Lots of peer-to-peer exchange Localbitcoins require Know-Your-Customer KYC verification these days. Traders who are dealing massive trade volumes are looking for decentralized exchanges that don’t involve KYC verification. Hodl-Hodl is one of them. The trading platform launched the beta version in February, and it allows traders to swap cryptocurrencies without requiring regulatory compliance protocols.
Hodl Hodl is based on a multi-signature escrow system
Hodl Hodl is a new peer-to-peer cryptocurrency exchange, and the platform allows traders to deal digital assets without involving any third-parties. For the moment, the platform is still in development, and this means that it’s only in beta.
There are only two cryptocurrencies available for trade, LTC and BTC. More features will be released when the platform gets out of beta, which is set to happen during the summer.
The trading platform doesn’t need users to verify their identity
Hodl Hodl is similar to Localbitcoins and Bitquick because it facilitates trades between buyers and sellers and it doesn’t require ID verification. To sell LTC or BTC, users just have to fill out the trade requirements such as location, the amount for selling, a payment window and also the payment type. Buyers will have to choose cryptocurrency trades and more requirements. It’s also important to note that some payment options for purchasing BTC on Hodl Hodl are higher compared to other available options.
Users can experiment with the Hodl Hodl testnet exchange first, as the platform is still in beta. When Hodl Hodl comes out of beta, the exchange will charge a maximum of 0.6% for a trade. Until the beginning of July 2018, the platform is waiving fees for users.
The platform claims that it doesn’t hold funds and it only offers dealers secure multi-signature P2SH contracts and the ability to control the key to the funds in escrow.
Hodl Hodl offers 2FA
The platform also provides two-factor authentication and a dispute resolution system. Even if Hodl Hodl doesn’t require KYC verification, it has a reputation system and also a trader review. The rating system is developed to help build trust among users.
Hodl Hodl is scheduled to leave beta this summer, and the development team will add more cryptocurrencies and will also improve the mobile interface.