Hodly Review — Your Crypto Wallet

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker 2020!
    Free Trading Education!
    Free Demo Account!
    Perfect for Beginners!

  • Binomo
    Binomo

    2 place in the ranking!

Hodly Review: App to Buy & Sell Cryptocurrencies with Your Bank Card

Hodly is a new platform with a mobile wallet for storing, buying, and selling major cryptocurrencies, it’s one of the latest ways you can complete fiat purchases of cryptocurrency using your bank’s debit or credit cards. Hodly was created by the IQ Option team and is aiming to be a competitor of Coinbase, another easy to use app for purchasing cryptos with fiat currencies.

The wallet is designed to be simple to use and because it is also a mobile application, users can have it with them at any time. The wallet provides an intuitive method of buying cryptocurrency with your method of choice as well as the ability to securely store cryptos. Because it supports all the major coins, most Hodly Wallet users will only need this single wallet for all their cryptocurrencies.

Update: As of May 2020 The Hodly wallet no longer accepts new customers. You can still signup with their parent company IQOption.

Hodly Account Creation

You can easily sign up for Hodly via the website or the application, the process is quick and simple and you will have access to your account in seconds.

Most of the functions do not require verification. With a Basic account, you can buy, sell, and receive cryptocurrencies. Verification is required for sending or withdrawing funds, but the process is incredibly simple. You just upload an image of your ID, and your account will typically be verified within about 15 minutes.

When you log into your Hodly Wallet account, you will see an easy-to-read summary. It includes the value of your entire portfolio in fiat currency as well as divisions for fiat and cryptocurrencies, divided into “Accounts” and “Crypto Wallets.” In the case of the crypto wallets, the platform displays the quantity of each coin as well as its equivalent in fiat currency and recent change.

How to Buy Cryptocurrency with Hodly

One of the most convenient things about the Hodly Wallet is the ability to purchase cryptocurrency via your chosen bank card. The wallet supports both Mastercard and Visa. Alternatively, you can purchase cryptocurrency with your account balance. To make the process go by smoothly, buying crypto can be as simple as selecting the cryptocurrency you wish to purchase then selecting a preset amount, such as $100 or $200. If you prefer, you can also choose a custom amount to buy exactly as much as you wish.

Sending & Receiving

Sending and receiving cryptocurrency via Hodly Wallet is straightforward. Transfers between two Hodly users are always free, letting you keep your hard-earned crypto. Just select the currency and click either “Buy” or “Sell.” You will see your transaction history regarding this currency, as well as the current price of the crypto in question.

Other Features

In addition to basic functions of storing, selling, buying, sending, and receiving cryptocurrency, Hodly has support for forks. This means that you can hold onto your favorite coin (or HODL it) and then benefit from the planned fork. It also includes an “Ultimate Explorer” with all the charts, market caps, price changes, and other data you need in a single place for easy purchase or sales decisions.

Those who plan to use Hodly Wallet to trade cryptocurrencies on a regular basis or with specific investment goals in mind will appreciate the newsfeed, which displays crucial information regarding upcoming announcements and the latest events. This can let users stay up to date on cryptocurrency news, so they do not miss out on an event that impacts the value of the cryptos they hold or want to buy.

Hodly Chat

While most cryptocurrency wallets are simply for storing and using your cryptocoins, Hodly Wallet also includes some social features, such as the chat function. This chat is within the application itself, so there is no need to waste space on your phone by downloading an additional app. Using the chat, you can talk to others on the platform any time of the day about specific cryptocurrencies. The chat feature is also your key to accessing the Hodly Wallet’s 24/7 customer support.

What Devices Does Hodly Support?

Those who want a larger view can use the Hodly Wallet via its website. Just visit the homepage and sign in to access the features. Most users will want to download the Android or iOS application, which also have full functionality. This means that you can use Hodly to buy or sell cryptocurrency using your bank card or send and receive tokens. Use the plication to check the relevant information for your chosen cryptocurrency, including the market cap, 24-hour changes, and price history.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker 2020!
    Free Trading Education!
    Free Demo Account!
    Perfect for Beginners!

