Hodly is a new platform with a mobile wallet for storing, buying, and selling major cryptocurrencies, it’s one of the latest ways you can complete fiat purchases of cryptocurrency using your bank’s debit or credit cards. Hodly was created by the IQ Option team and is aiming to be a competitor of Coinbase, another easy to use app for purchasing cryptos with fiat currencies.
The wallet is designed to be simple to use and because it is also a mobile application, users can have it with them at any time. The wallet provides an intuitive method of buying cryptocurrency with your method of choice as well as the ability to securely store cryptos. Because it supports all the major coins, most Hodly Wallet users will only need this single wallet for all their cryptocurrencies.
Hodly Account Creation
- 1 Hodly Account Creation
- 2 How to Buy Cryptocurrency with Hodly
- 3 Sending & Receiving
- 4 Other Features
- 5 Hodly Chat
- 6 What Devices Does Hodly Support?
- 7 Hodly Fees
- 8 Hodly Customer Support
- 9 Is Hodly Safe?
- 10 Conclusion
- 11 Hodly
- 12 Pros
- 13 Cons
You can easily sign up for Hodly via the website or the application, the process is quick and simple and you will have access to your account in seconds.
Most of the functions do not require verification. With a Basic account, you can buy, sell, and receive cryptocurrencies. Verification is required for sending or withdrawing funds, but the process is incredibly simple. You just upload an image of your ID, and your account will typically be verified within about 15 minutes.
When you log into your Hodly Wallet account, you will see an easy-to-read summary. It includes the value of your entire portfolio in fiat currency as well as divisions for fiat and cryptocurrencies, divided into “Accounts” and “Crypto Wallets.” In the case of the crypto wallets, the platform displays the quantity of each coin as well as its equivalent in fiat currency and recent change.
How to Buy Cryptocurrency with Hodly
One of the most convenient things about the Hodly Wallet is the ability to purchase cryptocurrency via your chosen bank card. The wallet supports both Mastercard and Visa. Alternatively, you can purchase cryptocurrency with your account balance. To make the process go by smoothly, buying crypto can be as simple as selecting the cryptocurrency you wish to purchase then selecting a preset amount, such as $100 or $200. If you prefer, you can also choose a custom amount to buy exactly as much as you wish.
Sending & Receiving
Sending and receiving cryptocurrency via Hodly Wallet is straightforward. Transfers between two Hodly users are always free, letting you keep your hard-earned crypto. Just select the currency and click either “Buy” or “Sell.” You will see your transaction history regarding this currency, as well as the current price of the crypto in question.
In addition to basic functions of storing, selling, buying, sending, and receiving cryptocurrency, Hodly has support for forks. This means that you can hold onto your favorite coin (or HODL it) and then benefit from the planned fork. It also includes an “Ultimate Explorer” with all the charts, market caps, price changes, and other data you need in a single place for easy purchase or sales decisions.
Those who plan to use Hodly Wallet to trade cryptocurrencies on a regular basis or with specific investment goals in mind will appreciate the newsfeed, which displays crucial information regarding upcoming announcements and the latest events. This can let users stay up to date on cryptocurrency news, so they do not miss out on an event that impacts the value of the cryptos they hold or want to buy.
While most cryptocurrency wallets are simply for storing and using your cryptocoins, Hodly Wallet also includes some social features, such as the chat function. This chat is within the application itself, so there is no need to waste space on your phone by downloading an additional app. Using the chat, you can talk to others on the platform any time of the day about specific cryptocurrencies. The chat feature is also your key to accessing the Hodly Wallet’s 24/7 customer support.
What Devices Does Hodly Support?
Those who want a larger view can use the Hodly Wallet via its website. Just visit the homepage and sign in to access the features. Most users will want to download the Android or iOS application, which also have full functionality. This means that you can use Hodly to buy or sell cryptocurrency using your bank card or send and receive tokens. Use the plication to check the relevant information for your chosen cryptocurrency, including the market cap, 24-hour changes, and price history.
I couldn’t find any information about the fees that Hodly charges which is a little disconcerting so I contacted customer support via the chat box who didn’t respond.
To try and find out what the fees are, I added a test transaction of £10. In the popup box to confirm payment, the fee does get listed as 4.9%. The app says would give me 0.015339 BTC, at the time of writing I should have been able to get 0.0164010 BTC so really Hodly is charging a fee of 0.001062 BTC which is £6.47 roughly so the fee is around 6.5% which is quite high. For example, Coinbase in the UK charges 3.99% for instant card purchases.
Hodly Customer Support
Support on Hodly is provided by the chat box, accessed with the icon in the bottom right hand corner of the site. You can send your query there as a message, unfortunately when I tried it I got the message:
Dear trader, at the moment all the specialists are busy. Please write your question in details and it will be replied as soon as possible.It is temporary inconvenience. We truly appreciate your understanding.
Customer reviews online with the app receiving 4 out of 5 with 276 reviews on the Android app store.
Is Hodly Safe?
To keep your funds and personal information secure at all times, Hodly Wallet uses two-step verification, as well as cold storage. To protect information from the start, Hodly Wallet transfers sensitive information to a secure storage facility that is not connected to the internet. Then, the data undergoes encryption before the system makes backup copies of the encrypted data on paper and flash drives. The copies, as well as the originals, are distributed across multiple bank vaults in several countries, providing further protection against hackers, as well as major issues, such as natural disasters.
To prevent unauthorized access to your account, Hodly Wallet strongly encourages users to enable two-factor authentication (2-FA). With this feature enabled, you must use a code delivered to your cellphone to log into your account, in addition to your password and username.
To protect your money and information during the processing of payments, particularly those using a Visa or Mastercard, Hodly Wallet has multiple security measures in place. The platform and website use the SSL (Secure Sockets Layer) protocol, which is considered the golden standard of the internet for protecting information online. The wallet also utilizes PCI DSS, the world-class security standard used for the acceptance, processing, and storage of bank card information. Finally, payments use AES-256, the most advanced encryption standard to ensure your sensitive data remains impenetrable.
To round out the security features, Hodly Wallet has strict restrictions on access to sensitive information for staff. Additionally, it monitors and logs all access to the data of customers.
Hodly Wallet has support for the most popular cryptocurrencies and goes above and beyond other wallets by making it possible to send or receive crypto or to buy and sell it. The ability to purchase cryptocurrencies using a bank card is particularly useful since this makes it easier for more people to get into the world of cryptocurrency. The choice of an online wallet or the apps for Android and iOS also makes Hodly Wallet very accessible to all users.
The desktop and mobile apps are well designed and easy to use, the interface feels very fresh and modern so beginners should have no trouble at all using it.
Fees are higher than Coinbase, but Hodly has a larger amount of cryptocurrencies available to buy with Fiat. With that in mind, if you are looking to purchase ETH, LTC, BTC or BCH you would be best using Coinbase. If you need to buy XRP, ETC, BTG, ZEC, OMG, NEO, OTN, XLM or TRX with Fiat then Hodly is the better choice.
IQ Option are a large and well established company with huge revenues so it’s no surprise this is a well made crypto offering, we recommend you take a look if you would like to purchase additional cryptocurrencies with your bank card that are not available on Coinbase. If you are comfortable using traditional exchanges though, it would make sense to purchase Ethereum or Bitcoin via Coinbase and then trade for your required currency on another exchange.