Trading bitcoin security guide

Your security and safety are our top priorities at Hodl Hodl. To help protect your account and trades, we’ve compiled essential platform security guidelines every user should know. Before entering into any contract on the Hodl Hodl trading platform, we strongly recommend reviewing this security trading guide to ensure a safe, secure, and informed trading experience.

If you are looking to sell BTC

Send BTC only through escrow

You should never send BTC anywhere other than the escrow address generated by Hodl Hodl. The details of the escrow address are only shown after both parties have confirmed their payment passwords and the contract status has changed to “Depositing”.

Never release bitcoin from escrow until you receive the payment

You should release bitcoin ONLY AFTER you have double-checked that the payment has been received and its amount reflects the amount of the deal.

Remember: The payment part of the contract happens without Hodl Hodl’s involvement. Fiat payment is transferred directly from the buyer to the seller.

NOTE: A payment receipt provided by your counterparty is not a 100% guarantee. You are not safe to continue unless you see the balance of your fiat account reflect the amount of the payment. Do not trust, VERIFY!

Be aware of reversible payment methods

Be aware of any risks associated with the payment method you aim to use. Note that some payment methods are riskier than others. For payment methods like “PayPal”, be aware of the risk of the payment being reversed.

If you are looking to buy BTC

Do not send the payment until the bitcoin is locked in escrow

Sending money any earlier is highly insecure. Only after the contract status has changed to “In progress”, are the bitcoin safely locked in escrow, and only then, you are welcome to proceed with the payment.

Note: You are expected to make the payment within the payment window, otherwise, your counterparty will be able to cancel the contract.

Do not forget to press the “I’ve sent the payment” button after the payment has been made

You should press the button right after you’ve made the payment. Otherwise, after the payment window runs out, your counterparty will be able to cancel the contract and refund the bitcoin back to himself.

Note: When the button is pressed and the status of the contract has changed to “Paid”, the contract cannot be cancelled.

General bitcoin security trading rules

Do not open suspicious links in the contract’s chat

Hodl Hodl does not generate nor share any links in the contract’s chat. Only open links you are familiar with.

If it seems like the administrator has shared a link, please note that messages from Hodl Hodl’s administrators are highlighted in yellow.

Set First-trade limit

As we all know, initiating trades often requires accepting requests from new users, setting a first-trade limit helps reduce potential risk. This feature caps the value of your initial transaction with any new user to the amount you choose. In addition, offers that include first-trade limits tend to be less appealing to fraudulent buyers.

Protect Your Hodl Hodl Account with Two-Factor Authentication

Two-factor authentication (2FA) is mandatory for everyone who registers on Hodl Hodl, making account security stronger from the very first login. By adding an extra layer of protection beyond your password, 2FA ensures that only you can access your account, even if your credentials are compromised.

Be sure to securely store your recovery codes when enabling 2FA, as they are essential for regaining access if you ever lose access to your 2FA device.

Do not enter your account data on any other website

We would never request your account details anywhere other than on our websites, that is, those with the hodlhodl domain name.

BEWARE of phishing websites looking like Hodl Hodl. If you enter your credentials into a fake site, your account could be compromised and your BTC locked in escrow could be released without your knowledge.

Never reveal your payment password

Your payment password is your key to accessing the escrow. You are the sole owner of that key, and no one else, including Hodl Hodl, should know it.

Communicate only in the contract’s chat

Avoid texting in Telegram, WhatsApp, etc. In case you require assistance from our side, we would only be able to assess the information in the contract’s chat.

Pay attention to user’s reputation

To better protect yourself, always pay attention to the user’s reputation and ratings — they reflect the experience other users have had dealing with this trader in the past.

Beware of impersonators

Bad actors may create usernames much like those of your trusted traders trying to confuse you (tiger5rng impersonating tiger5nrg), so you make a payment based on confidence gained in previous trades.

Please report any inappropriate behavior that contradicts any of these rules to [email protected].