  • Binomo
    Binomo

    2 place in the ranking!

Hodly Fees

I couldn’t find any information about the fees that Hodly charges which is a little disconcerting so I contacted customer support via the chat box who didn’t respond.

To try and find out what the fees are, I added a test transaction of £10. In the popup box to confirm payment, the fee does get listed as 4.9%. The app says would give me 0.015339 BTC, at the time of writing I should have been able to get 0.0164010 BTC so really Hodly is charging a fee of 0.001062 BTC which is £6.47 roughly so the fee is around 6.5% which is quite high. For example, Coinbase in the UK charges 3.99% for instant card purchases.

Hodly Customer Support

Support on Hodly is provided by the chat box, accessed with the icon in the bottom right hand corner of the site. You can send your query there as a message, unfortunately when I tried it I got the message:

Dear trader, at the moment all the specialists are busy. Please write your question in details and it will be replied as soon as possible.It is temporary inconvenience. We truly appreciate your understanding.

Customer reviews online with the app receiving 4 out of 5 with 276 reviews on the Android app store.

Is Hodly Safe?

To keep your funds and personal information secure at all times, Hodly Wallet uses two-step verification, as well as cold storage. To protect information from the start, Hodly Wallet transfers sensitive information to a secure storage facility that is not connected to the internet. Then, the data undergoes encryption before the system makes backup copies of the encrypted data on paper and flash drives. The copies, as well as the originals, are distributed across multiple bank vaults in several countries, providing further protection against hackers, as well as major issues, such as natural disasters.

To prevent unauthorized access to your account, Hodly Wallet strongly encourages users to enable two-factor authentication (2-FA). With this feature enabled, you must use a code delivered to your cellphone to log into your account, in addition to your password and username.

To protect your money and information during the processing of payments, particularly those using a Visa or Mastercard, Hodly Wallet has multiple security measures in place. The platform and website use the SSL (Secure Sockets Layer) protocol, which is considered the golden standard of the internet for protecting information online. The wallet also utilizes PCI DSS, the world-class security standard used for the acceptance, processing, and storage of bank card information. Finally, payments use AES-256, the most advanced encryption standard to ensure your sensitive data remains impenetrable.

To round out the security features, Hodly Wallet has strict restrictions on access to sensitive information for staff. Additionally, it monitors and logs all access to the data of customers.

Conclusion

Hodly Wallet has support for the most popular cryptocurrencies and goes above and beyond other wallets by making it possible to send or receive crypto or to buy and sell it. The ability to purchase cryptocurrencies using a bank card is particularly useful since this makes it easier for more people to get into the world of cryptocurrency. The choice of an online wallet or the apps for Android and iOS also makes Hodly Wallet very accessible to all users.

The desktop and mobile apps are well designed and easy to use, the interface feels very fresh and modern so beginners should have no trouble at all using it.

Fees are higher than Coinbase, but Hodly has a larger amount of cryptocurrencies available to buy with Fiat. With that in mind, if you are looking to purchase ETH, LTC, BTC or BCH you would be best using Coinbase. If you need to buy XRP, ETC, BTG, ZEC, OMG, NEO, OTN, XLM or TRX with Fiat then Hodly is the better choice.

IQ Option are a large and well established company with huge revenues so it’s no surprise this is a well made crypto offering, we recommend you take a look if you would like to purchase additional cryptocurrencies with your bank card that are not available on Coinbase. If you are comfortable using traditional exchanges though, it would make sense to purchase Ethereum or Bitcoin via Coinbase and then trade for your required currency on another exchange.

Update: As of May 2020 The Hodly wallet no longer accepts new customers. You can still signup with their parent company IQOption.

