Youhodler is the new face of crypto lending as a result of its seamless transactions and the adoption of multiple cryptocurrencies. In this article, you will see the biggest advantage the platform presents to the wide range of audiences it serves. These include deep collateral protection and user autonomy.
Turbocharge Loans Explanation
Turbocharge is a feature that allows you to take a loan and deposit it as collateral to take a second loan. Turbocharge is powered by Youhodler wallet’s crypto-backed loan and makes earning through crypto volatility more efficient.
And to pay the loan, you can set a closing price, where Youhodler sells your collateral to repay the loan. You will see your payment schedule for your crypto loan by clicking on the “Turbocharge” button.
How Do Turbo Loans work?
Turbo loans afford the chance to multiply your crypto assets by creating a “chain of loans” in just one click, with low fees.
Once a user clicks the “Turbocharge” button, Youhodler wallet automatically takes the fiat from the first loan to buy more crypto. It is the purchased crypto that will be used as collateral for the next loan in the chain.
The interest fees on each additional loan in the chain decreased by 0.1%, making it a fruitful opportunity for profits. Users can regulate the number of loans they would have to have in their chain, usually between three to fifteen loans.
The turbocharge is an innovative tool that can be used to multiply your portfolio and earn crypto. Turbocharge loans are a faster and easier route than crypto trading.
How To Borrow Crypto With Turbocharge
After the user clicks the “TURBOCHARGE” button, the platform automatically utilizes the borrowed fiat to purchase more cryptocurrencies, uses these cryptocurrencies as collateral for the subsequent loan in the chain, and then subjects the freshly borrowed monies to the same procedure. Depending on your parameters, the procedure runs 3–15 times.
Since the Turbo loan was intended to increase the value of your crypto asset, you are not expected to get the borrowed monies. So in a technical sense, by utilizing leverage, you purchase cryptocurrency using borrowed cash rather than your own.
- Visit the Turbocharge area and select the Turbocharge Crypto button to use Turbo Loan.
- You may design your Turbo Loan and examine all of the potential rates.
- You can choose the number of loans that will make up the loan chain as well as the beginning collateral amount, and the LTV.
- You can see how much extra cryptocurrency you will receive with this specific turbo-loan in the lower-left corner.
- Click the Turbocharge button once all loan parameters have been established.
Youhodler Supported Coins
Numerous popular cryptocurrencies and stablecoins are supported by YouHodler. A critical Youdhodler overview shows that the platform supports 52 cryptocurrencies and 8 stablecoins as of the time of writing this review.
New coins are added to this list every one to two months. Therefore, this number will inevitably rise over time.
Advantages And Features Of Turbo Loans
The turbocharge feature allows users to regulate their chains of loans in just one click. It also lowers the interest rate, terminates fees on the purchase of crypto, and provides a better way to buy crypto.
The Advantages of Turbo loans
- It protects your collateral
The collateral on the open loan is always at risk if hitting the Price Down Limit (PDL) whenever there is a market downturn. Although to keep the loan open, users can add more collateral to open the turbocharge loan. This raises the PDL level and reduces the risk of the loan closing. This is a feature and advantage of Turbocharge, which is not available on Multi Hodl.
- Buy “the dip” without liquid cash
Whenever there is a market downturn, the phrase “the dip” is usually used well when people start saying things like — buy the dip. During a market downturn, it provides an opportunity to buy assets at a discounted price, but everyone doesn’t have the liquid cash to do so. With Turbocharge, you can buy the dip without liquid cash, and yet another feature that is not possible with the Multi Hodl.
- Buy crypto on credit
You can purchase crypto on credit with Turbocharge. You can keep the crypto bought or deposit the fiat and pay back the loan later. Turbocharge helps users buy crypto without spending any additional funds.
Conclusion
The crypto lending platform makes it easy for beginners and experienced crypto investors to earn passively and leverage crypto positions with loans and gain access to funds without letting go of their crypto position. Youhodler invests in the decentralized state when a crypto wallet is connected to decentralized exchanges for a crypto loan to be manually executed.
Youhodler provides features for all sorts of investors in crypto loans including the Youhodler bonus code for newbies. Those that are willing to take risks with loan investment can use the Youhodler staking features such as Multi Hold or Turbocharge to earn big with the crypto volatility, while users who prefer stable earning with crypto savings accounts can store their crypto as a dual asset, earn interest, and increase their returns by reinvesting.