Hodl Hodl Review 2026: P2P Bitcoin Marketplace, Fees, KYC, Limits & Restrictions

Most P2P marketplaces live and die by one question:

“Who is holding the money while two strangers argue about whether payment was sent?”

Hodl Hodl’s answer is blunt and elegant: not us.

The platform is built around non-custodial trading where BTC is locked in a multisig escrow contract on the Bitcoin network. That means the platform can help with disputes, but it can’t unilaterally walk away with user funds the way a custodial exchange technically could. It’s a Bitcoin-native approach to P2P—minimal accounts, direct settlement, and a workflow that assumes you want to keep control.

 

Quick platform snapshot

Category	Hodl Hodl at a glance
What it is	Non-custodial P2P Bitcoin marketplace with multisig escrow
Operator	Hodlex Ltd (Hodl Hodl platform operator)
Core asset	Bitcoin (BTC)
How it works	2-of-3 multisig escrow: buyer key + seller key + platform key
KYC/AML	No KYC/AML procedures for standard trading; email + password onboarding
Main tools	Offers marketplace, multisig escrow contracts, dispute system, reputation, limits, 2FA, trusted devices
Extra products	Lend (P2P lending), API, referral program
Restricted locations	US (incl. states/DC and certain territories) + multiple sanctioned/embargoed jurisdictions (listed below)

1) Background: what Hodl Hodl is (and what it isn’t)

Hodl Hodl positions itself as a global P2P Bitcoin trading platform:

• It is not a custodial exchange. There’s no “Hodl Hodl balance” where the platform holds your BTC or fiat.
• It is not an altcoin marketplace. Hodl Hodl’s trading product is Bitcoin-only.
• It is a contract platform. Buyers and sellers create offers, then enter contracts where BTC is locked in escrow until the trade is completed (or disputed).

The platform is operated by Hodlex Ltd, which sets the platform rules, disputes framework, and eligibility requirements.

2) How trading works: multisig escrow in plain English

Here’s the Hodl Hodl flow, without the fluff:

1. A seller publishes an offer (price, limits, payment method, and trade terms).
2. A buyer accepts the offer and a contract is created.
3. Hodl Hodl generates a unique 2-of-3 multisig escrow address for that contract.
4. Seller deposits BTC into escrow from their wallet.
5. Buyer sends payment to seller using the agreed payment rail (bank transfer, cash, online wallet, etc.).
6. After payment is confirmed, seller releases BTC from escrow to the buyer.

The key security idea: the escrow requires two signatures out of three (buyer, seller, platform). In normal trades, the platform shouldn’t need to sign anything—its key exists primarily for dispute resolution if a trade goes sideways.

3) Full list of Hodl Hodl services and products

A) P2P Bitcoin marketplace (core product)

• Browse buy/sell offers globally
• Create offers with custom terms (pricing, limits, payment window, working hours, instructions)
• Trade directly between users (BTC ↔ fiat) using the payment method agreed in the offer
• Contract-based execution with escrow lockup

B) Multisig escrow contracts

• P2SH multisig escrow address per trade
• Buyer and seller each control a key to the escrow
• Platform holds the third key for disputes

C) Disputes and dispute resolution

• Built-in dispute process if parties disagree about payment status, timing, or trade terms
• Reputation impact and moderation tools designed for P2P safety

D) Reputation, limits, and safety controls

• Reputation profile (history, feedback, stats)
• Limits system (risk controls for new accounts and first trades)
• “First-trade limit” option to cap exposure to new counterparties
• Two-factor authentication (2FA)
• Trusted Devices (logins only from confirmed devices)

E) Lend (P2P lending product)

Hodl Hodl also operates Lend, positioned as a peer-to-peer lending product built around Bitcoin collateral mechanics. Availability is more restricted than the main marketplace (and jurisdiction rules matter here even more).

F) API (developer access)

Hodl Hodl offers an API product, intended for integrations, data access, and automation around the marketplace.

G) Referral program

A built-in referral program that ties into fee discounts and partner incentives.

