A trading cryptocurrency guide must provide reviews of all of the top crypto trading platforms out there, so that you can find the best cryptocurrency exchange site or best cryptocurrency trading platform for you. This review of Hodly consists of four parts: general information, fees, deposit methods and security.
UPDATE 1 May 2020: Hodly has closed down shop. They announced this on their website with the following straight-forward message:
We have moved Hodly to our Exchange Graveyard.
Hodly is a mixture between a typical cryptocurrency exchange and a typical cryptocurrency wallet. This is because you can’t deposit cryptocurrencies (which you normally can with regular cryptocurrency exchanges), but you can view different trading pairs and purchase them from within the platform (which you normally can’t with regular cryptocurrency wallets). You can also send and receive payments within seconds by just scanning a QR-code. This is something you normally can’t do with regular cryptocurrency exchanges. Sending and receiving payments is free between Hodly-users.
The service was created by the same group of people that created IQ Option (an option and CFD broker service).
Another interesing feature is that you don’t need to undergo a complicated verification procedure to get an account with Hodly. As a matter of fact, you can both purchase, sell and receive cryptocurrencies without uploading any personal information. For sending or withdrawing crypto however, you need to go through the verification process. But this apparently only takes around 15 minutes before it is completed.
As this coin exchange is a US-service, you can of course use it as a US-investor. America is in many ways the ruler of cryptocurrency right now. It has a very impressive number of cryptocurrency exchanges and a large part of the everyday cryptocurrency trading occurs on American exchanges or on other exchanges but involving American traders. A few of the cryptocurrency exchanges coming from the USA are Coinbase, Gate.io, Paxful and Bitquick.
Hodly Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the mobile phone trading view at Hodly:
Hodly Trading Fees
When purchasing cryptocurrencies through Hodly’s platform, Hodly charges you a hefty 4.90% trading fee. As the global industry average is arguably around 0.25% (although for crypto-to-crypto trades), Hodly’s fees are roughly 20 times higher than a corresponding trading fee at any of the standard exchanges. Sure, higher fees are somewhat motivated by the fact that Hodly offers a “fiat gateway” into the world of cryptocurrencies. But 20 times higher? We don’t think so.
Hodly Withdrawal Fees
We have not found any information on the withdrawal fees from Hodly. The assumption is however – considering the excessive trading fees – that no withdrawal fees are charged. We urge you however to ascertain for yourself that this is also the case.
At this trading platform, you can deposit fiat currency through your credit or debit card (such as Visa or MasterCard). This is of course very helpful for anyone desiring that alternative. Wire transfers are not possible, neither is deposits of cryptocurrencies.
This particular exchange has a security score of C+, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
As mentioned above, this exchange supports credit card deposits (alone or through the use of any of its associated payment service providers). Other cryptocurrency exchanges that also have this option include: