There is hardly a small investor who hasn’t heard of the crypto currencies in recent years and months. It is indeed difficult to get past these alternative currencies, after all a merciless hype has developed around cryptos. More and more people are deciding to actively enter the trade and trade crypto currencies online. Here Hodly comes into play, because the provider describes himself as “the best choice to buy and hold crypto currencies” – but is that really so? In the following we have dealt with the Plattfirm once in detail and listed all our Hodly experiences in the test report.
For each investor it is naturally important to be able to rely with the plant on a safe framework. After all, it is not easy to entrust foreign persons or companies with one’s own money. Besides in the last years again and again some black sheep ensured that the entire industry of the Finanzdienstleister got easily into disrepute. At Hodly, however, this danger is not imminent. The provider uses several security blockades on his website and also optimally secures the trade with the mobile app. The offer is also backed by the large broker IQ Option, which is equipped with a license from the Cypriot financial supervisory authority CySec. Thus there is no doubt that Hodly fraud can be excluded.
Overview of our Hodly experiences
The Hodly website makes a very tidy impression at first glance and scores above all with a clear design. However, at first glance it is a bit difficult for the viewers to get information about the offer. On closer inspection, however, the portfolio and offer as a whole are described very well. Traders can trade around 15 crypto currencies, including only well-known major coins. Trading is not only possible on the computer, but is also made available in a mobile app. A reliable platform is available for trading, which can be used without prior download.
The broker’s mobile portfolio is also strong and offers the full range of functions of the regular offer. The investments can also be placed in different ways. Payment options include Skrill, Neteller and credit cards. Somewhat a pity, however, is that contact with customer support is only available to logged in traders. This is of course not optimal, as new customers cannot contact support if they have questions before opening an account.
Hodly Check: Fraud or not?
There are several good arguments for excluding Hodly fraud. The broker works as a brand of IQ Option, so that one of the biggest online brokers hides behind the offer. IQ Option is equipped with a license of the Cypriot CySec and therefore offers security in all respects. The broker is continuously monitored and must always comply with legal requirements. In this respect: Here there is definitely no danger on the part of the provider. It is also good to know that the broker even checks his own employees and can, for example, trace exactly when an employee accessed the customer data.
Without the CySec regulation, Hodly provides protection with two-factor authentication and multiple encryption programs. So whenever users enter private data here, it is completely protected and only transmitted in encrypted form. When processing bank card data, a PCI-DSS security standard is used, which is used worldwide to protect this data. By the way: The customer’s money is stored separately from the remaining assets of the company at the provider – offline.
Overview of Hodly’s offer
After the traders have placed their investment with Hodly, they can start trading. Around 15 crypto currencies are available for trading, whereby trading is made possible via PC and mobile app. The download of a software is not necessary for this at least at the PC. Instead, traders simply have to open their own account and can start trading immediately. The trading platform is clearly structured, provides fast access to the markets and does not require any technical malfunctions. Traders can trade Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, TRON, Dash, NEM, Ethereum Classic, Qtum, OmniseGo, ZCash or Bitcoin Gold. An essential focus of the offerer lies besides on the structure of a Community. Using a chat function, traders can contact other traders and find out about new trends or get a few tips, for example. Beyond that in this way also the customer support of the platform can be contacted.
For the trade itself the traders must place an Investment of at least ten euro after our Hodly experiences. The limit is thus low and is also pleasant for newcomers. Helpful tools are offered for the trade, with which Charts and markets can be analyzed. It is important to note the commission, which can reach up to 4.9 percent. This is not necessarily little compared to the competition, but at the same time there are also much more expensive brokers. It is certainly good to know that Hodly, in addition to its function as a trading platform, can also simply be used as a wallet to store currencies. Thanks to the various security precautions, the deposits are very well protected. One more note: Even without verification, it is possible to enter into trading with the cryptos at Hodly. However, the traders must carry out their verification at the latest when credit is to be paid out from the trading account.
