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Hodly Wallet Review 2020: Fees, Pros, Cons and Features

Hodly wallet is a mobile crypto wallet that combines the features of a typical wallet with those of an exchange platform.
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Author: Nica San Juan
Last Updated: 18 June 2020
Despite being a decent wallet, there are wallets that perform better than Hodly. Read on to find out what they are.

Hodly wallet is a relatively new hybrid crypto exchange and wallet with a focus on simplicity. In this Hodly wallet review, we will examine its core features and assess whether or not it is the safest option in the crypto market.

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    Top-rated crypto platform for 2020

    OUR RATING

    eToro Commits To Better Future Growth with Delta Acquisition
    • 15+ coins supported
    • CySEC and FCA regulated
    • Buy, sell and trade crypto in 1 platform
    • Over 6 million users worldwide
    eToro Commits To Better Future Growth with Delta Acquisition
    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

    Is the Hodly Wallet Recommended?

    ❌Hodly wallet has a lot of unique characteristics foremost being the fact that it has the support of a regulated broker, IQ Option. However, after our thorough analysis of its features, we would not recommend it as the safest option out there. This has much to do with the fact that it itself is not regulated. Dealing with unregulated crypto service providers presents noteworthy security challenges. Only a handful of platforms, such as the eToro wallet, are regulated. eToro offers the required level of security for users in the unpredictable crypto landscape. We recommend that crypto users choose such regulated wallets as eToro to avoid potential risks (eToro review here).

    If you still have doubts as to what the best service for storing your cryptos is, you can compare the best Bitcoin wallets here.

    What is the Hodly Wallet?

    Hodly wallet is a mobile crypto wallet that combines the features of a typical wallet with those of an exchange platform. Its name gets inspiration from the term hodl, originally a misspelling of ‘hold,’ but currently the unofficial acronym for Hold on for Dear Life. Basically, the term encourages crypto holders not to sell their holdings just yet.

    Hodly is supported by IQ Option, one of Europe’s largest options and CFD brokers, founded in 2013. The wallet offers services such as buying, selling, sending, receiving and storing (hodling) digital currencies.

    Hodly wallet compatibility

    Hodly is compatible with:

    • Android
    • iOS

    What wallet type is Hodly?

    • Mobile wallet
    • Online wallet
    • 80% cold storage

    What cryptocurrencies does the Hodly wallet support?

    • Bitcoin
    • Ethereum
    • Bitcoin Cash
    • Ripple
    • Neo
    • OmiseGo
    • Qtum
    • TRON
    • ZCash
    • Bitcoin Gold
    • Dash
    • Ethereum Classic
    • Litecoin
    • NEM

    What fees does Hodly wallet have?

    The Hodly official site does not disclose transaction fees. However, if you reach out to customer support, they immediately respond with the information you require. Below, we have listed down some of the fees you may have to pay for using various services on the wallet:

     

    Service Fee
    Deposits No fees
    Buying cryptocurrency 4.9% commission
    Withdrawals Fees vary according to the cryptocurrency in question
    Trading crypto 2.5% fee
    Transacting Network fees (miner fees which vary from network to network)

    How to open your Hodly Wallet account

    Now that we have gone through the basics, it is time to learn how to open Hodly wallet:

    Step 1: Go to the official Hodly site and download the wallet app on your smartphone and install it

    Step 2: Launch the app and tap “Create Your Wallet” which will prompt you to enter your email address and password.

    If you already have an IQ Option account, you can use it to log in to https://www.coinbureau.com/out/hodlywallet.

    Either of the above two processes will automatically create your new Hodly wallet and you can now start buying, selling and receiving coins. However, to withdraw funds from the account, you need to go through a verification process.

    Step 3: Verify your account using one form of identification.

    To do so, click on to get started and proceed to your profile page where you will fill in various details and then upload an image of your ID.

