YouHodler’s latest product update gives users maximum control over the closing price of their loan with the new, Set Close Price feature. Also known as “Take Profit,” this feature lets traders spend less time watching the market for price growth and more time for other trading activities. Here’s how it works.
In basic terms, Set Close Price/Take Profit works when the user sets a chosen price for their crypto-collateral. When the collateral reaches that point, (called the Take Profit point) YouHodler automatically sells the collateral to repay the loan and return the collateral (plus profit) in the form of fiat to the user's wallet. With the crypto market rapidly changing by the minute, not all traders have the luxury of sitting around and watching every movement. With this feature, traders now have a hands off option while maintaining maximum control over their profit.
YouHodler’s intuitive interface makes using this advanced feature simple. To set the closing price on a loan, users must check the “Set Close Price” checkbox at the bottom of the Get Loan form. From there, the user enters the price they want YouHodler to sell their crypto at. Once the desired amount is entered, users click the Get Loan button to open the loan. If the price of the collateral reaches that amount during the loan term, then the loan automatically closes and the profits deposited into the user's wallet.
If users want to take advantage of this feature on an already opened loan, Youhodler makes it possible. To set Close Price on an opened loan, go to the My Loans page. There, users will see a “Set Close Price” button that allows users to set the price of their collateral in which YouHodler will close the loan.
Alternatively, users can edit the Take Profit amount on an opened loan if they so choose. On the user’s My Loans page, there is small, “Edit” button. Clicking this button allows the user to change the closing price of their loan. For all edits, YouHodler charges a 0.5% service fee.
With this hands-free approach to lending, traders will have more time to open multiple loans without having to micromanage all their actions and keep a constant eye on the market. More importantly, it guarantees that traders don’t miss out on any profits due to human error.
So if you want to receive maximum profit on all your crypto-backed loans, go to YouHodler.com today and give our new feature a try.