YouHodler vs Celsius

Two popular crypto platforms that offer a variety of services are YouHodler and Celsius. YouHodler was launched in 2018. They are based in Switzerland and registered in Cyprus. Celsius was founded in 2017 and is based in Hoboken, New Jersey. Both Celsius and YouHodler are centralized platforms. To learn about a decentralized platform, take a look at a Cake Defi review. Our Celsius and YouHodler review will compare both platforms to determine which best suits your needs,

What is YouHodler?

YouHodler is a crypto banking platform that offers a variety of services to its clients including crypto lending, interest earning crypto accounts and a crypto exchange for buying and trading cryptocurrency as well as fiat currencies. The YouHodler platform supports over 50 different digital coins

What is Celsius?

Celsius is a crypto banking platform that provides an array of services to their clients. The platform offers a crypto exchange, crypto backed loans and interest earning crypto accounts. In addition, Celsius has their own native token, CEL, which is somewhat similar to the BTSE token offered by the BTSE crypto platform.

Features

YouHodler Features

• Crypto Exchange: At YouHodler users can buy, sell and trade over 50 different cryptocurrencies and stable coins. While they may not be the best crypto exchange for trading lesser-known digital coins, they are more than adequate if you are trading the top 20 cryptocurrencies. User’s can also take advantage of the Multi HODL feature that lets them leverage part of their deposited funds to increase profits
• Crypto-backed loans: Borrowers can use over 50 different cryptocurrencies as collateral for loans at YouHodler. Loans can be released in Euros, USD, CHF, GBP or Tether (USDT). Loan to Value (LTV) is available at 90%, 70% and 50%. Maximum loan duration is 364 days and borrowers can close the loan at any time before the due date and will only be charged for days that the loan was active. The minimum loan amount is $100
• Interest Earning Accounts: Investors can earn interest on over 50 different cryptocurrencies with a YouHodler interest-earning account. A minimum balance of $100 or its equivalent is required in order to earn interest. Interest rates vary and range from 1% to 10% depending on the digital asset. Rates are favorable, and as can be seen by looking at a Finblox review, better than some of their competitors.
• Dual Asset: A feature recently added at YouHodler, Dual Asset is a short-term investment tool that allows users to achieve high returns while limiting their exposure.

Celsius Features

• Crypto Exchange: Users can buy 18 different cryptocurrencies and swap between 40+ market pairs on the Celsius exchange. There are no platform fees for swapping and buying cryptocurrencies at Celsius but blockchain fees still apply.
• Crypto-backed loans: Borrowers at Celsius can use over 40 cryptocurrencies as collateral for crypto-backed loans. The currencies loans may be released in are USDC, USDT, TUSD, MCDAI, GUSD, PAX and US dollars. Loans can be obtained at the following rates; 50% LTV – 8.95%, 33% LTV – 6.9% and 25% LTV – 1%. Interest rates can be lowered if holding the CEL token. Loan terms range from 6 months to 60 months and the minimum loan amount is $100 in stablecoins and $1000 in US dollars
• Interest Earning Account: there are over 40 different cryptocurrencies investors can deposit to Celsius and earn interest on. Interest variers depending on the particular digital coin and can be as high as 18%. However, to get the best rates you have to stake CEL, the Celsius native token. The more CEL you hold, the better the rates you will get.
• Celsius Token: Celsius has their own native token, CEL. Somewhat similar to the Freeway crypto token, holding CEL gets you better returns on your investments in other assets. At Celsius you can lower loan interest rates and improve the return on interest earning accounts anywhere from 5% to 25% depending on the amount of CEL you own.

Currencies

YouHodler supports over 50 different digital currencies on their site. The supported crypto currencies are:

The fiat currencies supported by YouHodler are U.S dollars, Euros, British pound sterling and Swiss franc.

At Celsius almost 50 different cryptocurrencies are supported. The following are the digital coins supported on the Celsius platform.

Celsius accepts U.S. dollars and 18 other fiat currencies such as Euro and GBP through fiat on-ramp partners

Security

YouHodler uses a mix of hot and cold wallet storage for crypto assets deposited to their platform. They also incorporate technology from Ledger Vault into their platform to provide users with advanced custody options. Cold wallet private keys aren’t accessible to day-to-day operators and are stored and encrypted in a hardware security module. Two-factor authentication is used to further protect users. A third-party security audit firm is regularly employed by YouHodler to look for and identify weaknesses in the platform’s security infrastructure.

