It can be hard to start investing in and trading cryptocurrency. Many existing applications can easily boost and transfer funds, but there is usually a learning curve involved.
The primary reason for this is because Bitcoin trading can be uncertain at best. As shown in this Barron’s article, it could be easy for a few dollars’ worth of BTC to skyrocketed into $300 in just six months.
Apps that focus on helping new traders are uncommon, but incredibly useful. Genitrust Inc.’s exchange platform, dubbed Wall of Coins, is one such rarity.
This Wall of Coins exchange review will discuss different features that can be of help to traders of varying levels of experience. This encompasses beginners and seasoned veterans.
What Is Wall of Coins?
Wall of Coins is a cryptocurrency exchange platform developed by the Florida-based Genitrust Inc. It primarily serves users in the United States, although it has an international reach.
Currently, the platform makes transactions for Bitcoin and Dash. It is limited to the following fiat currencies: USD, AUD, GPB, and CAD.
Using this exchange is fast and simple, thanks mostly to its intuitive layout. Simple command buttons for buying, selling, and API use are immediately visible.
When users create an account, they will be asked to provide a few personal details. These include a username and phone number.
Wall of Coins provides an SMS guide that users can access via their mobile. This guide can teach them how to buy Bitcoin with their cash via the application.
Because of this tutorial, first-time traders can have an easy and detailed guide on how to invest properly. However, for those who might prefer a visual guide, this review on how to make a good trade can be instrumental:
Buying and Selling
Unlike other programs, buying Bitcoin through Wall of Coins is more roundabout. Users can only conduct purchases via a bank teller, rather than through a debit or credit account.
While this makes the process longer, it does ensure a more secure and direct purchase. Once the physical transaction is done, users will receive an SMS providing them with the confirmation code of their transaction.
Meanwhile, selling is done by associating a permanent address with an account. Sellers can then set the price for their Bitcoins, and wait until a buyer accepts the offer.
This Wall of Coins review further discovered that deposits can only be paid for through either Bitcoin or third-party outlets, like Western Union. Bank transfers and credit cards are not included.
Each transaction with this exchange comes with a small service fee. Regardless of whether a user is buying or selling, the app charges an additional fee of around 1% to 2%.
However, this is only applicable to Wall of Coins. There may be other charges made by the bank conducting each transaction.
The fiat currency for this crypto exchange platform is primarily USD, although as earlier stated, others are available, and more are being considered. The platform can easily serve clients in the UK and expansions for the Japanese market are also being considered.
While Wall of Coins’ mobile phone-centric approach can be fairly secure, it does not mean that it is fully secure. This Nine AU article details how mass text scams in Australia have been developed with the goal of hijacking accounts via SMS.
Due to this, this Wall of Coins review has discovered that the application uses a simple two-factor authentication process to protect user accounts.
Because the transactions are conducted either by third-party account holders or bank tellers, the likelihood of theft at this stage is minimal. Even if users’ phones are stolen, accounts are secured via cold-storage repositories.
Another useful feature is the anti-fraud artificial intelligence (AI) software. It detects any suspicious transactions and blocks them accordingly.
Users can contact the support team through the official email account or through a landline number. While it may take longer to access support using this method, it can also lead to a more in-depth solution to user issues.
They also offer an in-depth FAQ for users who would prefer to look up solutions to common user problems. This FAQ also has another tutorial for buying and selling Bitcoin.
Unlike other platforms, this exchange has a chat support system where users can relay their technical issues. This adds another avenue of support, which can make the experience easy and pleasant for first-time traders.
4.5 out of 5 stars.
Wall of Coins is a user-friendly platform with relatively strong security measures and affordable rates. They have a wide coverage of fiat currencies and deposits, although their cryptocurrency coverage is limited.
Their customer support is one of the best in the industry, and the rates per transaction are incredibly low. It also uses an SMS function to keep users updated, which is instrumental when users are offline or conducting banking transactions.
- Easy-to-use interface.
- Cold storage accounts.
- Quick access to the Bitcoin wallet and account.
- Support for more than 120,000 locations worldwide.
- Decent range in fiat currency, particularly for North America.
- Two-factor authentication.
- Anti-hack AI software.
- Email-account and FAQ-based guide for technical issues.
- Live chat and phone number for a more direct solution.
- Low service fee.
- Only two cryptocurrencies available.
- Exclusive access to bank-only withdrawals and deposits.
- Lack of an ATM or online bank account support.
- No graphical trace of Bitcoin prices
For beginners and veterans alike, Wall of Coins is the best way to start investing in cryptocurrencies. It has one of the best privacy and security measures in the entire market.
Exchanging Bitcoin through the platform is fast and easy, and this crypto exchange only charges a small fee for all transactions. While there currently support for only two cryptocurrencies, the app’s support for fiat currency is ideal for North American users.
A welcome feature is the extensive customer support system. With quick and multi-channel access to support, users can easily receive help on their issues.
The only downside to this system is its relatively simple system. Expert-level traders will find it rudimentary, and the lack of debit or credit support can slow down most transactions.
Those who are looking for a safe and intuitive system for their first Bitcoin purchase, this can be an ideal place to start. Wall of Coins provides its users with an easy and comfortable trading experience.