When we carried our investigation on this service the factors are somewhat neutral as it has its own unique set of merits and demerits, even the testimonials we found gives us mixed impressions. To know precisely what you are getting yourself into by signing up with them read our full review.
License and Support
Due to the ever rising number of scams on the internet and the financial markets sector in particular license are an easy way of recognizing trustworthy traders and exchanges. We are not saying that all unregulated exchanges are outright scams but in our experience most of them truly are bogus.
Wall of Coins is not licensed or regulated by any authority which is a disturbing factor and is the main reason why many investors choose to stay away from them. This company has provided all the contact details like address, telephone number, etc.
Address – Genitrust, Inc 1800 N East Ave Sarasota, FL 34234
Telephone – (866) 8412646, +1 (217) 6726467
Contact Hours – Monday to Saturday 9 am to 2am EST, Sunday 9am to 5pm EST
Leverage and Platform
This platform offers trading in two currencies which are Bitcoin and Dash against the dollar. In terms of volatility these two pairs are enough to make a decent amount of profit only if you are familiar with the markets and have a reliable strategy.
The main drawback which holds retail traders from opening an account with this service is the fact that they do not offer leveraged trading. Leverage can work for you or against you but without it trading will only be reserved for those with deep pockets.
If you are a person looking for a reliable platform for trading cryptocurrencies you will be much better if you choose a broker who offers cryptocurrency CFD, just make sure that you are aware of the fees and swap rate because they are usually huge, obviously you do not want to burn a hole in your pocket by opening a position without considering the consequences.
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Another important thing you should be aware of this platform is that they store the investor/trader’s fund in an offline cold storage. Though this does not mean they cannot be hacked, the likelihood of it happening is a lot less and on the other hand it showcases the commitment of this firm to the safety of the client’s fund.
Deposit and withdrawal
The minimum spend required to get started with this exchange is $5 worth of Bitcoin and Dash. Such low deposit ensures that most of the everyday people can taste the essence of trading cryptocurrency without breaking the bank. There is no cap on maximum deposit amount.
We do not know the fees imposed on transaction as they are not revealed anywhere on their website including the FAQ section but based on comments from popular forums we believe it to be on the higher side. There is no information about the time required for them to process the withdrawals.
A quick search on whois.com reveals that this domain was registered on 21/02/2014 and it expires on 21/02/2019. The registrant details are:
Name – Robert Genito
Organisation – Genitrust, Inc
Address – 1680 Fruitville Road, Suite 335, Sarasota, US 34236.
Thanks to Alexa.com we came to know that this website ranks 163,594 in the United States which is where more then 60% of their total traffic is coming from and has a global rank of 555,205.
Is Wall of Coins a Scam ?
We do not know for sure,
Unless we have solid evidence to support any fraud, we cannot comment anything on that matter but if you look at what real users of this cryptocurrency exchange are saying then it will certainly make you uncomfortable. Hear the comments of the users on Bitcointalk.org forum :
I tried to buy 2000 USD worth of bitcoin the other day. I followed the instructions set forth by this company. After 24 hours of going back and forth with various reps or robots ( i am not sure if they are human or not ), taking selfies with receipts and ids I have been told my transaction is “being reviewed by the compliance department”.
Upon further investigation i find out one of their staff members “John MacPherson” AKA HORUS was part of the Cryptsy daboggle. Did I just lose my 2000 USD to a scam site? If so are there any other people who have been scammed by this company? Any action steps to take for recourse?
Also how do I buy bitcoin safely other than BTMs? I am really hoping I did not lose this money.
Thanks for your help
Does these comments boost your confidence ? Obviously no.
Wall of Coins Review Conclusion
In the US there are numerous restrictions when it comes to trading. They do not get leverage of more then 1: 100 on forex pairs and on cryptocurrency it is even less. If you truly want to trade on a large scale aiming for decent returns which can supplement your income then there are a lot of licensed exchanges which you can use instead of this one.
This platform is fit only for those who are testing the crypto market with nominal amounts. For any reason if you want to go huge on this platform be prepared to go through a troublesome KYC policy which may even take weeks to get approved.