Hodly Review

Test: Hodly Review – The Simple App & Crypto Wallet

Test: Hodly Review – The Simple App & Crypto Wallet

Test: Hodly Review – The Simple App & Crypto Wallet

Test: Hodly Review – The Simple App & Crypto Wallet

Find the best trading platform. You capital is at risk when trading. Be careful.

In this Hodly review we are going to to take a closer look at IO Options crypto wallet and app.

Hodly is IQ Option’s dedicated cryptocurrency wallet, and we think that the product is both completely unique and groundbreaking. One of the main reasons why people have avoided trading cryptocurrencies is because it has felt difficult -something that Hodly has changed. Hodly is a slick looking and easy to use cryptocurrency wallet. In this review, we will turn every stone and see what this wallet is capable of.

Hodly is the first smart and easy-to-use cryptocurrency wallet and exchange hybrid. It is launched by IQ Option, a regulated broker. Read our full IQ Option review here.

  • Supports Bitcoin, Bitcoin Cash, Bitcoin Gold, Dash, Ethereum, Ethereum Classic, Litecoin, OmiseGO, QTUM, Ripple, Tron, and ZCash.
  • Supports VISA and Mastercard.
  • Cold storage and 2 Step verification.

Hodly wallet Review

The name Hodly is inspired by the term Hodl which was coined as a joke to describe long-term cryptocurrency investments. The wallet Hodly, is no joke though. It makes buying, selling and storing cryptocurrencies A LOT easier.

You can also rest assured that your money is safe when trading with Hodly, since the company behind the wallet is IQ Option, a fully regulated trading broker.

Buckle up so we can get started with our Hodly review.

Test: Hodly Review – The Simple App & Crypto Wallet

Test: Hodly Review – The Simple App & Crypto Wallet

Test: Hodly Review – The Simple App & Crypto Wallet

Test: Hodly Review – The Simple App & Crypto Wallet

Test: Hodly Review – The Simple App & Crypto Wallet

Test: Hodly Review – The Simple App & Crypto Wallet

Test: Hodly Review – The Simple App & Crypto Wallet

Test: Hodly Review – The Simple App & Crypto Wallet

Test: Hodly Review – The Simple App & Crypto Wallet

Test: Hodly Review – The Simple App & Crypto Wallet

Test: Hodly Review – The Simple App & Crypto Wallet

Test: Hodly Review – The Simple App & Crypto Wallet

Find the best trading platform. You capital is at risk when trading. Be careful.

A review of the Cryptocurrency Wallet Hodly

The name Hodly is inspired by the term Hodl which started as a joke but has since become a term used to describe long-term cryptocurrency investments. Originally, hodl was a misspelling of the word hold, but today it is an unofficial abbreviation of ‘Hold On for Dear Life,’ meaning don’t sell your cryptocurrencies just yet.

The Hodly crypto wallet is an innovative product and the first thing that hits you when you visit the website is how clean the design is. The design is simple and clear yet highly useful. Like any serious cryptocurrency wallet, Hodly can be used to buy, sell, send, and hold (hodl) a wide range of cryptocurrencies.

And let’s not forget to mention that Hodly is completely secure and operated by the regulated and authorized CFD broker IQ Option. Your Hodly trading account is protected by a 2 step verification process and all cryptocurrencies are stored in a safe cold storage at a physical location.

Along with providing safe and practical investment opportunities, Hodly also comes with state of the art charts, pricing tools, and several other important analytical features to make your investments as easy and accurate as possible.

4 things you need to know about Hodly

  • Most cryptocurrency wallets and products are completely unregulated, Hodly is however launched by IQ option, which is a regulated trading platform that has over 25,580,000 registered users.
  • With Hodly, you can buy, sell and store Bitcoin, Bitcoin Cash, Bitcoin Gold, Dash, Ethereum, Ethereum Classic, Litecoin, OmiseGO, QTUM, Ripple, Tron, and ZCash.
  • Hodly is by far the easiest cryptocurrency wallet to use on the market, something we think puts them ahead of the competition.
  • IQ Option is one of the best trading platforms available in the UK and EU. This also shows when you look at Hodly.

Hodly Exchange

Are you interested in day trading cryptocurrencies and not just holding them long-term? Or would you like to combine your hodling strategy and benefit from small market movements? Then Hodly offers a highly innovative cryptocurrency exchange for you.

The purpose of Hodly is to offer a complete cryptocurrency product that fills all your related needs, and in order to do so, Hodly offers as many services as possible. We described the wallet above, and this part was developed to offer opportunities to buy, sell, hold, and use cryptocurrencies. The exchange, however, was developed to offer customers opportunities to trade cryptocurrencies on a short-term basis.

There are several important differences between long-term investing in cryptocurrencies and day trading cryptocurrencies and they also come with their own unique benefits. Therefore, most investors tend to invest parts of their funds in long-term investments while the rest of the funds are used to trade. In the end, you have to decide on how you want to benefit from the market.

As a side note, we want to mention IQ Option’s blockchain network Open Trading Network (OTN) which is currently being activated alongside a global ICO. How these two products will work together has still not been confirmed, but we can expect to see a Hodly OTN integration soon.

Hodly App

By far the easiest way to use Hodly is by downloading the platform to your mobile Android or Apple device through one of the official app stores. This means you can bring your cryptocurrency investments with you wherever you go and never lose out on a lucrative investment opportunity. Similar to the website, the Hodly trading apps are designed in a clean and easy to use fashion that makes cryptocurrency trading a breeze.

We can highly recommend the Hodly app. Read more about trading apps.

Charting Tools and Price Data

Not only is the Hodly wallet and exchange an excellent service to trade, sell, buy, and exchange cryptocurrencies with, but the analytic tools provided make everything so much easier.

In order to succeed as a trader on a market as volatile as the cryptocurrency market, you need to know what you’re doing and you have to understand what affects the market. The best way to become better at this is to study and use charting tools while trading. Luckily, Hodly offers cutting-edge analytic opportunities for each cryptocurrency listed on their platform. In fact, the analytical tools have some similarities with the tools offered on IQ Option’s CFD platform, and that is a very good thing considering how good IQ Option’s software is.

Most of the analytic tools are included in the mobile version of Hodly so that you can analyze the market on the go.

Buy Cryptocurrencies with Hodly

Not only is Hodly easy to use and secure but it’s a wallet with an impressive selection of assets that the developers promise to keep adding to. At the time of writing, the following cryptocurrencies are available.

  • Bitcoin (BTC) – The original cryptocurrency and de facto the largest and most popular digital asset to date. No selection of cryptocurrencies is complete without Bitcoin on it, and you can easily trade it with Hodly.
  • Ethereum (ETH) – In many eyes, the prince of cryptocurrencies and the second largest on the market with a huge and dedicated following. In our opinion, ETH is the most fun cryptocurrency to trade, and it’s also the blockchain with the most potential.
  • Ripple (XRP) – A cryptocurrency that has received a lot of scrutiny for not being “decentralized.” However, XRP is also the only virtual currency to be widely accepted by the world’s leading banks. Ripple, the company behind XRP, is working on multiple projects regarding future payment solutions that could help revolutionize the market.
  • Bitcoin Cash (BCH) – The largest Bitcoin fork and one of the most used cryptocurrencies on today’s market. Most Bitcoin Cash followers claim that BCH is the original Bitcoin and that it follows the original ideas of Sakatoshi.
  • Litecoin (LTH) – Litecoin was created through a Bitcoin fork several years ago and has a large number of highly invested and serious users.
  • Tron (TRX) – Tron is a serious project developed to create a possible world-changing network. In 2020, Tron was one of the most hyped and traded cryptocurrencies on the market and the interest in Tron remains high to this date.
  • Dash (XCO) – This is a well-established cryptocurrency that focuses on safety and actual payment opportunities. Recently, Dash has become increasingly more popular among day traders, and we’ve seen several CFD brokers add it to their selection lately.
  • Ethereum Classic (ETC) – An Ethereum fork that some users claim will take over ETH’s role as the second largest on the market.
  • Qtum (QTUM) – Based in Singapore and launched through an ICO in 2020, Qtum happens to be one of the most prominent cryptocurrencies from Asia.
  • OmiseGO (OMG) – This is another Asia cryptocurrency based on the Ethereum blockchain, and it offers users several useful and beneficial perks.
  • ZCash – The epitome of a secure and anonymous cryptocurrency, designed with the goal of creating a completely safe and global payment method.
  • Bitcoin Gold – Another one of the major Bitcoin forks. It’s not as big or popular as BCH, but it definitely offers some innovative features.

