Today, the crypto industry is the most promising sphere since this direction sets new trends in the development of the entire digital world. Hardly anyone will refuse to believe in the success of the cryptocurrency business. If few people knew about cryptocurrency a few years ago, now everyone knows about Bitcoin, Ethereum, and trading exchanges. All users can buy Bitcoins, create a contract or a new Bitcoin exchange, sell Bitcoins, and get money.
With the advent of Bitcoin and other crypto assets, people began to create various trading platforms and crypto exchanges. It has become a rewarding domain because you can get a lot of funds. As a rule, a trading platform is an excellent tool for realizing your potential in the crypto industry. If you want to buy Bitcoin for the first time, the crypto platform is what you need!
To use the platform, the buyer only needs to create an account, pay fees, choose a payment method and, possibly, make a cash deposit. But let’s leave it for later! The most significant thing for buyers and sellers is to choose the best crypto platform where they will be able to sell or buy Bitcoin without difficulties.
Many of the largest crypto exchanges were discussed earlier, and that’s why today we will talk about such a trading platform as Hodlhodl! Hodlhodl is a P2P Bitcoin trading platform that enables users to trade Bitcoin through fast transactions. This platform uses multisig escrow and an encryption key. Therefore, users trade cryptocurrency without problems in different parts of the world.
In this article, you will learn about the unique Hodlhodl crypto exchange: one of the leading platforms in this industry. Many buyers and sellers note the advantages of this exchange. Let’s learn more about Hodlhodl! Also, here you will find steps on how to trade Bitcoins to get a lot of money.
More Details About Hodlhodl Exchange
Hodlhodl is a Bitcoin exchange that offers users a wide range of functionality for trading cryptocurrency. This trading exchange uses multisig escrow, and therefore it is not a typical centralized peer-to-peer platform. Yes, users can buy Bitcoin here and sell it to other people. But this exchange does not require detailed information about all users and customers since it operates based on escrow.
Indeed, the Hodlhodl platform is unique because it has specific rules of interaction with Internet users. Creating an account here is easy. It is only a part of the information about this trading exchange.
Let’s take a closer look at all the advantages of this platform and learn how to trade Bitcoins here.
Non-custodial Platform: Description
Hodlhodl exchange is a trading site created by Hadlex Ltd in 2016 (UK). According to the policy of this company, everything that happens on the exchange remains secret. This platform is focused on anonymity, and it does not hold users’ funds.
The main feature of this peer-to-peer platform is that it connects the seller and the buyer through mediators. A mediator is a person who oversees and controls all the processes of escrow and payment methods. It is the main difference between the platform and other trading sites! If you haven’t come across this trading site yet, it’s time to give it a try. In any case, you will not lose anything; perhaps you will even increase your funds.
Functions For Users
The most significant function of any trading service is to provide an opportunity to trade quickly and directly with other people. If a seller cannot find a buyer, they won’t get money. It means that this exchange is inefficient! When choosing a crypto exchange, the seller needs to consider the speed of making a transaction.
The Hodlhodl platform provides different options for buyers and sellers. You can review these services below.
1) How To Buy Bitcoin
The first question that sellers and buyers most often ask is how to buy Bitcoin. Honestly, buying Bitcoin does not take much time on all crypto exchanges. You do not need to delve into the knowledge of the blockchain, various nuances because it is enough to perform the following steps:
- Create an escrow account
- Link your crypto wallet (escrow wallet)
- Check if there is enough cryptocurrency in your account
- Create contract and accept offer from the seller
- Choose several parameters (Bitcoin price, payment method, maximum payment window time frame)
If you want to use a different payment type, adjust this parameter on the website. Also, if you add your location, you can choose several payment methods. It is a great feature! This company cares about customers! For instance, if time plays a significant role for you, you can filter this parameter. The buyer or seller (all customers) can specify the maximum average release time. As soon as the seller funds the deposit, the buyer will receive cryptos. Thus, the seller will receive the money, and the buyer will become the happy owner of Bitcoin!
The great news is that a particular user accumulates reviews about trades. Trades are a perfect tool for demonstrating the reliability of sellers or buyers. Thanks to trades, a person will understand with whom it is possible to deal and with whom it is better not to cooperate.
2) How To Sell Cryptos
In principle, selling cryptocurrencies on the website is similar to the purchase. The seller needs to filter out some parameters (payment methods, cost, deposit) and discuss other important aspects. Also, deposit to the account and send the funds to the buyer.
Any user can use the services of this trading site! However, keep in mind that you need to trade on the exchange honestly and without fraud. If you ignore the platform’s rules, there is a risk that your account will be blocked. The same goes for any dispute: resolve the dispute honestly and directly with another person.
3) Lending Funds
Another distinctive feature of this crypto platform is the lending function. What does it mean? Hodlhodl service provides borrowers with a loan (P2P lending). Thanks to this loan, users can borrow cryptocurrency against their Bitcoin. In this case, the Hodlhodl service acts as a lender. As a rule, lenders and borrowers choose the type of loan, market rate, minimum loan amount, the duration of the loan term, and the payment method.
Before taking out a loan, the user needs to review the following conditions:
- The cost of Bitcoin should be more than the loan amount
- LTV ratio should be from 30% to 80%
- The borrower must put Bitcoin collateral on the escrow wallet
- The borrower must return the funds on time
Important addition: the maximum loan term is 12 months. Also, the collateral ratio must be kept above 90%. Otherwise, the user will lose Bitcoin.
Choosing a Payment Method
If you are a user of this trading service, you can safely buy Bitcoins using various payment methods! This exchange provides different payment functionality in comparison with other platforms. Keep in mind that the choice of payment option depends more on the seller. If the seller does not agree to use, for instance, cash payment, the buyer needs to choose another option.
