YouHodler Review

YouHodler Review: PROS

What better place to begin our YouHodler review than with the pros? This is a highly varied FinTech platform with a lot of positive elements that are worthy of being highlighted and considered. And so, looking at the core features makes for the perfect jumping-off point for the rest of the review.

Not only does this first allow us to see what this platform succeeds at, but it helps highlight the unique elements that make it stand out in this industry.

Multi HODL – A Simplified Trading Tool

Multi HODL is a popular trading tool within the YouHodler ecosystem. It is a tool that combines the power of traditional exchanges with a simplified and streamlined interface and user experience. This makes it perfect for beginners and casual retail traders who want control over their finances, but who might struggle to navigate typical exchanges.

The tool allows traders to engage with a wide range of cryptocurrencies, stablecoins, and even fiat. It works similarly to when people traditionally trade with borrowed money. Multi HODL uses borrowed funds, along with your own investments, to significantly increase potential profits.

The tool triggers a chain of automated crypto-backed loans, with those loans being used to purchase more crypto, giving people the capability to sell at a greater market price. The process all begins with the user’s initial funds being taken as collateral. This then begins the chain of loans being executed. The chain could be as short as two loans, or as long as 100– it all depends on what the end user chooses.

With this in mind, users can also decide to manually close their loans and Multi HODL position when they are happy with the returns made, or they can choose for them to automatically close, picking a certain number or financial situation that will trigger this. Not only this, but the platform offers risk and profit management help through its stop loss/take profit orders, and pending orders, allowing traders to set their own entry and exit points in advance.

Along with this, there is a range of metrics and data offered by Multi HODL to help manage and monitor trades. This includes classic candlestick charts, along with a Top Movers/Top Cap and portfolio tab for an easy overview.

This can all be found when you head to the Multi HODL tab on the left-hand side (if you are using a desktop), and then press “start new Multi HODL”. Here, you will be able to view the financial charts, which you can use to help make informed decisions when you use start trading with this tool.

Beginning your trading journey here is a straightforward process, where you can simply choose the amount of cryptocurrency you want to use, and then also set the number of loans you would like to multiply it by. This may seem challenging when you first encounter it, but after a couple of tries, it becomes simple and easy to understand.

Upon trying this and writing this YouHodler review, it dawned on me just how unique of a trading tool this is. This is different from traditional trading sites, not only in its simple interface, but in its ability to streamline and stack the collateralization process. I chose to invest a small amount, and then collateralize by x20, which equated to 41 loans.

I could then easily see how my Multi HODL was performing, and I even had the option to manually close the position with the simple click of a button. In the space of a day, I was able to turn a small profit on my investment. I could then swiftly close my position and reap the benefits with the click of a button.

By the way, speaking of trading, YouHodler also provides users with a seamless fiat and crypto exchange where you can quickly buy or sell crypto using your credit/debit card (Visa/Mastercard) or your SEPA bank account.

The only drawback of this feature is that, as of writing, it supports only 55 crypto assets, including Bitcoin, Ethereum, Ripple, etc. This is a pretty limited selection compared to other crypto exchanges. Though, if you're interested only in the top assets, this should not be a problem for you.

Cloud Mining

Another highly revolutionary tool covered in our YouHodler review is their Cloud Miner. This is a simulated mining experience where people can earn mining rewards without ever having to use their hardware or processing power. It is a gamified application that lets you get Bitcoin in exchange for engaging with special blocks on a digital hexagonal board. These blocks are meant to represent your virtual miner.

To earn BTC, you must activate and charge the blocks by adding computational power. However, this power does not come from your device or computer itself, it is rather provided by a special in-game fuel known as “Sparks”. You apply Sparks to different blocks on the board, and upon doing so a timer will appear on them. When the timer drops to zero, BTC will be added to your account, and you will get the opportunity to add sparks to the blocks and continue the process.

When I used the Cloud Miner, I thought of Sparks as a type of in-game currency, which is used to earn real-world cryptocurrency. The way you get Sparks is by completing a range of tasks on the YouHodler platform. Some of these are extremely easy; for instance, you gain your first Sparks by simply signing up to YouHodler! You can also earn further Sparks by having a certain amount of money in your YouHodler account.

This means that if you have been very successful when using Multi HODL, then you can reap the benefits by potentially earning Sparks. However, Sparks are just one aspect of the Cloud Miner. Another aspect is that of leveling up. When I started an account with YouHodler, I noticed that only two of the whole nineteen blocks on the board were available. This is because everybody who starts out is at the Newbie level.

