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It wasn't that long ago that Bitcoin was considered a bubble. One that inspired plenty of scepticism and even disdain. But how things have changed over the past year!
Today, the interest in cryptocurrencies continues to grow exponentially as more consumers realize all that they have to gain through the buying, selling, and loaning of alternate coins. To say that blockchain tech and cryptos continue to garner the internet is an understatement.
Today, the term cryptocurrency is defined as "a digital currency that is not a project of the state." Who's taking advantage of crypto investing these days? 30% of the 18 to 34 crowd, 42 recent of millennials, and 15% of individuals 65 or older.
As cryptocurrencies continue to become a preferred investment strategy for Americans across different segments of the population, it's worth taking a look at different platforms and how they compare.
With that in mind, let's take a closer look at Youhodler vs. BlockFi.
What Is Youhodler?
Founded in 2018, Youhodler is a FinTech platform offering crypto-backed lending solutions. These include services such as:
High-yield savings accounts
Creative asset unity solutions
Crypto, fiat, and stable coin conversions
Youhodler is based in Europe and offers loans in many currencies, including GBP, EUR, USD, and CHF. The company also deals in the top 20 cryptos for collateral and a variety of other services on its platform.
What kind of security does Youhodler provide for consumers? The company's assets are securely protected by Ledger Vault.
What is Ledger Vault? It's an advanced custody and security option, and the team has a strong background in FX/CFD trading, commercial finance, e-commerce, distributed ledger technology, and blockchain technology.
The Core Features of Youhodler
What are the core features of Youhodler? Features include the ability to open stablecoin and crypto savings accounts, earning up to 12% APR. You can also take out crypto-backed loans with a 90% loan to value (LTV) ratio, and you have the option of choosing from three different loan plus.
In terms of liquidity, you have access to direct to bank account withdrawals as well as bank card withdrawals. What's more, the platform supports more than 14 coins, stablecoins, and tokens that you can earn interest on, and that interest is compounding.
Last but not least, Youhodler lets you take advantage of original crypto multiplication tools like Turbocharge and Multi HODL with fewer fees than margin trading platforms
As you can see, you've got plenty of options with Youhodler. But how does the platform measure up when it comes to pros and cons? Let's start by taking a closer looks at the benefits of using Youhodler.
What Is Blockfi?
BlockFi was founded in 2017 by Flori Marquez and Zac Prince. It began as a credit service for those holding crypto assets and has since expanded to become an independent lender. It has institutional backing from investors such as:
The company claims to be a "wealth management" platform with a self-described mission of "redefining banking." It offers products to crypto investors such as cryptocurrency-backed loans and savings accounts.
It also provides a full crypto exchange for customers interested in trading. BlockFi also claims to be the first and only crypto account providing trading and compound interest. But the company needs to update their website.
As you've already read above, Youhodler also offers these services, and no doubt, more platforms will do the same in the future.
The Core Features of BlockFi
At this point, you're likely wondering what the core features of BlockFi actually are. Let's take a closer look.
When you use the BlockFi platform, you'll gain access to crypto interest accounts for Bitcoins (BTC), Ethereum (ETH), USDC, and more. With these accounts, users can earn compounding interest of up to 8.6% annually, which is an attractive feature of the platform.
Which currency does Bitcoin let you trade-in? Exchange crypto pairs exist between Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), USDC, and GUSD.
Crypto-backed loans through BlockFi boats a 50% loan-to-value (LTV) ratio, and a 4.5% interest rate for up to 12 months. There are no credit checks to get started, and
Who does BlockFi use as a primary custodian? Gemini.
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For these reasons, a growing number of individuals are choosing other platforms to work with such as Youhodler. Of course, your decision will be largely based on geography, particularly if you live in the United States or China.
Youhodler vs. BlockFi: The Takeaway
When you compare Youhodler and BlockFi, you'll see that both platforms offer attractive benefits. For this reason, it can be challenging to decide between these two platforms. Nevertheless, BlockFi remains the obvious choice for those based in the United States.
Youhodler isn't currently capable of providing services to these customers. That said, if you live in another part of the world, you should consider this platform.
After all, Youhodler's savings accounts come with attractive high-earning potential. They also offer innovative solutions and features such as Multi HODL.
When it's all said and done, YouHodler's interface is highly user-friendly. You'll find it convenient to use no matter your skill level. The platform makes it easy to HODL while earning and multiplying cryptos in one easy-t-use application.
When you combine this with Youhodler's excellent customer service options, top-tier security features, 90% loan-to-value (LTV) ratio, and consistent platform updates, BlockFi doesn't hold a candle to this platform.
BlockFi and Youhodler Review
That said, we expect to see BlockFi respond to these features, offering new applications, security features, and better rates. So, keep your eyes on both platforms in the year to come.
Are you interested in learning more about crypto platforms? If you don't know where to start, we've got you covered. Check out our comprehensive guide to different crypto platforms now.