As the world of cryptocurrency continues to expand, innovative platforms like Hodlnaut have emerged to provide users with an avenue to earn interest on their crypto assets. Hodlnaut has been gaining traction in the crypto world since its launch in 2019. In this article, we will do a Hodlnaut review by exploring its features, pros, and cons as a lending platform for your crypto assets.
What is HodlNaut?
Hodlnaut is a Singapore-based cryptocurrency lending platform founded in 2019 by Juntao Zhu and Simon Lee. The platform’s name is derived from the crypto slang terms “HODL” and “Astronaut.” Hodlnaut offers users the ability to invest in digital assets like BTC, ETH, DAI, USDC, USDT, and WBTC to earn passive income. The platform allows users to purchase cryptocurrencies directly in the app and hold those assets while they gain weekly interest on their investment.
The founders of Hodlnaut have backgrounds in finance and mechanical engineering, respectively. Before launching Hodlnaut, they were active participants in Antler, a venture capitalist fund and company builder. Since its launch, Hodlnaut has grown to a small team of eight members and has achieved a total AUM of USD 250 million. Notably, the platform is part of the Antler portfolio company.
|App Supported||Both Android and iOS|
|Withdrawal Fees||Depends on Crypto|
|Deposit Fees||Zero (Free)|
|Trading Fees||Depends on Crypto|
|Cryptocurrencies Supported||BTC, USDC, ETH, DAI, USDC and WBTC|
|Customer Support Types||Email, Live Chat, Ticket, Telegram|
What Does Hodlnaut Offer?
1. Earn interest on crypto assets
Hodlnaut’s primary service is its interest account, which allows users to earn high-interest rates on their crypto holdings, currently up to 12.73% per annum (as of August 2021). This is a higher rate compared to most traditional bank savings accounts, making it an attractive option for crypto investors looking to earn passive income on their assets.
2. Hodlnaut loan services
Aside from its interest account, Hodlnaut also offers crypto loans. Hodlnaut’s loans allow users to borrow funds by using their crypto assets as collateral. Hodlnaut charges a 1% origination fee for loans, which is relatively lower than other lending platforms.
3. Hodlnaut account and support
Hodlnaut’s user interface is simple and easy to use, making it accessible to both crypto veterans and newcomers. In case of any issues, Hodlnaut provides users with a dedicated support system, widely available across various channels like email, chat, or phone support.
How Does Hodlnaut’s Lending Platform Work?
To use Hodlnaut’s lending platform, users can follow these steps:
- Open an account on Hodlnaut’s website or mobile app.
- Deposit your preferred cryptocurrency into your Hodlnaut account.
- Hodlnaut lends out your cryptocurrency to institutional borrowers and corporations to generate returns.
- Hodlnaut charges interest on the loans and keeps a portion of it as profit.
- Hodlnaut distributes the interest earned to your account every Monday at 5 PM (GMT 8+).
- You can withdraw your cryptocurrency or reinvest it for further earning potential at any time since there is no minimum deposit or lock-in period.
HodlNaut Review: Benefits of Using HodlNaut
1. HodlNaut Fees Are Less for Crypto Withdrawals and Deposits
HodlNaut is an attractive option for crypto investors due to its low fees for both deposits and withdrawals. The platform charges no fees for deposits, allowing users to easily and cost-effectively transfer their crypto assets onto the platform. While there are withdrawal fees, they are quite reasonable compared to other exchanges and platforms in the industry.
For example, the withdrawal fee for Bitcoin is only 0.0004 BTC, and for Ethereum, it is 0.0036 ETH. HodlNaut also offers one free withdrawal per month, which is not common among cryptocurrency interest accounts. These low fees can benefit users by saving them money on transaction costs and allowing them to maximize their profits on their crypto investments. Overall, HodlNaut’s low fees make it an attractive platform for investors looking to minimize costs and maximize returns.
2. Wide Range of Currency Options
HodlNaut offers a variety of crypto tokens that users can deposit and earn interest on. The available assets include Dai, Ether, Bitcoin, USDT, and USDC. While Ether and Bitcoin are subject to high volatility, the remaining coins are stable and pegged to the US dollar. The platform offers flexible loan-to-value ratios, transparent fees, and weekly payouts to your crypto wallet. Additionally, HodlNaut employs several features to ensure the safety of your funds, including 2FA, multi-signature wallets, and address whitelisting. With a solid mobile app available for iOS and Android, users can easily view their assets, swap tokens, and earn interest on the go.
3. Easy-to-use Platform
HodlNaut is an easy-to-use platform that offers a great user experience for anyone wanting to earn yield on their crypto. The site and app are designed to be easily understood, and the interface is kept clean and simplistic, making it easy to navigate for any type of user. The platform offers five different assets to lend out, and users can earn a weekly yield between 6% – 8%. The “Account Overview” tab gives you a clear view of your portfolio’s value, how much interest you’ve earned, and when the next interest payment is due.
Additionally, there is no minimum deposit amount, and there is no lock-up period, making it a great choice for anyone new to crypto. Overall, HodlNaut is a user-friendly platform that is easy to use and navigate, backed by a reputable company to earn interest for BTC, ETH, and stablecoins.
4. Low-risk Borrowing Option
HodlNaut offers a low-risk borrowing option for institutional clients who are looking to diversify their crypto assets portfolio at some of the lowest rates in the market. To reduce the risk of defaults on loans, HodlNaut is selective with whom they lend out to, ensuring that the companies they lend to are legitimate and solvent enough to pay back loans. Additionally, they collateralize loans based on the borrower’s credit score and require a flexible loan-to-value ratio.
This borrowing option differs from traditional borrowing methods in that it is entirely digital and transparent, with no hidden fees. With HodlNaut, borrowers can easily initiate a transfer, wait for it to settle, and start earning interest automatically. The funds received from these crypto loans can be used to finance business needs or diversify crypto investments.
5. Interest Paid on Deposits and Loans
HodlNaut is a platform that offers its users the opportunity to earn interest on their cryptocurrency deposits. The platform accepts a range of cryptocurrencies, including Bitcoin, Ethereum, and Tether, and pays up to 12.73% interest on deposits. HodlNaut’s loans and margins are called cryptocurrency loans, and the platform offers flexible loan-to-value ratios and transparent fees. Security measures are also in place to ensure users’ funds are protected.
HodlNaut’s new fixed-term deposit product allows users to choose their desired deposit term and lock-in period, with longer lock-in periods resulting in higher interest rates. With no minimum deposit requirement and the ability to withdraw funds at any time, HodlNaut provides its users with a convenient and profitable way to earn interest on their cryptocurrency holdings.
6. Access to BlockFi’s Safety Fund
Unfortunately, there is no information available regarding Hodlnaut’s access to BlockFi’s Safety Fund. As of November 28, 2022, BlockFi has officially declared bankruptcy, which may affect its partnerships and services with other platforms. It is advisable to stay updated with the latest news and developments regarding BlockFi and Hodlnaut’s services.
7. Ability to Track Interest Earned on Portfolios
HodlNaut offers a unique feature that allows users to earn interest on their portfolios. The platform dashboard displays all the supported assets listed on the platform along with their respective interest rates. Interest is calculated at the end of each day and credited to your account every Monday at 5 pm (GMT +8). As soon as an account is successfully credited, the platform sends an e-mail to that particular user, and the user automatically starts earning interest from that point in time.
This feature sets HodlNaut apart from its competitors, as it allows users to earn interest all the time, simply layering more cash into their portfolio. With the ability to track interest earned on portfolios, HodlNaut makes it easy for investors to stay on top of their earnings and make informed decisions.
8. Ability to Trade and Invest in Bitcoin
HodlNaut is a platform that offers trading and investment features for cryptocurrencies. Users can invest in major crypto projects and accumulate interest on their portfolios over time. The platform offers very high-interest rates for major cryptocurrencies and allows users to view their daily interest earnings. HodlNaut also offers a token swap feature, which allows users to easily swap their tokens on the go.
However, it is important to note that investing in these alternative interest-bearing crypto accounts can also result in the loss of capital. Despite this risk, HodlNaut can be a good platform for crypto traders of all experience levels due to its relatively easy execution. Casual investors can simply hold their assets without bothering with the potentially complicated mechanisms of staking and liquidity pools. The platform is also known for its solid mobile app, which is available for iOS and Android devices.