Inpayments and outpayments at Hodly
In principle, we can state around the deposits and outpayments that the provider is set up flexibly. Traders can deposit in the classic way with currencies such as the Euro, but can choose between Krytos and FIAT currencies for payouts. According to our Hodly experience, deposits to the trading account are possible with Skrill, Neteller or credit cards, for example. In the cash area of the broker it has to be checked which amount may be invested at least or maximum. In addition, the broker in the checkout area of course also clears up about possible fees. The payments themselves are processed in an uncomplicated manner. Class: The deposits and withdrawals can also be processed via Hodly App – another plus point for flexibility.
As already mentioned, the withdrawals from the trading account are only possible after the traders have gone through a verification. To do this, they must submit a copy of their identity card or other official document, which will then be verified by the broker. If everything is in order, the payout is released. When withdrawing, traders can again choose between different methods. Available are the classic bank transfer, credit cards, Skrill, Neteller and the wallets of the crypto currencies. In terms of diversity, there are therefore no reasons for complaints.
Safety and regulation
Hodly works via its parent company IQ Option with a licence from the Cypriot financial supervisory authority CySec. This is almost equivalent to a knighthood, as the Cypriot authorities enjoy a first-class reputation throughout Europe. There is therefore no doubt that Hodly fraud can be ruled out. The broker is highly reputable and cannot be associated with criminal activities. If this were the case, the Cypriot authorities would withdraw the broker’s licence. In this respect, traders can enter the trade with peace of mind.
All about security, it can also be mentioned that the customer’s money is kept separate from the rest of the company’s money. Since this is done offline, the funds are not vulnerable to hackers, for example. SSL encryption provides traders with further good feelings for the trade. This is also used for online banking and protects all private data of the users. If you want to access your account, you also have to master two-factor authentication and identify yourself in two ways. In short: Hodly ensures in several ways that traders can feel good and secure when trading via the platform.
When looking at customer support, the disadvantage can be described as that it is only available for logged in traders. As a visitor, it is unfortunately not possible to get some information in conversation with the employees. The customer support for the registered traders is reachable around the clock. Employees can be contacted via live chat, which guarantees quick answers to questions. However, it cannot be guaranteed that there will always be a German-speaking advisor available. Nevertheless: The support reliably does its job and can help the traders on a fast way.
A FAQ area is not yet available according to our Hodly Test. Therefore the provider presents information distributed all over the website, which makes a special help area superfluous.
User friendliness of the platform
The operation is easy even for newcomers. Hodly works with a very sorted design which allows traders to quickly navigate through the portfolio. Since no additional software is required, traders do not have to pay attention to specific system requirements or the like. All in all, there should be no problems when trading, especially as the buttons and menus are all clearly labelled. Even without a long start-up time, trading here works right away.
Mobile retail is an important cornerstone of the provider’s business. For this reason, the Hodly App is available in two different versions. In both cases the mobile versions can be used free of charge. Users with an Android or iOS device can download the provider’s app completely free of charge. To do this, simply go to the App Store and download the app. Malfunctions or the like do not occur in the mobile app. Of course, it is important to work with a reliable Internet connection.
The functional range of the mobile offering is identical to that of the regular platform. Traders can therefore not only buy and sell cryptos, but also simply view their wallet or send cryptos and tokens. In addition, the Hodly App can also be used to contact customer support or process transactions. In comparison with other trading apps, Hodly offers a quick-witted portfolio that does not have to hide from any competitor.
Fazit: Modern trading with a versatile platform
This broker is, according to our Hodly experience, a reliable and honest company. In the background is IQ Option, one of the largest brokers on the market, at the same time working with a licence from the Cypriot CySec. Thus it is clear that a Hodly fraud can be excluded. Fortunately, the broker also takes care of data protection and secures the deposits of his traders. The platform works reliably, trading is possible even for newcomers without any problems. In addition, a strong mobile alternative can be built on, which can be used without additional costs. Trading is enormously easy in this way, which is why the Hodly App can be described as a clear plus point. Less convincing is the fact that customer support is only available for logged in traders. So here Hodly should improve a little on his own offer in order to really catch up to the absolute top. The bottom line, however, is that the offer is very successful with its idea of appearing as a wallet and trading platform. Only those, which would like to trade beside cryptos for example also CFDs or other values, are disappointed here.