forced to sell your collateral and close the loan.
In other words, you might end up losing your original collateral and will only be left with the remaining funds from your final loan.
YouHodler Multi HODL
YouHodler has another product called Multi HODL, which is riskier, but also has the potential to generate high rewards.
Like Turbocharge, Multi HODL opens a chain of investments. However, instead of taking out a loan, this tool will use your assets directly to buy more cryptocurrencies.
- To set up Multi HODL, you can choose the cryptocurrency and determine whether you think the price of this digital coin is going to go UP or DOWN.
- If your chosen crypto is a stablecoin, you can also pick another digital currency as a multiplication tool to boost your profits. The more volatile the coin is, the riskier the investment will be.
- You can then set the profit/loss levels for closing the position, and the number of times you wish to reinvest your funds (number of cycles).
- You can then use the ‘Start’ button to commence your investment.
- If the value of your chosen crypto goes up, YouHodler automatically buys more crypto.
- If it goes down, YouHodler sells it.
This investment can go in two ways:
- Suppose the market moves as you predicted, you will receive the multiplied profit on your chosen cryptocurrency.
- If not, you will get your initial deposit minus the loss.
YouHodler recommends placing 10-20% of your cryptocurrencies in this tool.
You also have the option to leverage your investment by up to 30 times, which will increase your potential profit, as well as the risk.
Multi HODL with Lock Trading
More importantly, YouHodler lets you mitigate the risk to a certain level by using the ‘lock strategy’.
Let us break down how this strategy works:
- Suppose you want to speculate on the price of Bitcoin.
- Instead of going long or short, you open two positions – in opposite directions at the same time.
- By opening two Multi HODL positions simultaneously, you will have a 50/50 chance of profiting regardless of how the market moves.
This strategy is particularly useful as you do not have to pay any rollover or daily management fees. Furthermore, YouHodler is also one of the very few crypto platforms that let you deploy the lock trading strategy.
Buy/Exchange Crypto with YouHodler
All the YouHodler products discussed above require you to have cryptocurrencies to invest.
However, if you don’t have any, you can use the platform to buy cryptocurrencies with fiat money. You can make crypto purchases using your Visa or Mastercard, or pay via a bank account transfer.
You can also use YouHodler to convert one cryptocurrency to another. After completing the transaction, you will see the newly acquired crypto in your wallet. The YouHodler custodial wallet can also be used to send and receive coins to and from other digital crypto storage facilities.
And if you wish to cash out your cryptocurrency investments, it is also possible to sell digital coins for fiat money. The proceeds can then be withdrawn to your bank account or credit/debit card.
YouHodler NFT
After a recent update, YouHodler has also started accepting NFTs as collateral for obtaining loans.
The platform is licensed as an official pawnbroker in Switzerland, which allows the company to accept items as collateral for a cash loan.
However, unlike the other lending services available on YouHodler, getting an NFT loan is not automated.
This is how it works:
- If you want to collateralize your NFT, you can contact the YouHodler team directly via email.
- This email should contain information about your NFT and the loan terms you seek – such as the currency, LTV, and the tenor.
- If the YouHodler team thinks that your NFT is a good fit, your loan would be processed.
At the time of writing, YouHodler is eager to offer loans to those who are willing to pledge Bored Ape
and CryptoPunk NFTs as collateral. The platform is willing to offer a loan with an LTV of up to 90% for these valuable NFTs.
If you are interested in investing in non-fungible tokens, you can refer to our review of the best NFT marketplaces here.
YouHodler Mobile App
YouHodler also comes in the form of a mobile app, compatible with both Android and iOS.
The app is free to download and has all the features of the primary web platform.
The interface is similar to that of the web version and is equally intuitive and user-friendly. The app also makes it easy for you to invest in cryptocurrency and track the progress of your earnings while on the move.
YouHodler Fees
YouHodler charges fees for processing transactions and managing your investments.
Below, you will find a summary of what fees to expect when using this platform. However, fees can vary from time to time – so be sure to check the YouHodler website if required.
Deposit Fees
YouHodler does not charge any deposit fees on cryptocurrencies. However, you will have to pay network fees when transferring crypto.
You will also have to meet the minimum deposit amount – which is $5 worth of crypto.
For fiat deposits, the fees are as follows:
- Bank wire – 25 USD, 20 GBP for SWIFT; SEPA deposits are free
- Visa/MasterCard – 1-4.5% depending on the provider
When making a bank wire transfer, you also have to deposit at least 100 USD/GBP/CHF/EUR.
