Hodl Hodl

Hodl Hodl – is a multilingual cryptocurrency exchange. The project is based on the p2p format, which provides for a mutual transaction without the participation of a third party. Development of the project began back in 2016, in Latvia, and only three years later Hodl Hodl was launched as a platform, which is at the beta-testing stage. Members of the exchange can trade and exchange bitcoins without reference to the country, applying any currency or means of payment as a method of payment. This policy has a positive effect on the commission between transactions, as the platform uses a minimum of tools to form and confirm the transaction when exchanging cryptocurrency. It is also worth considering the confidentiality of the exchange – when exchanging cryptocurrencies through peer-to-peer methods the system excludes KYC and AML.

Working with digital currency is quite popular, so you can find several dozen exchanges online that create favorable conditions for customers. In this review, we will study the specifics of the Hodl Hodl platform, understand the rules of currency exchange, check the legal information, as well as the current bonuses. To summarize, we will analyze fresh reviews about the company on the Internet and make a conclusion, whether you can trust the project Hodl Hodl, and whether it is not a scam?

 

Why Hodl Hodl?

Hodl Hodl cryptocurrency exchange does not keep traders’ funds, which distinguishes it from other projects with peer-to-peer technology. The company focuses on confidentiality and convenience while maintaining a minimum percentage of commissions for trading transactions. An exchange participant creates a contract and sends currency to an escrow account, which is generated automatically after an application for exchange between traders. Conditionally Hodl Hodl provides a secure corridor and platform where users can confidentially and quickly exchange cryptocurrency.

 

If a trader has a request for large volumes, the exchange helps users with the search for counterparties by cooperating with the European broker Tenbagger, which is regulated by EU law. Hodl Hodl owns its own Over-the-counter platform, providing secure transactions, 24/7 support and fast transactions. An exchange member can trade without being tied to a location and use a payment instrument or fiat currency of his choice. It is important to note the advantages of the exchange and multilingual interface. All the strengths of Hodl Hodl can be highlighted abstractly:

• multilingual user interface;
• multi-sig-contracts and control keys to the currency in escrow;
• minimum commissions on the market;
• currency exchange at any point on the map;
• Work with Bech32 Segwit addresses;
• test version of the exchange to get acquainted with the work of Hodl Hodl;
• 24-hour technical support service;
• digital currency exchange without KYC and AML principles;
• assistance in finding counterparties in cooperation with a European broker.

 

How to exchange cryptocurrency on the hodlhodl.com platform

On the home page of the exchange site, the user will see a line menu at the top, where there are three navigation tabs. Choosing the right tab depends on the user’s specific goal – buying or selling digital currency. The “Lend” button will take the trader to a subsidiary project of the site hodlhodl.comwhich is designed for issuing and creating loan applications. To start the operation, the trader selects the desired block with applications (“Buy” or “Sell”), and when going to a new page, a list of all active applications will be published.

 

To quickly find the desired transaction, the client can apply transaction sorting filters. Here it is necessary to enter the type of payment and its method, the amount, the time window and the average time of release, and the location is confirmed automatically. If the desired request is not found, or the client wants to create his own, then it’s necessary to click on the “Add Offering” button, which is on the right above the list of offers. The table of active offers has 5 columns, which contain brief information about the current offer. Without clicking on it, an exchange member will see the price, available payment methods, the seller’s or buyer’s location, a hyperlink to the profile and a small welcome message.

To go to the detailed terms and conditions of the contract or transaction, the client needs to register on the site to access the exchange and other Hodl Hodl projects. To create an account at the exchange, go to the registration form by clicking on the button with the same name on the right side of the page hodlhodl.com. Here you need to specify your nickname, password and email address, to which an email with a hyperlink to activate the profile will be sent. Being authorized on the platform, the user can navigate trades and submit a counter application. The page of the offer publishes information about the trader, the number of his transactions, his rating and recent activity in the network. To the left will be placed a panel where the user must specify the amount of currency to be bought or sold. After entering the data, the user clicks the “Accept Offer and Create Contract” button, thus confirming the exchange request (How to Make Money on Cryptocurrency?).

 

 

Verification on the Hodl Hodl platform

HodlHodl cryptocurrency exchange is neutral towards unverified users, so the identity verification procedure on the platform is optional. Account verification is a selective process to get privileges and increase reputation points on the exchange. If a client wants to verify his profile, he must send an email with the current request. Within 24 hours, the company will send a reply letter with the requirements for identification, specifying a list of all the necessary documents. Also, Hodl Hodl provides the procedure of corporate verification, after which an exchange member can register up to five active accounts without sending additional documents. To identify group accounts, the user also writes a letter to Hodl Hodl e-mail, the address of which can be copied at the bottom of the site or in the help center.

