Hodl Hodl is a cryptocurrency exchange that specializes in peer-to-peer bitcoin trading. In transactions between buyers/borrowers and sellers/lenders, the platform attempts to eliminate the need for an intermediary. It also takes pleasure in the anonymity it provides its customers, as it is a non-custodial platform that does not keep any of your cash and hence does not require any know-your-customer (KYC) or anti-money laundering (AML) checks to begin trading.
Because it is a non-custodial platform, users do not need to deposit funds before participating in trades, necessitating the usage of a third-party wallet. To trade, you don’t need to download any apps, and the platform doesn’t have a mobile app.
The company is basically a Bitcoin trading platform that accepts payments in any currency as long as the paying terms and conditions are defined by the individuals who make offers. As a result, the site takes practically all fiat currencies as well as altcoins as payment.
There are numerous payment options that are allowed. Payment options include everything from bank transfers to cash to mobile wallet apps like Qiwi. Some payment options are geo-restricted, and they may not appear if the country you search for does not fall in that limitation.
Customers can submit a request to add a payment option that they believe is missing. If a request is made without specifying a geographic location, it is assumed to be available globally. If the request contains a region, then it is considered to be available only in that region and has geo-restrictions.
Once you’ve signed up, you’ll be able to buy bitcoins on the site right away if you discover a good deal in the “Buy Bitcoins” section. You can sort by the number of bitcoins you want to buy, the country you’re in, the payment method you want to use, and so on.
To begin a contract, click the “Accept the offer and create contract” option once you’ve discovered an offer you wish to trade. You can send them money once the contract status has changed to In Progress, as the seller has escrowed bitcoins. To confirm the payment, click the “Payment sent” button after it has been sent.
The seller can unlock the bitcoins held in escrow once they certify that their payment has been received, concluding the contract.
It’s just as simple to sell bitcoins as it is to buy it. The method is nearly identical, with the exception that you must be the one to deposit bitcoins into escrow. You’ll be given the option to “Create Escrow” once you’ve started the contract, and once you’ve clicked it and made it, you’ll need to pay the needed amount of bitcoins to the stated address.
You can click the “Release Deposit” button to transfer the buyer the bitcoins kept in escrow once the contract status changes to “Paid” and you are satisfied that the payment has been transmitted to the relevant account.
A crypto lending service also exists, which allows users to lend and borrow coins. It’s also a peer-to-peer (P2P) loan platform where users engage with one another to arrange borrowing/lending in various currencies using bitcoin collateral and pre-agreed interest rates. The interest rate on each offer may differ depending on the lender’s preference.
Every transfer on the P2P exchange platform is subject to a charge. The payment charge for newly enrolled customers is 0.6 percent. If you are a referral, this can be decreased to 0.55 percent. The least fee that can be charged is 0.5 percent, which can be received after completing the entire verification process. The charge is split evenly between the buyer and the seller, with neither paying more than the other.
For instance, if a $10,000 BTC trade is made with a 0.6 percent trading commission, the network would deduct 0.006 BTC from the cash sent by the seller (sending 0.994 BTC), and the buyer will be requested to spend $9,970. This indicates that the contracting parties both pay the identical charge of 0.003 BTC ($30). Furthermore, when Bitcoin is exchanged between wallets, there is an additional transaction cost for blockchain mining.
The system employs contracts that use escrow to keep your trades safe, which is a P2SH multisig bitcoin address that uses three keys and needs at least two of them to sign a transfer. The seller, buyer, and Hodl Hodl all have access to these three keys. This means that cash transferred to escrow cannot be unlocked without the permission of the organization, ensuring that neither the buyer nor the seller may rob the tokens.
In case of a problem, the organization is ready to answer 24/7, all you need to do is contact them on an email address: firstname.lastname@example.org
If you’re not sure how to utilize their network, they have lessons and videos on their YouTube channels, as well as a Medium blog where they post the latest platform updates.