YouHodler Month in Review - September 2020
September is a unique month, no matter where you are in the world. Whether you are transitioning from summer into autumn in the northern hemisphere, or winter into spring in the southern hemisphere, we are all experiencing a great migration right now.
YouHodler is also keeping up with the seasonal changes as well. This month has been a productive one for us as we brought several new ideas to light, welcomed many new clients, and cemented our plans for the next few months. Months that are historically very active in the crypto market. For those that missed it, here’s what we accomplished this September.
Multi HODL gets a “Turbocharged” facelift
Did you notice anything different about YouHodler’s most popular feature this month? As if Multi HODL wasn’t a powerful enough tool to multiply your crypto, September saw it get a "turbocharged" facelift. Now, on select Multi HODL deals, users can choose up to a x30 multiplier, giving them a greater chance to profit if the market is in their favor.
To put that in perspective, if you have 1000 USD (and LINK is ~ $10 at the time of writing this) then a x30 multiplier using 1000 USD could potentially result in 2,916 LINK (or $29,160). Considering the volatility of LINK this past month, those results are quite possible in either the UP or DOWN direction.
With these new updates, Multi HODL is quickly becoming the superior option for margin trading compared to other exchanges or CFD trading platforms.
Only on Multi HODL can you get:
- Free leverage
- Simple pricing without bid or ask
- Easy to use interface w/o an order book
- All the benefits of margin trading on real exchanges like real-time execution and a growing list of trading pairs
- Free rollover
- Opening up multiple positions at the same time (Lock Trading)
- And more!
XLM and XRP get reduced origination fee on Multi HODL
Stellar (XLM) and Ripple (XRP) also got a slight overhaul on Multi HODL. Due to popular demand, we decided to boost the multiplier for these cryptos up to x30 also. In addition, we also lowered the origination fee from 0.50% to 0.30%. Whereas most other companies continue to raise their prices as they get more popular, YouHodler likes to give back to our local community. As we grow, you will continue to benefit.
YouHodler featured in Cointelegraph’s 2020 DeFi guide
As many of you know, 2020 has been all about the DeFi craze in the crypto community. To help make the user experience easier with a reputable knowledge database, Cointelegraph Consulting published the DeFi Adoption 2020 Guide. In the guide, users can find the results of a large survey in which various DeFi projects were featured and give information in regards to goals, scalability, and the general project structure.
While YouHodler is not a DeFi platform by definition, we were featured in this guide as an example of CeFi asset management. It’s an extremely well-written piece of content and we were very happy to be featured alongside big names in the industry such as ChainLink, Maker and more.
We highly recommend you read the guide. You can download it here
Tax loss harvesting and other crypto tax information
It’s never too early to start preparing for your taxes and now that crypto taxes are an increasingly important part of the conversion, it’s vital for you to know all your options in dealing with this. In September, YouHodler wrote a three-part series on crypto taxes including:
- Crypto taxes in the EU and UK (regulation and information)
- Best crypto tax software
- Tax loss harvesting
We recommend checking all three articles out as they will help you get a great introduction to crypto taxes in your region in addition to learning about helpful crypto tax software that makes the process a whole lot easier. Additionally, the tax loss harvesting strategy will teach you how to take advantage of any crypto profit losses you had this year to save you money on paying taxes.
High interest savings account: Now with Chainlink (LINK)
For fans of our high interest savings account (of which we have many), we are pleased to welcome yet another great addition to the family. This month, we raised the interest rate on Chainlink coin (LINK) to 6.2% APY, making us the top of the market for that.
So if you’re tired of earning zero, or negative interest rates at your bank, come to YouHodler and learn the power of the high interest savings account.
YouHodler has high hopes for October
Despite the myth, October is actually a historically good month for global stock markets. The S&P 500, for example, has gone up 50 times in October since 1928 and down 36 times. Considering how the crypto market is following that of the traditional market lately, then the odds are in the favor of a positive market this month.
However, whatever happens, YouHodler has you covered. Don’t forget you can profit regardless of the market’s movement with our Multi HODL tool. In addition, our interest-earning wallets offer you weekly interest payments that are not at all connected to the market’s growth or decline. So whether you want to be a passive HODLer and earn interest or be more aggressive to take advantage of every little market change, everything is possible on YouHodler.
We have lots of great news for you in store for October so be sure to follow our Twitter, Telegram, blog, and all relevant social media channels to stay up to date.