Hodl Hodl has announced the launch of its peer 2 peer cryptocurrency exchange. As of right now, users can sign up, fill in their profile, set up 2fa, create offers, and explore other functionalities. The team has disabled contract creation in order to first form a suitable order book and be sure everything works 100%. The team suspects it shall be enabled by a week from now.
Still operating in beta, the Hodl Hodl testnet version is also available at https://testnet.hodlhodl.com. Those interested can use it with testnet bitcoin and litecoin to get a knack for the trading experience.
The team said that there will be no exchange commission until July 2018 when the exchange plans to come out of beta mode, so 0% fees up until then.
How does Hodl Hodl work?
Hodl Hodl is a P2P cryptocurrency exchange, where all trades occur directly between buyers and sellers, and without a middleman involved. Each time a contract is created between two parties, Hodl Hodl exchange generates a unique multisig escrow cryptocurrency address. The seller sends cryptocurrency from his wallet to this account, and when the cryptocurrency is locked in escrow, the buyer sends fiat to the seller. The seller then releases the locked cryptocurrency from escrow using his payment password, and the buyer receives it in their wallet.
Hodl Hodl key features
Secure: multisig (P2SH) contracts, you control the key to the funds in escrow.
Cheap: low fee — max 0.6% per trade (fees will only be implemented beginning July 2018).
Decentralized: P2P trades without KYC/AML.
Support of native Bech32 Segwit addresses.
P2SH-P2WSH Segwit multisig escrow addresses.
Trade BTC and LTC.
Things Hodl Hodl is currently working on
Lightning Network integration, improved mobile version, optimizing transaction fees, increasing security for users, adding additional cryptocurrencies, integration with wallet providers, support for more languages, and referral program.
Once fees are implemented (beginning July 2018), there will be different exchange fee rates available at Hodl Hodl exchange:
- An exchange fee of 0.6% will be applied to every newly registered user.
- An exchange fee of 0.55% will be applied to referrals that registered on Hodl Hodl.
- An exchange fee of 0.5% will be applied for every user that has passed verification (verification on Hodl Hodl is absolutely on a voluntary basis, and you can trade without any restriction even without passing it).
In the meantime, while testing the exchange or waiting until out of beta mode, Hodl Hodl has prepared video guides on its YouTube channel which includes an overview of the exchange, how to use Hodl Hodl, how to register on the exchange, how to create offers and contracts, and many others.
