Wall of Coins Review explained by professional Forex trading experts the “ForexSQ” FX trading team.
Wall of Coins Review
Wall of Coins is a US-based decentralized peer-to-peer cryptocurrency exchange that offers trading in Bitcoin and Dash for USD and vice versa. The platform launched earlier in 2017 and touts itself as “The Most Trusted Marketplace on Earth”.
It is worth noting that there are several exchanges that offer similar P2P service, with the most popular being Local Bitcoins, but there are a few others, like Paxful, BitQuick and Remitano.
Wall of Coins Advantages
– Coins. Most similar P2P exchanges only offer trading in Bitcoin, but Wall of Coins has added Dash, too. It is not much and could have been better, but it is still something.
– Privacy. Wall of Coins takes clients’ privacy seriously and does not require ID verification. At least for smaller transactions, that is. More about this, read further.
– Security. Wall of Coins says it keeps clients’ funds in an offline cold storage, which suggests they are quite safe and cannot be easily hacked.
– Limits. The transaction limits of Wall of Coins are quite low – one can buy and sell as little as $5 worth of Bitcoin or Dash. There are no maximum transaction limits – they are set by the users themselves.
Wall of Coins Disadvantages
– Location. Wall of Coins only accepts clients from the USA, even though it says it will expand its services “soon”.
– Privacy. Wall of Coins says it provides anonymous service, but it seems this is only for small transactions. According to some client posts in Bitcoin forums and on Reddit, when making trades for larger sums, the exchange kicks in a verification procedure, with all the standard requirements of ID selfies and proofs of residence. This can be quite annoying for some clients who do not want to compromise their privacy. Besides, one client says it took him a week, after endless calls with the Wall of Coins’ support, and providing them begrudgingly with an ID selfie, to get his transaction cleared.
– Payments. Wall of Coins only accepts cash payments, i.e. one needs to go to the bank and make a cash deposit. On one hand this is convenient for privacy purposes, but on the other, requires clients to physically go somewhere and deposit money. Besides, Wall of Coins says one has to go inside the bank and make the deposit with a teller, rather than making a deposit through an ATM. The exchange does not accept a bank-to-bank transfer, either.
Frankly, it would be easier to just go to a Bitcoin ATM and do the transaction right then and there. Wall of Coins does not accept payments with credit cards, again for the sake of anonymity, but, according to some review accepts payments via the wire services Money Gram and Western Union. We could not verify this, however.
– Regulation. Wall of Coins is not regulated, which can be worrisome for some people. Generally, there is no single regulation in the USA. As a matter of fact, there is no such even on a state level, except in the state of New York, which requires to so-called “bit license”.
– Leverage. Wall of Coins does not offer leveraged trading in cryptocurrencies, similarly to most exchanges. A US-based platform that does offer leveraged trading is Kraken, as well as Coinbase’s institutional platform GDAX. However, there are plenty of regulated forex brokers who offer cryptocurrency CFD’s. They can be traded on margin and through the brokers’ trading platforms.
– Platform. We could not get access to Wall of Coins’ platform, as it is location-based and we are not in the US, but we suspect there is no proper platform. Rather, it is a simple form for placing orders, similar to that of many other exchanges.
– Fees. We could not find information about Wall of Coins’ trading fees, either. The only thing the platform says on its site, is that it only charges network fees.
Wall of Coins obviously wishes to provide a fast and easy service for its clients who only need occasional to buy or sell some Bitcoins or Dash for small sums. But their clients have to be willing to go to the bank to make a deposit. Those who need to make larger transactions, have to reveal their identity and send the exchange an ID selfie. This is not mentioned anywhere on the Wall of Coins’ site and has caused some clients distress and annoyance.
Apparently Wall of Coins is not targeting professional traders, but rather the occasional small trader.
Frankly, we are not very impressed with this exchange. It has omitted to mention some important things like its KYC requirements for larger transactions and has not stated clearly its trading fees. There are a lot of other exchanges, some of them also available in the US, like Local Bitcoins, who provide an anonymous service and have easier payment methods.
Wall of Coins Review Conclusion
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