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 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.
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 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.