Study all available payment methods carefully:
- SWIFT, SEPA, and a bank wire
- Payment by credit card
- Online services (PayPal, Venmo, Revolut)
- Transfers companies like MoneyGram and Western Union
- Payment with another cryptocurrency
- Gift cards
Thus, you can choose any payment type provided by this crypto platform. The most important thing is that the purchase of Bitcoin should be honest and without any fraud.
If users want to get a loan, only Bitcoin or Liquid Bitcoin can be used as credit collateral! It is one of the main rules of the lending process.
As a rule, you can borrow the following cryptocurrencies through this website:
- Binance USD
- Paxos Standard
- Tether USD
- USD Coin
- Wrapped Bitcoin
It is worth noting that any loan is a serious responsibility, especially if it concerns the sphere of cryptocurrencies. Therefore, if you still decide to take out a loan, carefully study all the conditions to minimize risks.
System Of Trading Fees
This paragraph contains information regarding the fees for the purchase and sale of cryptos. It is one of the primary points that all users should read.
1) Buy And Sell Bitcoin
According to the rules of this platform, trading fees vary between 0.5% and the default rate of 0.6%, depending on the user’s referral code, market rate, and verification status. If a person has passed the verification and has been using the platform for a long time, this person will trade at low fees.
Significant remark: the buyer and seller divide the payment of charges in half. Besides, if two parties have a different fee rate, the platform will automatically apply low fees to the transaction. You need to consider all these terms! As a rule, it affects the success of the transaction. Users can buy or sell from 0.001 BTC (minimum amount).
2) Lending Fees
As for the loan fees, they also vary depending on the loan term. For instance, if you take a one-day (short-term) loan, the fee will be 0.5%. If the loan term is from several months, the charges range from 1% to 1.5%.
As noted earlier, the Hodlhodl service is unique and user-friendly. It applies not only to the functionality, the quick creation of an escrow account, and the Bitcoin confirmations function. The Hodlhodl site provides excellent support to its users!
On the website, you will see a section of frequently asked questions. The company responds to all requests for credit, margin trading, and payment password. Besides, on the Youtube channel, any person can view tutorials and fill in the gaps in knowledge. It’s very convenient!
As for the reviews, users write positive reviews. People pay attention to the platform’s ability to resolve a trade dispute between the two parties. Moreover, the platform provides a user’s escrow key pair and multisig escrow addresses. It is also highly appreciated by customers. Other people highly appreciated the usefulness of the chat window for communicating with counterparties. There is also a convenient function of automatic adjustment of the market price.
Thus, the Hodlhodl service has established itself as a reliable and secure platform that seeks to help users in cryptocurrency trading. You can view all the reviews and answers to frequently asked questions on the website.
List Of Supported Countries
The last thing to mention is the supported countries. If you are interested in the services of this platform, you are lucky! The Hodlhodl service is available for use in almost all countries. It is good news! Undoubtedly, there are also some restrictions. You can find out about them below.
Firstly, people living in countries such as North Korea, Iraq, Syria, and Sudan cannot use the services of this website. Unfortunately, the platform is not available in these regions. Secondly, US residents can only use the lend function.
All these conditions and rules should be considered when registering an account. Any seller or buyer needs to read the vital information, especially if it concerns functions such as the payment window, payment password, making a deposit, paying fees, and creating an account.
Let’s summarize the above. Thus, the Hodlhodl service is in some way an innovative atypical crypto platform. Thanks to the service’s functionality, people can trade Bitcoins, accept offers from another person to buy crypto assets, and take out credit.
Moreover, the platform uses escrow, reducing the risk of third parties acquiring users’ information (excludes the third key). This approach distinguishes this service from similar peer-to-peer crypto platforms. The Hodlhodl service stands out among its competitors thanks to an established system of interaction with customers, various payment methods, and quick account creation.
If you haven’t used the services of the Hodlhodl platform yet, now is the time to start! This platform is an excellent find for every seller and buyer, as the company provides various services and the security of their transactions and making a deposit.
Frequently Asked Questions (FAQs)
Is Hodlhodl Legit?
Although this service appeared relatively recently (in 2016), it has established itself well in the crypto industry. The Hodlhodl service was created by the Hadlex Ltd company. The company itself strives to provide users with maximum data security and crypto-assets. The escrow system is the main trump card of the platform.
Can I Buy Altcoins On Hodlhodl?
According to the rules of the service, people can only purchase Bitcoins! Unfortunately, the purchase of other cryptocurrencies (Ethereum, Litecoin) is not available. The same applies to the sphere of sale. You will not be able to sell other cryptos, except for Bitcoin.
Can I Borrow Altcoins On Hodlhodl?
In addition to trading functions, the Hodlhodl platform provides an opportunity to get a loan. You can borrow Altcoins from a lender. The Hodlhodl lending service includes different cryptocurrencies: L-BTC, BUSD, DAI, PAX, USDC, USDT, and WBTC. You can view all the information regarding the loan option on the official website.
Is Hodlhodl A Wallet?
The Hodlhodl service is not a digital wallet! It is a peer-to-peer atypical crypto platform where people can buy or sell cryptocurrency (BTC). A distinctive feature of this service is the escrow system. People can’t store their crypto assets here: it is better to use a third-party wallet.
Is Hodlhodl Safe?
Unfortunately, the entire crypto industry is associated with risks. There is no guarantee that you will not lose your money. The Hodlhodl platform is no different from similar services. The company strives to protect its customers, but it does not always work out. There is a risk of hacking and data theft. However, as noted earlier, the exchange provides several data protection services, which minimizes risks.