Is HODLY An Ideal Crypto Wallet

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Hodly Review: Is It Safe to Buy Cryptocurrency With?

What Is Hodly?

Hodly is a new trading platform which enables individuals to trade cryptocurrencies, which also features a mobile wallet for storing and transacting with digital assets.

The platform also enables users to make fiat purchases of cryptocurrencies by using their bank debit or credit card.

Hodly was established by the team that created IQ Option. It was designed to serve as an alternative to their CFD and options products for traders who wanted to purchase the physical coins. IQ Option is one of the largest CFD in Europe and is fully regulated by the European agencies.

The site features a number of data charts which can be used to monitor the price changes of the market and make more informed decisions regarding your investments.

Cryptocurrency Bank Card App

Users are only able to fund their account by using credit cards issued by Visa or MasterCard. There is no limit or minimum to the amount you can send.

When withdrawing the funds, you will have to submit an ID proof and wait for the exchange to complete its verification process.

Hodly Security

Hodly apparently has implemented industry standard security for ensuring the safety of the coins on its exchange. They store the coins offline from the moment a user creates an account on hodly, and their information is encrypted and sent to a secure offline location.

Afterward, backup copies are made and stored on hard drives as well as paper wallets which are kept across multiple bank vaults in secret locations.

For secure communications, they use a Secure Socket Layer (SSL) technology, advanced PCI DSS for their credit card payments, as well as AES 256 encrypted communications.

They also require users to activate their two-factor authentication.

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Other Features

The exchange claims that they will support cryptocurrency forks. This means that in the case that a hard fork occurs while you are holding a cryptocurrency, the exchange will support both of the resulted coins.

Seeing the number of coins that are happening nowadays, this could prove to be a quite a difficult task for the Hodly team.

The app also has a feature called the “ultimate explorer” which is a summary of all the cryptocurrency market movements in addition to news, information and charts that concern a particular coin in that day.

Coin support and Fees

The fees were not displayed on their official website which can be quite discouraging for a new trader looking into using the app.

Their chat support responded that when purchasing coins, a fee of 4.9% is charged, while for withdrawing and depositing with cryptocurrencies you only have to pay the miner’s fee.

The fees are quite high when compared to other more established exchanges.

Hodly Customer Support

Support on Hodly is provided by an instant chat option, which can be accessed with the icon in the bottom right corner of the site. Users can send their questions or make requests as a message.

Their verifications are executed by NetVerify algorithms, meaning that customers do not have to wait for human verification, a process which usually slows down most exchanges.

Hodly Conclusion

Hodly is a simple and easy to use crypto trading app which has rather high fees, but it is ideal if you are looking for a quick fiat purchasing option. If you need an advanced trading platform with many crypto options, then we recommend you look for other platforms.

The Review

Hodly Review

Hodly is a simple and easy to use crypto trading app which has rather high fees, but it is ideal if you are looking for a quick fiat purchasing option. If you need an advanced trading platform with many crypto options, then we recommend you look for other platforms.

Hodly Review – Is hodly.com scam or safe cryptocurrency exchange?

Trading Accounts & Conditions

Account type Leverage Minimum transaction Trading Fee Deposit Fee
Standard 1:1 $10 2.50% Unspecified

Hodly is a rather new cryptocurrency wallet, which will also allow users to convert fiat currencies to digital assets. The word exchange could be used to describe this service, but as its name suggests it targets “HODL” investors, more than active traders. The project seems very ambitious and while we found a few issues, they are mostly due to its age.

Hodly Advantages

Backed by IQ Option – the biggest issue in the world of crypto is counterparty risk (i.e. the risk of you dealing with a dishonest exchange). Hodly is a brand operated by IQ Option, a reputable binary options and forex broker, which is regulated by the Cyprus Securities and Exchange Commission (CySEC). When logging into Hodly, one uses his IQ Option account. While, this doesn’t make the wallet a regulated service (more explanation below), one can expect a trustworthy service, especially when it comes to the live support which we even tested.

Simple layout and an app – the entire user interface at Hodly is very simple and attractive to newcomers, much in the style of the parent company. A huge emphasis is placed on the convenience of their mobile app. That being the case, we still prefer looking at the desktop versions of all exchanges we review, so here is a preview of the dashboard:

How you can mange your funds (both fiat and digital)

2FA and 80% cold storage provided – when it comes to the security measures, Hodly does very well, offering two of the popular (and solid) features. Two-factor-authentication (2FA) means you can link your account with your smartphone. Afterwards a manual verification (via the appropriate third party app) will be required. Cold storage on the other hand, means a majority of the users’ coins will be held in offline wallets, which makes them much harder to access in case of a hack.

A lot of fiat payments and currencies – Hodly currently accepts deposits via Credit Card, Skrill, Netteler and Webmoney. This is a very extensive lineup for the cryptocurrecny space, where most companies either support credit cards or bank transfers (or only offer crypto-to-crypto trading). Furtthermore EUR, USD, GBP, RUB are the fiat currencies which you can store in your account.

Wallet is still not regulated – we briefly highlighted this in the beginning, but we have to expand upon it – Hodly isn’t regulated by CySEC. The renowned watchdog simply doesn’t have a framework for overseeing cryptocurrency exchanges (yet). Still, the mere fact, the people from IQ Option are behind this project is a massive positive, when compared to most exchanges.

New project – this is a negative, in the sense that Hodly hasn’t proven itself yet. Some technical issues may be expected before the team works out everything.

