If you’re looking for a safe and easy way to invest in crypto, you may have heard about YouHodler.
They offer a variety of services, including loans and investments, that allow you to take advantage of the growing crypto market.
However, is it a safe platform to leave your cryptos in?
In this blog post, we’ll take a closer look at YouHodler to see what makes them stand out from the competition and provide a verdict.
YouHodler is a safe option to invest with for a crypto exchange and lender for non-US users. Their platform boasts yield savings APY of up to 10% on altcoins and stablecoins. The lending platform is also highly regulated by Swiss and EU regulations.
What Is YouHodler?
YouHodler is a crypto lending and trading platform founded in Switzerland in 2018. They have since grown into a multi-function FinTech platform for crypto.
With their goal of leading the future of Web3 banking, they provide users with a variety of services that include loans, trading, investments, and staking.
Here are their current line-up of FinTech products:
- YouHodler Wallet & Exchange
- YouHodler Savings & Dual
- Cloud Miner
Each of them provides a unique opportunity to take advantage of the growing crypto market with secure and easy investments.
Key Features Offered by YouHodler
Let’s get into some of the key features this platform offers.
1. Strong customer support
YouHodler’s customer service team is available 24/7 to help with any queries or issues that may arise.
Moreover, if you require additional information, they also have an extensive knowledge base in their Help section for users to find answers themselves.
Having good customer support is a good sign, as it shows that the platform is committed to ensuring a smooth experience for its users.
2. Staking to earn interest in crypto
Through their Savings and Dual staking service, you can earn up to 10% APY on altcoins and stablecoins.
Staking is a great way to make passive income with your crypto savings accounts without having to trade or invest in it actively.
All you have to do is deposit the crypto assets into their platform and start earning interest on them.
3. User-friendly trading with low fees
If you’re a trader, YouHodler’s Multi HODL trading product is also a great option.
Their fees are competitive, and the user interface is straightforward.
Additionally, they offer advanced features that can help you make more informed trading decisions.
4. Buying crypto through a credit card
If you’re new to crypto, you’ll likely buy crypto through fiat currencies.
This can be done through YouHodler’s platform via credit card.
A smooth fiat on-ramp like this makes the entry process for new crypto users much easier to own some crypto holdings.
5. High-leverage crypto-backed loans
YouHodlers also provides crypto lending platforms for users who seek higher yields.
Crypto-backed loans through their Loan product have the highest loan-to-value (LTV) ratios around.
You can get up to 90% of the loan value in collateral within a one-year loan period. The rates are also quite competitive, with interest rates of 0.0099% per day.
However, this is a high-risk investment that exposes your crypto deposits to extremely volatile changes. Users should understand the risks of investing in high-leverage products before trying this out.
6. Secure custody of funds
YouHodler also emphasizes security, offering a secure custodial wallet system.
Fiat funds are kept in reputable banks in Europe and Switzerland and use Ledger Vault’s digital security solutions.
Wallet & Exchange Review
Their Wallet and Exchange product provides a place for you to store, buy and invest in cryptocurrencies.
YouHodler uses a mix of hot and cold storage methods to hold your cryptos, which might not seem like the best.
To have the best storage, always go for options that have cold storage since they are much less likely to be hacked.
However, YouHodler wallet holders are protected by the Blockchain Association.
Their exchange offers the top 20 most popular cryptocurrencies such as ETH, Ripple (XRP), and more. This is pretty good since most beginners would only need to invest in large-cap or blue-chip cryptocurrencies.
Supported fiat currencies when buying crypto include:
- US dollar (USD)
- Euro (EUR)
- Swiss franc (CHF)
- British pounds (GBP)
Savings and Dual Review
Up next, let’s have a look at their Savings and Dual platform. This is their staking service and one of the ways you can earn passive income with crypto.
You can select from a range of altcoins and stablecoins to stake, such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and more. You will receive rewards in the same coins that were staked.
The Savings service provides up to 10% annual percentage yield (APY) with low risk. However, the Dual service provides a much higher yield at a 365% annual percentage rate (APR).
