Wall of Coins is a peer-to-peer bitcoin market that offers one of the lowest rates and highest privacy standards available.
Wall of Coins offers a hassle-free approach to buying and selling bitcoin. As a peer-to-peer lender, the exchange places a strong emphasis on protecting sellers, so much so that it limits payment options to cash-only deposits.
Buyers also enjoy a “low barrier to entry” model for accessing one of the world’s biggest cryptocurrency markets.
What is Wall of Coins?
Wall of Coins is a Florida-based peer-to-peer exchange for buying and selling bitcoin. Owned and operated by Genitrust, Inc., the platform seeks to simplify the bitcoin exchange process by connecting buyers and sellers using a transparent business model.
Despite only accepting cash payments for bitcoin, Wall of Coins serves over 120,000 locations in the United States alone, including popular remit centres such as Western Union and MoneyGram.
What cryptocurrencies can I buy/sell?
Wall of Coins supports cash payments for:
Wall of Coins is available in the following countries:
- United States
- United Kingdom
What payment methods are accepted?
For security reasons, Wall of Coins only accepts two payment methods for buying bitcoin in Australia. These include:
- Cash deposits at various bank branches
- MoneyGram and Western Union deposits
Sellers are free to set any preferred payment method.
Fees and charges
Although Wall of Coins does not disclose its fees publicly, the price you pay is generally very low at about 1-2%. However, you may be subject to bank service fees when making cash deposits.
How fast will my bitcoin be available?
In a best-case scenario, your bitcoin will be credited to your wallet within 15 minutes after deposit. However, this depends on several conditions.
After depositing the funds at the bank teller, be sure to reply to the Wall of Coins text message using the proper code. Once verified, the exchange will wait for the seller to confirm that the deposit has been received (sellers are graded on their response time). Once the seller verifies that the funds have been received, the bitcoin will be sent to your wallet address.
Are there any transfer limits?
Wall of Coins sets a transaction minimum of $5. That’s the minimum amount of bitcoin you can purchase from the exchange.
Maximum purchase amounts are determined by individual seller offers.
Is Wall of Coins secure?
Wall of Coins has a no-registration promise, which means you can purchase and receive bitcoin without giving up your personal information. Wall of Coins only asks for your phone number and postal code. The latter is for locating bank branches near you.
Wall of Coins also safeguards sellers by storing their bitcoin offline in a cold wallet. This suggests Wall of Coins is an extremely safe environment for conducting bitcoin transactions.
The platform also has an artificial intelligence (AI) layer that detects and blocks fraudulent transactions, making it a solid platform for sellers.
Customer support can be reached by calling a toll-free number, through email or by enabling the live chat function. Wall of Coins also runs an FAQ section that answers common questions related to buying, selling and API.
Pros and cons
- Some of the lowest rates in the industry
- Strong privacy standards
- Cash deposits accepted
- Limited uptake in Australia may make buyers/sellers hard to find
- Difficult to buy large quantities of bitcoin
- Fees are not displayed publicly
The first step is to consider the features of Wall of Coins to decide whether you want to trade. Buyers and sellers can get started with Wall of Coins by visiting its website. If you’re interested in buying bitcoin, select “Buy”. Here, you’ll be prompted to find the location of a nearby bank that accepts cash deposits.
To sell your bitcoin, click “Sell” and enter your contact details (phone number, email and password). You will then receive instant access to your sale portal.
Frequently asked questions
Image source: Wall of Coins