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Wall of Coins

Wall of Coins Review: Buy and Sell Bitcoin With Cash!

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.

Buy Bitcoin with CashAfter 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.

Sell Bitcoin on Wall of CoinsWall 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.

Deposit NotificationsAfter 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

Live Chat With Wall of CoinsThe 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).

21 comments

  1. 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.

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