9. 24/7 Customer Service
Unfortunately, HodlNaut does not offer 24/7 customer service. However, their customer service team is available Monday through Friday from 10 a.m. to 7 p.m. (GMT +8) via live chat or their online form. Users can also email the customer care team at [email protected]. Despite not being available 24/7, HodlNaut’s customer service is praised for being fast and professional, with tickets being solved within 24 hours. This level of customer service can benefit users by providing them with quick and reliable support whenever they need it, ensuring a smooth and hassle-free experience on the platform.
10. Collateralized Safety for Crypto Assets
HodlNaut provides collateralized safety for crypto assets, which means that loans offered on the platform are backed by collateral to reduce the risk of default. HodlNaut checks the credibility and risk profile of borrowers before lending, and the collateralization of loans is based on this. Companies or institutional investors borrowing from HodlNaut could default on their loans, but this risk is reduced by ensuring that the collateralization ratio is sufficient to cover the loan amount. This provides a layer of safety for users, as it reduces the risk of losing their assets in the event of a default.
What Are The Cons of HodlNaut?
1. Limited options compared to other platforms
Compared to some of its competitors, Hodlnaut’s offerings can be considered limited when it comes to the variety of crypto products and services it provides. It focuses mainly on interest accounts, loans, and basic features that are widely available on other platforms.
2. Limited Cryptocurrency Options
Hodlnaut currently only supports a limited number of cryptocurrencies, which might limit the investment opportunities for users.
3. Security Concerns
As with any cryptocurrency platform, there is a risk of security breaches and hacking incidents, which might lead to the loss of funds.
4. The platform is not backed by Government
Using HodlNaut comes with a few risks, including the fact that the platform is not regulated by Government. This means that there is no governmental deposit scheme to insure deposits, and users should not treat their accounts as savings accounts. Therefore, it is important to carefully consider the risks before depositing funds on HodlNaut or any other crypto lending platform.
5. No Insurance Coverage
Unlike bank accounts, cryptocurrency holdings are not insured, and there is no protection from losses incurred by the platform’s insolvency.
6. Volatility Risks
Cryptocurrencies are known for their volatility, which may result in significant fluctuations in the value of assets held on the platform.
Hodlnaut Review: Pros and Cons
- High interest rates
- Fewer Fees for Withdrawals and Deposits
- Easy-to-use platform
- Multiple cryptocurrency support
- No lock up period at all
- Collateralized Safety for Crypto Assets
- Ability to Trade and Invest in Bitcoin
- No minimum transfer or custodian cost
- Only institutions can get cryptocurrency loans; individual traders cannot.
- Limited Cryptocurrency Options
- The platform is not backed by Government
- Limited options compared to other platforms
- Volatility Risks
How Do I Open An Account in HodlNaut and Use It?
Step 1: Download the HodlNaut app.
To download the HodlNaut app, follow these simple steps:
- Go to the Google Play Store or Apple App Store and search for HodlNaut.
- Once you find the app, click on the “Download” or “Install” button.
- After the download is complete, open the app and create a free account with HodlNaut. Verify your email address and enable 2-Factor Authentication (2FA) to secure your account.
- Complete the Know Your Customer (KYC) verification process.
- Deposit your preferred cryptocurrency and start earning high interest on your investments.
You can also signup with a new account on Hodlnaut’s website too.
It is important to ensure that you download the official HodlNaut app from a trusted source. Also, make sure to keep your account information and private keys safe and secure. With these precautions in mind, downloading and using the HodlNaut app is a simple and straightforward process.
Step 2: Create a portfolio.
To create a portfolio on HodlNaut, follow these simple steps: First, select the cryptocurrencies you would like to add to your portfolio from the list of supported assets, which includes BTC, ETH, USDT, USDC, DAI, WBTC, and PAXG. Next, copy the deposit address for each asset and initiate a transfer to start earning interest automatically. It’s important to diversify your holdings to minimize risk and maximize returns. HodlNaut allows you to swap between supported assets at zero fees, making it easy to manage and rebalance your portfolio anytime, anywhere, using the website or app. By creating a diversified portfolio on HodlNaut, you can earn interest on your assets and potentially increase your overall investment returns.
Step 3: Set a budget and monitor expenses.
Setting a budget and monitoring expenses are essential parts of managing your finances when using HodlNaut. Here are some simple steps to follow to help you get started:
- Determine your income and expenses. Start by creating a list of all your income sources and expenses. This will help you understand how much money you have coming in and going out each month.
