The growth of cryptocurrencies has introduced the lending aspect with digital currencies acting as collateral. YouHodler is one of the services that are offering cryptocurrency-backed loans that give borrowers access to fiat. This blockchain backed service enables users to get instant loans at affordable interest rates.
YouHodler offers a loan-to-value ratio of 80 percent, which is the highest in the market. YouHodler enables users to hold onto their digital currencies while spending them at the same time. As spending crypto assets currently prevent cryptocurrency holders from gaining from any future growth in asset value, with You Holder investors who buy low need to hold onto their assets in order to benefit from selling high.
YouHodler is accessible to a wide range of crypto holders, traders, investors, miners, and blockchain companies who can borrow funds instantly. To date, the platform has served more than 1500 customers from France, Denmark, United Kingdom, Spain and all over the world.
Getting Started with YouHodler
To start using YouHodler, users need to create accounts with the platform. Creating an account requires users to undergo the necessary verification process by submitting selfies, personal information among other details. After an account has been confirmed, one can start the process of using crypto lending services. Users will then transfer their crypto assets to their YouHodler wallets. Note that all fiat transfers are done in accordance with all the required security protocols like PCI DSS.
To get a loan, you will simply select the crypto asset that you would like to offer as collateral for a fiat loan. You will be approved instantly and receive the fiat currency of your choice, whether in USD or EUR. YouHodler also uses automated KYC/AML checks, to aid instant loan approvals. Furthermore, digital currencies in YouHodler can be leveraged for cash instantly. This capability helps users gain liquidity in the short term and secure higher returns on their cryptocurrency in the future.
YouHodler Terms and Conditions
YouHodler has some of the competitive market terms compared to rivals. The platform offers three loans. We have the 8-day, 60-day, and 182-day loans. For all the loans, the interest rate ranges between 2.5% to 13%. YouHodler has different crypto lending rates based on the number of members it has. The platform offers loans of up to $30, 000. The platform supports Bitcoin, Ripple, Bitcoin SV, Ethereum, Bitcoin Cash, and Litecoin. Recently, YouHodler added Dash to its growing list of cryptocurrencies. The platform announced that the asset looks promising for the future.
Note that every member of YouHodler is equal, so the amount of collateral does not determine the interest rate. The platform which is expected to grow will see a drop in interest rates. This means that with a high number of borrowers, YouHodler will be able to offer cheaper rates. At the moment, we have a program where users are receiving incentives to invite other members on the platform.
To repay your loan, YouHodler accepts all major credit and debit cards, bank wires and Tether. In an instance where the crypto collateral falls below 70%, YouHodler requires the borrower to provide more crypto as collateral. On the other hand, if the value of the cryptocurrencies goes up during the loan period, the borrower gets to keep the extra gains. This means they could end up with the same, or even more money after the loan has been repaid with interest. Later in 2019, YouHodler will launch its YouHodler Master Card that can be linked to the YouHodler Mobile App. This will enable users to take loans and have the cash available on the credit card balance.
How Safe is YouHodler
YouHodler is among the safest cryptocurrency lending platform. Users get the best experience based on the unique security measures put in place. To store fiat, YouHodler has partnered with Swiss Banks. As seen above, all fiat money transfers undergo the necessary security protocols; like PCI and DSS. These protocols apply for both bank transfers and withdrawals. For cryptocurrencies, YouHodler uses cold wallets as opposed to online wallets. This is an extra security measure because hot wallets are susceptible to security breaches. Additionally, the platform eliminates any chances of human error with automation of protocols like KYC. YouHodler has partnered with reputable cryptocurrency exchanges to convert fiat into cryptocurrency.
YouHodler Referral Program
As seen above, YouHodler is working towards increasing the membership of its community through incentivizing the current members. The platform has a referral program that is beneficial to both parties. The program is easy to join as you only require a referral link. For new members, YouHodler offers the necessary materials and audience insights to get them started. The payouts from the referral program are on a weekly basis in USDT or fiat. For promoting YouHodler, users can earn up 2500 Eur.
YouHodler Customer Support
YouHodler has put in place a number of measures for customer support. The platform has a help section on the website where users can watch tutorials on how to the platform works. Additionally, the website has the FAQ section where some of the common queries have been addressed. The platform also uses popular social media sites like Twitter, Facebook, and LinkedIn to connect with their customers directly. YouHodler also has an email where customers can send their queries. However, the service has no mobile phone services. On the other hand, we have a blog section where YouHodler updates users about the latest developments. Major announcements are made through the blog section.
YouHodler User Interface
YouHodler has an intuitive user interface that is easy to operate. The account creation is seamless. The platform’s website is also accessible on both mobile and desktop. Furthermore, YouHodler is set to release a mobile application for both iOS and Android platforms. The mobile application will be linked to the YouHodler card that will be out later in 2019.
Pros of YouHodler
- The procedure for obtaining a loan is fast and easy. One receives loans instantly and the whole procedure usually takes a few minutes.
- Different crypto support. YouHodler currently accepts seven of the top cryptocurrencies as loan collateral: Bitcoin, Ripple, Bitcoin SV, Ethereum, Bitcoin Cash, Dash, and Litecoin.
- Credit card and USDT payouts. YouHodler is the only crypto lending platform that offers customers with instant payouts to credit cards and USDT wallets.
- High loan-to-value. The platform risks its management system to provide customers with an 80% loan-to-value ratio, while other platforms have a limit of about 50-60%.
Cons of YouHodler
- Lack of phone support is a challenge especially to customers in need of instant assistance. The available communication channels can take some time before the YouHodler team responds.
The cryptocurrency market has a number of crypto lending options. However, YouHodler stands out due to unique features ranging from best interest rates and numerous coins. The platform is on the right track considering that it seeks to lower the interests rates further once its community grows. This an indication that the platform is moving in the right direction. Additionally, the planned release of a debit card and mobile application is a step in the right direction.
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