So what is the Celsius HOLD mode, and what does it do? Why would you want to use it or need it in the first place?
In this short article, we’ll be going over exactly what the celsius HODL mode is, and how to go about activating it.
Let’s check it out.
The Celsius Network HODL is a security feature that the company has put in place, to further protect its users and customers.
With an activated Celsius Network HODL mode, you will mainly:
- NOT be able to withdraw your funds from the wallet
- NOT be able to send any of your funds via the CelPay option
- NOT be able to modify the whitelisted addresses that you have already added.
- NOT be able to swap any of your coins
In addition to this, there will also be a 24 hour “waiting period” before being able to do any of the activities mentioned above, after the deactivation of the HODL mode feature.
The idea behind the Celsius Network HODL mode, is twofold:
Firstly, it’s a great way to prevent you from making any decisions that you might later regret, when it comes to your assets. If there is volatility in the market, and you’re susceptible to emotional decisions, its a great way to protect yourself from that.
Its a great feature to have is you don’t plan on withdrawing or making any short-term moves.
Secondly, it’s a great way to protect your account in the case of it becoming compromised, if something unsuspected happens.
Celsius HODL Mode: How To Activate It
To activate the HODL mode on your account on the phone app, you’ll want to go through the following steps:
- First, head over to your account, and click on the profile button, by tapping the big “C” button at the bottom of the screen.
- Next, you’ll want to look for the security section of your profile. You’ll want to tap on that button.
Inside the security section, you’ll be able to see the HODL button. You can “switch it on” by tapping on it.
- After having tapped the HODL button, you’ll see a little description of what the HODL mode means. Next, you want to tap the blue continue button at the bottom.
On this next page, you’ll be reminded of all of the features that you’ll not be able to use once the HODL mode is activated (until 24 hours after you’ve chosen to deactivate it). You’ll now want to tick all of the boxes, which will light up the “Continue button” at the bottom.
- Next, you’ll be asked to add your verification code (the pin), after which you’ll be presented with the Celsius HODL mode deactivation code. This code will later on be asked of you, when you decide to deactivat the HODL mode.
It’s IMPORTANT to Make sure to memorize or write down the deactivation code. If you foget it there is no problem, you can still contact support. But if you can avoid that step, that’s even better
- Next, check the “I memorized my deactivation code” box and click on the “Send email verification” button.
- You’ll now recieve an email verification. When you open the email, you’ll find the last button that will activate the Celsius HODL mode. You can tap it to activate the mode.
Celsius HODL Mode: How To Deactivate It
When you are ready to get access to your funds and be able to use all of the features of the platform, you’ll want to be able to deactivate the Celsius HODL mode.
To be able to deactivate HODL mode, you’ll want to do the following:
- Tap on the “HODL MODE: ON” sign that should be visible at the top of the screen (or go into your profile security settings like when you activated it).
- Next, you want to tap the “Deactivate HODL mode” button, to deactivate the mode.
- You’ll then be asked to enter your verification code or pin.
- Once you enter it, you’ll want to enter your unique deactivation code for the Celsius HODL mode, that was give to you once you activated the mode. If you forgot your deactivation code, you can always contact support.
- Next, you’ll want to click on the “send email verification” button, that you’ll see, and an email will be sent to you.
- Finally, you want to go into your email account, and click on the “Deactivate HODL Mode Now” button.
At this point everything is complete, and you should be able to see a timer ticking down from 24 hours, after which all of the features should become available to you.