Wall of Coins Review 2021

Wall of Coins is a digital marketplace where users can buy, sell and trade cryptocurrencies. Wall of Coins is a decentralized cryptocurrency exchange that operates with peer-to-peer crypto transfers.

Wall of Coins Summary

Headquarters United States
Found in 2014
Native Token None
Listed Cryptocurrency Bitcoin, Ethereum, DOGE, Groestlcoin, Litecoin, and Pivx
Trading Pairs N/A
Supported Fiat Currencies USD, AUD, GBP, and CAD
Supported Countries US, UK, Australia, Brazil, Argentina, and a few more
Minimum Deposit $5
Deposit Fees Low
Transaction Fees Depends on Currency
Withdrawal Fees Depends on Currency
Application No
Customer Support FAQs & Guide

The company was established in 2014, with its headquarters in the United States, but it has only recently started getting popular among cryptocurrency investors.

Quick Overview on Wall of Coins

  • Decentralized cryptocurrency exchange
  • Peer to peer trade
  • Buy and sell cryptocurrency
  • Supports multiple cryptocurrencies
  • Cold storage wallets
  • Transparent quotes for trades

Understanding Wall of Coins

Wall of Coins is a cryptocurrency exchange, but it works on the principle of peer-to-peer trades. It directly connects buyers and sellers so that they can trade their cryptocurrency for cash.

Wall of Coins acts like a digital marketplace with quotes from different sellers, and buyers can decide the amount they want to buy and make the payment. The cryptocurrencies get deposited in their digital wallet.

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How Does the Wall of Coins Work?

  • Wall of Coins does not require a registration and document verification process.
  • Users can use the Wall of Coins as a digital marketplace to list quotes for selling their cryptocurrency.
  • On the other hand, buyers can browse through the offers on the Wall of Coins marketplace to find a quote they like and make cash payments to buy cryptocurrency from the seller directly.
  • Investors use Wall of Coins to trade in their cryptocurrency for cash.
  • Bitcoin (BTC), Ethereum (ETH), DOGE, Groestlcoin, Litecoin, and Pivx are the cryptocurrencies traded through the Wall of Coins platform.

Features of Wall of Coins

Instant Trading

Sellers get cash liquidation for their cryptocurrency in less than two hours after an order has been placed. Buyers also get the cryptocurrency deposited in their wallets as soon as the payment has been completed. In addition, Wall of Coins lets buyers and sellers exchange cash and currency directly.

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Easy Sign-Up Process

No registration and document verification process is necessary to start trading through the Wall of Coins. This is because international financial authorities do not regulate the Wall of Coins.

Transparent Operations

Sellers have complete visibility of all transactions with relation to their listed cryptocurrencies. Orders placed by buyers can also be audited to ensure there is no discrepancy between the listing price and the actual cryptocurrency deposited in the buyer’s wallet.

No Trading or Transaction Fees

Sellers do not have to pay any trading fees to list their cryptocurrencies on the Wall of Coins. But Wall of Coins is not very clear about the purchasing fees. The purchasing fee is believed to be very small, and buyers have to pay even lesser for larger purchases.

Cold Storage Wallets

Wall of Coins makes all effort to ensure that the buyer’s digital assets never get compromised. For this reason, the buyer’s assets are always stored in a highly secure cold storage wallet for maximum safety.

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Affiliate Program

There is a very lucrative affiliate program for sellers. Sellers who can recommend buyers to buy directly from them through Wall of Coins get 20% to 40% commission. They get $1USD worth of crypto for each new buyer they can get to the platform. If a buyer can be recommended to make deposits and sell crypto through Wall of Coins, the trader who recommends them gets $5 worth of crypto for every deposit of $200 made by the new seller.

Mobile Access

The Wall of Coins website is optimized for easy access and simple navigability through mobile phones. Users also receive instructions from Wall of Coins for buying cryptocurrency through SMS on their mobile phones.

