Exploring YouHodler – All You Need to Know About the Crypto Lender

Crypto loans are growing in popularity as they are easily accessible. One of the lenders that has been offering crypto users access to loans is YouHodler. But is the platform safe? Is it ideal for crypto beginners? You will get the answers to these tough questions in this guide.

Understanding YouHodler

YouHodler is a well-known Swiss-based crypto lender with a presence in the European Union countries. The platform allows users to lend others their cryptocurrencies in exchange for interest.

So, how do you set up a YouHodler account? Firstly, you will need to visit YouHodler’s official website (youhodler.com). After that, hit the “Sign Up” button and provide your email, along with a unique password, to register your YouHodler account. Secondly, Go to your email and copy the verification code sent by YouHodler. Now paste it on the website and click “Continue.”

Congratulations! You’re now a YouHodler user. However, you must complete the KYC (Know-Your-Customer) process to access all the services. To do this, select your country of origin and the document you wish to use to verify your account. It could be a Driver’s license, ID card, Passport, and Residence. Next, take a photo of the selected document and upload it. Click “Submit” and wait for YouHodler to verify your account. The verification process only takes a few minutes.

The YouHodler History

Launched in 2018, YouHodler is the brainchild of Ilya Volkov, the Innovaud ambassador. For starters, Innovaud is an agency in Switzerland that advocates for innovation in Vaud. Volkov is also a member of the Crypto Valley Association and Blockchain Association.

As of September 2023, YouHolder has over 2.3 million users. At the moment, the crypto lender limits Americans from accessing the platform due to tough regulatory restrictions in the country.

YouHodler Regulatory Status

YouHodler holds licenses in the entire European Union region. It is in the process of securing a permit from the Swiss Financial Market Supervisory Authority.

YouHodler Features

Cryptocurrency Savings Accounts – As a YouHodler user, you can deposit funds into your account to earn interest over time.

Cryptocurrency Loans – The primary business of YouHodler is to provide access to loans. To obtain a loan, you must deposit a collateral. The loan can be in fiat money or stablecoins.

Turbocharge Loans – With this feature, you can open leveraged trades in the crypto market to amplify potential profits using your deposit as collateral.

Multi HODL– YouHodler lets you use your crypto deposit to borrow multiple loans simultaneously.

Crypto Exchange – YouHodler has an in-app trading platform that allows users to trade cryptocurrencies at affordable fees.

Affiliate Program – You can earn referral rewards by inviting friends to sign up with YouHodler.

Strengths and Weaknesses

Like any other crypto lender, YouHodler has its own strengths and weaknesses. Let’s explore them.

Strengths

Supports Several Crypto Assets – With YouHodler, you can deposit over 40 cryptocurrencies as collateral.

Extra Earning Opportunity – As mentioned, your deposit does not have to sit idle on your YouHodler account. You can lend it to earn interest.

Data Security – YouHodler emphasizes customer safety. That is why it adopts SSL data encryption and stores KYC data offline to block cybercriminals from accessing it. You must also provide a strong and unique password before you are allowed to access your account.

Exchange Services – As a YouHodler user, you can convert one crypto to another or even to a fiat currency like USD and Euro.

Weaknesses

Inavailability in Many Countries – Due to regulatory issues, YouHodler is not available in certain countries like the USA, thus restricting some people from accessing its services.

High Interest Rates – As a borrower, expect to be charged a higher interest rate than the one imposed by traditional banks.

Final Thoughts

As a regulated crypto lending platform, YouHodler has earned the trust of many crypto users who wish to access loans in an industry filled with fraudulent companies. However, the crypto lender could do better if it expands its presence to more countries.