What is YouHodler
YouHodler is a platform for lending cryptocurrencies that enables users to borrow funds against their cryptocurrency holdings, earn interest on their holdings, and exchange their holdings for fiat money or stablecoins. It provides a number of services that are intended to assist customers in utilizing their cryptocurrencies for a variety of financial goals, including getting fast loans, earning interest on cryptocurrency deposits, and exchanging cryptocurrencies for other assets.
YouHodler supports a number of well-known cryptocurrencies, including Ripple (XRP), Litecoin (LTC), Ethereum (ETH), and Bitcoin (BTC). Additionally, it offers a multi-currency wallet that enables users to control all of their cryptocurrencies from one location. With the help of YouHodler, cryptocurrency owners will be able to obtain liquidity and efficiently manage their digital assets on a user-friendly and secure platform.
The history of YouHodler
Ilya Volkov, a fintech entrepreneur with a background in banking and technology, established YouHodler in 2018. The platform’s goal is to help cryptocurrency owners maximize the value of their digital assets by offering them cutting-edge financial solutions.
The company initially concentrated on bitcoin-backed lending, which let customers borrow money against their cryptocurrency holdings without having to sell them. This made it possible for owners of cryptocurrencies to access liquidity without giving up their long-term investments. YouHodler immediately became well-liked among cryptocurrency investors and enthusiasts looking for adaptable borrowing choices.
YouHodler has added a variety of features to its services since its debut. These include cryptocurrency savings accounts that let users earn interest on the coins they deposit, as well as cryptocurrency exchanges and the option to transfer coins into fiat money or other cryptocurrencies.
With the addition of new features and an increase in its user base worldwide, YouHodler has continued to develop and thrive. To improve its services and give consumers a smooth experience, the platform has also partnered with a number of industry players, including exchanges, wallet providers, and liquidity providers.
YouHodler is a well-known participant in the cryptocurrency loan and savings field thanks to its cutting-edge strategy and user-friendly interface, offering important financial services to cryptocurrency holders all over the world.
How YouHodler works
YouHodler operates as a cryptocurrency lending and savings platform, offering a range of services to help users leverage their cryptocurrencies for various financial purposes. Here’s how YouHodler typically works:
- Loans backed by cryptocurrencies allow customers to use their Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), or other supported cryptocurrencies as security to get an immediate loan in fiat money or a stablecoin. Based on the value of the collateral and the loan-to-value (LTV) ratio that YouHodler has specified, the loan amount is calculated. Users can select the loan duration they prefer and unlock their collateral by repaying the loan and interest.
- Users can open a YouHodler savings account and deposit their cryptocurrencies there to earn interest on their holdings. Users are able to passively earn interest on their dormant assets thanks to YouHodler’s attractive interest rates on a variety of cryptocurrencies. Based on the amount deposited and the length of the savings term, interest is computed.
- Users of YouHodler can convert cryptocurrencies into fiat money or stablecoins as well as one cryptocurrency into another. Users now have the option to trade between other cryptocurrencies or convert their cryptocurrencies into a more reliable form of money thanks to this tool.
- YouHodler offers users a multi-currency wallet where they can safely store and manage all of their cryptocurrencies in one location. This wallet offers features like simple deposits, withdrawals, and transaction tracking, and it supports a large number of cryptocurrencies.
- Trading: The YouHodler platform also includes a trading feature that enables users to buy and sell cryptocurrencies. Users can set stop-loss and take-profit levels, place limit and market orders, and watch their trading activities.
- Loan Repayment and Collateral Release: Users may pay back their loans at any time, together with interest, to release their collateral. The security is returned to the user’s wallet once the loan has been paid in full.
It’s important to note that the specific details and terms of how YouHodler works may vary depending on the user’s location, the type of cryptocurrency used, and other factors. Users should review and understand the terms and conditions of YouHodler’s services before using the platform.
Does YouHodler charge a fee
Yes, YouHodler charges fees for its services, which may vary depending on the specific service being used. Here are some common fees associated with YouHodler:
- Loan Interest: When users take out a crypto-backed loan, they are required to pay interest on the loan amount. The interest rate is determined by the loan term, loan-to-value (LTV) ratio, and other factors. The interest is calculated based on the loan amount and the duration of the loan term.