Wall of Coins Review: Pros and Cons

Pros Cons
No account and registration, and verification process are necessary. Not regulated by any internationally recognized regulatory authority.
Direct peer-to-peer transactions with complete transparency. Only supports a handful of digital currencies (Bitcoin (BTC), Ethereum (ETH), DOGE, Groestlcoin, Litecoin, and Pivx).
No trading fees are charged for sellers. Only accepts a few fiat currencies.
Sellers can liquidate their cryptocurrency into cash within less than two hours of an order being placed. Buyers have to physically go to a bank and make cash deposits to purchase cryptocurrencies.

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Creating an Account on the Wall of Coins

  • There is no account creation necessary to buy and sell through Wall of Coins.
  • While making a purchase, users will have to submit their email addresses to receive all information about their transactions.
  • If the buyer doesn’t want to disclose their email id, Wall of Coins can also provide all necessary instructions and updates to the buyer’s mobile phone through SMS.
  • Users are asked to create a password for their first purchase. Users who have already used Wall of Coins can re-use their older passwords for new purchases.

Account Types on Wall of Coins

Following are some key pointers regarding the types of accounts at the Wall of Coins:-

  • There are specific account types on Wall of Coins.
  • Users do not even have to submit their IDs for document verification.
  • Sellers have to provide a bank account to receive their payment.
  • Buyers do not even need a bank account. They can deposit cash directly at the bank to be sent to the seller’s account.
  • Sellers and buyers can use Wall of Coins to transfer cryptocurrencies instead of cash directly.
  • However, all transactions are restricted only to those within the platform’s supported countries like the United States, United Kingdom, Brazil, Australia, etc.

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Purchasing Bitcoin on the Wall of Coins

Following are the steps to purchasing Bitcoin via the Wall of Coins platform:-

  • Interested buyers will first have to go to the Wall of Coins website.
  • Buyers will select the cryptocurrency they want to buy. The coins drop-down menu has all the supported coins listed. The Wall of Coins website takes buyers to the Bitcoin buying and selling pages by default.
  • Users will have to put in their geographical location or enter their zip code so that Wall of Coins can locate the nearest bank facility to them to deposit the cash payment. Wall of Coins only operates within the USA.
  • Buyers will then have to put in their wallet address where they want to receive their purchases cryptocurrency.
  • Buyers will now enter the amount of cash they want to spend to buy cryptocurrency. The buyer will then press the order button to confirm their order.
  • Buyers are then required to submit their email id. If they prefer not to share their email address, all necessary instructions will be provided to buyers through the SMS system.
  • Buyers will then be asked to generate a password that they should not share with anyone. This password will maintain the safety of the user’s purchase and keep it protected from hackers and digital criminals. Buyers who have already completed previous purchases through Wall of Coins will enter their initial password.
  • Buyers will receive a Purchase Code of five characters. Buyers will have to submit this purchase code on the website. They will then receive the details for making their payment. A copy of payment details is also shared with the buyer through their email address or phone number.
  • After receiving payment details, buyers have two hours to visit the bank and make the payments in cash. If they are unable to do so within the time, they can cancel their order. No penalty is charged for order cancellation.
  • Once the payment has been completed, the Wall of Coins has to be given the information. Buyers can send a special five-digit code to the Wall of Coins phone number or submit the same on the website. Buyers can also upload a picture of their payment receipt to the Wall of Coins support email id to report payment completion. Once the Wall of Coins has received the payment confirmation, the buyers receive their payment in their wallet within 15 minutes.

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Wall of Coins Fees

Wall of Coins does not charge any fees for users to list their coins on the Walls of Coins marketplace. There is not much clarity about purchasing fees on the Wall of Coins. But buyers supposedly have to pay a small trading fee for their purchases. Trading fees on Wall of Coins are usually around 1% to 2%. The trading fee also decreases as the purchasing volume increases.

