Youhodler and Nexo are users’ top choices for accessing crypto loans and earning interests, but users are divided over which is better. This Youhodler vs Nexo comparison gives you a comprehensive review of both platforms.
Earning crypto interest became an avenue to make money following the explosion of DeFi and CeFi platforms. As years passed, users realized that these platforms lacked certain features, particularly in infrastructure and model, and made some compromises. As a result, CeDeFi was birthed. CeDeFi combined the features of CeFi and DeFi, providing a complete crypto service to users. Youhodler and Nexo are two examples of CeDeFi.
Both platforms offer specific fiat and crypto services and have enjoyed healthy competition since their emergence. As crypto investors searched for ways to earn passively, the need to choose a better platform offering higher competitive rates became greater. Hence, this Youhodler vs. Nexo: Detailed Review. This guide will give you insight into each site, its product offerings, fees, and benefits to see which is better.
To know which platform is better, we will compare the key features of Youhodler and Nexo, their fees, security, and benefits.
What is Youhodler?
Youhodler is a crypto platform that offers a wide range of cryptocurrency services, from crypto-backed loans in fiat, crypto, and stablecoins to earning interests and trading. Founded in 2018, Youhodler is a Swiss-based company that unlocks the full potential of digital currency by providing users with the tools to trade professionally and boost their earnings. With more than 50 cryptocurrencies supported, borrowing has never been easier. The current CEO is Ilya Volkov, who is also the founder.
Youhodler is a member of the Financial Commission’s Blockchain Association, an organization that ensures best practices are adopted. The platform complies with laws to create a safe and friendly crypto environment for traders. Speaking of security, the platform utilizes Ledger Vault tech to bring all-round protection. Customers’ assets are well safeguarded against hacks.
Although the platform has been operating in many countries for four years, many users still ask, “is Youhodler legit?” Being a member of the Blockchain Association of Financial Commission proves the platform’s legitimacy. This also offers customer protection as disputes will be settled by the blockchain organization.
What is Nexo?
Like Youhodler, Nexo offers crypto-backed loans and other financial services to users. Founded in the same 2018, Nexo was created to unlock the benefits of digital currencies and offer innovative solutions to the limitations in the lending space through blockchain. The team behind the platform has been in the FinTech industry for over a decade.
Key Features
Youhodler and Nexo offer some great features, such as high-interest rates on savings accounts and crypto-backed loans. Both platforms also serve as an exchange for users to trade cryptos and market pairs. Besides these similarities in features, Youhodler and Nexo are quite different in other aspects.
Let’s look at the key features of each platform in detail.
Youhodler
- Crypto-backed Loans
With Youhodler, you can get up to 90% LTV with your digital currencies. You can receive your loans in fiat or any of the supported coins.
- Savings Accounts
Youhodler allows you to earn interest by holding your digital assets. For stablecoins, you get up to 12%, while you get up to 6% on BTC, ETH, and other popular cryptocurrencies. Fortunately, the interest compounds, so you can earn more at the end of the holding period. Interests are paid out weekly. Check out our detailed posts on Youhodler vs BlockFi and Youhodler vs Celsius to compare their interest rates.
- Crypto Exchange
You can purchase, trade, and sell crypto and stablecoins on Youhodler. You can make your purchases with fiat via credit card. Furthermore, converting between crypto and stablecoin is straightforward.
- Multi HODL
Multi HODL is a feature that makes Youhodler stand out from its peers. This tool allows you to diversify your portfolio and earn more in a volatile market. Set your risk level and maximized allowed loss, and multiply your assets with up to x50 leverage.
- Turbocharge
This is another unique feature of Youhodler. This feature enables you to supercharge your earnings if the value of your crypto assets increases.
- Dual Asset
Dual Asset grants you access to higher interest through DeFi yield generation. Unlike other DeFi protocols, you don’t need to stake on two coins or go through the stress of adding liquidity. Select a crypto pair, choose the coin, and select the plan. You get your capital back in the coin and interest up to 365% APR.
Nexo
- Crypto-backed Loans
Nexo allows users to borrow up to 2 million dollars instantly without long background checks. Like Youhodler, you can convert your crypto assets to fiat and stablecoins conveniently.
- Savings Accounts
With Nexo, you can earn up to 8% APR on crypto and 12% on stablecoins and fiat. That’s pretty much higher than the industry average. Nexo promises higher interest rates, but they are only available to those who purchase the NEXO tokens. Compounding of interests is also allowed here, which is beneficial to users. However, users get to cash out daily.
- Nexo Card
The demand for online shopping with crypto led to the launch of several crypto cards. Nexo card was introduced to ease the stress of buying with crypto. With the credit card, you can spend the value of your holding at more than 40 million merchants globally without selling it. It’s more like taking a loan against your holding, only that Nexo doesn’t charge any interest. One of the perks associated with using the card earning up to 2% cash back on purchases.
- Crypto Exchange
Nexo is also a crypto exchange where you can purchase, trade, and sell digital currencies. The platform supports market pairs for accepted cryptocurrencies, including the NEXO token.
