Hodly Wallet- Review
The cryptocurrency space is undoubtedly becoming one of the most heavily traded financial markets in the world, with numerous cryptocurrency wallets being released regularly, each offering something different to its users. Almost all wallet developers claim their product to be the best in providing anonymity, usability and security. However, this is seldom the case, as there have been many instances of data breaches in the past, which have left crypto wallets largely vulnerable.
Note: New users can no longer sign up for Hodly. All existing accounts, however, will remain active.
Hodly
After exploring the market, there are a few names that are talked about in different crypto communities, one of them is Hodly. The Hodly crypto-wallet, promises safety and security, as well as providing a simple yet professional way of trading cryptocurrencies. In the following article, we will evaluate Hodly’s viability as a safe enough option for storing cryptocurrencies.
Hodly: Company Background Information
The brains behind Hodly are the same team that runs IQ options, one of the most successful and largest Option and CFD brokers currently operating in Europe. Founded in late 2013, IQ Options have exponentially grown as a pioneer in the field of brokerage services within a span of 5 years. Ever since the Cryptocurrency storm started globally, IQ options had expressed their interest to introduce their own proper Cryptocurrency trading, which is not possible with CFD trading. Hence, the concept of Hodly was conceived, a wallet, which is user friendly without compromising on any other important functionalities. The success of Hodly will result in an increase in adoption for cryptocurrencies among the general populous.
Hodly wallet - All in one place
Purchasing Cryptocurrencies Directly With Hodly
Probably the first feature one notices after using the Hodly wallet, is its ease of use as well as other convenient options it offers. For instance, the wallet offers users to purchase cryptos by choosing the bank card of their choice. With both Visa and MasterCard support added to the system, the level of convenience offered by Hodly is unparalleled by any other wallet in the market.
The Hodly team puts extra emphasis on ease of use, as the interface makes it very easy to purchase a particular Cryptocurrency by following a few simple steps. Users have to just select the currency of their choice, followed by selecting a pre-set amount ($100, $200 so on). There is also an option of adding a custom amount. Overall, Hodly impressively balances convenience with functionality without compromising on any level.
Buy and payment
Performing Sending and Receiving Functions
An efficient and reliable sending and receiving protocol should be the priority of any Cryptocurrency wallet, and Hodly certainly delivers in this respect. As compared to similar wallets on the market, Users are provided with a straightforward way to Selling or receiving cryptocurrencies, with transfers between Hodly users being free of cost. The process is as simple as clicking either “Buy” or “Sell”. Hodly also provides additional information, including the entire user’s transaction history, as well as past and present market rates of the coin selected.
Receive Bitcon
Coins Available
As mentioned in Hodly.com, Hodly offers 13 of the most used and popular cryptocurrencies globally along with the recently introduced Open Trading Network Tokens. The coin coverage offered by the Hodly Wallet is comparatively widespread, with Bitcoin, Ethereum, Ripple, Bitcoin Cash, Zcash, OmiseGo, Bitcoin Gold, Ethereum Classic, NEO, OTN, Stellar and Tron. However, some prominent coins have been left for varied reasons, with IOTA, DASH. EOS and Monero among the high profile coins left out.
Coins
To avoid the hassle, users always have the choice of using the wallet as a fiat gateway, and use another exchange to buy the omitted coins.
Understanding OTN Tokens
OTN Tokens are the native tokens of the Open Trading Network, a relatively new addition to the crypto world. The Open Network is a complete decentralised and collateralised exchange with the aim of bridging the gap between two different blockchain networks. For instance, OTN uses smart technology to allow traders to exchange between Ethereum and Bitcoin and acts like a mediator. The OTN tokens are radically different than other ERC20 tokens, as it did not have a crowd sale. Tokens were instead distributed selectively; with IQ option Users receiving airdrops for the same.
Tokens
Network Fees
As far as fees are concerned, the Hodly wallet does not charge anything for transfers between Hodly users. There are also no fees associated when depositing with a credit/debit card. The standard commission rate for buying coins on the platform is 4.9%. While the 4.9% rate may appear high as compared to its competitors on first glance, it is justified when the other benefits are taken into account. Hodly does not charge fees when depositing and withdrawing cryptocurrencies. All that is charged is a network fee which is actually the miner’s fee. Even after taking into account Hodly’s slightly high fees, it still fairs better than Bitstamps’s rate of 5%.
Hard Fork Support
One of the lesser known advantages of the Hodly wallet comes in the form of hard fork support. According to the Hodly team, the wallet supports all future Cryptocurrency forks, which is a stand out feature. Many big exchanges such as Cryptopia do not support all cryptocurrency forks, which is certainly an advantage for Hodly.
Charts and Tools
The Hodly Wallet focuses more on providing a user-friendly UI along with instantaneous trading. So quite naturally, the charts available on the Hodly wallet app are easy to use but basic. Because of the association with IQ Option, it is advised to use their set of tools and charts, which provide a more detailed look on market movements and conditions. However it should be noted that while a user can set the limited and market orders on IQ Option, purchasing cryptocurrency at its current market price is only possible in the wallet.
Level of Security
Data breaches, hack attacks, scams and other fraudulent activities are not uncommon in the cryptocurrency market, and users have to be careful while handling their own cryptocurrency funds. However, providing security is the Hodly team’s priority, with various methods such as cold storage to protect user’s funds.
Methods for protection of user's fund
To eliminate the chances of frauds while making payments via credit/debit, the Hodly team uses Secure Sockets Layer technology to secure the network. They also have advanced PCI DSS protocols in place for handling credit card payments as well as using AES 256 encrypted communications for added security. Account security is ensured by two-factor authentication, which is almost a pre-requisite these days.
Customer Support
Customer support is essential for crypto traders, especially novice traders who can get confused and require technical help. Hodly has an instant chat option visible on its dashboard, with a fully operational customer service team available 24/7. The response time is also quick as compared to other exchange support systems. For a faster process, they use NetVerify algorithms to complete their verification process.
Hodly support
Why the Hodly Wallet is recommended?
As apparent from the prior discussion, Hodly has undoubtedly a lot of benefits for users in 2020. For instance, Hodly App is backed up by a well-known trading house IQ options, it has stringent security protocols in place, and a host of other areas, described below.
- Large Cryptocurrency Offering: The Hodly wallet offers a large range of cryptocurrencies to perform trading functions, as compared to similar wallets and exchanges. Currently, the platform offers 13 high profile cryptocurrencies with plans to include more in the near future. When compared with other well-established brands such as Coinbase, Hodly’s cryptocurrency offerings are much better than Coinbases’ four.
- Responsive customer Service: As mentioned before, Hodly’s customer support service is impressive and looks after the concerns and complaints of the general trading community. Their 24/7 support is better than other exchanges, where the waiting time can be hours.
- High level Security: For a comparatively new entry in the Cryptocurrency market, the Hodly team has gone ahead and created a secure environment for user funds. After taking into account past hacking events such as Bitfinex’s data breach back in 2016, Hodly’s security is up-to-date, effective and fool-proof.
- Cheap and Fast: For most traders, time is crucial and any delay can mean missed trading opportunities. Hodly is competitive when it comes to both fees as well as speed. There are no hidden blockchain fees and provides a smooth and fast, fail-proof system.
Conclusion
After going through the important features - to answer the question whether Hodly.com is a scam or not, it’s safe to say that it is one of the most legitimate and secure wallets out there. As cryptocurrencies, digital assets and blockchain technology is increasingly being embraced by the world, Hodly.com provides an all in one platform which proves effective with the evolving needs of the crypto-community.
Note: New users can no longer sign up for Hodly. All existing accounts, however, will remain active.
