With the continuous rise of crypto financing, cryptocurrency platforms offer more than just crypto -trade. More services of the repertoire of traditional banks, such as loans, arrive the crypto atmosphere. One of these platforms is YouhodlerA long-term player in the market for cryptocurrency lending that wants to become a one-stop solution for crypto-enthusiasts. But is it really and safe as advertised? Let’s know.
What is Youhodler?
Youhodler is a cryptocurrency platform that offers a series of financial services with regard to the cryptocurrency market. The company is located and regulated in Switzerland, the EU and Argentina. The company’s mission is to bridge the gap between traditional finances and cryptocurrencies.
Buy and exchange cryptocurrencies
Let’s start with the traditional functionality for crypto platforms, buying and exchanging cryptocurrencies. Youhodler supports a wide selection of cryptocurrencies, including popular options such as Bitcoin, Ethereum and various Altcoins. Users can buy cryptocurrencies using FIAT currencies such as USD, EUR, GBP and CHF via various payment methods such as bank wire, bank cards, applepay, advcash and changelly. Note that you have to do that to use the bank wire option Confirm your address.
For those who want to convert assets in their portfolio, there is an exchange function with which users can exchange between supported cryptocurrencies or between crypto and fiat. The exchange interface is easy, so you can quickly switch between different pairs.
Borrowing
In addition to the proceeds, youhodlerer offers a Leenservice with which users can take loans in cryptocurrency. Users can use their existing crypto assets as collateral to obtain a loan. The amount of the loan is based on the value of the collateral, usually after a loan-to-value (LTV) ratio. Youhodler offers LTV ratios of up to 90%, which means that users can borrow up to 90% of the value of their deposited assets. For example, if a user pours Bitcoin (BTC) worth $ 10,000, they can borrow up to $ 9,000, depending on the LTV ratio they choose.
In which currency you get the loan depends on the collateral. With the help of crypto as collateral you can borrow in stablecoins (USDT) or Fiat (USD, EUR, GBP, CHF). However, if you use Fiat or Stablecoins as collateral, you can get a loan in BTC, ETH, Ada and Dot.
With regard to the loan conditions, the loan can be opened for a maximum duration of 364 days. The loan costs vary depending on the borrowed amount, loan borrowed currency and the chosen LTV ratio.
Trade
The Multihodl function of Youhodler is designed for users who want to multiply their cryptocurrency. With this function, users can benefit from market movements, with the potential for a higher return. However, it also has a higher risk level compared to standard posture or credit strategies.
Multihodl is based on a combination of crypto loans and trade. Users can select part of their existing crypto or fiat funds and use them as collateral to open a position. Users can choose their favorite multiplier with the platform. The higher the multiplier, the higher the potential profit or loss.
Loyalty program
One of the core characteristics of Youhodler of the loyalty program is the growth drawing, where users can deposit their cryptocurrencies to earn yield. By depositing supported cryptocurrencies or stablecoins, users can earn a return on their possession. The platform offers competing rates based on the type of currency.
As soon as the cryptocurrency is deposited, youhodler pays you every week, directly to the user’s account. This makes the process relatively passive. It is worth noting that users are not obliged to lock up their assets for fixed periods, which is common on other platforms. This enables users to withdraw their money at any time, giving them access to liquidity without sacrificing their income.
Cloud -miner
Youhodler’s Cloud Miner is a unique feature with which users can collect rewards in Bitcoin over time. This function is somewhat similar to a Bitcoin tap, where users can claim small fractions Bitcoin by regularly entering into the platform.
Users start the cloudminer and periodically receive some quantities of Bitcoin in a Gamified process that they can collect with set intervals. The process is simple and requires no technical knowledge.
To use the cloud miner, a special “fuel” called “Sparks” is used. Sparks can be received for using the platform services.
Committees and reimbursements
Youhodler applies various committees and reimbursements, depending on the specific services used, such as crypto -trade, loans or recordings. Detailed information about all reimbursements can be found on the corresponding page from the website of the platform.
Security, risks and considerations
Youhodler take the security of the platform seriously. They work together with Ledger Vault, a generally recognized security infrastructure provider, who participates in a combined individual crime insurance program that insures Crypto activa up to $ 150 million. In addition, youhodler uses a mix of warm and cold wallet storage that safely protects the funds of users. Of course, the now standard 2-factor authentication takes place, but youhodler go even further by allowing users to go to 3-factor authentication.
However, as with any cryptocurrency platform, the use of Youhodler comes with certain risks. Market volatility can lead to substantial fluctuations in the value of cryptocurrencies, which can influence both investments and loans. Although youhodler implement strong security measures, no platform is completely immune for cyber attacks or technical errors.
With regard to possible problems with supervisors, the platform has tried to keep its users as safe as possible by obtaining official registration in the EU, Switzerland and Argentina.
Conclusion
Youhodler offers a well-completed cryptocurrency platform that is suitable for both new and experienced users. With its core services it offers a series of options for managing crypto assets. Although it may not have any of the advanced functions on other platforms, the ease of use of Youhodler makes it a solid choice for those looking for a simple way to get in touch with cryptocurrencies.