Wall of Coins is a marketplace that offers peer-to-peer cryptocurrency exchange. Wall of Coins helps its clients buy and sell cryptocurrencies for cash. It is owned and operated by Genitrust, Inc.
With the popularity of Bitcoin, so has the need for platforms that allow users around the world to deal with Bitcoin and actually use it to transact. Wall of Coins emerged as a platform that allows these transactions to be carried out. Wall of Coins is an exchange platform that caters exclusively to Bitcoins and allows customers to buy and sell cryptocurrency.
I reviewed Wall of Coins based on the following criteria.
- Various cryptocurrencies
- Good Security
- Fees are not displayed publicly
- Limited Payment Methods
The standout features of Wall of Coins are that they have a zero percent transaction fee, web API, and cold storage reserves to store money.
You can get all the details about the broker in this Wall of Coins Review. Is Wall of Coins regulated? What are the account types offered by Wall of Coins? What are the spreads, minimum deposit, and maximum leverage? Is Wall of Coins scam or reliable?
Regulation of Wall of Coins
If you ask the Wall of Coins legit, my answer is no. The Wall of Coins is unregulated. You should be careful before trading with it. They are a service that helps to connect holders of Crypto (“sellers”) with holders of FIAT currencies (“buyers”).
They are a registered MSB (http://www.fincen.gov/financial_institutions/msb/) (Registration 31000122027820) and comply with various KYC/AML procedures.
There is no more information about the regulation of the Wall of Coins on its website.
What Cryptocurrencies Can You Buy/Sell on Wall of Coins?
You can buy or sell some cryptocurrencies such as Bitcoin, Bitcoin Cash, Dash, Ethereum, Groestlcoin, Litecoin, and Pivx.
Wall of Coins is available in the following countries:
- United States
- United Kingdom
What Payment Methods are Accepted in The Wall of Coins?
They only accept three payment methods for buying bitcoin because of security reasons. These include:
- Bank of America’s Teller Assist
- Cash deposits at various bank branches
- MoneyGram deposit
How do you buy bitcoin from the Wall of Coins?
Actually, the process is quite easy!
- Press the BUY button.
If you want to buy crypto other than Bitcoin, select the COIN from the main menu and then select the cryptocurrency you want to buy.
Press “Find My Location” or then enter the postcode. This allows the system to find payment points closest to you to deposit cash.
- Enter the amount of cash you want to spend to earn bitcoins.
- Press the “ORDER” button next to the place of payment where you want to pay in cash.
- Enter your email.
- Create a password to protect your privacy.
- Wall of Coins will send you a 5 character Purchase Code. Enter this code on the website.
- Finally, the cash payment details will be displayed. They will send a copy of these details to your mobile phone.
- They give you 2 hours to complete the payment. If you can’t do this, you can cancel orders or resend you can create.
- Go to the payment destination and pay according to the instructions given to you. To avoid short-term or serious delays, you must tell the Wall of Coins that you have paid! You can do this on the website or by replying to a 5-digit code via text message to indicate that your payment has been completed.
- To expedite your payment, email a picture of your receipt to firstname.lastname@example.org – Add your phone number to the Subject line.
- They claims it coordinated with the seller to verify your payment and once your payment has been verified, you will receive your funds within 15 minutes.
The transaction seems pretty easy!
Pros of Wall of Coins
- Various Cryptocurrencies. Most similar P2P markets only offer to trade in Bitcoin, but the platform offers Bitcoin Cash, Dash, Ethereum, Groestlcoin, Litecoin, and Pivx, too. It is a big advantage for them.
- Coins are stored in offline cold storage that guarantees the safety of coins so that they are not stolen or lost. These cold storages have strict internal policies that create a secure business environment for selling and buying Bitcoin.
- There are no limits. The transaction limits of the platform are quite low. You can buy and sell as little as $ 5 worth of Bitcoin or Dash. And, no transaction limits.
Cons of Wall of Coins
- The platform has no license. It is not regulated by any regulator. This may be worrying for traders.
- Location. They only accept clients from the USA, even though it says it will expand its services “soon”.
- Limited Payment methods. They accept cash payments only. In other words, you need to go to the bank for making a cash deposit.
- No Leverage. They do not offer leverage. Most of the forex brokers offer leveraged trading in cryptocurrencies.
- There is no info about fees. I could not find information about fees. The platform only states on the website that the network fees are requested.
They support seven languages including English, Chinese, Chinese, Spanish, Cantonese, Russian, and Portuguese.
There is a live chat on their website. You can send a message to customer support directly by entering your e-mail address.
They also run an FAQ section that answers common questions related to buying, selling, and API.
You can call them by phone. You can reach the information in the contact section. The platform located in Genitrust, Inc. 1800 N East Ave Sarasota, FL 34234
Conclusion of Wall of Coins Review
WoC is a Bitcoin and other cryptocurrencies trading marketplace based in the US. It has some advantages and disadvantages. As Bitcoin gains importance and becomes widespread, such platforms will increase.
Its clients must go to the bank to make a deposit. This is a big issue. This causes some clients distress and annoyance. And as I searched on Reddit in some cases to take your money they want you to send official documents about your ID and your transaction receipt to give your money otherwise you can not take your money. And the process to take money takes at least one week after you send them your document. It is quite a long time to take your money. During this process, people say their customer services do not work stable but they are helpful. I recommend you to buy or sell Bitcoins with someone who has easy access to their customer services in case of any risk. It would be better to take your money and less risk in this way.
There are many other markets that provide crypto trading in the US that offer good conditions. If you didn’t want to trade with this platform you can check my article about other platforms or if you have doubts about how can you buy or sell coins do not hesitate to contact me! I’m Valentine and here to help you!