Hodl Hodl, the bitcoin trading platform allows trade without asking for regulatory compliance protocols such as KYC or Know-Your-Customer verification. The beta version of the peer-to-peer cryptocurrency exchange was launched in February 2018.
This week, it has been observed that many bitcoin traders are looking for decentralized exchanges that don’t require the KYC verification all over the internet. This is where Hodl Hodl brings its multi-signature escrow system providing a predetermined trading time for both participants.
Hodl Hodl is still in beta version, offering only two cryptocurrencies presently that is an available trade: BTC and LTC. According to the creators of the platform, it is to come out of beta within this summer and is to offer more features.
Similar to Bitquick and Localbitcoins, Hodl Hodl allows deals between sellers and buyers. It as well offers many payment options like credit cards, Skrill, Alipay, Western Union, Moneygram, Venmo, etc.
For selling BTC or LTC via Hodl Hodl, the user needs to fill out trade requirements like location, amount of sales, payment window and payment type. As for buyers, they can choose cryptocurrency trades and specific requirements that look beneficial.
Since it’s still in beta, users will be able to experiment with Hodl Hodl testnet exchange in the first instance. After being revealed of beta, the exchange will charge a maximum of 0.6% per trade. Presently and till July 2018, it is waiving fees for users.
According to the company, they do not hold funds. They are providing traders with secure multi-signature (P2SH) contracts. Additionally, users get to control the funds in escrow.
Furthermore, users will get two-factor authentication (2FA) along with a dispute resolution system. Hodl Hodl maintains a trader review and reputation system, the rating process of which ensures the trustworthiness of counterparties among other traders.
It shows whether he is fulfilling his obligations to other parties, whether he makes the payment fast, and whether he is responsive. The Rating system is a useful tool for traders — it is information about how the trader behaved in the past and a reason/incentive to continue to act properly in the future. – Hodl Hodl
Now, the platform has users selling BTC in different increments up to $10,000. Although, some of them have caps within $300-1,500. This is because of its present beta mode that does not have much action and volume. The development team states that more cryptocurrencies and improvement of the mobile interface are coming in the future.
Stay with us to receive more updates from the bitcoin market.
Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.