    Step 4: The process takes about 15-20 minutes using automated software from Net Verify

    Once you complete the verification step, your wallet is ready to use. That is how to open a wallet on Hodly; let us now find out how to add cryptocurrency to Hodly wallet.

    How do I add cryptocurrencies to Hodly Wallet?

    To add cryptocurrencies to Hodly wallet, you can buy them directly from the platform:

    Step 1: On your dashboard, select the cryptocurrency you want to buy.

    For illustration purposes, let’s click on Bitcoin on the left side of the screen

    Step 2: You can either choose one of the pre-set amounts or enter a custom figure and then select the payment method, either your Visa or Mastercard

    How to send payments on Hodly wallet?

    Let us now find out how to send payments on Hodly wallet:

    Step 1: Select “Send” on your dashboard

    Step 2: Enter the recipients address

    Step 3: Enter the amount you want to send

    Step 4: Confirm that all details are correct

    Step 5: Hit “Send”

    Note that the process on how to transfer Bitcoin to Hodly wallet is the same as how to transfer Ethereum to Hodly wallet and how to transfer Ripple to Hodly wallet since the wallet supports all of them.

    How do I receive payments on Hodly wallet?

    To receive payments on Hodly:

    Step 1: Once again click on “Bitcoin” and then select “Receive Bitcoin” to get your Hodly wallet address

    Step 2: Click on the address to copy it and then send it to the person who wants to transfer Bitcoins to your wallet

    Step 3: Wait for the amount to reflect in your account

    How safe is Hodly Wallet?

    Related image

    A number of Holdy safety features work together to assist in keeping user funds safe and sound. They include:

    Two-Factor Authentication (2FA)

    2FA is a security measure that allows you to link your wallet to your smartphone. With this connection in place, every log-in attempt on your wallet sends a security code to the phone. You can only successfully gain access to the wallet by entering this code for manual verification.

    80% Cold Storage

    Though Hodly is an online wallet, it stores a majority of user funds (80%) offline. This makes the funds inaccessible in case of a server hack or other malicious act.

    Internal Security

    The service provider claims to restrict access to sensitive information to few, vetted staff members. Furthermore, access to customer data is logged and also monitored.

    IQ Option Backing

    One of the top challenges in the crypto world is the risk of dealing with a dishonest counterparty. Hodly offers some level of trustworthiness due to the fact that it has the backing of IQ Option. IQ Option is a reputable forex and binary options broker, regulated by the Cyprus Securities and Exchange Commission (CySEC). While this does not make Hodly a regulated entity, it offers a measure of trustworthiness.

    Hodly wallet places significant emphasis on security, as you can tell from the above features. However, it is not the safest option available since it is not a regulated wallet. In this regard, eToro stands out as one of the few full regulated crypto wallets and platforms.

    eToro is regulated by the Cyprus Securites and Exchange (CySEC), just like IQ Option. But above and beyond CySEC, it is also regulated by:

    • Financial Conduct Authority (FCA) in the UK
    • Markets in Financial Instruments Directive (MiFID) in Europe
    • Australian Securities and Investments Commission (ASIC) in Autralia
    • Financial Crimes Enforcement Network (FinCEN) in the US

    Hodly Wallet Pros and Cons

    Pros:

    • Simple and intuitive user interface
    • Supports multiple fiat currencies and payment services including Skrill, Webmoney, Netteler and even credit card
    • Supports a growing list of coins
    • Low minimum transaction ($10)
    • Backed by reputable, regulated entity, IQ Option

    Cons:

    • Though it is backed by a regulated body, IQ Option, it is not a regulated wallet
    • Not suitable for crypto trading
    • Fee system not transparent
    • Still a relatively new project, yet to prove itself
    • High commission of 4.9% charged for buying crypto
    • Hodly is the custodian of all user information including private key Hodly wallet which poses a security risk

    Hodly Wallet vs. other wallets – how does it compare?

    eToro Commits To Better Future Growth with Delta AcquisitionHodly wallet vs. eToro

    • Intuitiveness and compatibility with new users

    Hodly wallet is certainly a good option and there is little doubt about that. However, we do consider it to be a wallet that is more suitable for more advanced traders. eToro is most likely a better option for newbies because it offers a very intuitive interface and it is very simple to set up with very little guiding needed.

