Hodl Hodl: Tutorial on the anonymous and KYC-free P2P platform

Hodl Hodl is a peer-to-peer (P2P) exchange platform that allows users to buy and sell Bitcoin (BTC) directly with each other. Unlike centralized exchanges, Hodl Hodl does not hold user funds. This partly explains why it is recommended to buy bitcoin in P2P rather than on an exchange.

The platform is accessible via a simple web browser and offers an accessible interface, even for beginners.

Discover the world of Hodl in this article, examining its characteristics, advantages, disadvantages and costs.

At the time of writing this article, the platform Agoradesk closed its doors, unfortunately. It was a P2P platform very well known in the ecosystem. This then gives an additional opportunity to discover HodlHodl if you don't know it yet.

How to register on Hodl Hodl?

If you want to use Hodl Hodl, you must first create an account. Registering on the P2P platform is quite simple. Here are the steps to follow:

1. Visit the Hodl Hodl website.
2. Click on the “Register” button which you will find in the upper right corner of the home page.
3. Enter your information: You will need to provide your email address, a password, and a username. Make sure you choose a strong and secure password.
4. Check your email address: Hodl Hodl will send you a confirmation email. Click the link in the email to verify your email address.
5. Complete your profile: Once your email address is verified, you will be prompted to complete your profile. You will need to provide information such as your full name, address and telephone number.
6. Deposit funds: You can do this by sending Bitcoin or other cryptocurrencies to your Hodl Hodl wallet address.
7. You're ready to go: Once you have completed all the steps above, you can start buying and selling cryptocurrencies on Hodl Hodl.

How to buy Bitcoin on Hodl Hodl:

Hodl Hodl is one of the easiest platforms to use for buying Bitcoin. To buy BTC there:

1. Create a Hodl Hodl account.
2. Select “Buy Bitcoin”.
3. Enter the amount of Bitcoin you wish to purchase.
4. Select your payment method. Hodl Hodl supports a variety of payment methods, including bank transfers, PayPal and credit cards.
5. Choose an offer. You will see a list of offers from Bitcoin sellers. Select the offer that suits you best based on price, payment method and seller reputation.
6. Open an escrow. Once you have chosen an offer, you will need to open escrow. This means that you will deposit the funds you wish to purchase Bitcoin with Hodl Hodl. Hodl Hodl will then hold the funds until the Bitcoin is delivered to your wallet.
7. Send payment to seller. Once escrow is opened, you will receive payment instructions from the seller. Send payment to the seller according to the instructions.
8. Receive the Bitcoin. As soon as the seller received the payment, he will release the Bitcoin to your Hodl Hodl wallet. You can then withdraw the Bitcoin to your own Bitcoin wallet.

Available deposit and withdrawal methods

Hodl Hodl stands out from its competitors with the incredible diversity of its deposit and withdrawal options. From standard payment processors to cryptocurrencies, Hodl Hodl has something for all your needs.

Classic options ranging from transfer to cash purchase.

If you're looking for traditional deposit and withdrawal methods, Hodl Hodl offers you a wide choice, with payment processors such as PayPal, SEPA and SWIFT. You can also use your credit or debit card to make transactions.

With over 370 different deposit and withdrawal methods available, Hodl Hodl offers the widest choice of any exchange we tested. This means you're almost certain to find a method that works for you, whatever your preference.

Hodl Fees Hodl: Transparency and Simplicity

No more hidden fees and complex pricing structures! Hodl Hodl sets itself apart from its peers by offering clear pricing and affordable.

Standard trading fees: 0,5%

This rate applies to all registered users on Hodl Hodl who carry out transactions. This is a competitive rate in the P2P bitcoin exchange landscape, and it is designed to provide affordable market access to all users.

Trading fees reduced to 0,45%

A reduced trading rate of 0,45% is available for two categories of users:

• Referrals registered on Hodl Hodl with a referral code: If you have been invited to join Hodl Hodl by an existing user, you will automatically benefit from this reduced trading fee as long as you use the referral code when registering.
• Users who have referred at least one active trader: If you have successfully referred another user who is actively trading on the platform, you also become eligible for this reduced trading fee.

How to get lower trading fees?

To benefit from the reduced trading fees of 0,45%, you need to follow these simple steps:

• Create a Hodl Hodl account if you don't already have one;
• Get a referral code from an existing Hodl Hodl user;
• Enter the referral code when registering at Hodl Hodl and enjoy the discount.

How Hodl Hodl’s lending service works

To lend cryptocurrencies on Hodl Hodl, users must create a loan contract. That's what we call "lending" in English. This contract specifies the amount in bitcoin to lend, the interest rate and the duration of the lending. Once the contract is created, users can search for borrowers who match their criteria.