Hodly has made it clear that they will provide support for forks that happen to any cryptocurrency you’ve invested in on the platform. They further state that “hodl your favorite coin and benefit from forks,” on their website.

Note that the above list will be updated with more assets as soon as they’re added to the platform. In fact, we predict that the number of cryptocurrencies on Hodly will start growing as soon as the service gets some traction. Before we know it there will be enough available assets for Hodly to compete with the largest brands in the industry.

Fork Support

Hodly has full fork support which offers investors tons of extra value. If you’re holding a cryptocurrency in the Hodly wallet when that asset forks, you will benefit from the fork and essentially get free money. Not all wallets and exchanges offer this feature, and it’s something you should consider using.

Not all forks are successful which is why many investors are hesitant to invest in them. However, when you use fork support, you don’t actually put any money into the investment on your own, and therefore you don’t risk losing anything.

Deposits, Withdrawals, and Verification

As mentioned, one of the main goals with the Hodly platform is to make cryptocurrencies as easy and accessible as possible which means the developers have put a lot of effort into making payments as easy as possible.

All you need to deposit money and invest with Hodly is a credit or debit card, and you can even deposit money in several local currencies such as RUB and GBP. In order to withdraw money, you need to verify your account, a process that takes no more than 15 minutes and only requires you to upload an ID card.

Withdrawals can only be made to the credit card used to make the original deposit – all remaining funds need to be transferred to an e-wallet before withdrawal.

How to Buy Cryptocurrencies with Hodly

The brains behind Hodly have managed to make cryptocurrency trading so much easier than anyone ever has. In fact, Hodly is the first ever smart and simple cryptocurrency wallet and exchange. We are deeply impressed with how they have managed to break down an otherwise quite complicated process with a few simple clicks. This is how you buy cryptocurrencies with Hodly.

  • The first step is to register an account with Hodly. All you need to do to open an account is provide the exchange with some basic information about yourself such as name, address, email, etc. After this is done, you can log in to your account. You don’t have to do this if you already have an active account with IQ Option, instead, you can use your IQ Option information to log in to your Hodly account.
  • The second step is to buy cryptocurrencies that you want to invest in. The easiest way to do so is by using your regular credit or debit card, Hodly currently supports Visa and Mastercard. When you get redirected to the payment page you will have to provide your card information and then you can either decide on an amount you want to transfer or you can use one of the custom prices listed. The other option is to use money that is already on your account to buy even more cryptocurrencies.
  • The third and final step is to withdraw any potential earnings, but first, you need to verify yourself. You are allowed to deposit money and trade on the Hodly platform, but in order to withdraw funds, you need to verify yourself by sending in a picture of your passport, national ID, or driver’s license. The system is automatic, and you usually get your ID verified within a couple of minutes. Compared to the verification process needed to register a CFD account, this process is a breeze.

Hodly by IQ Option

Hodly is a product launched by the team behind IQ Option, one of the most respected brands in the trading industry with a market leading trading platform. It is no surprise that the hodly wallet is living up to the same standards as the IQ Option trading platform. Hodly is innovative, safe and easy to use.

Hodly Review: Is it Safe to Buy CryptoCurrency With?

Update 15 May 2020: Hodly has closed down for new users. Consider using IQ Option for your crypto trading purposes.

