Wall of Coins – Is It Good?
Wall of Coins is a P2P Bitcoin exchange that helps users trade their cash for cryptocurrencies. You can start with as little as $5 and there are no buying limits, Wall of Coins also has a unique SMS system to walk you through the whole buying process, making it quite easy to use, even for beginners. You can even use it anonymously for small purchases!
However, like any other P2P exchange, Wall of Coins fully depends on its users, and it can be hard to find users willing to sell large amounts of Bitcoins. Plus, the speed of your delivery is only as fast as the time it takes to the seller to confirm payment.
So how good is Wall of Coins? Is Wall of Coins a scam? How active is its userbase? And, most importantly, how does it stack up against other platforms?
What Does Wall of Coins provide?
Based in Florida and with a publicly known team, Wall of Coins is definitely not some scam exchange trying to keep your money. It’s a service designed to help users trade Bitcoin for cash and vice versa in an easy and quick way. And although it’s not regulated and it’s fairly young (starting since early 2017), it has proven itself to be very reliable
Wall of Coins hasn’t had any reports of hacks or loss of funds, and that may be because of its security. It boasts about keeping funds 100% in cold storage, away from the reach of hackers. It also excels in privacy, which is always important to us. You don’t need to surrender any bothersome selfies with personal documents to start. All you need to start trading is a phone number. Wall of Coins also asks for your location, but this is only to find bank branches near you. If you want to avoid this you can instead manually enter a zip code.
It’s worth noting however that this anonymity is only for small purchases. As soon as you try to start trading larger sums, Wall of Coins will start asking all of the KYC requirements like a proof of residence and that selfie we talked about, with some reports of users having to wait up to a week to clear their transactions.
Trading is fairly simple, although slightly different to what we have come to expect from peer-to-peer platforms. You start by browsing the marketplace and picking a seller matching the price range and amount you’re looking for. After selecting how much you want to buy from them. Wall of Coins sends you detailed and simple instructions to your phone via SMS and through the platform on the information you need and how to continue your transaction. You’ll then need to go to your nearest bank to make a cash deposit. Once the seller confirms the deposit, your transaction is completed. Although this is very simple and easy to follow, the speed to which you’ll get your coins is limited to the speed of the seller to confirm the payment. That being said, it usually only takes about 15 minutes.
Wall of Coins is only available in the United States and there are no promises of it being available in other countries as of the writing of this article. The only clue of their availability in other countries in the future is their promise to be available elsewhere “Soon! :)” in their FAQs.
Wall of Coins Rates and Buying Limits
Wall of Coins does not publicly list its fees and they’re not apparent during the transaction, being already included in the total. That being said, the difference in price to the current value of both Bitcoin and Dash seem to indicate quite a small fee:
Wall of Coins fee: 1-2% (?)
These fees are quite below the industry average, especially for a platform that allows anonymous trading in small amounts.
The minimum amount you can purchase is $5 and the maximum is only limited by the users’ willing to sell, with no maximum limit apparent. However, with larger trades you’ll have to verify your account and follow KYC procedures.
Wall of Coins Pros
- Live support: You can contact them on the phone or through their live support chat box on the site during the buying process.
- Anonymous trading: Wall of Coins can be used anonymously for small amounts.
- Great for beginners: Anyone in the United States with a phone can easily trade in the platform.
Wall of Coins Cons
- Lack of worldwide support: Wall of Coins is currently only available in the United States with US dollars.
- Lack of support for alt-coins: Besides Bitcoin you’ll only be able to buy Dash.
- Lack of large anonymous trading: As soon as you start trading large amounts of money, the KYC verification will kick in, with no information on what the exact limit is.
- Limited purchasing options: You can only trade in Wall of Coins through cash payments made in a bank.
Sign Up at Wall of Coins
Is Wall of Coins Good for Bitcoin?
Wall of Coins is a fairly new and growing crypto exchange with great privacy settings and attractive fees. However, we don’t like how unclear it is about its fees, the amount you can trade anonymously or their expansion plans to name a few.
The team behind it still has to prove the platform although we definitely liked the live customer support and the simplicity of the experience. Wall of Coins users have a lot of support for the platform and, with a fast and reliable platform and its lack of trading limits we can easily see why. If you want a fast, cheap and simple way to trade Bitcoins and Dash using cash in the United States, look no further than Wall of Coins. With those fees and platform, we definitely hope it continues growing!