To buy Bitcoin you need to have your own Bitcoin wallet.
On the offer page, when you are about to create the contract:
To sell Bitcoin you need to have your own Bitcoin wallet.
On the offer page, when you are about to create the contract:
There are number of different ways to create a Bitcoin testnet wallet:
You're going to need some testnet BTC in your wallet, you can obtain them for free from these sites:
Copy a bitcoin address from your wallet and paste it into the corresponding fields on one of these websites. The faucet will send you free testnet bitcoins.
Go to https://litecoin.org/ and download the latest version of the wallet for your operating system. Next, please follow these steps (this guide is Windows specific, but the command line parts apply to Linux also).
You're going to need some testnet LTC in your wallet, you can obtain them in three ways:
Escrow is a P2SH Bitcoin multisignature address, which requires 2-out-of-3 keys to sign the transaction.
Each time a contract is created between two parties, Hodl Hodl trading platform generates a unique multisig escrow Bitcoin address. Seller then sends Bitcoin from his wallet to this escrow, and while the Bitcoin is locked in escrow, buyer sends fiat to the seller. Then seller releases Bitcoin from escrow using his payment password, and the buyer receives the Bitcoin in his wallet.
User's key is generated in browser and gets encrypted by payment password that seller and buyer create during their very first contract.
Escrow keys are required in the following possible situations:
Client gets raw unsigned transaction and when payment password confirmed, the transaction gets signed with decrypted user's key right in user's browser. Then Hodl Hodl signs the transaction with it's key on server side and broadcasts it to the blockchain.
The rating system shows if your counterparty is trusted by other traders. It shows whether he is fulfilling his obligations to other parties, whether he makes the payment fast, and whether he is responsive, etc. The Rating system is a useful tool for traders - it is information about how the trader behaved in the past and a reason/incentive to continue to act properly in the future. Each review on Hodl Hodl consists of two parts: a rating given by the reviewer and an optional comment.
The rating for each user is calculated as an arithmetic average of all ratings given to that user by other traders.
You can leave a feedback about your counterparty after successfully completing the contract or after a dispute has been started.
No, it is not, but it is crucial for your convenience and confidence: it is very important for traders to not only see the rating, but also understand what kind of issues or advantages a particular trader has.
Hodl Hodl ensures traders safety by providing a unique multisig escrow for each contract created on our trading platform. The Bitcoin remains locked in the multisig escrow (P2SH) address on the blockchain.
In order to release Bitcoin, two keys are needed - one which belongs to the seller, one belongs to Hodl Hodl trading platform, and another belongs to the buyer. Such a system ensures that both buyer and seller are protected from scams. The seller is not able to have Bitcoin refunded from escrow without both Hodl Hodl’s key and the buyer’s approval, and the buyer is not able to receive Bitcoin unless the trading platform signs the release transaction with its key, and the seller signs it with his key.
Each trader on Hodl Hodl has a reputation and public history of trades, so before you engage in a contract – you can protect yourself by finding out information about your counterparty. You can read more about the reputation system in the "Ratings & Reviews" guide.
We apply limits to users for the sake of improving your overall experience, specifically your safety and comfort level when using our trading platform.
Our trading platform offers many features, and each feature could potentially become a target of any of the well known spam & scam cases in the crypto-community, so we have taken the necessary steps to reduce this possibility so that unfair users cannot harm you, and user limits help protect users.
You can find out more information about limitations in our FAQs section.
Whenever you have problems during the contract, both parties are each able to start a dispute if they cannot resolve issues on their own.
Once a dispute has been started, the support manager will study the case, and give you further instructions in order to resolve dispute.
Hodl Hodl trading platform provides you with the opportunity to use an advanced level of security - Two-Factor authentication.
When you sign in to your Hodl Hodl account, Two-Factor Authentication requires you to have access to your phone, as well as your username and password. This means that if someone obtains your password, they still won’t be able to sign into your account because they don't have your phone.
To enable 2fa, go to "Edit your profile" in your profile, click on "Two factor authentication", and then follow the instructions.