Withdrawal Fees
YouHodler charges a dynamic withdrawal fee that is available when processing transactions from your wallet.
This is in addition to the network fee you will have to pay to the blockchain when depositing and withdrawing cryptocurrencies.
For fiat currency withdrawals, you will have to pay the following:
- US dollars – 1.5%
- Euros – 5 EUR for SEPA, 55 EUR for SWIFT
- British pounds and Swiss francs – 0.15%
You will also have to meet the minimum withdrawal conditions that vary between the fiat currency as well as the payment method.
Crypto Loans Fees
As we noted earlier, once you take out a crypto loan via YouHodler, making any changes to the term can cost extra.
- Close Now tool – 1% from the overdraft amount
- Reopen tool – 1%
- Extend PDL – 1.5% from the additional collateral
- Increase LTV – 1.5% from the increased amount
For Turbocharge, you will also have to pay a rollover fee for each cycle of the investment. This, once again, is dynamic – but we found that it is often around 0.2%.
Services such as savings accounts and converting crypto also incur fees, but these are displayed at the time of placing the order.
YouHodler Security
When you hand over your cryptocurrencies to a platform, it is crucial that you consider the security of your assets. In order to ensure the safety of your digital coins, YouHodler has set up crime insurance worth $150 million with Ledge Vault.
Ledger offers an industry-leading security technology for financial institutions that provide custodial crypto-related services to their customers. YouHodler relies on this technology for the safety of assets held in both hot and cold wallets.
In addition to this, YouHodler has other user-level security systems in place. This includes two-factor authentication. Those with over $10,000 in their accounts can also disable withdrawals for added security.
Finally, according to the YouHodler website, the platform is also part of the Blockchain Association, an authority that offers dispute resolution.
All that being said, the crucial aspect to consider when using YouHodler is the products you invest your money into. Those such as Turbocharge and MultiHODL carry a high level of risk and therefore – you should be fully aware of what you are dealing with before investing any money.
YouHodler Customer Service
YouHodler has created a support center that has several guides on the different features of its platform. You will also find answers to the most commonly asked questions.
For additional queries, you can use the online chat service to contact a team member. However, a supporting email address or phone number is not listed on the website.
How to Get Started With YouHodler
If you like the sound of this YouHodler review and wish to start generating a yield on your crypto, the first step is to set up an account.
Below, we explain in detail how you can get started with this platform to boost your crypto earnings.
Step 1: Create an Account
To get the ball rolling, visit the YouHodler website and click on the ‘Get Started’ button. You can also go directly to the registration page using the ‘Sign Up’ option at the top right corner.
Here, you can enter your email and assign a password to get started with your account creation. You will also have to verify your email before proceeding.
Step 2: Complete Verification
Before you can start using the platform’s services, you will need to verify your identity.
This involves three steps:
- First, you will have to enter some personal data – including your full name, address, and date of birth.
- Next, you have to provide a proof of identity document that states your address – such as a passport, driver’s license, national ID card, or resident permit.
- Finally, you have to take a selfie via the app and upload it.
Once you submit your application to get verified, YouHodler will check the documents and confirm everything.
The process is automated and usually takes 2-3 minutes to complete. Once verified, you will be able to obtain unfettered access to all features of YouHodler right away.
Step 3: Fund your Account
Next, you will need to add funds to your YouHodler wallet. You can use one of the following methods to make a deposit:
- Add cryptocurrencies to your wallet directly.
- Deposit fiat currency via a bank wire transfer – which can take a few days to process.
- Make an instant deposit using a debit/credit card.
If you deposit funds into your YouHodler wallet with fiat currency, you can then use the money to buy crypto coins.
You will soon start earning interest on the digital assets you have in your wallet. You can also use your digital coins to take out a crypto loan or invest them into the Turbocharge or Multi HODL schemes.
YouHodler Review – Conclusion
Our YouHodler review found this platform to be an attractive option for those who wish to grow their cryptocurrency investments. It pays good interest rates on crypto deposits and lets you take out a loan using your digital assets as collateral.
YouHodler also features two other investment products – Multi HODL and Turbocharge. However, these are complex – while they have the potential to generate high rewards, the level of risk is also elevated.
Nonetheless, YouHodler is one of the best crypto interest account providers in this space.
FAQs on YouHodler
What is YouHodler?
Is YouHodler available in the US?
Should I use YouHodler?
Which fiat currencies are supported by YouHodler?
Does YouHodler have a wallet?
