YouHodler Review (2024): The Best Crypto Exchange for you?
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With so many different crypto exchanges out there, all offering different investment systems and strategies it can be hard to know which is the right one for you!
In this review, we will take you through a tour of YouHodler, explain its pros and cons and help you decide if it is the right platform for you.
Good to know
Launched: 2017
Where is YouHodler located: YouHodler has two headquarters in Lausanne, Switzerland and Limassol, Cyprus.
Who owns YouHodler: Ilya Volkov is co-founder and CEO
Number of assets available: 60 cryptocurrencies
Minimum deposit: $25
Customer service: chat and email
Payment methods: credit card, wire transfer, crypto assets
Other assets: none
Experience required: none
Features: NFT-backed borrowing, Dual Asset, Multi HODL, Turbocharge
Our YouHodler review
YouHodler was co-founded in 2017 by Ilya Volka in Cyprus before moving to Switzerland. and is headquartered in Switzerland. it is currently unable to operate in the US due to strict rules around leverage. The majority of its users are based in the EU with a large minority in Canada.
YouHodler is a cryptocurrency exchange offering high interest on crypto savings and asset-backed loans. YouHodler's self-stated goal is to help crypto holders put passive coins to work. YouHodler's savings accounts allow users to grow their crypto assets without having to engage in trading. YouHodler offers 12% on stablecoins and 5% on altcoins.
If users do want to make money in cryptocurrency trading, YouHodler offers loans to traders (known as 'leverage') so they can back their hunchs and make more money. These loans are secured with users' crypto assets, either coins or NFTs. These are secured loans, which means users can avoid a credit check.
Pros
- Competitive interest rates
- Intuitive trading tools
- Competitive fees
- Credit-check free loans
- Interest rates up to 10%
- Compelling features like Dual Asset
Cons
- High-interest rates on loans
- Conversion fees are changeable
What coins does YouHodler offer?
YouHodler offers 60 cryptocurrencies which can be traded, bought or invested with them. Users can also save their cryptocurrencies with YouHodler and earn interest. Some of the most well know coins they offer are:
How to buy Bitcoin with Youhodler?
To help you understand how YouHodler works, let's take a look at the process of buying one of the best-known cryptocurrencies. Once you have opened an account with YouHodler, you can either move crypto coins onto the platform from a crypto wallet or make a bank transfer so you have fiat funds available.
You can also buy cryptocurrency with a credit card or Paypal. Buying Bitcoin carries a 1% fee. For a more general look at buying a wide variety of cryptocurrencies, take a look at our guide to trading cryptocurrencies.
YouHodler charges withdrawal and deposit fees depending on your method of purchase. Take a look at the tables below to see how they break down.
YouHodler withdrawal fees
| Method | Minimum | Fees |
|---|---|---|
| Bank transfer (in USD) | $500 | 1.5% (min. $70 USD) |
| Bank card | $5 | 3.5% |
| Crypto |
| varies by coin |
YouHodler deposit fees
| Method | Minimum | Fees |
|---|---|---|
| Bank transfer (in USD) | $100 USD | $25 USD per deposit |
| Bank card |
| |
| Crypto |
Interested in seeing how these compare to the fees charged by other platforms? Take a look at our crypto exchange comparison tool.
What services does YouHodler Canada offer?
YouHodler offers a variety of services to keep it competitive with other leading exchange platforms and provides an alternative to traditional banking services. YouHodler offers savings, loans and advantages for those looking to get ahead in trading.
YouHodler savings
YouHodler offers savings accounts as a way of making money from securely held crypto. This is a way to generate income from your crypto even when you are not actively investing or trading it. Take a look at the table below to see some of the associated limits and charges.
| Savings | Minimum deposti to earn interest | Settlement period | Max holdings |
|---|---|---|---|
| YouHodler savings | $100 USD equivalent in crypto | 7 days | $300,000 USD equivalent in all cryptos |
YouHodler lending
One of YouHodler's core services is lending its users credit that they can trade with. This is known as leverage. YouHodler charges daily fees on amounts borrowed as well as a fee to close the loan before the agreed time period has elapsed. Take a look at the table below to see what the associated fees are for taking out a loan.
| Minimum loan | Close now fee | Daily fee from wallet | Daily fee if added to the debt | |
|---|---|---|---|---|
| Loans | %100 USD | 1% of overdraft | 0.55% | 0.825% |
Remember, the only more dangerous than investing is borrowing in order to invest! If you borrow to make an investment that doesn't work out, you can lose more than just your capital. Never borrow more than you can afford to repay.
What is YouHodler's Duel Asset?
The Dual Asset feature on YouHodler's service is a way of extending your passive income up to $300,000. To profit from this you choose a currency you own, say Bitcoin/Tether, and choose a strategy, between 1 and 5 days.
Say you have staked Bitcoin and Tether. If the market price of Tether has gone up, you will be returned your Bitcoin plus a 365% APR on your payment. If the market price of Bitcoin has gone up, then you will be returned your Tether plus a 365% APR on your payment. If you are alert to the shifts in the market this could be a good way to increase your capital.
What is Multi HODL?
Multi HODL is a service which allows you to divide your assets into those you want to be kept safe in a savings account and those you are prepared to have YouHodler invest for you. The service allows you to divide your assets as you like (for example 70:30) and choose a level of risk that is acceptable for you.
Your assets that you allow YouHodler to use and then lent to other users so that can trade with them. Your assets in the savings half are protected and have a guaranteed 8% profit. The profits that are possible for high-risk investments are much higher but investors should be careful and remember that their capital can be lost if too much risk is taken on.
Is YouHodler safe?
YouHodler is partnered with The Ledger Vault which provides $150 million in pooled insurance money. This protects customers in case of criminal fraud. It does not however protect customers in the event of exchange failure. To better protect its customers against criminal activity, YouHodler uses a mix of hot and cold wallets. It does not however reveal what proportion of its assets are stored offline.
Cryptocurrency exchanges are not covered by the same rules as banks and therefore customers do not have the same guaranteed level of protection as they would with a traditional, regulated financial institution. However, since YouHodler holds its fiat assets in traditional banks, there is some protection afforded at least to the non-crypto assets.
What are the best alternatives to YouHodler?
There is a great number of different crypto exchanges to choose between. Different layouts and control boards may suit different people of different experience levels. Finding the right crypto exchange platform means thinking about how you use crypto. Some people want to be able to spend their crypto easily while going about their daily routine and for these people a crypto credit card could be an important option.
Those looking to grow their crypto assets should ask themselves if they want to spend time assessing the market and trading. These crypto owners would be best served by a platform that offers competitive fees and rates. Others may want to generate passive income and they should look for crypto platforms with the best savings rates or the greatest variety of crypto staking options. To find the ideal platform for you, use the comparison tool in our picks of the best crypto exchanges.
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