    • Level of security

    Both Hodly and eToro have quite good security measures in place to make sure that the funds of customers are not put at risk. However, overall, we believe that eToro can be trusted more because it is a regulated platform and has to abide by stricter rules than Hodly.

    Hodly wallet vs. Infinito

    • Security

    Hodly’s security features are quite limited as compared to Infinito. It uses Hierarchical Deterministic algorithms to generate a new wallet address for ever transaction. This makes it hard to track the financial activities associated with your wallet. It also incorporates touch and face ID and a passphrase and also gives users full control of private keys.

    • Coin Storage

    Infinito is a hot wallet unlike Hodly which offers 80% cold storage for user funds. Therefore, the former is more vulnerable to malicious attacks and potential loss of user funds than the latter.

    Hodly wallet vs. Coinomi

    • Anonymity

    Hodly does not have any anonymity features unlike Coinomi which masks IP addresses. As such, the latter makes it difficult to track transactions to your wallet.

    • Coins Support

    Hodly has an advantage over Coinomi in the sense that it supports some fiat currencies and major digital currencies. However, when it comes to the range of cryptos supported, Coinomi has the upper hand.

    Conclusion

    Among the coins analyzed above, eToro is clearly better than the rest. While each of them has strengths and weaknesses, eToro emerges a clear winner due to the aspect of regulatory compliance. One of the biggest hurdles hampering crypto adoption is the lack of regulations which makes it a risky industry to invest in. However, when a service provider such as eToro voluntarily seeks compliance, this enhances user confidence. It also necessitates that the provider adheres to stringent measures to keep user funds secure.

    Top-rated crypto platform for 2020

    OUR RATING

    eToro Commits To Better Future Growth with Delta Acquisition
    • 15+ coins supported
    • CySEC and FCA regulated
    • Buy, sell and trade crypto in 1 platform
    • Over 6 million users worldwide
    eToro Commits To Better Future Growth with Delta Acquisition
    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

    FAQs

    Where can I download Hodly Wallet?

    You can download Hodly wallet on Apple AppStore for an iOS device or Google Play Store for an Android device.

    My Hodly wallet froze; what should I do?

    Delete the app from your smartphone, download it afresh and sign in to your account to access the wallet.

    How do I reset my Hodly password?

    To reset your Hodly password, click Forgot Password and you will get a prompt to enter your email address. Once you do that, you will get a verification code on email, which when you enter, will prompt you to set a new password.

    Which fiat currencies does Hodly wallet support?

    Hodly wallet supports the following fiat currencies: • US dollar (USD) • Euro (EUR) • British Pound Sterling (GBP) • Russian Ruble (RUB)

    What is the minimum transaction amount on Hodly wallet?

    You can make transactions from as low as $10 on Hodly wallet.

    How does Hodly offer cold storage for user funds?

    When you create an account on the platform, your information gets encrypted and sent to an offline location. The system then makes backup copies of data and stores it on paper wallet and hard drives. Hard copy backups are then stored in bank vaults across multiple secret locations.

    Does Hodly have any protection against credit card data theft?

    Yes. The platform uses Secure Socket Layer (SSL) technology to facilitate secure communication. Additionally, it uses advanced PCI DSS for credit card payments. All communications are also encrypted.

    Can I deposit or withdraw fiat funds directly into Hodly from a fiat wallet?

    Yes. To do so, tap on the currency you want to deposit and then tap Deposit or Withdraw. Note that if you made a deposit using your credit/debit card, you can only withdraw the same amount back to the card. You will have to withdraw any other fiat money into your e-wallet.

    Remember, all trading carries risk. Past performance is no guarantee of future results.
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    Janica Sherine is an expert writer who specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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