- Set a budget: Based on your income and expenses, set a budget for yourself. This will help you plan your spending and ensure that you don’t overspend.
- Use HodlNaut’s platform dashboard: Use the platform dashboard to keep track of all the supported assets listed on the platform along with their respective interest rates. This will help you make informed decisions about which assets to lend and how much interest you can earn.
- Monitor your earnings: Keep track of your earnings on HodlNaut’s platform dashboard. This will help you understand how much interest you are earning and ensure that you are staying within your budget.
By following these simple steps, you can set a budget, monitor your expenses when using HodlNaut, and achieve your financial goals.
Step 4: Score goals and receive rewards.
To score goals and receive rewards using HodlNaut, follow these simple steps:
- Select the asset you would like to start lending from the list of supported assets on the platform dashboard.
- Copy the deposit address for the chosen asset.
- Initiate the transfer of the asset to the deposit address.
- Wait until the transfer is settled.
- As soon as your account is successfully credited, the platform will send you an email confirmation, and you will automatically start earning interest from that point in time.
- Interest is calculated at the end of each day and credited to your account every Monday at 5 p.m. (GMT +8).
HodlNaut offers high returns and a simple interface to make earning crypto interest easy and straightforward. Keep in mind that there are fees associated with withdrawing from the platform, and ERC-20 assets may have higher transfer fees. But overall, HodlNaut provides a professional service with great rates. So, what are you waiting for? Start earning today!
Step 5: Explore the limited options available in your portfolio.
To explore the limited options available in your HodlNaut portfolio, simply login to your account and navigate to the “Portfolio” tab. Here, you can view all your current investments and their respective interest rates. To explore more investment options, click on the “Invest” tab at the top of the page. From here, you can select the cryptocurrency asset you would like to deposit and start earning interest on. Hodl-Naut also offers tips and guides for further investment strategies. To access these, click on the “Crypto Tips” or “Crypto Guides” tabs. Remember to read through the FAQ section to answer any questions you may have. Ensure that you understand the risks involved with investing in alternative interest-bearing crypto accounts before making any investment decisions.
Step 6: Get started with P2P lending.
To get started with P2P lending on HodlNaut, you need to create an account by signing up with a valid email address and password. Next, set up 2FA and complete the KYC process by uploading your ID documents and proof of address. Once your account is verified, you can deposit funds into your wallet by selecting the transfer option and choosing the supported cryptocurrency asset you want to lend. After depositing, you will receive an email confirming that your account has been credited, and you can start earning interest automatically. To select a borrower, visit the platform dashboard and choose from the list of supported loans. You can monitor your earnings from the platform dashboard and withdraw your funds at any time. HodlNaut offers both open and fixed-term contracts, flexible loan-to-value ratios, transparent fees, and low-interest rates.
Step 7: Mirco-tokens are here to stay.
Micro-tokens are small amounts of cryptocurrency that can be used to earn interest on the HodlNaut platform. These tokens allow users to diversify their portfolio and earn interest on smaller amounts of crypto that may not have been earning anything before. By utilizing micro-tokens, users can take advantage of HodlNaut’s high-interest rates and compound interest to grow their holdings over time. This feature is especially useful for those who may not have large amounts of crypto to invest in but still want to earn passive income. Overall, micro-tokens provide a convenient and accessible way for users to earn interest on their crypto holdings.
How Does Hodlnaut Compare to Other Crypto-lending Platforms?
Comparison to Celsius Network
When compared to Celsius Network, both offer favorable interest rates; however, Celsius supports a wider range of coins. Moreover, Celsius offers multiple features like portfolio management and staking, which are missing in Hodlnaut.
Comparison to BlockFi
BlockFi offers yields that are quite similar to Hodlnaut in the interest accounts. In addition to the interest accounts, BlockFi has a Bitcoin rewards credit card option and a more extensive loan portfolio. However, BlockFi charges a higher withdrawal fee of 1BTC per month compared to Hodlnaut’s flat fee.
Comparison to Nexo
Nexo’s all-in-one platform offers similar services to Hodlnaut in terms of interest accounts and loans. Nexo’s interest rates on its crypto savings accounts are nearly identical to Hodlnaut’s. Nexo offers additional features such as credit and debit cards, making it a more comprehensive platform compared to Hodlnaut.
What is the Best Crypto Investment Strategy for Utilizing Platforms like Hodlnaut?
Hodlnaut offers a promising platform for crypto investment strategy for beginners. By utilizing their services, individuals can earn interest on their cryptocurrency holdings, creating passive income opportunities. With its user-friendly interface and secure protocols, Hodlnaut provides a convenient way for beginners to enter the crypto investment landscape. Start your journey with Hodlnaut and explore the best strategies to maximize your returns.
What is Hodlnaut?
Hodlnaut is a crypto lending and borrowing platform that allows you to earn interest on your crypto assets. It was established in 2019 and is based in Singapore.
What cryptocurrencies can I deposit on Hodlnaut?
Hodlnaut currently supports six cryptocurrencies for its Crypto Interest Accounts: Bitcoin (BTC), Dai (DAI), Ethereum (ETH), USD Coin (USDC), Tether (USDT), and Wrapped Bitcoin (WBTC).
What fees are associated with depositing and withdrawing from Hodlnaut?
Hodlnaut does not charge any fees for depositing funds into your account, but it does charge withdrawal fees that vary based on the type of currency you withdraw. The withdrawal fees are adjusted regularly to mirror network conditions and can potentially be significant, especially for stablecoins pegged to the US dollar, which have a withdrawal fee of $10.00 USD. Additionally, Hodlnaut takes a small cut from lending returns, but the exact fee is not disclosed. However, the withdrawal fees are quite reasonable, and there are no minimum withdrawals or lock-up periods on your deposits, meaning you can withdraw at any time. Overall, the fees associated with Hodlnaut are not a significant issue for users depositing large amounts of crypto or those who do not plan on moving their assets frequently.
Is Hodlnaut safe to use?
Yes. Hodlnaut is a regulated entity under Singapore law and is compliant with all relevant regulations. The platform also uses industry-leading security practices to ensure the safety of your assets.
What are the pros of using Hodlnaut?
Hodlnaut offers some of the highest interest rates in the industry, making it an attractive option for those looking to earn interest on their crypto assets. The platform also has a user-friendly interface and offers excellent customer support.
What are the cons of using Hodlnaut?
Hodlnaut only supports a limited number of cryptocurrencies at the moment. Additionally, some users may find the 0.8% fee for withdrawals to be higher than on other platforms.
What features does Hodlnaut offer?
Hodlnaut offers a 7-day fixed-term interest account, a flexible interest account, and a lending account for those looking to lend their assets. They also offer customer support via email and live chat.
How do I withdraw my assets from Hodlnaut?
To withdraw your assets from Hodlnaut, you can log in to your account and initiate a withdrawal request. The withdrawal will then be processed within 24 hours.
How do I contact Hodlnaut support?
You can contact Hodlnaut support via email at [email protected] or via live chat on their website.
What do people like about Hodlnaut?
Users appreciate Hodlnaut’s high-interest rates, user-friendly interface, and responsive customer support.
How secure is Hodlnaut’s wallet infrastructure?
Hodlnaut ensures the security of user funds by employing various measures and protocols. The platform uses multi-signature wallets to store user funds, requiring multiple parties’ consent to approve a transfer. Hodlnaut also uses BitGo, a leading digital asset security company, to provide wallet protection. In addition, address whitelisting is allowed, enabling users to set up a list of approved withdrawal addresses. The platform also employs two-factor authentication (2FA) for all log-ins and withdrawals, and all traffic is encrypted with SSL encryption. Passwords are protected using industry-standard algorithms and procedures for password hashing. Hodlnaut’s primary custodian is Fireblocks, which ensures that user deposits are spread out over offline cold storage wallets and online hot wallets, minimizing the risk of loss. In the event of a hack, Hodlnaut will take on the loss and pay users from their equity funds.
Does Hodlnaut have a referral program?
Yes, Hodlnaut has a referral program that pays users a 10% commission on their referee’s commission. The commission is paid in kind, so if the referee deposits Dai, that’s what the user earns. Referees also get a $30 bonus if they make a $1,000 deposit as their first deposit or within a week of opening their account. There are no downsides, and the commission is not taken out of the referee’s profits. To participate in the program, users simply need to share their referral links with friends and family.