Hodly is a brand new cryptocurrency mobile wallet that has just launched to much fanfare and is the latest service offering a “fiat gateway”.

These are essentially cryptocurrency exchanges that give you the option to buy cryptocurrency with your Fiat currency. In the case of Hodly, this is done through the use of your personal credit / debit card.

Hodly was also started by the same team that had created IQ Option. It was created as an alternative to their CFD and options products for those traders who wanted to buy the physical coins.

Yet, the most important question is: Can such a new exchange be trusted?

In this complete Hodly review, we will take a look at the company and the steps required to buy coins on Hodly. We will delve into the security, customer support and fees etc.

Hodly Company Overview

As mentioned, Hodly was started by the same team that run IQ Option. IQ Option is one of Europe’s largest CFD and Option brokers and are fully regulated by European agencies.

IQ Option Ltd was founded in 2020 and has grown the brand considerably. They have launched Hodly as they wanted to offer an option for cryptocurrenvy traders to buy the physical coins. This is something that you are not doing when you buy a CFD product.

They also wanted to create a wallet that was relatively simple and easy to understand. The wallet was designed as a method in order to buy cryptocurrency with the click of a button and used them regularly for purchases.

This is something that we approve of.

By providing users with the means to buy and spend cryptocurrencies on a daily basis, Hodly is increasing mass adoption of cryptocurrencies in general.

Hodly Step-by-Step Guide

To start the review, we are going to take you through our assessment of the process required to buy cryptocurrency on Hodly. We will then take a deeper dive into particular concerns or observations we had.

Creating Your Wallet

In order to buy and receive any crypto on Hodly, you will need to have a wallet. Your wallet will be created automatically when you sign up with a new account.

Once you have your Hodly account, there is nothing stopping you from buying, selling and receiving your coins. However, if you want to be able to spend them or withdraw them you will need to verify your account.

Verification is quite a simple process and only requires one form of identification. There is no need to upload other documents that some exchanges require such as proof of address etc.

Hodly makes use of automated verification software from net Verify that will perform the verification process. This means that the verification times take about 20 minutes to complete.

Once you are logged into your wallet, you will have a complete overview of your account including all your positions. The default for the wallet is to show you the amount that you have in Bitcoin (BTC), Ethereum (ETH) and OTN tokens (more on this below).

You will also have the Fiat balance of your coins in above that. You can select to display the balances of your other coins in your wallet by selecting “choose balances”.

There is also a basic chart that is presented below with the price of the coin. This is nothing special and is similar to the charting on larger fiat gateways like Coinbase.

Buying Cryptocurrency

Now that you have your account set up on Hodly, you can proceed to buying your coins of choice. The only funding options that you can make use of surprisingly is credit / debit cards. They accept Visa and Mastercard.

The minimum amount that you can buy is $10 and the maximum is $100,000. This should be suffecient for most user’s needs. If you are considering buying more than $100,000 in coins then you will probably want to use another exchange that has wire funding options.

After you have selected the coins that you would like to buy, you will then proceed as normal with credit card details etc. Assuming that all clears, the cryptocurrency will instantly be added to your account. We purchased $50 for our test amount.

Using Your Coins

Once you have bought your coins, you may want to send them out or receive more cryptocurrency from another wallet. When receiving, your wallet will present you with your public address that you can use to initiate the transaction. There is also a QR code which will streamline the whole process.

Sending is similarly as simple and you will merely insert the address that you are trying to send to. When we tried this, they wanted us to confirm the withdrawal. This is done usually on most exchanges to prevent anyone having their coins stolen.

Hence, whenever you are putting in a new wallet, they will request that you confirm it via email.

Hodly Security

Of course, one of the most important questions for any cryptocurrency user is how safe the exchange or wallet is. Exchange hacks and phishing attempts have been far too prevalent of late.

With that being said, it seems as if Hodly uses industry standard security when it comes to protecting the coins on exchange. For example, they use cold storage which is a technique that will take coins offline and “air gap” them.

What does this mean exactly?

