YouHodler and BlockFi are two cryptocurrency companies that reward their customers with interest on their crypto savings. Both of them give certain interest rates to customers on their crypto holdings and also issue cash loans with the crypto assets as collateral. In this YouHodler vs BlockFi comparison, we will show you the services of the two companies in terms of supported currencies, payment options, fees, ease of use, security, and many other important details to consider. Without any waste of time, let’s go into the differences and similarities of these two companies.
YouHodler is a crypto-backed lending and custody company. It has offices in Cyprus and Switzerland. The company pays customers interest on crypto assets that are left in their custody every week. There is no lock-up time, and they can withdraw their funds at any time. YouHodler boasts of the company that pays the highest interest on stablecoins in the industry.
It also provides loans for customers to encourage them not to sell their digital assets, but rather to use them as collateral for cash loans.
It is worth mentioning that YouHodler has other products, including an easy-to-use crypto exchange, which even new ones can effectively use to trade digital assets. It also has Multi HODL, another service that helps its customers to boost returns on their crypto portfolio.
BlockFi is a cryptocurrency company that provides lending services to customers. Like YouHodler, it pays interest on digital assets that customers keep in their custody and can use them as collateral to access loans.
It is the only independent lender with institutional backing from other companies like Valar Ventures, Galaxy Digital, Fidelity, Akuna Capital, SoFi, and Coinbase Ventures. Headquartered in New York, the company has offices in New Jersey, Poland, and Argentina.
BlockFi provides OTC trading/execution, which allows users to buy and sell digital assets seamlessly. It also offers partial exposure to digital assets and helps customers diversify and boost their portfolio.
YouHodler vs BlockFi: Savings and Loan Options
YouHodler supports 4 fiat currencies (USD, EUR, GBP, and CHF) and over 30 of the top cryptocurrencies and stablecoins. There are 20+ collateral options for loans that are paid out in any of the 4 fiat currencies and stablecoins. BlockFi, on the other hand, supports just BTC, ETH, LTC, and PAXG, as well as stablecoins that are USD-based: USDC, USDT, GUSD, and PAX for savings with 4 options for loan collateral.
YouHodler offers an APY of up to 12% on major cryptocurrencies, while BlockFi offers 8.6%. Moreover, the YouHodler platform provides up to 90% LTV on loans, while BlockFi offers 50% LTV on loans. The minimum loan amount for YouHodler is $100. Blockfi’s minimum amount is $5,000.
While there is no limited time within which the loan must be paid back for YouHodler, BlockFi loans must be paid back within 12 months.
YouHodler vs BlockFi: Payment Methods
YouHodler provides a variety of deposit and withdrawal methods. All supported cryptocurrencies and stablecoins can be used for this purpose. As for the four supported fiat currencies, deposits and withdrawals can be done through Bank cards, Wire Transfer, SWIFT, and SEPA.
BlockFi permits deposits and withdrawals using the four supported cryptocurrencies, but only Wire Transfer is allowed for fiat currencies. Only USD can be used for this purpose.
YouHodler vs BlockFi: Supported Countries
YouHodler allows users from all parts of the world to sign up and enjoy their services with no restrictions, except for the United States, China, Bangladesh, Iran, and Pakistan. BlockFi also permits users from all around the world, including all US states except for 3 and any countries under US, UK, or EU sanctions.
YouHodler vs BlockFi: Fees
YouHodler charges no fees for crypto and stablecoin deposits. It only charges $25 or 25 EUR per deposit for SWIFT deposits in USD and EUR, respectively. For SWIFT withdrawals in USD, it charges 5% of the withdrawal amount. Euro withdrawal by SEPA costs €5 per withdrawal, by SWIFT is €55, while only 0.15% is charged for GBP and CHF withdrawals.
For credit bank cards whether Visa or Mastercard, the company charges 3.5% flat rate for USD and EUR.
BlockFi fees for cryptocurrencies and stablecoins are as follows:
CurrencyWithdrawal LimitFees***BTC100 BTC per 7-day period0.00075 BTCETH5,000 ETH per 7-day period0.02 ETHLINK65,000 LINK per 7-day period0.95 LINKLTC10,000 LTC per 7-day period0.0025 LTCStablecoins1,000,000 per 7-day period$10.00 USDPAXG500 PAXG per 7 day period0.015 PAXG
YouHodler vs BlockFi: Creating Account
The signup process on YouHolder is very simple. You just need to choose your country of origin, input your email address, and create a password. You will also have to check the box next to the agreement and check the other box to get updates from the company.
BlockFi does not require the country of origin, but you need to provide your full name and a password. You have to confirm that you are 18 and above by checking a box and ticking the next box to receive SMS. Then, you need to confirm that you are human by checking the box for the captcha and then click the “Submit” button.
YouHodler vs BlockFi: Customer Support
YouHodler has dedicated emails for customers to reach the team. They allow users to file official complaints if they are not satisfied with any aspect of their services. Moreover, they can even reach the Blockchain Association directly if they wish to. On the website and inside the apps, there is a live chat through which customers can get attention in real time, the average reply time is up to 10 minutes. Answers to most of the questions about the company can also be found in the FAQ section.
BlockFi also has a dedicated FAQ section to answer as many questions as possible. If the answers are not available there, they can contact the company by email. There is also a phone number provided for active (funded) customers on their dashboard through which they can call directly and speak with an agent. In the support center, there is a dedicated email for every major issue, such as security, institutional sales, partnership, and more.
YouHodler vs BlockFi: Security
YouHodler uses Ledger Vault to store funds safely and employs several security measures, such as Cryptocurrency Security Standard (CCSS), Elliptic, and many others to secure customers’ funds and data. It holds an official pawnbroker license from Switzerland to accept collaterals for loans. The company follows all the industry best practices for IT security checks, data protection, access rights, and data encryption to ensure all its operations are 100% secure.
BlockFi has two NMLS Consumer Access licenses, which allows potential users to verify that it has been legally registered with regulators. Customers’ funds are secured using Gemini’s military grade security for custody.
YouHodler vs BlokFi: Verdict
YouHodler and BlockFi provide basically the same kind of services. However, YouHodler seems to offer more options and flexibility, for example, with the deposit and withdrawal options. YouHodler also gives loans with high LTV compared to BlockFi. If, as a customer, you are looking for a more flexible lending and savings company, YouHodler is the best. However, if you are looking for more established brands regardless of the service, BlockFi is the option.
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