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Wall of Coins Review - is it scam or safe?

Wall of Coins Review - is wallofcoins.com scam or good cryptocurrency exchange?

RATING: 2 / 11 REVIEWS Wall of Coins
Wall of Coins is not regulated. We cannot guarantee your money is safe.

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 Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1

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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

 

- Some 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.

 

- Tight 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. 

 

- Good 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.

 

- No 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.

 

- Limited Payment options. 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. 

 

>> See crypto exchanges accepting credit cards <<

 

 

- No 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”. 

 

- No 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. 

 

 >> See our list of regulated bitcoin forex brokers <<

 

- 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.

 

- No info o n 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. 

 

 

Conclusion

 

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.

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Traders` reviews for Wall of Coins

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Worst Business EVER !

Stay away these people rip you off and keep your coins when BTC is going up. When it was down I didnt even give them a receipt and I got my coins. These people are young mellenial punk rip offs. This Gentitrust guy the owner is a scam artist. STAY AWAY From this place I have lost so much money in investment with these trash. Go to Bitquick I have had better experiences there.

mark hernandez 06/26/2019

Got scammed for $4000

Heard good things about wallofcoins. I tried to buy Bitcoin here once. They scammed me for $4000 and were in communication in the beginning but then went dark. Avoid!!!!

John 05/29/2019

FraudWallOfCoins

I bought bitcoins worth $698 on wall of coins and till date i have not seen my bitcoins neither has my funds been refunded, i constantly being asked to send various documents and pictures by wallofcoins, i keep sending new pictures daily as requested by them everytime and till now nothing has been done. THEY ARE SCAMMERS please help me .

Barbara Howard 01/21/2019

Wall of Coins major headaches

I have been seriously inconvenienced by Wall of Coins. I went to the bank on 5/3/18 and deposited $200.00 cash. Got receipt. Then I was told (by their "representative") that I needed to scan the receipt and E-mail it. I made another trip (5/4) to scan the receipt and E-mailed it. Then I was told (5/5) that they don't accept scans that I need to photograph the receipt and send it. I explained that the camera in my cellphone doesn't work but they INSIST that I provide a photograph. I asked (politely) that they just cancel the sale and refund my $ but they won't refund without a photo of the receipt. It is now 5/7 and I have had to borrow a friends cellphone and take a photo of the receipt. NEVER AGAIN!!!

vona kenyon 05/07/2018

Scam artists

This place and its owner robert genito is a scam. He owes everyone money...They actually come to the office looking for him. He deals with wires using an employee in nigeria...Case closed.
His direct phone# is (239)-777-6832. His voice mail is always full because of bill collectors and people that never recieved their bitcoins!!!

John Smith 03/22/2018

High risk!

This service might be a scam. Or at the least highly risky. After a few days of contacting them and sending proof of my deposit receipt they have yet to release my bitcoin amount. And I’m starting to worry because there are a lot of reviews online saying Wall of Coins hasn’t given them their bitcoins. Some people do get the bitcoin but at a much lower amount than stated before the transaction. ….Another worrisome detail I found out: the person I bought the bitcoin from is listed as a Jewelry Store owner based at an address extremely close to Wall of Coin’s address in Sarasota, FL. ….very sketchy stuff. I recommend staying far away!

WH 01/26/2018

Absolutely scam

Wall of coins lost me more than 4000$ by holding my bitcoins for a very long time. After a week I asked to be refound but they refused. I had paid and had no bitcoins and no money as they kept both. The price of bitcoin was dropping and I couldn't sell or reinvest my bitcoins as they were not releasing them to me. Just after 11 days they did, but the price was already so low that I couldn't sell or reinvest anymore.
They are highly unprofessional when it comes to costumer service as everyone tells you lies or doesn't answer. They also ask for all sort of IIDs. They claim 15 minutes transaction and it could take as long as they want, once you made your deposit you are in their hands, and believe me, you don't want to be in their hands.

Alex 01/16/2018

Its scam I am pretty sure

I wanted to buy some bitcoins on Dec 7.
But still didn't get anything and wanted to refund my money. They required many photos and my bank statement. Still in processing and still required some photos. Maybe they will require my naked photo some day. Never use this site. You cannot get anything from this website.

someone 01/10/2018

Crap, only gives you 50% of your money back

I went and was promised over $350 of bitcoin.
I paid $380 cash thru WUnion and I only received $175 worth of
bitcoin.
This piece of crap wallofcrap(coins) is shit.
Do not deal with them!!!!!!!!!!!!!!!!!!!

John A 01/04/2018

Be careful! It's a scam!!!

I deposited 13000 dollars, all my savings.
My money was confirmed received by the seller and his bitcoins hold by Wall of coins as their procedure requires that they check my documents and photos. It was written in the website that it's automatic and private. It's none of them. After more then one week I still didn't receive the bitcoins. I live in constamt anxiety as I don't know if i will ever see my dollars or coins again. O vontactex so many times assiatence and they always told me that jt was all approved and my coins about to be released into my wallet. Liers. It never happened and they don't reply to my email asking for having mypney back.
I will sue them. Please everyone stay away from this scam.

Alessandra 12/25/2017

Do not deal with wall of coins!!!

This is my second time purchasing coin through wall of coins.com. Do not do business with this place. First time, it took over 3 days for my coins to be confirmed. Today, it’s been over 4 hours and has not been confirmed yet. Looks like it will take over 3 days again. They use low fee so miners do not pick up the transaction from wallofcoins!!

Sean 12/22/2017
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