I've had some time to use the platform, read around what others think and in all honesty use it more frequently than I expected to. So I wanted to review it since I hadn't ever used a crypto interest account platform before and it's still quite new and fresh in a lot of ways while also distinguishing itself from Nexo and Celsius as well as other competitors. I've been using it for about 2 months now so it's definitely more experience than most.
I'm not going to bother any of you by explaining what a crypto interest platform is as it's kind of self-explanatory.
So, what's good about Hodlnaut, some pros -
- It's available worldwide
- It has very high interest rates
- It pays out weekly rather than monthly
- There's no lockup period on your assets
- You can choose in which asset your interest pays out
- It has a built in token swap
- The interface on both mobile and PC is clean and pleasing
- No fixed deposit or withdrawal minimums (besides the withdrawal fee itself)
- Standard security measures
On the other hand we have a few cons -
- A limited number of assets to choose from
- Withdrawal fee is relatively high (Encourages hodling)
- Constantly having to log in again is a drag
- Low value asset holders won't get as much value
Now let's go into more detail about the stuff I mentioned.
It's worldwide availability, clean interface and no fixed minimums are basically just something universally good for any platform.
The high interest rates are great as it has the highest APY for two stablecoins (USDT and USDC), I'd recommend only ever having USDC though. The other assets are on par with similar interest platforms but become extremely useful because of the built in token swap as one can keep their assets in stablecoins during a bear market only to swap it back without any hassle to another asset when they expect it to rebound while also getting the added interest throughout.
The weekly payout are in my eyes pleasing to watch as it feels more impactful and you feel richer already. Not having a lockup period is always a plus as it allows anyone to withdraw whenever. With the withdrawal and deposit system being quite fast you can react to the market extremely quickly. Within 1-2 hours. Therein comes the withdrawal fee which is ~25$, so for anyone with a small asset pool, the payoff might not even be worth it in the end. This encourages hodling but is also very punishing in situations where you need your assets elsewhere.
The limited number of assets makes the built in swap a bit less good while also giving the app itself less versatility. It's not a big minus cause of the high APR but still... The log in problem is also not a big minus but becomes tedious after multiple times. It's somewhat understandable but tedious. Unfortunately, because of how Hodlnaut is designed it only really benefits people with a specific amount of assets. Low enough assets to still have the highest possible APR (cause it becomes lower as the amount of assets rises) but high enough so that the withdrawal fee doesn't offset everything you've earned.
If security is something you're thinking about, they've got it covered for the most part. You have a lot of security options and they are quite hard to get through. They've also never been hacked up to this day and I've never read about anyone getting their funds scammed out or stolen so there's definitely merit there.
It's definitely a solid competitor to Celsius, Nexo and others as it shares some of their problems while solving others. Depending on what you're looking for I'd recommend checking through all 3 of them at least, and others too if you have the energy.
If everything I talked about fascinated you, use this link for us Publish0x lads (added benefits) - http://hodlnaut.com/join/SsQgvcvyB
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