Trade Security Improvements: 0 confirmations
We are constantly improving our security measures and introducing new anti-scam policies. In this release, we have improved our trade security by not allowing new users to trade with 0 confirmations.
About
Since Hodl Hodl is a P2P trading platform, its trading process involves creating offers. When creating an offer, each user manually sets various options, one of those is the number of transaction confirmations. Until recently, each user was able to set any number of confirmations, from 0 to 6.
This number determines how many confirmations both traders should wait for, regarding the transaction from the sellers wallet to the escrow address, until the buyer can safely proceed with making the payment to the seller. We strongly suggest trading with 0 confirmations ONLY with trusted traders, for the traders’ own security.
From now on, we have restricted new users from creating offers with 0 confirmations. We have tied this metric to our limits policy, meaning that only users with a limit level above 1 will be able to complete trades with 0 confirmations. We believe that this will protect new users and repel potential scammers.
Limit levels
We apply limits to users for the sake of improving your overall experience, specifically your safety and comfort level with using our trading platform. There are 6 limit levels for basic users and 3 limit levels for verified users. Limits define the number of offers and contracts users can simultaneously have, as well as the volume of BTC to be traded in one contract. Each users’ limit level increases with the amount of trades completed. Find a detailed description of the limit levels in our FAQ section.
In the future, we are planning to introduce more security features. We care about your safety!
Reach us
- Hodl Hodl exchange: hodlhodl.com
- TESTNET Hodl Hodl exchange: hhtestnet.com
- Predictions by Hodl Hodl: predictions.hodlhodl.com
- TESTNET Predictions by Hodl Hodl: predictions.hhtestnet.com
- E-mail: support@hodlhodl.com
- Blog: medium.com/@hodlhodl
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Hodl!
