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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.
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:
What wallet type is Hodly?
- Mobile wallet
- Online wallet
- 80% cold storage
What cryptocurrencies does the Hodly wallet support?
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:
|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: Click “Buy Bitcoin”
Step 3: 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?
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.
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, Coinbase stands out as one of the few full regulated crypto wallets and platforms.
Coinbase 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
Hodly Wallet vs. other wallets – how does it compare?
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 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.
Among the coins analyzed above, Coinbase is clearly better than the rest. While each of them has strengths and weaknesses, Coinbase 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 Coinbase voluntarily seeks compliance, this enhances user confidence. It also necessitates that the provider adheres to stringent measures to keep user funds secure.
You can download Hodly wallet on Apple AppStore for an iOS device or Google Play Store for an Android device.
Delete the app from your smartphone, download it afresh and sign in to your account to access the wallet.
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.
Hodly wallet supports the following fiat currencies:
- US dollar (USD)
- Euro (EUR)
- British Pound Sterling (GBP)
- Russian Ruble (RUB)
You can make transactions from as low as $10 on Hodly wallet.
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.
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.
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.