YouHodler Review – Are They Safe or a Scam?

Many cryptocurrency exchanges like to offer a sign-up bonus akin to that of a CFD trader – usually a single token of a smaller alt-coin – but YouHodler has instead opted for a refer-a-friend bonus. At the time of writing, the program has been temporarily disabled while an update is followed through, and a new refer-a-friend bonus will be implemented.  A refer-a-friend bonus isn’t restricted to new customers, so when a new offer is implemented, current customers will be able to refer friends – the previous offer even had users choosing their own bonus from a selection.

The sign-up process during our YouHodler review was incredibly easy and simply involved supplying some basic details and we agreed to the terms and conditions. To unlock the full range of features – which is essentially everything other than the basic exchange – we were required to pass a verification procedure. Again, this was fast and easy, simply requiring proof of ID and address.

80/100

Rating

YouHodler Highlights

• More than 30 tradable cryptocurrency tokens
• Low exchange fees
• Available as a web trader and mobile app

Go to YouHodler

Despite offering quite a lot of advanced crypto trading options, the YouHodler platform is very user-friendly. During our YouHodler review, we were able to navigate the web platform and mobile app within seconds. It was also great to see so much functionality within the mobile app. The same features offered on the web trader can be found in the YouHodler mobile app too – including loans, interest accounts, Multi HODL, and the exchange.

The user interface for both trading platforms – mobile and web – and are equally clean, sharp, and responsive. All the available trading options are laid out clearly and you won’t be left looking for a tab like some larger platforms like MetaTrader 4. The charts are fairly basic, – simple candlesticks set to minutes, hours, etc, and novice traders can get a very easy understanding of price movement without much effort. With such simplicity, YouHodler is defiantly one of the best Bitcoin trading platforms online.

We live in an era where gamification has crept into so many things and typically cryptocurrencies and modern online brokers have seen the same trend. Not at YouHodler though. Rather than offering multiple account types with different benefits, requirement levels, and offerings, YouHodler just offers everything in a single account – accessible for all. Registration is entirely free, and verification is only needed if you wish to use any of the features other than the basic exchange.

You won’t be able to start trading until you make an initial deposit though – either $100, £100 or €100 depending on the base currency. As a single account, traders won’t face any limitations – so investors can access every feature including loans, charts, and the fee structure is not based on any account levels. Fees are rather transparent at YouHodler, and we had no problem locating them during our YouHodler review. Whether using the exchange, Multi HODL, or loan features at YouHodler, there are associated fees. For example, exchange fees are rather low and are dependent on transaction size but the average fee for a Litecoin transaction is 0.10 LTC but the same bitcoin transaction would be 0.002BTC.

There is also a 1% fee for closing a transaction using the Turbocharge feature and some variable fees exist for loans. All account holders will be able to use the Crypto Wallets feature and verified users can boost their exposure too. After our review of YouHodler, we would recommend becoming a verified user for the full range of unique and advantageous features.

Our YouHodler review noted that the trading platform boasts several features for gaining exposure to both FIAT and crypto markets. Firstly, there is the YouHodler Exchange – a simple online exchange program that allows investors to buy and exchange cryptocurrencies using both FIAT currencies and a variety of crypto and stable coins. The Exchange supports more than 30 leading cryptocurrencies – including Ethereum, Bitcoin, Ripple, Chainlink, and Bitcoin Cash – and 4 FIAT currencies are supported – GBP, EUR, USD, CHF. Using the YouHodler app, traders can access both the Exchange and their Crypto Wallet.

The trading platform also includes the Turbocharge platform which allows traders to multiply their assets by creating loan chains – this form of trading sees traders borrowing fiat to buy more crypto assets and using the new crypto as collateral for the next loan. When repeated, traders can seemingly buy with leverage. There are multiple loaning options, and you can set a take-profit price.

Finally, our YouHodler review of the trading platform identified the Multi HODL platform. This is a unique loan tool that allows investors to multiply their assets by using a partition of their wallet balance – the advantage being the ability to keep some funds in the wallet earning interest while another amount can be allocated for riskier trading that may yield large profit potential.

During our review of YouHodler, we can confirm three distinct ways to earn profits trading in cryptocurrencies from within the same trading platform – available as both a web trader and mobile app.

Our YouHodler review uncovered only a small number of choices for making withdrawals and deposits at this exchange – and that extended to the crypto loans service as well. First and foremost, there are two types of supported payments – cryptocurrencies and FIAT currency. Cryptocurrencies can only be from the list of the cryptocurrencies supported in the exchange – which includes most of the world’s most popular digital assets.

Those who wish to make a deposit or withdrawal at YouHodler can choose from even bank transfers or using their debit/credit card. Unfortunately, our YouHolder review identified several fees for most transactions and they’re not particularly cheap.