 

After successful verification the trader’s profile is marked “Verified”, which will be seen by other HodlHodl users. Verified trader has more trust among other clients and exchange administration, as well as low commissions and reduced limits on order creation. For additional security there is a function of two-factor authentication connection in the account management panel. To activate it, the user needs to go to the section of the same name and enter the password from the account in a small window. The system generates a code, which must be entered in the application to issue tokens. This option will allow the client to set an additional parameter for login, thus securing the profile against unauthorized access.

 

Fund Deposit and Withdrawal

On the site hodlhodl.com users do not have a set balance and personal wallets on the exchange. The project connects buyers and sellers to place offers and quickly exchange currencies. All operations with digital money are carried out using the p2p method, so HodlHodl deducts funds from the specified payment method and transfers according to the terms of the selected application. It is also worth noting the policy of setting transaction limits for each participant on the exchange. Hodl Hodl fixes the total number of contracts, simultaneously active orders and the volume of cryptocurrency in one offerer. Limit levels are divided into verified and unverified, and to increase status, a trader needs to successfully complete contracts with other clients, and increase trading volume. You can see the current profile level in your personal cabinet.

HodlHodl exchange supports almost all current payment methods, including e-wallets (WebMoney, Yandex.Money, QIWI), credit cards, cryptocurrency, and exchanges for gift cards from major companies (Netflix, Nintendo, Amazon, and Google Play). The variety of payment methods is due to international trading and the function of adding your own method. In order to add your own payment method, trader should make a request to the administration. After successful confirmation, the specified method will appear in the general list of the directory of providers. Status of the request to add a payment method can be seen in your personal cabinet.

Commission of the crypto exchange hodlhodl.com

Until 2018, the cryptocurrency exchange HodlHodl worked without transaction fees, but after the closure of beta testing and the transition to full operation, the company set a fixed fee per transaction. A new user of the platform pays 0.6% trading commission, and its percentage does not depend on the selected payment method or the country of residence of the other party. Nevertheless, Hodl Hodl has developed a system of reducing transaction fees when certain actions are taken. The user can look at the current percentage of his commission in the account dashboard.

Hodl Hodl has treated the distribution of commission fairly by dividing the total percentage into two equal figures. Each of the participants in the transaction must pay half of the percentage of the commission from their own funds in the specified currency. To adjust for currency conversion, HodlHodl has established a rule that 50% of the commission in fiat currency is deducted from the amount that is sent to the seller. If the buyer and seller’s commission percentage does not add up, then the payment split is done by the lowest figure.

How do I get a discount on commissions?

Exchange HodlHodl in the Help Center published a capacious block of information, which spells out the conditions for obtaining a discount on the commission of transactions made. Any platform user who fulfills the established requirement can get a bonus. The commission discount applies to such participants:

• client who specified a referral code when registering a new account, the updated commission percentage is 0.55% per purchase or sale. If the user invited a new member, this discount will be permanently assigned to the account;
• participant of the trades, who has passed the verification procedure, in which case the updated commission percentage is 0.5% per buy or sell.

Deposit and withdrawal fees

As Hodl Hodl has no wallets and no storage function, the additional commission for deposit and withdrawal is calculated by the selected payment method. Only commission fee for transactions between users is set on the exchange, and it is deducted only at the time of withdrawal of deposit from escrow, i.e. at the moment of successful completion of the transaction.

 

Hodl Hodl Bonuses

On the website of the cryptocurrency exchange Hodl Hodl, the user will not see information about planned or current bonuses, as the company does not conduct such promotions. This is due to the functionality of the platform, as HodlHodl’s role is to generate a safe corridor for fast exchange of digital currency. Nevertheless, in order to attract a new audience, the platform offered to process transactions without commissions, and after the official launch it developed a system of commission discounts for each type of customer.

Commission discounts

As written above, at Hodl Hodl there is a fee for each transaction made without reference to the selected currency. The client has a separate column in his personal cabinet, where his percentage is indicated, which is automatically calculated from the transfer amount after the deposit is withdrawn from the escrow. You can get a discount for using a unique referral code or after completing the identity verification procedure. The discount will be fixed on permanent terms in case of inviting a new member. An explanation of how commission discounts work can be seen in the help center, the link to which can be found in the lower sections of the site.

Referral program

HodlHodl platform has developed its own affiliate program, in which every registered user can participate. In this program exchange participant can receive passive income for new invited clients, using a unique referral link. The amount of money received will depend on the number of transactions made on the exchange by the user, who has entered the invitation code in the appropriate field during registration.