From the moment that you create an account on hodly, your information is encrypted and sent to a secure offline location. Once this has been completed, backup copies are made and are stored on hard drives and paper wallets. They then take these hard copy forms of the wallets and will store them across multiple bank vaults in secret locations.

Of course, there is also a risk from credit card / data theft. For secure communications, they make use of Secure Socket Layer (SSL) technology. They also use advanced PCI DSS for their credit card payments. In order to make sure that all of our communications with the platform are secure, they use AES 256 encrypted communications.

Lastly, there is also protection on the user side in the form of two factor authentication. This is able to protect the user from any phishing attempts that may take place from external actors. This is handled through an SMS confirmation.

They claim that they also have internal procedures in place in order to limit the amount of any staff who have access to important information. This is indeed a wise move given the social engineering attacks that have used previous soft spots at exchange employees.

Hodly Customer Support

This is one thing that we are particularly interested in when we look at a new exchange. From experience, we know how frustrating it can be when we have to wait days for any sort of confirmation from someone on the team.

Hodly has the instant chat option that is right on the dashboard. We wanted to try this out so we reached out to the customer support chat window when we were completing the review. We were getting in touch with them at 10pm on a Saturday night and wanted to test the 24/7 customer support claim.

The response time was literally within a couple of seconds. This is quite a departure from the day long response times that we have seen on other exchanges. Of course, this could just be as a result of being a new service but we can give them the benefit of the doubt.

Given that they complete their verifications with NetVerify algorithms, it means that you will not have to wait for human verification. This is usually what most exchanges face bottlenecks with.

Of course, there is always a chance that the software is unable to read your ID for some reason and in this event, they may request more information or have to have it manually verified.

Coin Coverage and Fees

The Hodly app covers 13 cryptocurrencies. Below is a list of all the coins that you can buy on the in the wallet.

Although this will satisfy most people who want to buy cryptocurrencies instantly, we were surprised that there were quite a few coins that were excluded. For example, you cannot buy EOS, Monero (XMR), Cardano, IOTA or DASH. These are coins that many people use and may be disappointed about.

Of course, there is nothing stopping them from using Hodly as their Fiat gateway and moving the coins onto another exchange for them to buy the above coins.

In terms of the fees, these are not disclosed on the website. However, we reached out on the chat in order to get some more information. They responded immediately to our request and confirmed that there are no fees when depositing with your card.

However, when you buy coins, you will be charged a 4.9% commission. We also confirmed this when we calculated the amount of Bitcoin that we received after our purchase. This is on the higher end of things but is still below Bitstamp’s 5% commission.

While the buying / selling fees are on the high side, there are no fees that are charged to withdraw and deposit on the exchange with Crypto. When you are making a transaction, you will only be charged a network fee which is the miner’s fee.

What are OTN Tokens?

You will also notice that you have the options to purchase OTN tokens on Hodly. Quite simple, OTN tokens are the native tokens of the Open Trading Network. This is essentially a 100% collateralized and decentralised exchange.

OTN operates using smart contract technology that will facilitate exchange between two incompatible blockchains. For example, if you want to exchange Ethereum (ETH) for Bitcoin with someone else then the OTN token can act as an intermediary liquidity token.

Unlike many other ERC20 standard tokens, there was no crowd sale for the OTN tokens. They were distributed through a number of avenues including through the IQ Option trading platform as well as to existing OTN holders. These are termed “Airdrops“.

Hodly Chat Options

Apart from being able to reach customer service through the chat window, you also have the option to chat with a number of other traders in the particular coin groups. This could be great if you wanted someone to bounce ideas off of.

This option to chat with the group is unfortunately only open to traders who have invested more than $300 on the Hodly platform. So, we were unable to join any of the conversations. However, we could observe what was being talked about among the other traders.

The conversations were mostly about questions with regards to payments, withdrawals etc. There was not much ground-breaking and insightful conversation. Perhaps this is because it is still a new platform and the traders are still newbies.

