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Hodly – Cryptocurrency Wallet Review

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Hodly is a cryptocurrency platform as well as a cryptocurrency wallet that is owned by the leading CFDs broker called IQOption. IQOption focuses on making it easy for any beginner cryptocurrency investors to enter the cryptocurrency market by providing them with a One Stop platform. Full review
Deposits and Withdrawals
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Review of Hodly
Broker rating: 4.5 / 5

1. About Hodly Cryptocurrency Wallet

Not only can you trade popular cryptocurrencies such as Bitcoin or Ethereum, Hodly’s platform also comes with an integrated wallet that allows you to store your precious cryptocurrency investment securely. As part of their in house security measures, Hodly stores the bulk of your cryptocurrency portfolio in cold storage. In other words, your investment is secured offline.

2. Opening the Hodly wallet

To open your Hodly wallet, first click on “Sign up” at the top right hand corner of the homepage. Once you have clicked on it, you will be taken to the sign up page. Fill in the required fields and click on the “Get Started” button to complete the wallet opening process.

Hodly wallet comes in 2 versions, basic and verified. With the unverified version, you are permitted to buy, sell and receive deposits. However if you want to make any withdrawals, you will need to verify your identity. Verification is a simple process. You are only required to submit a photo ID and Hodly will have it verified within 15 minutes.

3. Hodly Wallet Features

With your Hodly wallet, you can store and trade in several major types of cryptocurrencies. At present the list of supported cryptocurrencies includes: Bitcoin, Bitcoin Cash, Bitcoin Gold, DASH, EOS, Ethereum, Ethereum Classic, Litecoin, OmiseGo, Qtum, Qtum, Ripple, TRON, ZCash.

Apart from supporting a wide range of cryptocurrencies, what make Hodly different from other cryptocurrency wallets, are the numerous features offered by Hodly. With the Hodly wallet, you can deposit or withdraw funds quickly without any hassles. The security of the wallet is also ironclad as the servers used by Hodly are encrypted and secured with strong encryption keys. The account opening process is also quick and easy with verification is only required when you wish to make a withdrawal. To verify your account, you are merely required to submit your ID. Hodly also makes it cost effective for you to transfer funds between other Hodly users as they do not charge any transfer charges for in-house transfer.

The Hodly wallet also contains several tools which puts it into a league of its own. It comes with a price explorer that supports price charts. This will enable you to monitor prices and the market capitalization level of each cryptocurrency supported by Hodly. However what is truly unique about the Hodly’s wallet is its support for coin forking scenarios. Apart from being available as an app for Android or iOS, the wallet also supports a chat room to enable you to interact with other Hodly wallet users.

With your Hodly wallet, you can also easily make purchases in cryptocurrencies using just your credit card. There is no requirement for you to exchange fiat currencies for other cryptocurrencies first in order to make payments with your crypto investments. All cryptocurrencies supported by IQ Option can be purchased directly with your credit card. With its multi cryptocurrency support, the Hodly wallet also enables you to have a diverse cryptocurrency portfolio without having to keep different wallets for different crypto coins. In order words, it helps to make management of your cryptocurrency investments easier. In addition, it also allows you to monitor key developments in the cryptocurrency markets with the data feeds provided by the wallet.

4. Commissions / Transaction Fees

In terms of transaction fees, Hodly does not provide any information on the fees that they charge when you make a deposit or make a withdrawal. Nevertheless as mentioned earlier, there is no fee for making a transfer with other Hodly wallet holders. As for transaction fees, the fee charged is a flat 2.9% each way.

5. Wallet And Security

While Hodly may be a newcomer to the industry, it has one distinct advantage over the older players in the industry in terms of access to the latest technology developed. In addition, it is also has the unique opportunity to learn from the weakness and failure of Hodly’s competitors. For example, more than 80% of the cryptocurrency holdings are kept offline to protect from any online threats. Clients’ sensitive data on Hodly are also kept safe on fully encrypted servers. On a personal level, your wallet is protected with 2 steps authentication ensuring that only you have access to your Hodly wallet.

The Hodly wallet was launched earlier this year to complement the cryptocurrency offerings by IQ Option. Mobile friendly, the wallet offers several key benefits to those who wish to invest in cryptocurrencies. The first of these benefits are safety. Your cryptocurrencies are protected by two levels of verification. As mentioned earlier, Hodly stores its clients’ cryptocurrency holdings offline in cold storage hence making it impossible for hackers to access. The second level of protection offered by Hodly is the fact that you require a personal password and pin number to make any withdrawals.

6. Customer Support

Compared to what most wallets in the industry are offering today, the support service at Hodly is available 24 hours a day 7 days a week. You can easily contact the support team through live chat. Most of Hodly’s competitors only offer support through their FAQ or email. Often times, you have to wait for days before you can get any response.

7. Should I use Hodly wallet?

The features that Hodly is offering to its users are ground breaking. It has none of the weaknesses that traditional crypto wallets have. For example, It is the only wallet in the industry that offers support for coin fork. In addition, it is also the only wallet in the industry that offers 24/7 customer support through live chat. Other features such as support for a wide range cryptocurrencies and integrated ability to trade from the wallet makes Hodly a prime choice if you are looking to open a cryptocurrency wallet.

If you are a beginner cryptocurrency investor, it is important to note that the cryptocurrency market is a very volatile market. While we have seen a huge increase in prices over the past two years, you should remember that your cryptocurrency investment is subjected to price swings on both ends. By having the ability to link your credit card to your Hodly wallet, you can easily convert your crypto investments to fiat currencies and hence protect yourself to a certain extent from the volatility in the markets. Of course, this does not mean that you should invest more than what you can afford to lose, as this cardinal rule of investing still applies.

As an application offered by IQ Option, the Hodly wallet is trusted since its parent company is a regulated entity under the Cyprus Securities Exchange Commission (CySEC). In other words, there is no worry on your part that this wallet will close down without any prior notice like some of the cryptocurrency wallets that we find on the internet. The IQ Option brand is an established and trusted brand in the online investing community. So whether you are looking to buy or sale or even hold cryptocurrencies, you know you can keep your crypto investments securely with your Hodly wallet.

Finally, the fact that your Hodly wallet can be tied to your credit or debit card means that you no longer have to deal with the hassles and complications of having to deal with dubious cryptocurrency exchanges and open multiple cryptocurrency wallets to accommodate different types of cryptocurrencies.

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