There are eight levels altogether, each offering different perks. The Newbie level, my current level, gives me access to two blocks, which take six hours to be mined, with each block needing two Sparks to begin mining it. I also get free Sparks every seven days. The reward I get for each block being mined is 0.000004 BTC.

Let’s compare this to Level 8, also known as the VIP level. To get to this level, you must have a monthly trading volume of $5 million. Here, all nineteen blocks are available, with each block taking only one hour to mine; however, the mining cost is 35 Sparks per block. This might sound a little steep, but the reward for each block at this level is 0.0001 BTC, and you get a welcome pack of 300 Sparks given to you upon reaching this level, plus you get a free Spark every six hours.

All in all, it is a great tool that allows people to partake in a simulated mining environment without using their own hardware. It is also an example of the YouHodler ecosystem all connecting together, giving users more utilities and methods of earning. The gamified aspect of the tool additionally makes the process fun and exhilarating, which further adds value to the entire ecosystem.

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Loyalty and Affiliate Programs

The Cloud Miner can be thought of as a highly sophisticated, yet streamlined, loyalty scheme launched by YouHodler. It essentially rewards you for using the platform and depositing money into your account. This is a fantastic example of a platform giving back to its user base. It creates a level of mutual respect and trust between the community and the company itself.

However, the Cloud Miner is just one of the ways that YouHodler gives back to their customer base. My YouHodler review would be incomplete without discussing their dedicated Loyalty Program that allows people to earn a certain amount of APR on the coins and tokens held in their YouHodler wallets. For Bitcoin and Ethereum, you can earn up to 7% APR, and for USDT and other stablecoins, you can earn up to 12%, depending on your level.

I chose to apply this Loyalty Program to some of my USDT. When doing so, I noticed two very interesting and important features that come with this program. For starters, you can withdraw your money at any time. This is deeply significant because some people struggle with unexpected cashflow issues (as life can be unpredictable), and so having the option for an instantaneous withdrawal is a godsend.

The second highly significant feature is that interest is earned on a weekly basis. This means you can see your money go up regularly, rather than having to wait after a certain amount of weeks or months. But, if you are looking to make even more money than what the Loyalty Program offers, then you can also engage in their Affiliate Program, too.

With this program, there is no limit to how high your payouts can be, meaning that the only cap is your own reach and influence in the industry. You can also receive payouts in fiat, stablecoins, and standard cryptocurrencies like BTC and ETH. This is open to practically everybody, from brokers and crypto influencers to simply individuals who have curious family members and friends.

Regulation-Compliant

If there is one thing you should take away from this YouHodler review, it is that this platform is highly trusted and secure, for a wide range of reasons. For starters, the YouHodler exchange, along with its other tools, has involvement from both Swiss and EU regulatory bodies. This means that the company is compliant with the laws and guidelines of these regions, and users are protected by legislation.

This is an extremely important point in this day and age, where we live in a global recession. Times like this call for crypto users to be hyper-vigilant about who they trust with their finances. What is good about YouHodler is that, not only are they following protocols and legislation, but they are ensuring that custody of user funds is protected by Ledger Enterprise.

Ledger is known as the gold standard of crypto wallet protection, with their hardware wallets and the range of hardware recovery tools they offer. But, these are part of their consumer-grade offerings. Ledger also offers enterprise and institution-level products, such as wide-scale custody protections. This helps ensure that YouHolder is safe and secure.

This means that customer funds are protected to the highest degree, on the YouHodler wallet, and elsewhere. This is extremely important to note as many crypto-veterans will often repeat the mantra of “not your keys, not your crypto”, essentially denouncing custodial tools. But this level of thinking is a little short-sighted, as it ignores the very real projects and protocols that exist which can protect user funds and keep them in a safe place. These measures, altogether, should prevent somebody from questioning, “is YouHodler safe?”

Embracing Web3 Technologies

From our YouHodler review so far, this may seem like a fully CeFi (centralized financial) company, but they also take Web3 very seriously, and so they are in the process of releasing their own DeFi wallet. This will be a gateway that allows for self-custodial and independent banking. It will run in the same app as their CeFi wallet, making the experience of accessing decentralized options extremely easy and seamless, acting as a bridge between two separate areas of finance.