Fees aren’t disclosed – for us this was probably the biggest surprise, given the backing of an experienced company. While, it’s true one sees a rate, when placing an order on Hodly (and can compare it to the spot rates at other exchanges), we would have still preferred to see a detailed table with all the conditions. Luckily the live support was very swift and accurate:

What we were told, when we asked about the fees at Hodly

Costs only ok for entering crypto – the 2.5% fee charged, when trading is decent, for a fiat-to-crypto offer, but will not attract speculative traders. Then again this isn’t an exchange, but a wallet service with some exchange functionality.

Not suitable for trading – the mere name Hodly doesn’t sound like a place where you will go to speculate with Bitcoin – this is the venue where you HODL your long term investments. In case you are looking for a short term trading solution, some forex brokers (like IQ Option themselves) also provide crpto.

Hodly is a new cryptocurrency wallet, which also acts as an entry-level exchange. The brand is owned by IQ Option, a CySEC regulated binary options broker. This brings a lot of credibility to the project, even though time will be the ultimate judge. As of the time of writing, the multiple payment options and currencies (both fiat and digital) look very attractive.

Despite seeming like a credible wallet, Hodly is for the “HODL gang”, while speculative traders will prefer another service. As we mentioned in the review, some forex brokers allow you to trade with crypto-CFDs. Such an offer can be even safer than most exchanges, presuming you deal with a regulated company.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Hodly Review | Cryptocurrency wallet created by the founders of IQ Option

Hodly is a cryptocurrency wallet that was created by the founders of IQ Option Ltd. But there are many e-wallets today, why add to the numbers? What makes Hodly unique is the fact that it’s both an e-wallet and exchange platform for electronic currency. In short, it proves you with a platform where you can buy and sell electronic money.

Hodly is a simple and easy to use platform that gives you the ability to buy, sell and store various types of electronic currency. These include Bitcoin, Bitcoin cash, Bitcoin gold, Dash Ethereum, Ethereum classic, Lite coin, NEM, NEO, Omiro, Otum Ripple, Tron, and Zcash.

Hodly Registration.

It’s actually quite easy for you to register on Hodly and the whole process should take 5 minutes. I mentioned earlier that Hodly is actually a creation of IQ Option trading broker. This means that once you register for an account on IQ Option, you automatically get signed up for an account at Hodly.

But you don’t need to have an account at IQ Option for you to access Hodly’s services. You can simply just access their official website and start with the registration process.

Once you have arrived at their homepage you will have to click on the ‘register’ button to start the process. This button is located at the top right corner of the page.

You will then be directed to another page with a ‘Create your wallet’ button. Click on this. If you already have an account with IQ Option they will tell you that your email address is already registered. You can just go ahead and sign in instead using your IQ Option email address and password.

If you don’t have an account yet then you will be required to fill in your email address and password. After which you confirm and agree to their terms and conditions before clicking on ‘start.’

Welcome to Hodly.

Once your done with registration, a pop-up window will appear. This is window serves as a welcome note as well as giving you the option to make changes on your notification preferences. Adjustable preferences include :

Phonecalls: You can choose to allow or disable calls from Hodly customer support. They call to deliver personalized offers.

Push notifications: This includes getting the latest news and updates straight on your device.

Email notifications: You can choose to get the latest news and updates through your email address.

Please note that even though at this stage you will be able to buy, sell and receive your profit. You can only be allowed to withdraw your money once you’ve verified your account. This is 15 mins process that only requires you to upload your Identification Document.

Buying Cryptocurrency.

This is among the main functions of Hodly. Unlike other e-wallets out there, Hodly allows you to buy electronic currency traditionally using your debit or credit card. After buying, your cryptocurrencies are deposited to your wallet. They also give you the option to store them on their platform or send them to another wallet. You can even withdraw your cryptocurrency as cash.

Go to your Hodly user main page and click on the ‘buy crpyto’ button. This button is found at the top right side of your screen.

A pop-up will appear where you will fill in how much you intend to spend on buying cryptocurrency. Just below this field is a counter where you will choose what currency you choose to buy.

Before you are directed to the payment page, you will see a summary of your transaction. Once you have confirmed, fill in your payment details and proceed. You’ve just bought your first cryptocurrency!

Is Hodly Safe?

Hodly is quite impressive and shows a lot of potential. But is it safe? Yes. IQ Option and Hodly are both safe and compliant with the terms of security operations. When it comes to technology security, your personal and payment details are secured. Hodly uses Secure Sockets Layer (S.S.L) protocol and the PCI DSS, world class security standard.

To further secure your funds and details they apply the cold storage method. This is where your details and 80% of your funds is printed and stored offline in different bank vaults all over the world.

On your end safety safety is ensured by double authorization. This is more than the usual email address and password routine to login to your account. In this case, whenever you login in, a secret code is sent to the registered phone number for verification.

Hodly Customer Support.

Hodly provides its users both community and personal support . With community support you get to communicate and interact with other Hodly users from all over the world. They also promise 24/7 personal support in case you get stuck. For everyday issues you might also want to checkout their F.A.Q page for a quick fix. Clearly, they are doing their best to ensure that your experience is smooth and easy.

Hodly Apps.

You can now manage your cryptocurrencies while on the go thanks to their user-friendly apps. These apps are available to both Android and Apple Users .Their interface is build in such a way that you can buy and sell electronic currency by just the press of a button.

As far as cryptocurrency is concerned Hodly is showing potential of being the best out there. If you have had an experience with Hodly tell us in the comments section below.

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