Wallofcoins Exchange Review- Complete Analysis

/Wallofcoins Exchange Review- Complete Analysis

Wallofcoins Exchange Review- Complete Analysis 2018-02-22T14:01:59+00:00

What is WallOfCoins?

Wall of coins is a P2P cryptocurrency exchange that allows anyone willing to buy and sell cryptocurrencies. The exchange connects buyers and sellers in a secure and trustworthy manner. The exchange was created by a group of talented individuals in 2014 and it’s located in Sarasota, Florida. For the purposes of this review, let me explain briefly what a peer-to-peer (p2p) cryptocurrency exchange is. The market players trade directly with each other via an automated system. Unlike P2P crypto exchanges, a regular crypto exchange is a company, which serves as an intermediary between the market players and make a profit by charging fees. This makes P2P exchanges more attractive because there is no third party involvement. There is no middleman who needs to get paid and as such, the fees users pay is quite minimal compared to what users on regular cryptocurrency exchanges pay.

WallOfCoins review

What countries are supported by Wall of Coins?

Wall of Coins services is available in the following countries: United States, United Kingdom, Argentina, Australia, Brazil, Canada, Germany, Latvia, Mexico, Poland, Philippines, and Romania.

Limitations

Sellers set their own prices and minimums, but the minimum transaction amount is $5. There are no deposit or withdrawal limits, neither are their maximum transaction limits. The seller can sell whatever amount of coin they wish to.

Buying payment methods

To buy crypto on Wall of Coins, you have to physically go to a bank and deposit the money to the seller’s bank account. Even an ATM deposit is not allowed. It has to be made with a bank teller.

Once you have made the deposit, respond back to their system’s text message with the right code to confirm the deposit. This allows the systems to execute the transactions faster. Once you have done that you will wait a few minutes for the seller to send a confirmation that they have received the fiat deposit. It will take about 5-15 minutes to receive your coins. It all depends on the seller’s response time, which by the way is graded. Sellers with a fast response time are given higher priority.

Selling payment methods

To sell crypto on Wall of Coins, you need to submit a few minor details like your phone number and username. Wall of Coin will then give you a permanent crypto address. So, anytime you receive some coins they will go to that address until when you relinquish them for a profit.

On Wall of Coins, it’s the seller who sets the pricing. So once you have set your price and a buyer accepts your offer, wait for the buyer to confirm the deposit via text message. Check your bank account to confirm you have received the cash. Once you have confirmed the cash is there, release the coins to the buyer.

It is important to note that Wall of Coins does not accept bank transfer or credit card payments. However, sellers can receive deposits via Money Gram and Western Union as well.

Available cryptocurrencies

Wall of Coins supports these cryptocurrencies: Bitcoin and Dash.

Fiat currency: USD

WallofCoins Verification

No ID verification is required, but they do have a 2-Factor authentication system that is easy to use.

WallofCoins Fees

No fees on deposits. No fees charged for the buying and selling of crypto. However, according to the website, there are no withdrawal fees but everyone has to pay a small network fee, which is about 1% or 2%.

WallofCoins special features

  • 2-factor authentication system
  • Seller response time grading system
  • REST APT integration protocols
  • Affiliate program

Is WALLOFCOINS safe?

Now many people ask: is Wall of Coins legit? Can I trust Wall of Coins?

And the answer to all these questions is yes. Although the exchange is not regulated, there have been no little to none complaints about its services, features and especially its security.

  • Community trust

Wall of Coins was created by a group of professionals who are experts in their fields. This team of experts is committed to ensuring all the services and features run accordingly.

The exchange has a tremendous following on social media and has gained a lot of popularity since its inception owing to its impressive service. In any case, all the key members of the company are public, and their information is accessible on the Wall of Coins website.

  • Security

Wall of Coins says it keeps its user’s funds and coins in an offline cold storage, which means they are safe.

  • Costumer support

Wall of Coins makes it easy for users to reach their support team and receive a response with very little to no delay. You can reach them at any time via their live chat widget or phone.

  • Handling speed

When you buy Bitcoins or Dash on Wall of Coins, you will receive them in less than 15 minutes.

How to use Wallofcoins?

Wall of Coins is one of the easiest crypto exchanges to use. For one, to register an account, no ID verification is required. The only information required is an email address and username if you plan on selling crypto.

The buying process is fairly simple. The only minor issue is having to go to your local bank branch to deposit cash in the seller’s bank account. Other than that, everything is fast and easy.

The selling process is equally straightforward. You simply set a price and wait for an interested buyer. Once a buyer accepts your offer and makes a deposit, you’ll receive a text message confirming the cash has reached your account. After you have confirmed the deposit, release the coins to the buyer.

Wall of Coins Review summary

Wall of Coins provides a reliable, secure and fast service to users who want to buy or sell small amounts of BTC or Dash. Although users have to physically go to a bank to make deposits, there are no other hassles with the system.

Based on the features and services provided on the exchange, their focus was on new or occasional traders, but not large volume traders.

Pros

  • It anonymous
  • It’s easy to use
  • No long or complex verification process
  • No fees on deposits or withdrawals
  • No limits on deposits or withdrawals
  • Buy with cash
  • quick delivery of coins

Cons

  • Not suitable for large volume trades
  • Small number of supported crypto and fiat currencies
  • Limited number of supported countries

Thank you for reading this Wallofcoins review. Make sure to check our site for more great reviews and guides.