The Web3 app will grant access to a range of dApps, such as UniSwap and OpenSea, all functional from within the application itself. This is a streamlined process that is perfect for beginners who are just starting to explore these cutting-edge online technologies. Along with this, a physical card will be available that uses both crypto and fiat, and there will even be on-chain staking and traditional bond options for users to take advantage of.

However, do note the YouHodler crypto card is not available yet (as of September 2024).

Ilya Volkov, the CEO of the company, has spoken before about Web3 being the future of banking and finance. He has noted that he wishes for YouHodler to essentially be a conduit between the traditional and decentralized markets, connecting “the old world with the new, offering enhanced and secure services for anyone with a smartphone”.

YouHodler Review: CONS

In this YouHodler review, we have discussed many of the tremendous positives that this service offers. But now it is time to further contextualize the business by examining its less favorable elements. This is necessary if we are to provide a balanced and genuine overview of it, giving you all the knowledge you need in order to make an informed decision of your own.

No Native Coin or Token

UPDATE 2024: The YouHodler token (YHDL) is coming soon.

One thing you will notice quite quickly when visiting the company’s site is that there is no YouHodler token or coin. Unlike many exchanges and wallets, there is no YouHolder cryptocurrency that is directly tied to the platform or the company. This may come as a surprise for many users who are interested in partaking in its ecosystem.

Coins and tokens native to a project are a very common way for end users to invest in a project that they believe in. Considering the innovative and beginner-friendly tools that YouHodler offers, it is disappointing that there is no asset of their own for their user base to put their own money towards. While not exactly necessary, a YouHodler coin would surely be enticing for people who believe in the potential of their toolkit.

However, this might be a blessing in disguise. At the moment, there is a very heated debate going on around the world, trying to decide whether certain cryptocurrencies are covered under certain laws and regulations. For this reason, sometimes, companies get in trouble internationally for providing services, whilst also offering their own assets.

By avoiding the release of a YouHodler token, they are able to circumvent this ongoing issue and focus more directly on their platform and the features they offer within it. It may sound disappointing, or even frustrating, to investors, but the truth might be that running a platform like this is easier to regulate worldwide when there is no such thing as a YouHodler coin or YouHodler cryptocurrency of some sort.

The benefit of streamlining their focus on providing greater features for their user base cannot be understated. It allows the team to add new features more regularly. Considering the tools already added that I've highlighted earlier in this YouHodler review, you can only imagine what innovative ideas they'll implement in the future.

Gamified System That Encourages Further Spending

UPDATE 2024: YouHodler's gamification elements and techniques have been improved.

Within this YouHodler review, we have seen that the company has many simple and intuitive interfaces. This makes them great for beginners and even advanced users to use. For some of these tools, YouHodler has offered simplicity via a gamified user experience. Gamification is the act of adding game-style elements into a tool or application that is not typically considered a game. 

YouHodler does this primarily via its Cloud Miner. As mentioned earlier, the Cloud Miner allows people to mine Bitcoin without using their CPU, instead using YouHodler’s own cloud-based options. This, in and of itself, is a good thing as it creates a simulated mining experience that is accessible to more people. However, I found myself examining the gamified elements with a critical eye.

Let's start by unpacking some of these elements. Rewards are given to users in exchange for completing certain tasks, which further levels up their miner. Some of these tasks involve performing actions within the ecosystem, such as opening a Multi HODL account, but others involve raising your trading volume or depositing a certain amount of funds. As a result of this, users can “level up” or reach new ranks, signified by star, gold, diamond, and crown badges or icons.

On the one hand, this is a great decision by the team, as it allows users to get more benefits for using YouHodler, meaning they can earn more and improve their financial situation. On the other hand, incentives like this can be damaging to the end user, as they encourage them to keep depositing and trading in exchange for better rewards, when this is something they might not have initially done.

This is not to say that traders do not have their own autonomy, but the act of gamification in financial tools has been frowned upon, and is considered controversial by some. The British Financial Conduct Authority (FCA) has warned users of gamification, and has said that elements like this “may blur the lines between online investing and gambling-like behaviours”.

At the heart of this discourse is the encouragement of impulsiveness, perpetrated via gamified tools and experiences. Essentially, by offering rewards (both financial in nature and aesthetic in the form of different titles or levels), users are being allured to continue trading or depositing money.

