Is HodlHodl the best anonymous P2P Bitcoin exchange? Well, that’s what I aim to answer through this piece.
If you need a crypto exchange that doesn’t ask for documentation and offers ample security, it may be worth a peek.
Towards the end of this piece, I’ve also shared a few points on how to make yourself 100% anonymous not just on HodlHodl, but any other exchange as well.
Let’s get started then?
What is Hodlhodl?
If you’re in the Crypto space, you must be familiar with the term- Hodl. If you think it’s a typo, you’re still very new.
Anyway, HodlHodl is an anonymous P2P Bitcoin exchange that’s been here for about 7 years now. Yes, I said “Bitcoin” because that’s the only Cryptocurrency it deals with.
The platform connects buyers with sellers. Anyone can buy/sell Cryptocurrencies easily, using normal, everyday payment modes.
The platform simply acts as an escrow. You pay the buyer using one of the 100+ modes available.
- Website: https://hodlhodl.com/
- 100% anonymous no KYC P2P Bitcoin exchange.
- Latvia jurisdiction
- Only Bitcoin supported.
- Dozens of fiat currencies supported.
- 2 of 3 multisig
- Transparent trader profiles
- Fee: 0.3% per trader (buyer & seller both pay individually)
The platform has closed over 50,000 deals so far and has over 100,000+ registered users. This goes to show the
Is HodlHodl an Anonymous P2P Crypto Exchange?
Yes. That’s one of the primary reasons why I’m scribbling this HodlHodl review down. It’s pretty hard to find truly anonymous, no KYC crypto exchanges these days, fortunately, HodlHodl is one.
In fact, its primary USP is that it doesn’t ask for verification no matter what. Anonymous is marketed multiple times across multiple pages.
To sign up, trade and withdraw, all you need is an e-mail Id. Of course, you can use anonymous e-mails for signing up.
How is HodlHodl Escrow Different From Other P2P Exchanges?
Now, every P2P crypto exchange offers escrow. But, there’s something that makes HodlHodl special and caught my eye.
So, it doesn’t just offer an escrow but offers a multisig escrow. With the normal escrow, both the seller and buyer 100% entrust their money to the platform. The exchange completely controls the escrow.
When using multisig escrow however, 2 or 3 signatures are required to release or retract with the escrow. The 3 involved parties are the buyer/the seller and HodlHodl.
This ensures that no one individual party controls 100% of the escrow funds at any given time.
Is HodlHodl Non-Custodial?
Yes, it is.
In fact, there’s no wallet to begin with. There’s only the escrow that you deposit funds to, directly from an external wallet.
You control the funds that you’ve deposited to the escrow. Of course, it’s not solely under your control but it’s not solely under the exchange or anyone else’s control either.
What Payment Modes Can I Use to Buy Bitcoin on HodlHodl?
It’s a P2P exchange, hence, you can pay for your BTC using over 100 different payment modes. Basically, any mode of payment that the other person considers of value can be accepted.
Just some of the available modes of payments include:
- Other Cryptocurrencies
- Gift cards
- Western Union
- Many different types of online wallets
- In-person payments
- And many others.
It also supports many different fiat currencies (USD/EUR/INR/RUB and so on). So, regardless of where you are, you can buy Bitcoins using fiat on HodlHodl.
What Fees Does HodlHodl Charge?
This is yet another aspect that makes HodlHodl different from its counterparts.
Most P2P have a “only seller pays fee” policy, wherein the buyer doesn’t have to pay anything in terms of fee.
HodlHodl changes this. It rather splits the fee exactly in half. That is, both the parties pay 50% of the fee.
The fee is set at 0.6% at total. Meaning, each party pays 0.3% which is half of the total fee.
Well, no one actually has to “pay” the fee. It’s automatically deducted from the seller’s escrow balance. First, 0.3% is deducted for their part of the fee, and then 0.3% is deducted from whatever is sent to the buyer.
There’s no deposit or withdrawal fee.
Is There a Minimum Limit on My HodlHodl Trades?
Yes. And it’s a good thing. Because HodlHodl doesn’t use KYC, it can not use your verification limits to decide your limits.
Hence, there needs to be some kind of mechanism which prevents entirely new, potential scammers from signing up and scamming users.
This is where levels come in.
So, HodlHodl has 3 levels. The levels dictate the following:
- Total contracts/trades.
- Total simultaneous contracts/trades.
- Max trade amount for a single trade.
This chart should explain the levels and limits better:
So, how do you upgrade your levels? Easy. Trade more. This helps build reputation and trust.
E.g. you’re level 1 by default when you sign up. After 10 successful trades with a minimum of 5 different trade partners, you get to level 2.
The third-level is slightly harder. You must complete atleast 50 trades, but the total trade amount must also be at least 0.5BTC.
Can I Verify a Trader’s Legitimacy Before a Trade?
I wouldn’t even look at HodlHodl (or any P2P exchange) if they didn’t offer seller transparency.
So, you can click on a trader’s profile and it shows you the following details:
- The trader’s success rate.
- Total number of trades.
- Price of the trade.
- The minimum/maximum trade limits.
- Payment window: This is the maximum amount of time within which you must complete the payment.
- BTC confirmations: This is the no. of required confirmations by the user.
- Payment methods: All the ways you can pay this specific trader.
This data can then be used to understand and find trustworthy sellers easily.
Is HodlHodl Secure?
This of course is another important question you should be asking. Is your HodlHodl account secure?
Well, it offers three major security features that I feel make our accounts secure:
- 2-FA: When enabled, accounts can be logged in only after entering a OTP sent on to their e-mails/2-FA devices.
- Trusted devices: This lets you set a few devices and mark them as trusted. Once done, only those devices can log into your account. Yes, even with a password your account can’t be touched on any other device.
How to Buy Bitcoin That’s 100% Untraceable Back to You on HodlHodl?
Just because HodlHodl doesn’t demand documentation, doesn’t mean it’s 100% untraceable, well, not by default anyway.
- Download a good VPN. (I’ll recommend NordVPN).
- Connect to NordVPN and choose a country that’s not your own.
- Download Tor browser.
- Make an anonymous e-mail ID. (Skip if you’ve already got a 100% untraceable e-mail ID).
- Only after the above 3 steps, go to https://hodlhodl.com/
- Sign up using this anonymous e-mail ID.
- Choose an anonymous mode of payment (gift cards/cash/in-person). Basically, avoid traceable payment modes such as bank transfers, UPI etc.
- Regardless of the payment mode, make sure the funds you send to the other party do not mention crypto/BTC or anything related to this transaction.
- Avoid mentioning the transaction number or any other data linked to your transaction to the seller. Simply “It’s done”, or “payment made” should do.
So, how is this anonymous? Well, the account you’ve created can not be linked to you. Even if it can be, there’s no way to connect your payment, to the Bitcoins you receive.
Legally and technically, you’re sending funds to person A but there’s no way to prove that the funds you sent are for this transaction.
So, is HodlHodl the best no KYC P2P BTC exchange? I’ll say it definitely is a contender for the spot.
So, no documents are required, the fee is equally divided, the funds are non-custodial and it has good liquidity. All of these points make it hard for me to find reasons to complain about.
Of course, if it supported other Crypto in addition to Bitcoin, that would be sweet. But hey, it never claims to be a “crypto” exchange. It always has been clear about its Bitcoin priority and that’s what it offers, can’t complain, can we?
All in all, I’ll conclude this HodlHodl review on a pretty positive note. Go check it out and see if it’s what you’re seeking.