YouHodler Wallet Review
YouHodler is a CeFi (Centralized Finance) platform that offers a variety of financial solutions in the digital assets domain. Some of the key product offerings are Crypto-backed loans (including altcoin-backed loans), YouHodler Savings Account, Multi HODL functionality as well as acting as an exchange that supports universal conversions between supported cryptos, stablecoins, and fiat currencies.
The YouHodler application is available on Android platforms, iOS and as a Web application. Here’s a short video on the YouHodler Wallet app.
YouHodler is a member of the independent government-supported Crypto Valley Association (Western Chapter).
YouHodler Savings Account
YouHodler savings account is similar to your traditional savings account but uses cryptos deposits instead of fiat. Users can earn an interest of up to 12.30% per year by depositing coins like BTC, USDC, True USD, Pax Gold, etc. The interest payments are compounded and accrue every week.
Typically, most of the portals out there have their own native token which accrues a higher interest rate on staking. However, YouHodler’s Saving Account does not suffer from this bias as they don’t have a proprietary token. Here’s an image of the supported coins and the current interest rates.
Signing up for a savings account is very easy. All you need to do is sign up and pass the KYC process. The interest starts accruing after you deposit your crypto on the YouHodler wallet.
Here’s a comparison of YouHodler’s Savings account with other interest-bearing crypto accounts by competitors.
As the very name suggests, Crypto-backed loans are loans and advances given to users by holding cryptocurrencies as collateral. In a blog published on 14 December 2021, the company announced that it will also support stablecoins as collateral. This feature is unique to YouHodler and you might rarely find any other portals that accept stablecoins. You can reach out to the 24/7 customer support team for more information or a custom loan request.
The website claims that it has a loan-to-value ratio of 90%, the highest in the market. The minimum loan amount is USD 100 and can be in fiat currencies like EUR, USD, GBP, CHF or stablecoins like Tether (USDT), or even cryptos like Bitcoin (BTC).
The Multi HODL is designed to make the best of market volatility while increasing the profit margin from your cryptos. Through this tool, users can place small bets to generate a potentially higher reward along with mitigating market risk. The interface is considerably easy to use, even for new investors, and you can find multiple articles published in their Help section.
Multi HODL works on the principles of CFD (Contract For Differences) trading. Users can place trades with up to 50x leverage for both bullish and bearish views. When using leverage, the platform levies a rollover fee of 0.005% per hour. The interface also sports the ‘Take Profit’ function which closes the trade when it attains the desired price level. Users can also set up margin call levels when trading through this interface.
Here’s a short video on MultiHODL
The Basics You Need to Know
YouHodler is registered under two entities, each operating through a separate office and based out of different locations.
Naumard Limited is an entity registered in the Republic of Cyprus and focuses more on token sale and purchase functions.
YouHodler SA is registered in Switzerland as a financial intermediary affiliated with the self-regulatory organization PolyReg. The Switzerland registered entity is also affiliated with Financial Services Ombudsman (FINSOM) since December 2020 and also holds a pawnbroker license from the domicile authorities. However, it is not currently under the supervision or regulation of the Swiss Financial Market Supervisory Authority (FINMA). The terms and services for YouHodler SA focus on lending services, loan agreements and conversion services.
The portal has partnered with Ledger Vault for secured custody management solutions with a pooled crime insurance of USD 150 million. Other partnerships include Acuant and Elliptic for compliance and AML initiatives.
The YouHodler team comprises industry veterans, both from the field of traditional finance and information technology.
With 15 years in Fintech, the CEO of YouHodler, Ilya Volkov has a solid background in Commercial Finance and Trading. According to the YouHodler website, at the time of writing this review (28 December 2021), Volkov was the Chair of the Western Chapter of Crypto Valley Association.
CTO, Renat Gafarov, is a Blockchain architect who has authored many smart contracts. His back-end blockchain integration solution is deployed by many crypto exchange platforms.
Is YouHodler Wallet Easy to Use?
We believe that YouHodler Wallet is easy to use for both veteran crypto investors as well as for newbies. Since it allows users to buy cryptos using fiat, you can start with this wallet even if you are new to crypto investments.
What Coins Does YouHodler Wallet Support?
YouHodler supports many of the major cryptocurrencies, altcoins and stablecoins. On the date of writing this review (28 December 2021), the platform supported 52 coins. Based on the information we received, new coins are added to this list once every 1 or 2 months. So, this number is bound to increase over time.
Additionally, the YouHodler team is open to user opinions when it comes to adding new coins to their platform. The user community can vote for their preferred coins to be included in the supported list.
Does it store NFTs, Crypto Art, and Collectibles?
YouHodler is one of those wallets which supports ERC-721 tokens and is compatible with NFTs, crypto artworks, and collectables.
Interestingly, the YouHodler team is open to the possibility of using NFTs as collateral for crypto loans. NFT backed loan services are extremely rare in the digital assets domain. Since NFT valuation is highly subjective, you might have to reach out to the team to find out the eligibility and the value of the loan amount.
Is YouHodler Wallet Anonymous?
YouHodler Wallet is not anonymous. Users have to undergo a KYC process by submitting relevant documentation to verify their identity. This can be done through the profile page in your YouHodler Account.
Users will have to submit a scan or photo of the ID card (front and backside). Alternatively, they can upload a scan of their passport. Users will also have to provide personal information like date of birth, first and last name, country of residence or citizenship, and sources of funds.
Is YouHodler Wallet Safe?
We believe that YouHodler is highly secure in comparison to many others out there. The user has complete control over their private keys. Private keys for cold wallets are encrypted and stored in isolation within a hardware security module and the YouHodler team does not have access to these keys.
The platform also secures the user’s funds for up to USD 150 million through the Ledger Vault’s pooled customized crime insurance program.
Additionally, it is also an official member of the Blockchain Association - a unit of the self-regulatory organization and external dispute resolution, The Financial Commission. This ensures that all YouHodler customers can seek dispute resolution outside this platform.
Some of the trading platforms save the user’s debit card details for easy deposits and payments. However, YouHodler does not support this feature of saving the user’s debit card information. Instead, it uses third-party payment service providers like Changelly and AdvCash. The user may choose to create an account with these gateways and attach their cards for easy deposits.
Other accepted modes of deposit include wire transfers, SWIFT, or SEPA payments. However, the only supported fiat currencies are US Dollars (USD), Euro (EUR), Swiss Franc (CHF), or British Pounds (GBP). For depositing in cryptocurrencies or stablecoins, you may use OMNI, ERC20, or BEP20 networks.
Does YouHodler Wallet have an Affiliate program?
Yes, YouHodler has an affiliate program. According to their website, the Affiliate Manager Team offers support in 7 languages. On the date of writing this review (28 December 2021), the platform had more than 2,000 partners.
The affiliate program has no maximum limit on payouts, and earnings can be withdrawn in fiat, cryptos, or stablecoins.