Celsius HODL Mode
As an extra layer of wallet security, we suggest that all users use the Celsius HODL Mode for their account.
We’ll explain what HODL means, what the Celsius HODL Mode feature does and how to activate/deactivate it.
What is HODL? HODL = HOLD!
According to How-To Geek: “Hodl” is meant to encourage people to not impulsively sell when a cryptocurrency drops dramatically or rises to become highly profitable to sell. “HODL” also acts as an acronym for “Hold on for dear life.” You will often see the term in various cryptocurrency forums and social media circles.
What is the Celsius HODL Mode Feature and What Does It Do?
One of the most unique feature of the Celsius wallet is the ability for Celsians (or Celsius users) to activate the ‘HODL Mode’. Essentially, the HODL Mode for your Celsius wallet is an extra layer of security. No outbound transactions can be processed when HODL Mode is ON. This prevents hackers and phishing attempts to steal your crypto assets. If you are a HODLer and don’t intend to withdraw assets for the medium to long-term, the HODL Mode feature is an excellent way to have peace of mind.
When a Celsian switches ‘HODL Mode’ ON, they get a 8 digit code. It is a numeric code (number-based). In order to turn it OFF, a user needs to enter the correct 8 digit code again. Remeber to:
- Write down your 8 digit HODL Mode code on 3 Post-It Notes
- Put them in 3 secure places in your home
- Don’t ever disclose your secret code to anyone, including Celsius staff
Activating HODL Mode is instant (withdrawals are disabled as soon as the proper confirmations are performed). Deactivating HODL Mode takes 24 hours from the time that you confirm. This is called the ‘hold period’.
What Wallet Features are Temporarily Disabled?
When HODL Mode is ON, ALL outgoing withdrawals are temporarily disabled. This includes the following features:
- Withdrawing of crypto assets from any wallet
- Sending funds via CelPay from any crytpo wallet
- Changing any whitelisted withdrawal addresses
- Adding any whitelisted withdrawal addresses
How to Activate HODL Mode
Users can activate HODL Mode using both the desktop app and mobile app. HODL Mode can also be deactivated on both platforms.
1 | HODL Mode on Desktop App
Here are the steps to activate (and deactivate HODL Mode in your Celsius wallet via the desktop app:
You will find the HODL Mode feature under the main menu (top right) of desktop screen under:
- HODL Mode
- You’ll see a toggle. Purple toggle means that it is already on.
When deactivating HODL Mode, you need to enter the 8 digit numerical code that you received when activating the feature. You’ll then have to enter your 2FA (if enabled) and then confirm by clicking a button in a HODL Mode deactivation email. After confirmation, it takes 24 hours before withdrawals are reactivated. Also, you won’t be able to change or add any whitelist withdrawal addresses until after the 24 hour ‘hold’ period.
2 | HODL Mode on Mobile App
You can also activate and deactivate the Celsius HODL Mode feature on your mobile app by following these steps:
You will find the HODL Mode feature by first clicking on the main menu (bottom right Celsius logo button):
- HODL Mode
- You’ll see a toggle. Green toggle means that it is already on.
When deactivating the Celsius HODL Mode, you can click on the toggle and it will pop-up a screen with the title: “Deactivation of HODL Mode“. Once you confirm to deactivate HODL Mode, it takes 24 hours. During this 24 hour period, you will still not be able to add new withdrawal addresses or change whitelisted addresses. You can only do so when HODL Mode is completely deactivated.
Exact Terminology & Information Displayed In-App
This is the information that pops-up when you activate HODL Mode on your mobile and desktop apps:
HODL Mode is a security feature that gives you the ability to temporarily disable outgoing transactions from your Celsius account. You control when HODL Mode is activated, and it is an ideal feature for those that do not plan on withdrawing or transferring funds from their account for an extended period of time.
Please verify your understanding of HODL Mode’s effects:
- You will not be able to withdraw your funds
- You will not be able to change whitelisted addresses
- You will not be able to send funds to other members
- There will be a 24-hour wait period before reinstating the above functionalities upon deactivation of HODL Mode
Note: You will NOT be able to access this code once you enable HODL Mode so you must securely store this new code now and remember it in order to deactivate HODL Mode in the future
Deactivating HODL Mode
Please enter your pin number and unique deactivation code. Once you confirm to deactivate HODL Mode, please note:
- HODL Mode will be deactivated after a 24 hour hold period
- You will not be able to add new withdrawal addresses or change a whitelisted address until HODL Mode is deactivated
When you’re ready to deactivate HODL Mode, you will need to enter the unique security code below.
[8 digit numerical prompt] with Reveal code button
Note: Your unique code is given to you when you activate HODL mode. Forget PIN? Contact support.