The Dual service is pretty innovative since it borrows unique growth tokenomics (liquidity pools) from DeFi strategies using currency pairs.
All earned interest from staking via Dual is paid out within 24 hours.
Here’s a video from them to learn more:
Although this may sound like a lucrative investment, YouHodler is still a CeFi platform, and all your cryptos are held in custody by them.
MultiHODL is their intuitive trading platform, competing with the other large exchanges out there.
Here are some ways this product stands out to me:
- Promised instant withdrawal
- Simple interface
- Uses YouHodler savings account for trading
- Ability to earn interest while trading
- Low fees
- Advanced order types
- Support for a variety of payment methods, such as Visa/Master card and SEPA.
However, you might want to take note of the multiple fees involved when trading, such as the Rollover fee and the Profit share fee.
But not to worry, they promise that if your trades don’t make a profit, you’ll only be charged the Rollover fee.
YouHodler also provides crypto loans!
Using their loan product, you can borrow up to 90% of the loan value for a loan duration of up to a year. The interest rates are quite competitive, with 0.0099% per day.
The collateral assets available for loans include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and many more.
The crypto loan fee is calculated in % from the loan borrowed amount and the loan borrowed currency. For example, for a loan in ETH, the fee will be charged in the ETH currency as well.
This loan amount is collected 24 hours from the moment of loan opening at the same time subsequently.
Cloud Miner Review
To add to the features that YouHodler has, they also provide crypto mining simulator services through Cloud Miner.
This gamified feature simulates real-life Bitcoin mining but without the actual hardware and blockchain transaction problem-solving.
Cloud Miner is a simple platform where users can perform tasks to earn some reward in the mined currency. All earnings are then credited to your crypto savings account.
This is a great way for new users in crypto to experience the rewards of mining through a fun and unique approach.
YouHodler takes the security of its clients seriously. They use two-factor authentication to protect user accounts and store their crypto in cold storage wallets to keep them secure. YouHodler also holds licenses from both.
Is YouHodler Safe to Use?
YouHodler assures high security of the platform by following industry standards for crypto platforms. Your funds are held in reputable banks in Europe and Switzerland in fiat currency.
YouHodler also has a secure crypto wallet kept safe by Ledger Vault technology and $150M crime insurance. They also have strict Know-Your-Customer (KYC) requirements that help with anti-money laundering (AML) efforts.
As a Singapore user, I had restricted the use of direct fiat transfers due to their compliance with local regulations. This is a good sign, knowing that their company is working with financial regulatory bodies.
Overall, YouHodler has a good level of regulation, scam and crime prevention, and great yield-earning potential. They are a reputable company with partners from recognized companies like Ledger and Fireblocks.
Is YouHodler legitimate?
Yes, YouHodler is a legitimate and reputable company that offers a variety of crypto FinTech services. They are regulated by EU and Switzerland Financial institutions, have their custody secured by Ledger, and run external security audits regularly.
Is YouHodler audited?
According to YouHodler, they are audited regularly by external companies.
Can US citizens use YouHodler?
US citizens cannot use YouHodler. However, US citizens living outside the US can use YouHodler.
Is my crypto safe on YouHodler?
Your crypto is kept relatively safe on YouHodler with Ledger Vault technology and a $150M crime insurance. In addition, they have strict KYC requirements that help with anti-money laundering (AML) efforts. However, this does not ensure full zero-risk investments.
Centralized platforms can come with platform risk and may prevent withdrawals at any time.
In conclusion, YouHodler is a legitimate and reputable FinTech platform that offers a variety of crypto services. They are regulated by EU and Switzerland financial institutions, have their custody secured by Ledger, and run external security audits regularly.
If you’re looking for an excellent platform to diversify your investments with great yield-earning potential, then YouHodler is definitely worth considering.
This article is not financial advice. Make sure to do your due diligence as well as assess your risk tolerance before investing.
I hope this review has been helpful. Thanks for reading!