wall of coins Review 2020
wall of coinsReview
Wall of Coins is a decentralized peer to peer cryptocurrency exchange in which users connect with one another for the purpose of buying and selling either Bitcoin or Dash. The cryptocurrency exchange is based in the United States and currently does not service any other countries. The exchange is relatively new since it was only established at the beginning of 2017 but has been gaining traction among new and experienced cryptocurrency enthusiasts.
- Trading Platforms
- Trade Types/Instruments
- Account Types
- Commissions and Spreads
- Deposits and Withdrawals Options
- Customer Support
- Pros and Cons
Unfortunately, just like most other cryptocurrency exchanges, Wall of Coins is not regulated by any reputable regulatory authorities. The exchange operates very differently from other exchanges as it is a peer to peer exchange system. Therefore, even if most cryptocurrency exchanges were regulated, Wall of Coins may struggle to become regulated.
Even though Wall of Coins is not a regulated cryptocurrency exchange, it has proven itself to be quite reliable according to the people who use it. The exchange has only been in operation since early 2017, so only time will tell how reputable the exchange really is. However, there has never been any reported hacks or major loss of funds. The exchange continues to build a growing client base and generate great customer reviews.
The exchange platform that Wall of Coins presents to their customers is not your typical centralized cryptocurrency trading platform. The platform simply connects buyers and sellers with one another and walks each of them through the process of buying or selling Bitcoin or Dash. Since the trading platform is somewhat non-existent, we will explain how the trading process works in this section.
First off, a buyer browses the marketplace for a seller who matches their price range and amount of coins to be bought. The buyer selects the seller and enters in the amount of cryptocurrency they would like to buy. Then, Wall of Coins releases simple and thorough instructions to the buyer through SMS and the online platform. The trader follows the instructions, which requires the buyer to go to the nearest supporting bank with cash to deposit for the purchase. Wall of Coins will have clear instructions on how and where to deposit the cash. Upon receiving the cash deposit, the cryptocurrency will be released to the buyer’s cryptocurrency wallet. The whole process is simple to follow and a great way to buy cryptocurrency anonymously with cash.
Wall of Coins Mobile Trading
The platform interface is web-based and optimized to work on mobile devices. Therefore, users can set up buy and sell orders using their smart mobile device. As well, users will receive SMS messages with instructions to follow when buying and selling Bitcoin or Dash.
The only cryptocurrency assets available to trade at Wall of Coins are Bitcoin and Dash and these two cryptocurrencies can be bought and sold for US dollars only. The Wall of Coins exchange is really quite limited with their features and tradeable assets but aims to be a simple and straightforward method for buying and selling cryptocurrencies with cash. Users can only place simple buy and sell orders.
All account types are the same for all users at Wall of Coins. Users can either choose to buy or sell Bitcoin or Dash through the platform, there are no special requirements of users. An interesting aspect of Wall of Coins that differentiates it from other peers to peer cryptocurrency exchanges is that user identification is not required for account creation. Anyone who resides within the United States can create an account and buy and sell Bitcoin or Dash for cash in a safe and trusted environment.
Commissions and Spreads
Unfortunately, Wall of Coins does not disclose how much users pay in fees as they are already incorporated into the prices. In other words, the user knows exactly how much they are paying for the cryptocurrency, but they do not know how much of the price goes towards fees. Some things we do know is that sellers do not incur a fee, and the larger the purchase amount, the lower the fee is up to a certain point.
Deposits and Withdrawals Options
The Bitcoin and Dash cryptocurrencies can only be paid for with cash deposits at a participating bank. Therefore, the user never actually deposits or withdrawals US dollars from the exchange. When the user completes a cash deposit at the bank and the seller receives the deposit, the Bitcoin or Dash are released to the buyer’s cryptocurrency wallet. The cryptocurrencies are always transferred using your own personal wallets and are never stored with the exchange, except for during purchasing and selling.
Bonus and Promotions
Unfortunately, Wall of Coins does not offer any bonuses or promotions at the moment.
The customer support is excellent with Wall of Coins. Customers can contact support through a variety of channels including email, telephone, live chat, and through their social media outlets. The support is fastest via live chat and the representatives are very friendly and knowledgeable. Additionally, customers can find answers to many of the questions they might have through the informative FAQ page. The website does a very good job of explaining how the platform works and upon purchasing or selling cryptocurrency, detailed instructions are provided.
Pros and Cons
- Cryptocurrencies can be bought with cash
- The fees seem to be fairly low at around 1–2 %
- No verification is required
- Fees are not clearly displayed or known
- Limited cryptocurrency assets available
- The only method of payment is cash deposits
- Restricted to the United States only
Is Wall of Coins regulated?
No. It is not a regulated cryptocurrency exchange under any financial regulatory agency.
Where is Wall of Coins based?
Wall of Coins is based out of Florida, United States.
How does Wall of Coins make money?
Wall of Coins makes its money by charging their clients fees that are included in the purchasing price.
How do I deposit in a Wall of Coins account?
Wall of Coins deals only with cash deposits made at your local bank. As well as Bitcoin and Dash deposits.
How do I withdraw money from Wall of Coins?
At Wall of Coins, the user contains control of their funds except for during the transaction process. Therefore, users never need to withdraw funds as they are transferred directly to their personal wallets or accounts.
How do I open an account with Wall of Coins?
To open an account at Wall of Coins, simply provide an email address, phone number, and password to set up an account.
Is Wall of Coins reliable?
Yes, Wall of Coins is reliable and trusted by many people within the United States.
Is Wall of Coins a scam?
No. Wall of Coins is not a scam even though it is not regulated.
How safe is Wall of Coins?
Wall of Coins is a safe cryptocurrency exchange because users can be sure they will receive funds because they are held in escrow during a transaction.
All in all, Wall of Coins is an excellent peer to peer cryptocurrency exchange for traders looking to buy or sell cryptocurrencies for cash. The exchange is simple to use, and detailed instructions are given for the buying and selling process. Users who wish to stay anonymous will enjoy this platform as user identification is not required. The cryptocurrency assets are limited, but most exchanges of this nature only offer Bitcoin, while Wall of Coins offers both Bitcoin and Dash.
wall of coinsUser Reviews
- 5They're great!Stephen
- 5A discreet place to buy and sell coinsEric
wall of coinsFeatures
- United Kingdom