Since the launch of nokyconly.com last week, there has been quite a lot of chatter about the premiums that can be seen on peer to peer exchanges such as Hodl Hodl and Bisq. Whilst I completely agree that you can find people asking for some quite staggering premiums over the current spot price, that does not mean that anyone has to accept them. Hence why I have put together this article. You can easily create your own buy offer, on your own terms, and wait for someone who wants to sell to take you up on it. From experience, I have never waited more than 24 hours for someone to accept my offer of on average a 2-4% increase over the current market price.
So how do I create a buy offer on Hodl Hodl?
1. If you haven't done so already, create your Hodl Hodl account and log in. All you need is an email and a password, no personal identification.
2. Navigate to your dashboard and click settings. Here you can populate the address from the wallet in which you want your purchased bitcoin to be sent to. You should change this with every trade, address reuse is terrible for your privacy.
3. Click on 'My offers' in the header bar, then click 'create now'.
4. From here you can now create the trade offer and set your terms. You can adjust any of the following...
Buy or sell
Purchase an exact number (denominated in any currency)
Purchase at an exchange rate compared to the market value of a specified exchange
Create an 'expression' which can combine the price across multiple exchanges
The minimum and maximum amounts you want to purchase
Specify a country, currency and payment method(s)
Trade time completion target
'Working hours'. This is the hours during which you offer is available to be taken
Blockchain confirmation target
'Private offer' only for setting up a trade link to share with a previous trade partner
There are also more seller focused options such as stop losses and trading partner limits.
5. Once you are happy with the offer conditions you have set, tick the 'enable' box then hit save.
6. Congratulations, your offer is now live but you can edit or disable it any time you like. It is also worth noting that there is no need to recreate the offer for every trade you make, simply update your terms (if required) and enable it when you are ready to make another purchase.
Some final tips
If you are a Telegram user, you can link your Hodl Hodl account so that you are notified the minute someone accepts your offer. You also get notifications every time the contract status changes, for example when your trade partner has deposited the bitcoin into the escrow.
Hodl Hodl is web based so I would always advise accessing via the Tor browser to protect your privacy. Some users have mentioned that they experience issues when doing so, but so far it's been faultless for me.
If you are in a country that does not use the Euro, consider setting yourself up an account with a challenger type bank such as Revolut that allows you to access the Euro market. This way you will open up many more trades opportunities.
Click here to learn more about the finer details of carrying out a trade on Hodl Hodl.
Click here to learn why purchasing bitcoin from a no-KYC source is important.
no-KYC only. Avoid the creep.
Disclaimer - All views expressed in this article are my own and not those of the Hodl Hodl team. I am not affiliated with Hodl Hodl in any way.