When using the Cloud Miner, I found myself fixated on these gamified elements, to the point where it became hard to fully separate the financial and logical aspects of the tool from the more playful aspects. I became interested in knowing what the experience would feel like from a higher level, which would occur by depositing more money or increasing my trading volume.

With this being said, it should be noted that gamification is not inherently bad, and not everybody views it as a negative. For this reason, it is not currently a banned practice. Rather, it is a feature of 21st-century finance that is currently under examination, with a range of academics and regulatory institutions looking at it thoroughly.

There are also significant positives to gamification, including the aspects that YouHodler applies. For starters, game logic and features help to simplify the process of the Cloud Miner, making it easy for newcomers to jump into. This is especially important because cloud mining services are not particularly well-known in the blockchain industry, and so many people will not have experienced them in the past. In this vein, gamification like this helps to democratize finance by making these tools more accessible.

It must also not be forgotten that YouHodler’s Cloud Mining levels offer a wide range of benefits to end users, such as faster mining speeds and free Sparks, which are used to generate mining rewards. In this sense, the application’s gamification is helping to give users more returns for their activity.

Whether you view gamification within YouHodler as problematic or not is a matter of interpretation. But regardless of your thoughts on the subject, it is important to be mindful of them, as they have been linked to leading people to take further risks. The most important thing that any end user should do is ensure that they do not take these gamified elements into consideration when calculating risk.

Rather, they should simply be seen as useful and exciting additions that work best when you are engaging sensibly. The greatest move is to act irrespective of any potential rewards, and to never enter more onto the platform than you can afford, even if that means avoiding leveling up. This way, if you do end up leveling up anyway, you can enjoy the rewards as an additional bonus, never losing sight of the reality of your own financial situation.

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How to Sign Up to YouHodler

We have covered many areas in this YouHolder Review, but to help further frame this discussion, we should also check out how the service can be used. If you made it this far through the review, then there is a good chance that you might be interested in trying it out for yourself, so here is a guide on how to sign up for this service.

Step 1: Go to the YouHodler homepage, and at the top-right, you will see an option to “Sign Up”. Click on this.

Step 2: You will now be led to a page that asks for your country of residence, your email address, and your password. Fill out the required info. There are also 2FA options available, but these are set up once you have fully registered. Pay attention to the country of residence box, as YouHodler is not available in the US.

Step 3: After inputting the details, you will receive a 6-digit code which is used to confirm your address and activate your account. At this point, you should be granted access to the YouHodler dashboard, which will look a little different than their homepage. 

Step 4: When your dashboard loads, the site will automatically direct you to the Wallets section. This will show the crypto assets and fiat that you have added to your account. As you are new, there will be no assets here, so everything will be zero. To begin using the service to its full extent, you will need to complete KYC (know-your-customer), where you upload a photo of your ID, along with a selfie. This is a fast process, typically taking around five minutes.

Be sure to explore all the elements and tools that YouHodler offers, as there are many features to check out which are all accessible via the dashboard. This platform is also likely to grow as the company keeps working towards building a more multi-faceted and complex ecosystem. 

Pros

• Very low trading fees
• Exceptional functionality
• Mobile trading app

Main Features

• Very competitive trading fees
• An intuitive mobile app
• Up to 100x leverage available

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Pros

• A very well-known crypto exchange platform
• More than 500 different cryptos available
• Two-factor authentication

Main Features

• Over 500 different cryptocurrencies available
• Strong security
• Small withdrawal fees

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

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Conclusions

In this YouHodler review, we have looked at the platform's exchange and trading tools, wallet, user experience, mining services, and regulatory compliance. This is very clearly a highly accomplished and versatile platform, with some ambitious, yet realistic goals for the future. It is clear to see why it is becoming a huge part of the crypto industry.

There is no denying that YouHodler's interwoven ecosystem positions it in a prime spot for long-term significance in this space. It is not that common to see a company that is centralized by nature, yet cares deeply about Web3.

Not only this, but they have clearly also found inventive ways of creating a user experience that offers powerful features and opportunities, whilst seeming genuinely simple and even inviting to newcomers. This is a struggle that many projects in this space have, with very few of them successfully producing solutions that beginners would actually find friendly and enticing.

This lowering of the technical barrier is great for widespread adoption. Hopefully, the platform becomes accessible to the US market at some point in the future, as well. But in the meantime, YouHodler’s fantastic roster of tools is perfect for the rest of the world to get acquainted with crypto and build a serious and powerful portfolio.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.