Celsius uses two-factor authentication and biometrics as a mean to help protect their clients. The platform uses third-party custodians like Fireblock and PrimeTrust to protect their depositor’s assets. One security measure that Celsius doesn’t take is having segregated Cold crypto storage. However, they do have hot wallet insurance for loss of user funds from Celsius wallets.

Fees

There are a number of different fees you may encounter at YouHodler

• Fiat Deposits:
• Bank wire fees per transfer – 0 (except USD SWIFT – 25 USD per deposit; GBP – 20 GBP per deposit)
• Bank card fee – 4.5%
• Fiat Withdrawal Fees
• USD (SWIFT): 1.5% with a $70 minimum
• EUR (SEPA): €5
• EUR (SWIFT): €55
• GBP and CHF: 0.15% with a 55 GBP and 15 CHF minimum
• Loan Fees
• Increase LTV: 1.5% from the increased amount
• Close now fee: 1% from the overdraft amount
• Reopen: Interest fee + 1% service fee from the borrowed amount
• Extend PDL: 1.5% from the additional collateral

Celsius has no loan fees other than the interest that is charged. They also don’t charge any deposit or withdrawal fees.

Ease of Use

Getting started on the YouHodler platform is fairly simple. First you have to sign up to the site which only requires an email address and password. However, to deposit funds and start using the platform services you will need to provide and verify some personal information for KYC purposes, but this can be completed in a few minutes. The platform itself is easy to use and even beginners shouldn’t have any problems.

Opening an account at Celsius is fairly similar to the process at YouHodler and should only take a few minutes. The Celsius platform is easy to use and new users shouldn’t have any difficulty finding what they need. It is a little more difficult to determine interest rates at Celsius due to the rate variations for holding different amounts of CEL

Mobile App

YouHodler offers an app for both Android and iOS devices. The app can be downloaded from the Apple App Store or Android Google Play Store. Users can manage all their YouHodler services from the app, just as they can from a PC.

The Celsius mobile app is available for Android and iOS devices. Celsius clients can manage all their activities on the platform using the app. It can be downloaded from the Apple App Store or Android Google Play Store.

Access

YouHodler is available in around 180 different countries. The countries where residents are unable to use YouHodler include the United States, China, Germany, Afghanistan, Bangladesh, Crimea, Cuba, Iran, Iraq, North Korea, Pakistan, Sudan and Syria.

Celsius was available in most U.S. States. They were also available in most countries around the world except for Israel, Japan and New Zealand. In addition, they can’t be accessed in countries sanctioned by the U.S, U.K. or the EU including Sudan, Syria, Iran, Lebanon, Cuba and North Korea. However, Celsius has filed for Chapter 11 Bankruptcy relief and accounts on the platform are currently frozen and services and features are not available.

Wallets

YouHodler offers a multi-coin wallet that allows the user to hold their digital coins, stake crypto currency and earn interest. Users can use the YouHodler wallet to create their own wallets for BTC and 50+ cryptocurrencies.

The Celsius wallet is currently suspended

YouHodler Pros & Cons

YouHodler Pros

• High loan to value ratios on loans up to 90%
• Accepts over 50 cryptocurrencies as collateral for loans
• Allows users to earn interest on 50+ cryptocurrencies
• Mobile app
• No credit checks for loans

YouHodler Cons

• Not available in the U.S.
• Minimum balance of $100 in cryptocurrency to start earning interest

Celsius Pros & Cons

Celsius Pros

• No fees for services
• Mobile app
• High rates on interest earning accounts

Celsius Cons

• Best rates only available for those holding the CEL token
• Services have been suspended and the platform has frozen accounts and filed for Chapter 11 Bankruptcy

Conclusion

Considering the recent difficulties Celsius has encountered and the fact they have frozen user’s accounts, YouHodler is the clear choice between the two platforms. YouHodler has competitive interest rates, supports a large number of digital currencies and offers loans with an LTV as high as 90% making them one of the better choices out there for a crypto financial services platform