First Things First
I just want to say I did this review on my own. I was not compensated nor am I affiliated in any way with wallofcoins.
Now that's out of the way let me share with you my experience today doing my first transaction using the website called: Wallofcoins.
So What is it?
Wall of Coins is a US only decentralized peer-to-peer exchange that trades in Bitcoin, Dash, and PVTX for CASH. This site was launched in early 2017 and has 1-800 number for customer service. You can buy and sell on the platform. Fee's are not listed and when I asked the customer service rep he stated that the only fee they took was a very small network transaction fee.
How Do You Use It?
It works by a series of prompts that require you to answer a question. Basically, the site asks you four easy to answer questions:
- Are you buying/selling? (I only did a buy this time but plan to do a sell soon.)
- Your location so they can locate the nearest bank branches for you. You don't have to share it and can just manually enter a zip code.
- The Bitcoin wallet address you want to use. Again you don't have to share it at this point. I did not enter it in but will on my next transaction.
- How much you want to spend
Vuala you get a list of branches nearest the zip code provided with an exchange rate. So for example, today I purchased $200 and it said I would receive .02256 BTC. This was less than I would have received using a large exchange but that's the trade-off of using this exchange. I got to use cold hard cash and receive bitcoin fast!
So Then What?
After accepting the deal I was sent a text to my phone and given the account details to make the deposit. I have to admit I was nervous at this point. Because, after I put the money into a complete strangers account how did I know I would actually receive the coin! I was prepared to lose the money as one should always be when investing in crypto.
I filled out the deposit slip and this part is very important!!! You have to save the receipt ticket as you'll see next.
Once the deposit is made you text a code back that lets the exchange know you've made the deposit. Then you have to write WITH A BLACK PEN some photo proof type information on the receipt, take a picture of it, and email to support@wallofcoins.
Things Didn't Well
I made several minor mistakes in the writing of the information on the receipt. They were all minor requests that had to be corrected. It took me four tries to get it right. For example, I left off a + sign in front of my number or I used a black felt tip pen instead of a ballpoint pen (still can't figure out why that matters). But to their credit, they contacted me back right away with what I needed to do. At one point I called them to see what would happen. I got a live person on the phone very quickly. He was both nice and willing to walk me through step by step. Once we cleared up everything the bitcoin was in my wallet!
My Recommendation
I do recommend this exchange for smaller cash transactions where the price difference doesn't matter in comparison to Coinbase fees that relatively high. Or when you receive a gift in cash and want to buy crypto with it or get into the markets fast. For people who are in a cash-based business and want to buy, this site is perfect. It's also great for people who don't have a fully verified Coinbase account or don't want to wait a week for a transaction to clear the bank.
I hope you enjoyed this review and if you have any question or comments please leave them below! Be well Steemfam!
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Will try it as well
hope some day buy and selling with crypto is a norm. cash? whats that?
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Very useful information. Does this exchange works in India too? I like fast transactions. Kindly let me know.
Oh My. What a verification process. My first crypto transaction was difficult because I didn't know I needed my phone handy--or my I.D. But this sounds rather neat. Thank you for sharing.
This is awesome!
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Always looking for new entry into crypto from fiat, but the whole deposit my money before I see the btc worries me a little. Not enough that I won't check it out tho! Thanks for the info.
It is indeed interesting to know that Wall of Coins is made for an easier transaction process but my question is how does Coinbase differ from Wall of Coins (apart from the reasons mentioned by you).
welcome... i always try to visited your post love u
What are the advantages we can get by using wallofcoins?
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Left at "US only", enjoy the scam, yanks... 😂
Investment in coins quite risky.
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