4) Fees: what you’ll pay (and when)

Hodl Hodl’s fee model is unusually straightforward for P2P: the platform fee is only deducted when a contract successfully completes.

Trading fee rates

Hodl Hodl publishes multiple fee rates:

• 0.5% trading fee for standard registered users
• 0.45% trading fee for users who registered with a referral code (and it also applies to users who have referred at least one active trader)

How fees are charged

• Fees are charged to both parties in a contract (buyer and seller), and each party pays their own rate.
• In practice, the fee is deducted from the BTC held in escrow as part of the settlement.

Network fees (Bitcoin mining fees)

Because this is Bitcoin-native execution, you should also expect:

• Bitcoin network fees for moving BTC into escrow and for the release transaction (these fees go to the network, not to Hodl Hodl).

5) KYC and AML: what’s required

Hodl Hodl explicitly describes itself as a platform with no KYC/AML procedures for standard P2P trading.

What onboarding looks like:

• Sign up with email + password
• You trade directly between wallets; Hodl Hodl doesn’t custody user funds
• The platform also uses security features like payment passwords and account protections (2FA / trusted devices)

It’s still a rules-based marketplace: user accounts must not contain misleading or fraudulent information, and platform compliance requirements can apply depending on jurisdiction and product.

6) Availability: restricted jurisdictions (official eligibility limits)

Hodl Hodl’s Terms include a clear eligibility restriction: users must not be citizens, permanent residents, tax residents, or located in certain jurisdictions. The restricted list includes:

• United States of America (including states and the District of Columbia), Virgin Islands of the United States and other US possessions, Puerto Rico, Cuba, North Korea, Iraq, Iran, Somalia, Syria, Sudan
• Any jurisdiction embargoed by the United Nations

This isn’t “some features may vary”—this is written as an eligibility requirement for using the platform.

7) What Hodl Hodl is best for

• Users who want P2P Bitcoin without handing custody to an exchange
• Traders who prefer direct settlement and multisig escrow structure
• People who value privacy-first onboarding (no mandatory KYC/AML for standard trading)
• Users comfortable with P2P discipline: confirming payments, reading trade terms, managing counterparties

FAQ

1. Is Hodl Hodl custodial?
   No. Hodl Hodl does not hold user funds like a typical exchange. BTC is locked in 2-of-3 multisig escrow, and users control keys.
2. What can I trade on Hodl Hodl?
   Bitcoin only. Hodl Hodl’s marketplace trading product is BTC-focused.
3. What are Hodl Hodl trading fees?
   Hodl Hodl publishes 0.5% trading fees for standard users and 0.45% for eligible referral-linked users. Each party in a contract pays their own rate, and fees are deducted only if the trade completes.
4. Does Hodl Hodl require KYC?
   For standard P2P trading, Hodl Hodl states there are no KYC/AML procedures. Sign-up is email-based, with security features like 2FA available.
5. How does escrow work?
   Each trade creates a unique multisig escrow address. Seller deposits BTC into escrow, buyer pays the seller via the agreed payment method, and then BTC is released from escrow.
6. What happens if there’s a dispute?
   Hodl Hodl provides a dispute resolution system. The platform’s third key is designed to support dispute handling when needed, while normal settlements are completed by the trading parties.
7. Are there limits for new users?
   Yes. Hodl Hodl has a limits system and safety features like “first-trade limit,” reputation scoring, and additional controls designed to reduce P2P fraud exposure.
8. Which countries are restricted?
   Hodl Hodl’s Terms restrict access for the US (including certain territories) and multiple sanctioned/embargoed jurisdictions, including Cuba, North Korea, Iraq, Iran, Somalia, Syria, Sudan, and UN-embargoed jurisdictions.
9. Does Hodl Hodl have a lending product?
   Yes. Hodl Hodl operates Lend, a P2P lending product that is separate from the core marketplace and can have additional eligibility restrictions.
10. Is Hodl Hodl good for beginners?
    It can be—if you’re willing to follow P2P rules carefully (verify payments, respect trade terms, and use reputation/limits tools). The platform is simple, but P2P is never “set-and-forget.”