Wall of Coins Deposit and Withdrawal Methods

There are no deposit fees and withdrawal fees on the Wall of Coins. Buyers and sellers directly trade by exchanging cash. Buyers make direct cash deposits to the sellers’ accounts. Sellers can withdraw their cash from the bank, paying charges as per their bank specifications.

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Wall of Coins Supported Countries

Wall of Coins only allows buyers and sellers in the supported countries like the United States of America, the United Kingdom, Australia, Brazil, Argentina, and a few more to use the Wall of Coins platform.

Wall of Coins Supported Currencies

The Wall of Coins supports various cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), DOGE, Groestlcoin, Litecoin, and Pivx.

Wall of Coins Accepted Payment Methods

  • Wall of Coins connects buyers and sellers to directly connect with each other and make payments directly in cash.
  • Direct cash payments with USD, AUD, GBP, and CAD fiat currency are the only accepted payment methods by the Wall of Coins platform.
  • Wall of Coins does not accept any credit card or debit card payments.

Wall of Coins Privacy and Security

Wall of Coins instantly transfers buyer’s digital assets into cold storage wallets. These cold storage wallets are highly secure and stored offline to protect them from hacking and other illegal digital activities. It also lets users generate a unique password to protect their transactions through the platform and hence it becomes the most trusted crypto exchanges. Every transaction on the Wall of Coins exchange requires a unique purchase code sent to the buyer’s email id or phone number.

It has been in operation for a few years, and its reviews do not mention any major security breaches. Wall of Coins API documentation is also listed on their website for complete transparency. It does not take any personal information from the user for registration, so any data breach is also not possible.

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Customer Support

  • The Wall of Coins website lists the phone numbers for buyers to contact the Wall of Coins customer support team.
  • The Wall of Coins location support services are available every day from Monday to Friday from 11 am to 6 pm EST (USA).
  • Wall of Coins can also be accessed through their different social media platforms like Twitter, Facebook, and Instagram.

Moreover, the Wall of Coins site also has “FAQs” and “How To Guide” sections that help you get solutions to your queries.

Wall of Coins Review: Conclusion

Wall of Coins is not a regulated digital currency exchange platform or digital marketplace. But it has put in multiple security layers like unique codes for transactions and cold storage wallets. Wall of Coins reviews also do not mention any issues with regards to security.

Wall of Coins also maintains complete transparency in their quotes and trades. The payments from buyers are held in escrow while the seller’s cryptocurrency (Bitcoins, Ethereum, Doge, etc.) is transferred to the buyer’s account. As a result, there is a risk of the seller losing out on payments.

FAQs

Is the Wall of Coins Safe?

Wall of Coins is an unregulated exchange, but there have been no security breaches with their services. Payments are made directly in cash to the seller’s account, so pending payment issues do not occur.

Does the Wall of Coins Require an ID?

Unlike many other cryptocurrency exchanges for Bitcoins, Ethereum, and other popular cryptos, Wall of Coins does not have any ID verification or registration process. This protects user safety from any data breaches. Wall of Coins is an unregulated exchange. Hence, they can avoid the ID verification requirements of other exchanges.

Is the Wall of Coins Regulated?

Wall of Coins is not regulated by any internationally recognized financial regulatory authorities. This lets them avoid the cumbersome process of customer ID verification and the KYC process. Still, it also means that users cannot seek redressal from regulatory authorities in case of any security issues.

How Does One Deposit/withdraw Money From the Wall of Coins?

Users do not need to deposit money into the Wall of Coins. It directly connects buyers and sellers. Buyers will have to go to the nearest (bank) branch and make cash deposits to the seller’s account using the bank details provided by Wall of Coins. Sellers will also be able to withdraw their received cash directly from their bank account.

Are There Any Transfer Limits at Wall of Coins Platform?

The initial daily limit on transactions for people using Wall of Coins is $25,000. But this transfer limit is subject to terms and conditions of the Wall of Coins, which users can find out from their legal policy, which is available to the public.

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