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).
Wallofcoins.com claims that they link the seller and buyer, giving a buyer with handful of sellers that are selling BitCoins for cash deposit. I made an deposit and uploaded deposit, but transfer was on hold because “seller can not be reached” 24 hours has passed, and they keep saying they are trying to reach the seller. No intend to resolve the issue.
With interest in dashcoin, I just deposited well over 10k a few hours ago. Let’s see how long it takes to see the coins… crossing my fingers it’s not a scam.
I have purchased Bitcoin a week ago, all I get, just endless requests of providing skype id they need to call to, my dl picture, me personally, holding the receipt in my hands.Im still waiting to receive my bitcoin , that I’ve spent 5k on. Been 7 days already!!! 7 days!!!
I used wall of coins before. Today I used it again. I made my deposit. Well first I went to Wells Fargo and whomever the account holder was had a block on the account. So, I went to the next one and made my deposit. I followed up on the account via chat and spoke with Amanda. She indicated I needed to write some verbiage on the receipt. Which I completed. I then called the number. I spoke with Amanda and she said I missed a part of the verbiage and had to complete it. So I did that. I then follow uped on my order number. She picked up and put me on hold to view the update. I was put on hold and left on it for eight minutes. Then was hung up on. I called three times and it rang and no on picked up but the call was disconnected. I can’t get a hold of anyone now, by chat, email, or phone fall.
I have had similar problem to Sofia. I deposited money into their account and provided receipts. They were not happy with how I wrote the verbiage on the deposit receipt. Deposit was made over 24 hours ago and still no bitcoin for this deposit. They have my money, receipt for deposit (even though they stated in bold on emails this was only optional.) So far this is not looking good.
Jon, I had the exact same problem. I deposited the $ on 5/3 and now they are saying the seller claims that they never got the $. So glad I only sent $200.00. VK
I waited 6 days so far! For $200, I get nothing! Just more excuses. They have never initiated contact, The phone number simply disconnects my call.
I have the same problem , phone is disconnected .Chat is not replying .Its been 7 days and its crazy!!! I spent 5 K
I used them and spent over $5k with them with 0 issues until yesterday 2/13/2015
I made deposit and they said they will not send me my coins until Monday. Which I doubt will happen since it’s a holiday. I guess we’ll just wait and see. I think it’s bs that I have to wait 2-3 days for my coins.
You’re the known scammer under the alias “Marc C Hernandez”. Anyone who Google’s this name with “Bitcoin” can find complaints from everyone you scammed. Don’t like waiting to get your coins? Then don’t scam the community! Don’t like that an honest service is protecting their sellers from you? Then use another service!
I just started using Wall of Coins and they are awesome. I’d concur that the only reason there would be a delay (which I haven’t encountered) would be for reasons like someone scamming. This team is so on top of things, if there is a delay you know they’re not on Facebook screwing around, there is probably an issue that needs to be addressed and I trust them more than any other company in the BTC space.
Thanks Craig! Just read your response, and it is much appreciated 🙂
I used this service for the first time yesterday based on the recommendations on the show. I’ve only bought, I haven’t sold yet.
I must say I’m impressed. I will most likely use this as my main conversion tool since it’s so great 🙂
I like Genitrust so much, I only wish I could work with them somehow… finding a job somewhere in the space would be fantastic and they are certainly a quality outfit.
Thanks again, take care 🙂
This could really make a difference. Great article. Being able to convert hard cash money to bitcoins could change the economy in favor of Bitcoin. This rocks!!
Sounds good and all, but I’ve had to wait more than a day on other sites for my btc, and bitquick says up to 3hours to get my bitcoin. How does this compare?
Wall of Coins is much quicker than that. As a seller, I can usually confirm deposits within a few minutes. So the total time to receive your coins should be a trip to the bank plus maybe 10-20 minutes. 🙂
Heya Gabe, thank you for asking. When you make an order through Wall of Coins, as long as you’re making a cash deposit and have the receipt, there shouldn’t be any delays. We often release coins within 2-3 minutes, but sometimes we have to wait on the bitcoin blockchain (every 10 minutes). Rule of thumb: we’ll have the coins to you within 15 minutes! 🙂
Been over an hour for me..dunno why
Sometimes sellers take a little longer to approve. I know I have been guilty of that. It’s tough, you don’t know when you’re going to get a text that a buyer deposited money in your account. I’ve been at the dog park, dinner, and driving when these texts have come in.
These guys seem pretty legit. If only it were that easy to get bitcoin everywhere.
I love working with Wall of Coins because it’s so easy and you get your coins so quick! Everyone there has been so helpful! I’ve been using their platform since March and wouldn’t go anywhere else!