- NEXO
NEXO is the native cryptocurrency of the platform. Holding the token grants you access to perks like 50% higher yields via the Loyalty Program, free crypto withdrawals, 0.5% cashback on shopping on swaps, lower borrowing rates, etc.
Comparison Features of Youhodler and Nexo at a Glance
| Youhodler | Nexo | |
| 1. | Crypto-backed loans | Crypto-backed loans |
| 2. | Savings account | Savings account |
| 3. | Crypto exchange | Crypto exchange |
| 4. | Multi HODL | Nexo Card |
| 5. | Turbocharge | NEXO token |
| 6. | Dual asset | Loyalty Program |
Supported Currencies
Youhodler wins here based on supported currencies. The crypto platform supports over 57 cryptocurrencies and five fiat currencies (USD, EUR, GPB, and CHF). Nexo, on the other hand, supports 27 cryptocurrencies and several fiat currencies. Both platforms support popular coins, such as BTC, ETH, DOGE, and others.
Privacy & Security
Youhodler and Nexo adopt state-of-the-art security protocols to safeguard investors’ assets and data and block unauthorized access. They use Ledger Vault’s infrastructure to secure investors’ holdings.
Individually, Youhodler uses a 3FA authentication system and complies with all security standards in the industry for maximum protection. Nexo, on the other hand, uses the standard 2FA with BitGo, a leading crypto firm that offers third-party custodial services. Both Youhodler and Nexo are backed by a $150 million and $750 million insurance package.
Fees & Limits
Youhodler and Nexo charge differently for transactions carried out on the platform. Youhodler charges a 5% fee for transactions done by wire transfer. You can make a minimum purchase of $30 and a max of $12,000 using a credit card. For loans, the platform charges between 1% and 1.5% for overdrafts, extensions, etc. The minimal loan amount is $100. Regarding the withdrawal limit on Youhodler, it depends on the payment method. No fees are charged on a savings account or for depositing cryptocurrencies and stablecoins.
Contrastingly, Nexo withdrawal fees are flexible. The site offers up to 5 free withdrawals monthly, with no withdrawal limit. Users pay for subsequent transactions after exhausting their free offers. Due to the platform’s non-disclosure of transaction fees, users often accuse Nexo of not being transparent. The site also claims it doesn’t charge any additional fee, but users are skeptical about this information.
Mobile and App
Both Youhodler and Nexo can be accessed on mobile. All the features available on the website are accessible via Youhodler mobile app and Nexo mobile app, with no compromises on the user interface or ease of use.
Wallets
Youhodler and Nexo have their wallets available for download on the iOS and Android Play Store. Youhodler wallet is an advanced crypto wallet that provides a one-stop shop for your crypto needs. You can access all the features in one place. You can earn, stake, manage your coins, HODL, and boost your earnings. It has a simple interface that allows users to browse through the various features conveniently. The wallet has a high level of security, so your funds are safe.
Nexo wallet is a safe and secure crypto storage option for users. It has a simple design and all the features on the web version. You can also perform crypto transactions on the wallet.
Bonuses and Promos
Currently, there’s no Youhodler promo bonus code or Nexo signup bonus for new users. However, Nexo has a Loyalty program that rewards users with higher interest rates. This program is reserved for users who hold the NEXO token.
Youhodler Pros & Cons
The pros and cons of Youhodler are as follows;
Pros
- High loan-to-value ratio of 90%
- Minimum loan amount of $100
- Can receive loans in various cryptos, stablecoins, and fiat
- Multiple deposits and withdrawal methods
- No minimum deposits
- Diverse collateral options
- Mobile-compatible
- Requires no staking to receive higher interests
- Maximize your earnings through Multi HODL
- Secure
- Allows compounding of interests
- Instant conversion of crypto to fiat and vice versa
Cons
- Not available in the United States yet
- Crypto credit/debit card is unavailable
- High-interest fees on loans
Nexo Pros & Cons
Let’s look at the pros and cons of Nexo below.
Pros
- Offers one of the lowest minimum loan amounts ($10)
- No hidden charges
- Interest on fiat savings
- All crypto assets are insured by Ledger Vault
- Minimum repayments on loans are unavailable
- Allows compounding of interest
- Credit card is available for spending crypto without selling your holdings
Cons
- LTV is low (50%)
- Requires staking NEXO to unlock higher earnings and other perks
- Interests on savings accounts are not static
- Trading NEXO is unavailable for US citizens.
Conclusion: Why Choose Youhodler?
Many factors suggest why Youhodler is the better choice. First off, it offers larger loan amounts with less collateral. The 90% LTV is unrivaled in the industry and gives the platform a competitive edge over its competitors. This is higher than the 50% LTV on Nexo.
Second, Youhodler offers an attractive interest rate on a savings account. With 12% being offered currently, the site beats out its competitors, including Nexo. Plus, the interest rate is consistent, which will give investors some confidence. Also, you don’t need to stake to earn higher interest with Youhodler.
Furthermore, you can boost your earnings with Youhodler, even if the market is down with the Multi HODL feature. Plus, there’s the Turbocharge feature to supercharge your earnings if the value of your crypto assets increases.
Summarily, Youhodler is the better option for traders and investors who want to make money passively.