While crypto deposits and withdrawals are free – minus any blockchain transactions fees on the backend –wire transfer deposits will cost €/$25, while card deposits incur a 4.5% fee. Withdrawal fees vary too with card payments costing 3.5%, USD swift transactions charged at 1.5% or $70 – whichever is greater – and Euro swift transfers cost €55. SEPA payments only incur a €5 fee though.

As you can imagine with these fees, there are withdrawal minimums that vary:

• USD Swift – $70
• EUR Swift – €500
• EUR SEPA – €50
• GBP Wire – £500
• Card – €5
• Crypto – Variable

Processing times are also variable with SEP payment taking around 2 business days, but Swift payments can take up to 5 business days.

Customer support is too important when trading any asset online as you are handing over your hard-earned money, and you will need to be able to reach assistance as quickly as possible. For many of us, customer support will never be needed since most trading is smooth and easy. However, in the event, you have questions that need to be answered or a problem arises that must be dealt with swiftly, hanging around for a call back can cost you both time and money.

YouHodler does appear to offer 24/7 support which, in our opinion, should be expected in this day and age – 24/5 at worst. Unfortunately, our YouHodler review could only identify two channels for customer support, and they were not ideal for immediate assistance. The first option is only accessible via the YouHodler trading platform and is a live chat feature of sorts. It can be accessed from the Live Chat widget which is always featured on the screen or by leaving a feedback message via your Profile Page.

The second available channel is a direct email to the support team. A direct email is a nice touch, considering users can upload important screenshots or documentation upon the first email, rather than going through any replies before being offered an option to do so like some other exchanges in the industry.

Response times were rather pleasing during our YouHodler review. The live chat function boasts a response time of a few hours, and all queries were answered within about 2 hours – 1 hour in one particular case. The responses were relevant, and we did speak to a real agent rather than a generic chatbot – although some queries did elicit a mere link to the FAQs section that was most appropriate. While live chat was responsive, our emails took a little longer to see a reply but, again the responses were relevant.

When trading any asset online, it is vitally important that any individual looking to invest makes sure that their broker or exchange is both legitimate and safe. Our YouHodler review has taken the leg work out of this task by examining their reputation and checking for regulation and licensing. So, is YouHodler safe?

YouHodler is a fairly new exchange for investing in Bitcoin, but then so is this particular industry and with a history of 3 – 4 years, this exchange has proven to have a quality reputation by being founded by an active member of the Blockchain Association. Cryptocurrencies are not regulated the same way as traditional asset classes like Forex or share, and with the offering of crypto loans, you’re not going to find any FCA or CySEC regulation here. However, YouHodler has partnered up with some seriously reputable banks in Europe and Switzerland, and customers are protected by the Independent Financial Commissions dispute resolution process.

We are talking about cryptocurrencies, after all, so our YouHodler review thoroughly examined the exchanges custody protocols and insurance offerings. Funds are never 100% stored in hot wallets and are instead held in a mixture of cold and hot storage. Leveraging Ledger Vault technology, YouHodler offers high-end security infrastructure that is independently certified and includes a pool customized crime insurance program that covers crypto assets for up to $150 million. This insurance covers many risk types including theft caused by employee collusion and third-party theft due to breach of hardware security at YouHodler.

Our YouHodler review uncovered support for Non-Fungible Tokens. The exchange offers some NFTs for purchase – such as a music single – but mostly tries to provide access to reputable marketplaces. However, you can use NFTs that you own as collateral for a crypto-backed loan at YouHodler. Even major exchanges have been slow to adapt to NFTs – such as in our Coinbase review.

The big draw of this crypto exchange is the ability to earn profit from holding crypto assets. This can be done with loans but also through a YouHodler Interest Account. The process simply involves depositing cryptocurrencies into cold storage and receiving weekly interest for leaving them untouched. Supported stable coins have an interest rate of around 12%, while the other remaining 50+ tokens have interest rates between 2.5% and 11%.  The rates we noted during our YouHodler review are higher than any other major competitor.

Our YouHodler review revealed a comprehensive blog too. A simple search function allowed us to look up topics that interested us and we found everything from crypto strategies on investment timing, to informative articles about emerging technologies in the Decentralized Finance space. We also uncovered some basic educational articles too, like discussions on trading with leverage – perfect for those learning to buy crypto.

This crypto exchange takes security seriously and it’s very evident in the additional security options available. Many exchanges and brokers will tout their Two-Factor Authentication (2FA) but YouHodler boasts 3. The option is available to any user with account balances of $10,000 USD or more and essentially removes the withdrawal option from their account. Only through unique identity verifications steps, can the user make a withdrawal – preventing serious theft and eliminating the possibility of suspicious withdrawals.

Crypto operations all meet the Cryptocurrency Security Standard (CSS), while credit card transactions operate under PCI Security Standards. Finally, all passwords are encrypted by SHA256 encryption with Salt.