As soon as an invited participant successfully completes a transaction and closes the contract, a percentage of the commission is automatically paid to the release address, which must be specified in the account control panel. The affiliate program at Hodl Hodl operates with no time limit, so the bonus percentage will be paid all the time. The referrer does not get the bonus percentage only if one of the counterparties has a commission of 0%, because under such conditions Hodl Hodl does not make a profit from the transaction. The platform periodically changes the percentage of bonus payable, and information about this can be seen in the help center (FAQ). Under the Hodl Hodl referral program, a user can get up to 10% from the commission of one transaction of his referral.

 

 

Complaints about Hodl Hodl

Since Hodl Hodl exchange is a relatively young platform, there are not many reviews about its work on the Internet compared to the closest competitors. To make a reliable conclusion about the company, we have analyzed comments on review platforms, where users actively share their experience with Hodl Hodl. On thematic projects, where independent authors make reviews on cryptocurrency exchanges, the company received high marks for the convenience and speed of the platform, competent user interface and the general activity of traders on the site. Hodl Hodl’s referral program and commission discounts were also noted as positive points.

If we talk about comments from real users, Hodl Hodl has received a lot of negative feedback, most of which concerns sellers. Traders complain en masse about fraud by other traders, pointing to manipulation in the conclusion of an offer and the absence of a counter transaction. Clients blame the platform because in their opinion, the company does not provide a high level of security and thus exposes other clients to the risk of losing money. The company should be more serious about checking traders, and users should make transactions only with those to whom the administration has assigned the “Verified” status. On the review platform Trustpilot users left only positive comments about the exchange and attached a referral link for bonuses. Such reviews should not be trusted, because they are written to attract new customers in order to earn extra money.

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Crypto exchange regulation

Legal information and details of the organization can be seen in the Privacy Policy document, the link to which is attached in the lower sections of the site. It states that the operation of the exchange is under the management of Hodlex LTD. which is officially registered and listed in December 2019. The organization’s status is marked “Active” and its registered office address is Suite 122 Ground Floor Creedwell House, 32 Creedwell Orchard, United Kingdom, Taunton, Ta4 1jy. Mr. Sayed Abuthahir Ajkar, an Indian businessman, is the founder of Hodlex LTD, and the organization is governed by United Kingdom law. On the website of the regulator the company was given the number 12378186. The information, which is published in the documents on the website of the exchange, coincides with those found in publicly available registries.

Read the user agreement at hodlhodl.com

User Agreement hodlhodl.com

Cryptocurrency Exchange User Agreement hodlhodl.com is referred to as “Terms and Conditions” and is fixed at the bottom of the site. In the agreement, the client will see information about account creation and profile verification, account types, conditions of account suspension, disclaimer and claims procedure.

The disclaimer of warranties clause states that the company releases itself from liability in case of losses or damages that have been triggered by third parties accessing the account, including malware on the computer or smartphone. This means that before entering into a contract, the user should make sure that their personal device is highly secure and check for a secure connection.

Also in the agreement of hodlhodl.com it is specified that the information in the document can be changed without the prior notification of the user, and the company has the right to make amendments without the consent of clients. The participant of the exchange should periodically check the legal information for innovations in order to warn himself against possible problems with the administration and work of the platform.

Customer Service

On the “Contacts” tab, the user can see several communication channels with support in several languages:

• e-mail: [email protected], [email protected], [email protected]
• Telegram messenger: @hodlhodl
• social media

 

Is Hodl Hodl a Scam?

Hodl Hodl – is a young and promising cryptocurrency exchange that operates on the peer-to-peer method, which allows anonymous transactions with other sellers without the “Know Your Client” procedure and anti-money laundering policy. The exchange takes customer service seriously, as evidenced by its 24/7 customer service, commission discounts and a lucrative referral program. The company’s strengths also include a wide range of supported currencies and the ability to add your own payment method.

For convenient tracking of new offers, the client can connect a personal Telegram account to receive notifications from the exchange. In this review, we studied the cryptocurrency exchange, its legal information and details, analyzed online reviews from other traders, and dealt with registration and commission discounts. To summarize, we can say that Hodl Hodl is not a scam, but online reviews speak of the unreliability of some users on the platform. The client should carefully review the statistics of another exchange member and conclude an offer only with verified traders.

 

Conclusion

Platform Hodl Hodl attracts a simple user interface and great activity, which makes this exchange popular among traders. Account registration is fast and does not require additional time, and the process of identity verification is not required – any user who has an account can create and accept offers. Hodl Hodl has developed a system of commission discounts and a referral program that allows you to earn a passive income.

Because the main emphasis of the company is on anonymity and confidentiality, this policy harms the safety of transactions, as you can read about on the Internet review sites. Some traders will be satisfied with such a policy of the exchange, while others will look for a more reliable company. If you have experience in completing offers on the Hodl Hodl platform, then write about it below, in the “Reviews”.