Hence, you should consider some other trading telegram groups if you wanted more in depth analysis and opinions.

The Hodly Mobile App

Of course, one of the many advantages of the Hodly wallet is that there is a mobile version. This could be great for those users who would like to use their cryptocurrency wallets to pay for items at Point of sale.

The Hodly web wallet is now available on iOS and Android. Below are the screenshots from the itunes store for the iOS app. We downloaded the app to get an idea of the UX. It is well designed from an interface perspective.

Indeed, it is easy enough for new users to locate the most important information on the account including buying / selling, portfolio explorer and transaction overview.

One thing that we were disconcerted by was the rating of the app on the iStore. However, upon further examination, we noticed that these ratings were only from 9 users who were mostly complaining about the fees. As we mentioned, the fees are higher than usual but not the most pricey on the market.

It was also pleasant to see that each of the complaints were followed up by customer support that was interested in rectifying the situation. Similar to our online chat experience, they appear to be responsive to community concerns.

Moreover, if you were to take a look at the reviews that were presented on the Google play store, they were a lot more positive. The feedback was focused on the customer service as well as the user interface.

What was also interesting to us was the fact that there were considerably more reviews and downloads on Google play (281). Perhaps more users in the Crypto space are Android users and have chosen it because of this.

Other Features

There are some other interesting features that we thought worthwhile to bring to your attention about the Hodly cryptocurrency wallet. One of them is the fact that they claim they will support cryptocurrency forks. This is something that not many exchanges will conclusively say.

For example, we recently had the drama with traders that were trying to take their Zclassic out of Cryptopia to try and trade the Bitcoin Private fork. They were doing this because Cryptopia let it be known that they would not be supporting it.

Of course, we would want to see how this pledge pans out in the case with an actual fork. There are numerous forks taking place today and they keeping track with them could be quite difficult for the Hodly team.

In the app, there is a feature that is called the “ultimate explorer”. This is basically an overview of all the cryptocurrency market movements as well as news, information and charts that is related to that coin over the past day.

Some Things We Didn’t Like

There were a few things that we didn’t like with the Hodly wallet and thought warranted improvement.

For example, the charting package on Hodly is incredibly basic. The charts are merely to see where the price has gone over the past few hours / weeks / months. There are no options to map trend lines or place any studies.

Although this chart is just as simple as the one on Coinbase, we were expecting a much more advanced charting package from the same company that produced the IQ Option trading platform. That platform made use of the a host of charting features currently on the market.

Something else that we found quite unfortunate is that one only had the option to buy via card. Although this appears to be the fastest way, it is much more affordable to use wire funding. For those users who are in the EU, then they may also have wanted to use SEPA which usually clears in only a day.

Conclusion

The goal of creating Hodly was to develop a simple and easy to understand cryptocurrency wallet. From our view, this is something that the developers at IQ Option have managed to achieve.

The user interface is clean and the app is well laid out. This makes it is easy to navigate and trading can be done securely and within a matter of minutes. If you wanted to withdraw coins, verification is required but this is done in about 15-20 minutes.

While the trading fees were rather high, there were no costs to withdraw the coins. We would have liked to have seen a number of other cryptocurrency assets available to purchase as well as other funding options such as wire.

With that being said, the customer support was unrivalled in terms of speed. We hope that the Hodly team is able to keep this up over the next few months as the amount of traders on the platform increases.

So, is Hodly the cryptocurrency wallet for you? Well, that depends on a few factors.

If you are looking for an advanced trading platform with numerous cryptocurrency pairs and extensive volume then you are probably better served by using one of the other more established cryptocurrency exchangees such as Poloniex or Kraken.

However, if you are looking for a simple and secure way to buy the top crypto pairs instantly, then Hodly could be your best bet.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker 2020!
    Free Trading Education!
    Free Demo Account!
    Perfect for Beginners!

  • Binomo
    Binomo

    2 place in the ranking!

Like this post? Please share to your friends:
Binary Options Online Trading
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: