You, Me, and BTC Your Liberty & Bitcoin Podcast
Wall of Coins is a relatively new platform that allows users to buy Bitcoin with cash (which you can do through our portal right here on YMB) or sell Bitcoin for cash in a peer-to-peer manner. I've now made a number of trades using the service and I've really loved it. This is a review of Wall of Coins as a whole and a description of my own experience as a user.
Buy Bitcoin With Cash at Wall of Coins
Buyers can use Wall of Coins without even creating an account. That's likely a huge plus for the many Bitcoiners that desire some degree of privacy. You pay for the coin by making a cash deposit into a seller's account at a nearby bank, so there is no need to submit any financial information. You just need a Bitcoin address so you can receive your purchased coin and a phone number for communication about the deposit.
After entering the dollar amount that you would like to spend, you'll see a list of offers based on the banks that have branches in your area. Usually that list is created using the location collected from your browser, but you can keep that private too, if you like. If you choose not to share your location, you can simply select a bank that you already know to have branch near you.
Once you choose an offer, you'll receive deposit details and you're ready to head to the bank. The actual cash deposit process hasn't really changed in decades, so it should be simple. You'll fill out a deposit slip, hand it to the teller with your cash, and text Wall of Coins to let them know that your payment is complete. Once the seller verifies the deposit (as a seller myself, I can usually do that in less than five minutes), your shiny new coins will be released to you.
It's important to note that Wall of Coins stores and releases all of the Bitcoin for sale on the platform. That's generally a good thing because it means that you don't have to trust some random stranger on the internet to deliver your coin after your cash is gone. I'll grant that some cryptocompanies are just as dangerous as random strangers on the internet, but so far, Wall of Coins seems quite legit to me. More on that later.
That speed is also a huge factor for many buyers. You could literally walk away with several thousand dollars worth of Bitcoin within an hour of your first visit to WallOfCoins.com. That's a fantastic opportunity for anyone that needs to quickly turn some cash into Bitcoin.
Sell Bitcoin for Cash at Wall of Coins
Because it is so convenient to buy Bitcoin through Wall of Coins, the prices there can sometimes be slightly higher than at the exchanges (although Bitcoin can definitely go for cheaper there too). For many buyers, the small markup is absolutely worthwhile because of the fees and delays on other exchanges, but that's also why I usually try to sell my coin there - so I can make a small profit.
Even as a seller, I had to submit very little information. My phone number is my username. Other than that, I just needed to add a bank account where cash can be deposited for me.
Wall of Coins supplies a unique and permanent Bitcoin address for each seller. Anytime I want to place some coins on the market, I just have to send them to that address where they will stay until they are sold. This is great because it allows me to constantly keep an eye on my funds. I never have to trust that Wall of Coins is solvent because I can always see my own coins at my own address. You can also create multiple listings with different addresses, if you're concerned about privacy.
For security purposes, there is no way for me to automatically withdraw my coins via the website. Instead, if I wanted to remove any funds from the marketplace, I would have to contact a customer service representative. This could be a minor hassle if you regularly need to move your Bitcoin in and out of the system, but so far, I've never had to request a withdrawal. Plus, if you ever did need to contact customer support, the team is extremely reachable and helpful. More on that later too.
Once a deposit reaches one confirmation on the blockchain, it automatically becomes available to buyers at whatever price you choose. You can set a specific dollar price or you can choose a dynamic priced based on an existing exchange rate. For instance, I could set my price at 5% above Bitstamp or maybe 3% below BitcoinAverage. Then my price would regularly adjust based on those rates. I can also select a backup exchange rate, in case my first choice ever goes offline.
After a buyer accepts my offer (or part of it - they don't have to buy everything that I have for sale) and pays for it, Wall of Coins notifies me via text message. Then I can fire up my online banking, verify that the money has been deposited, and confirm the payment with another text message. That's it! Now I have cash available immediately in my bank account (and cash deposits are virtually irreversible) and the buyer will receive his coin momentarily.
Customer Service at Wall of Coins
The number one feature at Walls of Coins is their quality customer support. Anyone is able to reach a real human at any time via a toll-free phone number (866-841-COIN) or a live chat widget on their website. If you've never touched Bitcoin before, they can even tell you what it's all about and help you set up your own wallet. That, the extremely easy buying process, and a low minimum purchase ($5), makes Wall of Coins a great destination for Bitcoin beginners.
Not only can I contact them whenever I need to, but they are also great about contacting me to keep me updated on my sales. For example, a few times I've had a buyer deposit the wrong amount into my account. I got a phone call within minutes and everything was sorted out. They also call me sometimes when they have a buyer who wants to purchase a decent amount of coin through the bank I use. Then if I've got the funds, I can deposit them knowing that I will have a buyer for them shortly.
The Bitcoin world can be scary sometimes because of all the exchanges that have failed due to hacks and other issues, but I've never had a problem with Wall of Coins. Every trade has gone smoothly and I love being able to watch my own funds on the blockchain. The personal, friendly customer support only sweetens the deal, so I expect to continue using Wall of Coins for quite some time.
If you're ready to see for yourself what's so great about Wall of Coins, try out our portal for buying Bitcoin!
Leave a comment and let me know if you're interested in trading Bitcoin for cash at Wall of Coins!
Disclaimer: Wall of Coins has been one of our sponsors but I have not been compensated at all for this review. I've been as honest as possible in expressing my positive experience using the platform, but I recommend that you use caution wherever you do business in the Bitcoin space (and out of the Bitcoin space, for that matter).
i was a potential customer but im glad i read this review thank you guys all
I had similar problems. (1) The hoops I had to jump through were incredible. Defacing the receipt with their special verbiage written over the printing on the receipt (basically making the receipt illegible and invalid). Not accepting my pictures because they were taken with a camera and not a cell phone. None of all this malarkey is revealed BEFORE you start the transaction, only after you have deposited the money and have no choice but to comply with their insane demands. (2) Their claim to having a more “private” transaction is ludicrous. Wall of Coins required a picture of me and my driver’s license. The bank where I was to deposit the money took a copy of my driver’s license as well. I have never had a more regulated transaction in my entire life.
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!
Good afternoon, I am the media strategist at WallofCoins and would like to know more about your experience and how you’ve finalized your order. I understand our security verifications can be a strain on user’s time, but we do these to protect both parties in the peer2peer dynamic – as long as all parties are involved with good communication, we can only expect a good, transparent and smooth process. Some of our sellers do use their small business accounts, which makes it easier for them to receive cash, be they local, interstate or international. Please, don’t hesitate to call (1-866-841-2646) or chat with us live 24/7 through our website. Also, we now offer DASH, PIVX & Bitcoin Cash!
Carlos, I purchased thru your company because I was purchasing a small amount and on your website it claims that your company is fast and easy. It isn’t. I deposited $200.00 and got a receipt. It was only AFTER you had my money that your “customer support” started giving me stupid and contradictory instructions. I was told to scan the receipt and e-mail it. I did then was told that you don’t accept scans. Then I was told to take a picture of the receipt with my cellphone and e-mail it. I explained( very patiently) that the camera in my cellphone doesn’t work.. I had to explain this several times as your people kept telling me to take a photo and send it. They never seemed to understand that if the camera in your phone doesn’t work you cannot take pictures with it. Finally I went to my local mailbox place and the owner used his cellphone to take a picture of the receipt and then e-mailed it. Then I was told that you don’t accept photos from a camera-only cellphones. I called and explained that the photo was taken with a cellphone as I saw him do it. Then I was told that I had to write certain information on the receipt and take ANOTHER picture and e-mail it. Fortunately I was still at the mail place so was able to borrow a pen and write the info on the receipt. The guy took another picture of the receipt and e-mailed it. The mail place closed ( I was there for an hour and a half) Then I was told that I hadn’t written the information on the receipt according to your “protocol”. That was when I got fed up with your company and everyone who works there. I have contacted the actual seller and am attempting to get my bitcoins directly from her. I am hoping that since she can check with her bank and verify that the deposit was made that she can instruct your company to stop playing games and just give me what I purchased.
Carlos, I just received an e-mail from Ray Kierce stating that the seller says she never got the money I deposited. I don’t believe for a second that she said that. You have some serious problems that need to be resolved. VK
Yes, I did get the complete amount of bitcoins stated. (the fees were heavy, but that was already expected. I assumed it was a premium for convenience, I was wrong.). Yet, WallofCoins did follow through in the end and things worked out, which I’m appreciative of.
However, I agree very much with what Vona and Daniel have stated. And I’m leaving this message up to warn others of the concerns involved, until and unless the company’s procedures change.
It seems like WallofCoins plays games with people. The need for security is understandable. But some of their measures seem nonsensical and overly frustrating. They already have buyers going out of their way to get to a certain bank in a limited time-frame and put money into a stranger’s account … and once that’s done, they leave them in the dark about what to expect next.
Unlike the cheery phrasing on the website (“Quick Access –
Your coins, when you need them – We are the only marketplace that allows you to purchase and receive coins within 15 minutes, No registration. Just coins, instantly.”), the entire process feels just the opposite.
It took nearly a week of pushing and even threat of action (notifying fraud agencies and posting warnings about the company on every bitcoin website) before I was taken seriously. After mostly ignoring me before then, I got a bunch of prompt apologies and then the bitcoin was released.
Their support staff is a joke. They told me little more than to wait for “admin permission” and then nothing happens. I go back every day and get the same avoidance tactic. How long does it take to verify a receipt??
Just like Vona, the person I was talking to said that the seller claimed he/she didn’t receive the payment. –definitely not the thing you want to hear after depositing cash in someone’s account. Later, they acknowledged the seller did get the money but I wasn’t told what else was causing the long delay.
