BBB – Hodl Hodl Review
Hodl Hodl – Is It Good?
If you’re linking your bank and giving your exchange platforms all of your personal information, why are you even using a decentralized coin like Bitcoin? There are a lot of platforms that defeat the purpose of using cryptocurrencies by asking you to give out all kinds of personal data and linking you to a bank and a country. Against all of these options we have anonymous Bitcoin exchanges. And one of the most popular anonymous platforms is Hodl Hodl.
What Does Hodl Hodl provide?
Hodl Hodl is one of the fastest and most used anonymous P2P bitcoin platforms. Created in early 2018, it’s quickly becoming a lot of people’s favorite way to exchange crypto. Unlike lots of other platforms, Hodl Hodl lets you use a completely decentralized currency by not holding any money. Instead, Hodl Hodl uses a multi-sig escrow account which minimizes issues and even possibilities of people stealing your crypto.
The signing up process is fast and simple, asking you the usual basic questions like email address and your username and password that you’ll be using. However it also asks for your time zone. We found that somewhat out of place until we discovered that it’s so they can adjust to your working hours to make transactions faster.
Unlike most bitcoin exchanging platforms, Hodl Hodl does not ask for you to follow KYC (Know Your Customer) protocols, which allows you to trade bitcoin anonymously.
You don’t need to use it exclusively for bitcoin, Hodl Hodl also supports Litecoin.
Since Hodl Hodl doesn’t hold any type of currencies, you can use it anywhere in the world. That’s right, Hodl Hodl can be used worldwide.
However, since it’s only a P2P platform, you’ll be limited to what other people want to buy and sell. That’s not a problem if you’re using, say, euros, however, the lesser known your currency is, the harder it’ll be to buy bitcoin and vice versa.
A year ago, Hodl Hodl started giving service to U.S. citizens, increasing its popularity worldwide.
Hodl Hodl Rates and Buying Limits
To get the best bang for your buck you always need to examine your platform’s fees. In the case of Hodl Hodl, it doesn’t use a flat fee unlike a lot of the exchanges we’ve seen, it uses an active percentage.
Hodl Hodl fee: 0.6%
Although it is a bit larger than usual, Hodl Hodl insists that it’s necessary to achieve a “compromise for waiving AML/KYC requirements”. In other words, if you want anonymity, you need to pay for it.
Hodl Hodl Pros
- Anonymous: If you’re looking for an anonymous way to exchange directly with other users, Hodl Hodl gives you exactly what you’re looking for.
- Fast: We loved the “time zone” requirement when you sign up because it allows you for faster process.
- Truly decentralized: By not holding any currency and allowing you to be anonymous, Hodl Hodl captures what bitcoin should be about: a currency with no flags and no limitations.
- Easy signup: Signing up is just as easy as with any other website, if not easier. You simply give them your email, select a username and password and you’re done!
Hodl Hodl Cons
- Beta mode: Since it’s fairly new, the website is still on beta mode so some glitches may appear, although no mayor issues have been reported. Although it’s new, the fact that it doesn’t hold any money minimizes risks.
- Lack of support for alt-coins: You’ll be able to buy bitcoin and litecoin. However no other alt-coin is currently supported by the website.
Go to Hodl Hodl
Is Hodl Hodl Good For Bitcoin?
Hodl Hodl is a great bitcoin exchange platform for anyone who wants a, anonymous and truly decentralized service and doesn’t mind paying a little bit more. When used with a bitcoin wallet, it’s a perfect way to exchange your fiat currency safely and privately. We only hope they keep adding other cryptocurrencies to their services.