As interest in cryptocurrencies and the blockchain world continues to skyrocket, so does the demand for more features and functions for traders. YouHodler is one of the platforms seeking to go ahead with this initiative to provide cryptocurrency enthusiasts with different options for their trading experience.
The FinTech platform, (available on the web, Android, and iOS), focuses on crypto-backed lending with both fiat and stablecoin loans, crypto/fiat and crypto/crypto conversions, as well as high-yield crypto-saving accounts (crypto-rewards & staking). Their clients range from over 100 countries that trade on their platform both casually as well as on a day-to-day basis. Furthermore, Ledger Vault’s advanced custody and security options ensure that users of YouHodler and their digital assets are safe.
YouHodler offers five key products to users who want to delve into the world of cryptocurrencies: Crypto loans, Exchange, Earn Interest, Multi HODL, and Turbocharge.
Currently on YouHodler, one can use 33 different cryptocurrencies as collateral for when taking a loan, which include Bitcoin, Ethereum, and Binance Coin, amongst several other cryptocurrencies. YouHodler continues to add new coins frequently to this list. The loans are then handed out in EUR, USD, CHF, GBP, as well as BTC, which can be instantly withdrawn to credit cards and personal bank accounts.
When compared to other competitors such as Nexo and Celsius Network, YouHodler provides a much higher loan to value ratio (LTV), which stands at 90% as opposed to the 50% the former two networks provide. The minimum loan amount to be given stands at $100 with YouHodler, while the interest payments are due only at the end of the loan term. To use this feature, one must first transfer cryptocurrencies to his/her YouHodler wallet or buy some. Once that is done, the next step is to apply for a crypto loan and withdraw the funds he receives from the platform.
However, before this is completed, users can use the platform’s crypto loan calculator to select a loan plan, providing them with foresight as to how much they can expect in terms of funding. Since the user does not need to find a lender like with peer-to-peer platforms, the loan approval only takes seconds, and the user receives the funding in EUR, USD, USDT, or BTC instantly. The platform offers bank wire withdrawals via SEPA and SWIFT (available worldwide), credit card withdrawals via MasterCard or VISA. As soon as the loan is repaid, the borrower can get back his crypto collateral by receiving them in his credit card account, bank account, or as stablecoins in his wallet.
Another feature of YouHodler is its exchange, where cryptocurrencies, fiat, and stablecoins can be traded with real-time execution prices and low fees. By utilizing YouHodler’s full range of crypto conversion tools, users can buy and exchange cryptocurrencies from the platform itself, saving them time and money while allowing them to avoid any risks associated with external crypto exchange platforms.
Furthermore, the platform promises trust to its users when using their cold and hot wallet options, as they pledge to utilize cutting-edge technology with the help of their team of developers to assure security for users. PCI Security Standards govern all credit card transactions, while Cryptocurrency Security Standards (CSS) govern all crypto transactions. Additionally, external security audits are also run regularly on the platform.
By holding cryptocurrencies in a savings account within their platform, YouHodler allows users to earn interest rates. Instead of having several cryptocurrencies held in a cold wallet and remaining unused and static, they can be deposited into a savings account whereby users can earn a weekly interest on them. This is done through a digital asset management system, with $150 million pooled crime insurance provided by Ledger Vault. The weekly compound interest payouts can be received either as stablecoins or as cryptocurrency. The interest rates vary depending on the coins one wishes to put into a savings account, going as high as 12.3% when storing USDT into a savings account.
The process of storing cryptocurrencies into a savings account is rather simple. Once a user deposits them into the interest account, the first weekly payment period commences, whereby users start receiving free cryptocurrency in exchange for storing their cryptocurrency there. The earnings-to-date can easily be monitored by users through the platform, as it has a function that allows users to check how much they have gained so far. This amount is then deposited into the user’s account each week. Users must be aware, however, that if they release their funds before the end of the weekly period, they will not receive the interest earned during the uncompleted week.
A staple feature of the platform is the Multi HODL, which combines the features of both crypto exchanges and CFD trading into one. It allows users to select a desired profit amount and to also submit the acceptable level of risk they are willing to take when trading. Users are also permitted to choose a cryptocurrency of their choice as a multiplication tool if stablecoins are used.
This feature allows users to assess whether the prices of certain cryptocurrencies will go up and down and profit if they are correct. If a user predicts and selects that the price of a particular cryptocurrency is going up, YouHodler buys the currency automatically; if down, YouHodler sells it. In case this prediction is correct, one receives the multiplicated profit back to his or her account. In cases where the prediction fails, users get the initial deposit back but with a partial loss. The twist is that YouHodler uses funds from wallets in addition to the savings account, allowing the user more flexibility with the currencies he or she has located there, and the chance to earn more.
Finally, the platform also has the feature called Turbocharge, which allows users to clone their collateral and benefit in case the price of such cryptocurrencies increases. This feature is based on the “cascade of loans” principle. In other words, it utilizes the Fiat borrowed by users to buy more cryptocurrencies without commission while using the latter as collateral for the other loans.
For this to work, a user’s initial amount of cryptocurrency which he or she decides to use for a loan is utilized as collateral. However, the platform then automatically uses the funds from the first loan to obtain more crypto and get another loan with them; a process that is repeated between 3 to 10 times, depending on the user’s preference. The user is then allowed to set a price at which to take profits, while YouHodler automatically uses the collateral to repay the fees once the set price is reached.
The rest of the cryptocurrency is given back to the user. The user is allowed to repay and close all loans at any given time, which could result in a profit of up to 650% of the initial collateral price. Furthermore, users can also use the collateral to repay the loan taken while keeping the rest of their crypto in their digital wallets. In the case of Turbo Charge, it also has more advanced features which allow users to tweak their proposals, promising more flexible maneuvering with their assets and loans.
YouHodler is a well-rounded FinTech platform offering five features: crypto loans, savings accounts, crypto exchange, Multi HODL, and Turbocharge. In a market that’s conditioned to “HODL,” YouHodler aims to inspire crypto enthusiasts to “activate their crypto ” and take advantage of the many opportunities through the daily twists and turns of the market.