So, I kept sending copies of the receipt many times, each one being rejected with an excuse of why it wasn’t good enough. At first it was because the image quality was considered blurry, but even after asking a friend multiple times to use her phone to send HD pictures, they were all rejected too.
And the reasons got more and more ludicrous …. from writing the seller’s details with pen over the receipt (as if the receipt itself shouldn’t be valid enough proof under the circumstances), to being told I forgot to put a comma after one line (really???)
The whole purpose for choosing to use WallofCoins was due to the way places like Coinbase gave me similar hassle; rejecting my ID through their automated upload system, despite it being brand new and following their instructions over and over, and getting absolutely no replies of help. …… I was expecting the transaction through WoC to at least be straightforward. Afterall, a cash deposit shouldn’t be that difficult or lengthy to verify. My expectations were destroyed.
The worst part isn’t the hassle, it’s the fact your company doesn’t state any of this upfront! Do you think either the buyers or sellers using your service want to fear losing their money? Especially with the plethora of scams across the web, and the uncertainty of proper recourse …. it would stress anyone out. You need to at least be transparent and make them aware of what’s going on — BEFORE you send them off to drop money in a bank account.
I’m still not even sure if WallofCoins is 100% legit. I’m lucky to get what I paid for, but it’s still scary to wonder if they are who they say they are, or to think that a few hundred dollars could disappear from misplaced trust.
…….When I researched the seller’s information to contact her, I found out the address was in the same city (Sarasota, FL) and only a few streets away! The seller supposedly owned 2 jewelry accounts on Amazon (not currently selling anything, might have gone out of business) and seems to be connected to a jewelry store on the same city block as the WallofCoins listed address- assuming that is their real address. The store itself had only 2 reviews on it’s Yelp, but one was a claim of fraud.
It could certainly be coincidence, but it might also be a red flag that this company is indeed into shady dealings. Anyways, I’m not sure if they are truly scamming people or not. Like I said, I recieved my own bitcoin eventually.
So, just use caution and your best judgement if you consider them. Or try other options in case you’re not sure (such as buying from someone in person). I plan to go somewhere else for my next purchase.
And I hope that if WallofCoins is as legit as they say, they will find a better way of winning people’s trust. I would have been happy to buy more from them, despite their larger fees, had they been more considerate of the issues I mentioned above.
Carlos, If you are actually a “Media Strategist” for WOC it seems odd to me that you don’t respond to the many people who are having problems with WOC. It also seems odd that you don’t even try to help people who could potentially become regular customers if – only someone would help them to cut through the BS and get what they paid for. Perhaps WOC should employ someone who is more effectual. I personally gave up on WOC several days ago. I contacted the BofA and verified that the deposit was made to the correct account. I then called the actual seller (Aria Torres S-Code Trading Co Inc) and she claimed to know nothing about bitcoins and said she never heard of Wall of Coins. Considering that she had received my $200.00 She was extremely reluctant to resolve the problem. Maybe instead of making buyers jump thru hoops you should check out your sellers and make sure they aren’t scammers. VK
I bought my first bitcoin today. I used Wall of Coins as you suggested and it was not as described. In fact, it has been a terrible ordeal. First, they sent me to a Bank that doesn’t exist. It was the address of a movie theater. The theater employees told me that there had never been a Wells Fargo there. I went home thinking I had written the address down incorrectly. I contacted Wall of Coins and asked for the address again (since it is the only information not included in the deposit instructions). They told me they couldn’t help me and that I should cancel the order and place a new order to get the address. I did that and it gave me the same address. After several phone calls I determined that I could go to any Wells Fargo Bank. Two hours wasted. I went to the bank and verified that the name and account number were valid. I went to make the deposit and the teller would not do it without taking a copy of my driver’s licence. I had the branch manager come over and she verified that I would need to let them copy my driver’s licence to make a cash deposit! So much for privacy. I sent the text to Wall of Coins verifying that the deposit had been made. I have spent the last six hours in a back and forth battle with Wall of Coins to get my bitcoin deposited in my wallet. I have already sent them a copy of my receipt, but that’s not good enough. The last email they sent stated they needed a picture of my receipt and driver’s licence in one picture and a second picture of my receipt held up next to my face. Privacy? There was none today. They are closed now. I spent 8 hours today trying to buy some bitcoin. Hopefully it will finally be deposited in my wallet tomorrow.
I had exactly the same experience except that it has taken 4 days and I still don’t have my Bitcoins. I have had to go through so much inconvenience with these people because the camera in my cellphone doesn’t work. They were so anxious to get my money but since it was paid they keep insisting that they need a photograph of the receipt. I had the receipt scanned and e-mailed but that was not good enough. NEVER AGAIN.
Daniel, I feel your pain. I have also had nothing but headaches with W of C. After they have received several copies of my receipt they are claiming the seller has said she never received the deposit. Looks like I am in for a fight to get back my $200.00. Very glad it isn’t more. VK
I was wondering does anybody know how much commission WOC charges because if it more than a dollar everyone is getting ripped off.