de | cn | ru

Hodly Review - is it scam or safe?

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

RATING: 3.5 / 1 REVIEWS Hodly

RECOMMENDED BITCOIN BROKERS


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.

 

>>Other places to buy Bitcoin with a Credit Card<<

 

Growing list of coins – as a new project Hodly will probably continue integrating more and more altcoins. At the time of writing the supported ones are BTC, ETH, XRP, BCH, LTC, ETC, BTG, ZEC, OMG, NEO, OTN, XLM, TRX, DASH and QTUM. 

 

$10 minimum transaction – with such a low bar, basically everybody can buy a real (albeit small) portion of a Bitcoin. While minimums at different exchanges are usually relevant towards blockchain withdrawals, this is a very low level.

 

Crypto news feed – this may not sound that significant to some users, but upon closer inspection the service provided is quite useful. We decided to include it, because it features stories from third party sources, not only things written by  Hodly.

 

Hodly Disadvantages

 

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. 

 

>>Bitcoin forex brokers<<

 

This is done via CFDs, which are derivative financial instruments. Their nature is somewhat different than buying coins directly at an exchange. While one can use leverage, take short positions and access charting packages, overnight fees can be quite substantial. Read all about it here.

 

Conclusion

 

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.

 

>>Some regulated forex brokers, offering Bitcoin trading<< 

 

The pros and cons of Hodly one more time:

 

Pros Cons
Backed by IQ Option Wallet is still not regulated
Simple layout and an app New project
2FA and 80% cold storage provided Fees aren’t disclosed
A lot of fiat payments and currencies Costs only ok for entering crypto
Growing list of coins Not suitable for trading
$10 minimum transaction  
Crypto news feed  

 

Latest news about Hodly
No news about Hodly. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for Hodly

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

My Withdrawal Dilemma With Hodly


After I received a notification about Hodly platform closing for good in September 2019, I have been struggling to withdraw what is left of my funds. For the past 3 weeks I have been furnishing my credentials to their help center for verification, which eventually went through. I'm now being sent from pillar to post about my query and I am not getting assistance to my satisfaction. I am beginning to think that this platform was a sham from the beginning.

Sandile 07/23/2019
de | cn | ru