Hodlnaut Review: Is it Safe? (January 2022)
Hodlnaut Review
Are you wondering if Hodlnaut is worth it? Is Hodlnaut safe? In this Hodlnaut review, we'll be looking at Hodlnaut's various features, their interest rates, their security measures, licenses, and finally decide whether or not Hodlnaut is a serious contender for the best platform to earn interest on cryptocurrencies.
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Hodlnaut Review: History and Background
Back in 2015, Juntao made his first purchase of Bitcoin and started doing spot arbitrages across different cryptocurrency exchanges. However, he was taxed a lofty 55 percent capital gain tax in Japan which led him to return to Singapore.
Hodlnaut Review: Security and Privacy
At Hodlnaut, the team takes a security-first approach, and they do not use hot wallets which are vulnerable to online attacks. Instead, Hodlnaut uses Fireblocks' multi-party computation wallet infrastructure where each user will be assigned a unique address generated by Fireblocks. When cryptocurrencies are deposited with Hodlnaut via the unique address given to its users, they are received through the Fireblocks' secure wallet infrastructure. On the backend, Hodlnaut will either transfer the cryptocurrencies to its self-custodied cold wallets or lend them to borrowers.
Hodlnaut Review: Guarantees and Insurance
Hodlnaut does not provide insurance or guarantees on funds by
Hodlnaut Review: Licenses
Being incorporated in Singapore, Hodlnaut has applied for the Major Payment Institution license under the Payment Services Act and is currently in the process of obtaining its license. At present, Hodlnaut has been granted an exemption from holding a license under the Payment Services Act and therefore is able to continue offering its products and services to its users.
As part of its continuous goal to remain compliant with local regulations, Hodlnaut takes a proactive approach towards assessing its own regulatory compliance.
Hodlnaut Review: Funding and Partners
Hodlnaut Review: Interest Rates
Want to earn high-interest rates on your crypto? With Hodlnaut you can earn up to 12.73% APY on your cryptocurrencies, Hodlnaut offers some of the highest APY in the market. Keep in mind that Hodlnaut interest rates are adjusted to ensure users can maximize their earning opportunities. The tiers structure is introduced to reflect the current market conditions, in order to check the latest rates, please follow the link below.
Hodlnaut Review: Fees
Hodlnaut interest fees operate on withdrawal activities only, adjusted to current blockchain market conditions, with all deposits free of charge.
Hodlnaut currently offers one free withdrawal per calendar month. Subsequent withdrawals will be charged with fees as listed on the Hodlnaut website. Withdrawal fees are regularly adjusted according to blockchain conditions, if you'd like to check the latest pricing, please follow the link below
Hodlnaut Review: Pros & Cons
Hodlnaut: Pros
- Interest in your crypto of up to 12.73% APY.
- Preferred Interest Payout to automatically DCA into your favorite crypto.
- No-fees Token Swap feature
- Interest accrued daily at 5 PM (GMT + 8), paid weekly on Mondays at 5 PM (GMT + 8)
- 1 Free Withdrawal a month
- iTrust integration: purchase custody cover on your assets with Hodlnaut
Hodlnaut: Cons
- It doesn't hold a license from the Monetary Authority of Singapore yet
- It doesn't offer free insurance on your deposits
- Relatively new when compared to other alternatives
Hodlnaut Review: Verdict
After our Hodlnaut review, we came to the conclusion this is one of the most promising platforms in the crypto market.
Hodlnaut is relatively new when compared to some of the other alternatives, nonetheless, the service it offers is truly admirable!
It offers some of the highest interest rates in the market, and you can even choose which crypto you want to receive as interest - regardless of the cryptos you are staking.
You also get one free withdrawal per month, unfortunately, Hodlnaut still doesn't hold a license, and it doesn't offer free insurance.
This is likely to change in the future since Hodlnaut has already applied for a license and is waiting for approval, it will also soon introduce fiat on-ramp, automated swaps, and there are rumors of a debit card being in the works.
The customer service is excellent, and, if Hodlnaut keeps in the right track, it could very well become the best platform of its kind.
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