As additional level of security, Hodl Hodl allows you to set up this feature - trusted devices.
After turning on this security feature, every time a new device attempts to access your account, you’ll immediately be sent an email containing a unique code, which you’ll have to enter on Hodl Hodl in order to access your account. Otherwise your account cannot be accessed from a new device.
To enable it, click “Edit your profile” button in your profile, mark the checkbox “Only confirmed devices” and save changes.
A dispute is a special status of the contract which indicates to both parties, as well as the site support managers, that there are issues both parties are unable to resolve.
A dispute is started when either a buyer or seller clicks on the "Start a dispute" button. A Hodl Hodl support manager will contact both parties within 10 hours, and provide further instructions how to resolve dispute in the contracts’ chatroom.
The support manager will evaluate the situation by analyzing all facts, and by listening to both parties. Then the support manager will make a decision and decide whether to allow a refund of Bitcoin back to the seller, or to allow the buyer to release the Bitcoin to his wallet address.
Bitcoin remain locked in multisig escrow.
The dispute can be started once "Start a dispute" button appears on the contract. This can only be done when a contract has a certain status, for example, when the payment window is expired and contract status is "Paid" - buyer can start a dispute. When status of contract is “Paid” - seller immediately can start a dispute.
Yes, the counterparty may review you while the contract remains disputed.
You can check the user’s profile before trading, here you’ll find:
Reputation and reviews are critical, since they are feedback from his previous trades, you can learn about the experiences of people who have done trades with this person before (their previous trading partners/counterparties).
Also, important to know his trading statistics. For example, on the user’s profile, you can see how many trades he’s done before, and etc.
It’s better to trade with “Verified” traders, since they’ve already provided all the requested information about themselves to Hodl Hodl, with the aim of becoming more reliable traders on the trading platform.
Since an important part of offering trades involves you receiving requests from new users - you can limit the potential damage they could do to you, by setting a first trade limit. This feature limits your first trades with users, to the exact amount you set. Also, offers with first-trade limits are less attractive to fraudulent buyers.
Never release Bitcoin in favor of the buyer if you haven’t received the payment, even if the trader is reliable “Verified” and “Trusted” with a great reputation, since no one can be held responsible if the funds never arrive. In other words, release the Bitcoin in favor of the buyer only if you have already received the funds, otherwise, you would only have yourself to blame.
To buy or sell Bitcoin, you can only use payment methods supported by our platform. You should be aware of any and all risks associated with each payment method you consider.
Note: these risks only exist if you’re selling Bitcoin, since the buyer is protected by the escrow system, and the seller doesn’t have an opportunity to make a chargeback, or any illegal actions with Bitcoin.
To best protect yourself, it’s a good idea to research your desired payment method, read its “Terms & Conditions” and to research and learn about other user experiences before using the payment method yourself.
On the “Payment methods” page you can find a table with all the payment methods available at Hodl Hodl (with more to come). In the table, there is a particular column “Risk level”, which is explained below:
If you want to use risky payment method, avoid fraud, and protect yourself as much as possible, you should consider the following advices:
If you want to use a risky payment method - it is best to familiarize yourself with it:
This is necessary because when you use a risky payment method - your account can be suspended/blocked if the provider doesn’t like something, you could be asked to pass a verification process or to provide additional information, such as what kind of payment you’re making and the source of your funds. The main problem with risky payment methods is that it’s easy to do a chargeback (you - as the seller, release the coins, and after that, the buyer reverses his payment back to himself).
Please also be aware that some “Low risk level” payment methods also carry risk. For example, bank transfers (SEPA, SWIFT, National wire transfers, etc...) could be flagged, with the associated accounts and transactions temporarily froze if the bank suspects an unauthorized person has gained control of a user’s credit card or bank account. This would be done as a bank security or fraud prevention measure. In this scenario, you could receive a transfer from a stolen source, and it could result in your account being suspended, and the money being charged back, after a lengthy criminal investigation.
To avoid this situation, you can ask your counterparty to provide an ID document and match the name on their ID with the sender's account name.
If you have other questions, please contact us via