- Loan Origination Fee: YouHodler may charge a loan origination fee, which is a one-time fee applied when the loan is originated. This fee is typically a percentage of the loan amount and is deducted from the loan proceeds.
- Withdrawal Fees: When users withdraw their funds from YouHodler, there may be withdrawal fees associated with the transaction. The withdrawal fees can vary depending on the cryptocurrency being withdrawn and the destination wallet or exchange.
- Conversion Fees: YouHodler may charge fees for converting one cryptocurrency into another, or for converting cryptocurrencies into fiat currencies or stablecoins. The conversion fees are typically a percentage of the converted amount or a fixed fee, depending on the transaction.
- Trading Fees: If users engage in trading activities on YouHodler’s platform, there may be trading fees associated with buying or selling cryptocurrencies. The trading fees can vary depending on the type of order (limit or market), the trading volume, and other factors.
It’s important to review and understand the fee schedule provided by YouHodler, as fees can impact the overall cost and profitability of using the platform. Fees may vary depending on the user’s location, the type of service used, and other factors, so it’s recommended to thoroughly review the terms and conditions to understand the specific fees associated with using YouHodler’s services.
How to use YouHodler
Sure! Here’s a step-by-step guide on how to use YouHodler:
Step 1: Sign Up and Create an Account Go to the YouHodler website and click on the “Sign Up” button to create a new account. Provide the required information, including your email address, password, and any other necessary details. Follow the instructions to complete the sign-up process and verify your account.
Step 2: Deposit Cryptocurrencies Once your account is verified, log in to YouHodler’s platform. From the dashboard, select the “Wallet” or “Deposit” option to access your multi-currency wallet. Choose the cryptocurrency you want to deposit and generate a deposit address. Transfer the desired amount of cryptocurrency from your external wallet or exchange to the generated deposit address.
Step 3: Explore YouHodler’s Services Once your cryptocurrency deposit is confirmed, you can start exploring YouHodler’s services. You can use the platform for crypto-backed loans, crypto savings accounts, cryptocurrency conversions, and trading. Each service may have its own specific steps and requirements.
- For Crypto-Backed Loans: Select the “Loan” option from the dashboard and choose the cryptocurrency you want to use as collateral. Enter the desired loan amount, loan term, and other details. Review the loan terms, including the interest rate and loan-to-value (LTV) ratio, and click on “Apply Now” to initiate the loan request. If approved, the loan amount will be transferred to your account, and you can use it for your intended purpose.
- For Crypto Savings Accounts: Select the “Save” option from the dashboard and choose the cryptocurrency you want to deposit into the savings account. Enter the desired savings term and amount, and click on “Save Now” to start earning interest on your deposited cryptocurrency.
- For Cryptocurrency Conversions: Select the “Exchange” or “Convert” option from the dashboard, choose the cryptocurrencies you want to convert, and enter the desired conversion amount. Review the conversion rate and click on “Exchange” or “Convert” to complete the transaction.
- For Trading: Select the “Trade” option from the dashboard and choose the trading pair you want to trade. Enter the trading details, such as the order type, amount, and price, and click on “Place Order” to submit the trade.
Step 4: Repay Loans and Withdraw Funds If you have taken out a crypto-backed loan, you will need to repay the loan amount along with the interest within the specified loan term to retrieve your collateral. You can make loan repayments from your YouHodler account using the “Repay Loan” option. Once the loan is fully repaid, your collateral will be released back to your wallet.
You can also withdraw your funds from YouHodler by selecting the “Withdraw” option from the dashboard. Enter the withdrawal details, including the cryptocurrency and destination address, and click on “Withdraw” to initiate the withdrawal. Note that there may be withdrawal fees associated with the transaction.
Step 5: Monitor and Manage Your Account You can monitor and manage your YouHodler account from the dashboard. Keep track of your loans, savings, conversions, and trades, and manage your account settings as needed. Be sure to review and understand the fee schedule, terms, and conditions associated with YouHodler’s services, and keep your account secure by using strong passwords and enabling two-factor authentication (2FA) for added security.
It’s important to note that the specific steps and features of YouHodler may vary, and it’s recommended to thoroughly review the platform’s documentation, guides, and support resources to familiarize yourself with the platform’s functionalities and usage.