However, to borrow cryptocurrencies on Hodl Hodl, users must post cryptocurrency collateral. The collateral must be worth more than the loan amount. Once collateral is posted, users can search for lenders that match their criteria.

As soon as a lender and a borrower are found, a Smart contract multisig is created to facilitate the transaction. The smart contract ensures that the lender's funds are safe and will only be released when the borrower has repaid the loan.

How does Hodl Hodl guarantee the security of transactions?

Hodl Hodl uses an escrow system to guarantee the security of transactions. This means that the funds are held in a secure account until both parties, the buyer and the seller, are satisfied with the transaction. This is how the Hodl Hodl escrow works:

1. Three-key contract : First, a smart contract is created with three keys: one for the buyer, one for the seller and one for Hodl Hodl. For funds to be released from escrow, two of these three keys must be signed.
2. Theft protection : Next, this setup prevents the buyer or seller from stealing the funds because they cannot sign the transaction alone. Only Hodl Hodl can approve the release of funds, ensuring the security of each party's funds.
3. Dispute Resolution : Finally, in the event of a dispute, Hodl Hodl will examine the situation and decide in favor of the party deemed injured. The corresponding key will be used to release the funds to the buyer or seller accordingly.

Additionally, Hodl Hodl implements additional security measures to protect user funds. This is because each user has a payment password that encrypts their deposit key pair. This means that even if a hacker gains access to an account, they cannot withdraw the funds without the payment password.

On top of that, enabling 2FA adds an extra layer of security by requiring an additional code when logging in or withdrawing funds.

What are trusted devices on Hodl Hodl?

Trusted devices on Hodl Hodl are an extra layer of security to protect your account. When enabled, this feature allows you to restrict logins to your account only to devices that you have previously approved. This means that even if someone obtains your login credentials, they will not be able to log into your account from an unknown device.

How does the trusted devices feature work?

When you enable trusted devices, you must add each device you want to use to sign in to your account. To do this, you will receive a confirmation email containing a link that you must click to approve the device. Once a device is approved, you will be able to connect to it without having to enter an additional verification code.

How do I enable trusted devices?

To enable trusted devices, follow these steps:

• Log in to your Hodl Hodl account;
• Go to the “Profile” tab in your “Profile Settings”;
• Check the “Trusted devices only” box;
• Click the “Save” button.

How do I add a new trusted device?

To add a new trusted device, follow these steps:

• Log in to your Hodl Hodl account from the device you want to approve;
• Go to the “Profile” tab in your “Profile Settings”;
• Click on the “Add a new trusted device” button;
• Follow the on-screen instructions to confirm the device.

What should I do if I lose my trusted device?

If you lose a trusted device, you should remove it from your account as soon as possible. To do this, follow these steps:

• Log in to your Hodl Hodl account from another device;
• Go to the “Profile” tab in your “Profile Settings”;
• Click on the “Manage trusted devices” link;
• Find the device you want to remove and click the “Remove” button.

The advantages and disadvantages of Hodl Hodl

Hodl Hodl stands out from other cryptocurrency exchanges in several key ways, but it also has limitations to consider.

Benefits

What Hodl offers best Hodl includes the following parameters:

• P2P platform : Exchanges take place directly between users, without an intermediary, minimizing risks;
• Low transaction fees : absence of tedious transaction fees to pay;
• No security deposit : Unlike other platforms, Hodl Hodl does not require any deposit to buy Bitcoin;
• Simple interface : The website is intuitive and easy to navigate, even for beginners;
• Wide choice of payment methods : Hodl Hodl supports a multitude of currencies and payment methods, adapting to your needs.

The inconvenients

As for the disadvantages, we can mention:

• Email requirement : Creating an account requires an email address, which may deter some privacy-conscious users; However, it is recommended to use a new email address, to which you have not linked your identity, for example.
• Non-open-source code : The back-end source code is not accessible, which limits transparency and user verification;
• No mobile/desktop apps : Currently access is only via the website, which may limit flexibility for some users. There is no dedicated app at the moment.

Our final opinion

If you are looking for a quick and convenient way to buy or sell Bitcoin, Hodl Hodl is the ideal platform for you. It connects buyers and sellers directly with each other, thus facilitating rapid transactions without intermediaries.

In addition, with its integrated lending/borrowing service, it offers you an all-in-one solution to manage your Bitcoin needs.

At the time of writing this article, the platform Agoradesk closed its doors, unfortunately. This then gives an additional opportunity to discover HodlHodl if you don't know it yet.

See also:

• Here are 5 reasons to prefer buying bitcoin P2P rather than on an exchange
• Our opinion on Noones

Disclaimer: This does not constitute financial advice. We may use referral links to sites we review.