Bitwala is a German crypto exchange considered distinct from the other cryptocurrency exchanges of the world. As a player with unique features in the crypto industry, Bitwala provides a tripartite platform integrating a trading service, a crypto wallet (for Bitcoin and Ethereum) and a regular bank account.
Essentially, Bitwala is believed to have attained lofty heights in its service offering particularly with the recent benefit of interest earnings (on Bitcoin accounts) pegged at an annual rate of 3.95%.
By and large, Bitwala has been described as an all-inclusive German bank account combining Fiat and cryptocurrencies and in this article, you’re bound to learn more about Bitwala including how you can register with the Berlin company.
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Bitwala’s Bank Account
Bitwala offers an all-inclusive bank account which integrates Fiat and cryptocurrencies, making it easy for users to execute daily transactions both via the desktop and while on the go. With the aid of this Bitwala-provided bank account, you’re able to trade your BTCs for the equivalent amount in euros so that you can make payments for certain purposes.
Moreover, you have the enviable opportunity to directly sell and purchase Bitcoin through Bitwala. This is to say that after making payment from your checking account for the Bitcoin purchased, you’ll subsequently receive the corresponding amount of Bitcoin in your Bitcoin wallet. In the instance that you’re selling Bitcoin, Bitwala will take off the Bitcoin amount from your wallet so that your credit account receives the corresponding amount in EUR.
Bitwala’s Crypto Wallet
The Bitwala crypto wallet is compatible with both Ethereum and Bitcoin, hence facilitating the sending, transmission and storage of ETH and BTC. Also, using the Bitwala crypto wallet guarantees you the ease of exchanging cryptos for Fiat or Fiat for cryptos as the case may be. Importantly, the Bitwala crypto wallet lets you exercise unrestricted control over your backup phrase and your private keys.
Bitwala’s Debit Card
The Bitwala debit card, a kind of Mastercard, simulates a common debit card and is usable for free cash withdrawals from any ATM in the world. In addition to its unrestricted usability across all places of the world with Mastercard support, the Bitwala debit card can be used for contactless payment and it comes with 3D Secure which gives the assurance of added security during online shopping. For being a kind of Mastercard, Bitwala’s debit card is well suited for travellers as they’re able to use it almost anywhere in the world.
Bitwala and Tax Reporting
Bitwala is considered highly useful particularly for a number of its added features including tax reporting. Simply put, Bitwala is in partnership with CryptoTax so that Bitwala users can easily fetch ready-to-use records concerned with the tax authorities of their transactions. Therefore, with just a couple of clicks, you can rest assured of obtaining a customized record of the tax charges for your crypto purchases and sales.
Getting Registered with Bitwala
Registering with Bitwala involves creating a Bitwala account and before you’re deemed eligible for this, you must have met the following conditions:
- Being a resident of any of EU territories
- Possessing a document for evidence of address
- Being over 18 years old and possessing an authentic passport or ID card
Bitwala’s registration occurs in two phases and provided that you fulfill all the conditions outlined earlier, you can proceed to the first phase which involves opening a bank account. Subsequently, you’ll undergo the second phase which involves identity verification via a video call with a Bitwala partner.
Another clear advantage of Bitwala is its transparency, which is particularly evident in the fees charged for using the various services. These are easy to find on the Bitwala website and are as follows:
- Account management fees: 0,00 EUR
- Fees for providing a debit card: 0.00 EUR
- Repeat order of a debit card: 9,50 EUR
- Fees at cash dispensers: 0.00 EUR (or depending on the provider of the dispenser)
- Card transactions: 0.00 EUR (Mastercard may charge fees for international transactions)
- Trading fees for Bitcoin and Ethereum: 1% (minimum amount: EUR 30)
Opening an account with Bitwala
Basically the process of opening an account with Bitwala is very simple and straightforward. However, you should be aware that you can (logically) only use the platform if you open a new bank account with Bitwala. As this is a German bank account, it is only available in Euro (not USD). Furthermore, all customers must meet the following criteria to open a Bitwala account:
- Resident in the Eu
- ropean Union
- A valid passport/ID card. A list of supported documents can be found here
- Over 18 years old
- A document for proof of address
If you meet the criteria, the registration will be done in two steps. First you open the bank account. The second step is to verify your identity by means of a video call. During the video call with Bitwala’s partner, IDnow, employees are asked for proof of address. The whole registration process is very simple and intuitive.
Bitwala in test
Security and reliability
Regarding the seriousness of Bitwala, there is no doubt in our opinion that the platform is 100% trustworthy. For the bank account Bitwala works together with the renowned German SolarisBank. In addition, Bitwala GmbH is a company registered in Germany that has received several rounds of funding and has been co-financed by the European Union’s Horizon 2020 programme.
With regard to security, Bitwala has implemented the security mechanisms customary in the industry. In accordance with legal requirements, Bitwala also offers a Euro deposit guarantee of up to 100,000 Euro.
The customer support
Bitwala offers an extensive support site for its users. The Bitwala website offers a comprehensive support center where the most important information is summarized in a compact and clear manner. If this is not enough, the Bitwala support team can be contacted via social media (Facebook, Twitter, Reddit and Bitcoin Talk).
On Trustpilot Bitwala receives 3.8 of 5 stars (at the time of writing). The latest ratings are mostly very positive (5 stars). In general, customer support and the platform are rated very good throughout. The customers are mostly satisfied with Bitwala. Numerous reviews emphasize the fact that the platform runs faultlessly, is uncomplicated and enables fast transactions.
Complaints come from users who want to take action. They say that the trading fee is higher compared to other platforms. Bitwala justifies this with the availability of other practical features (wallet, debit card, bank account). Another frequently mentioned criticism is the video call for verification, which is done by an external partner and does not always work smoothly.
It’s beyond doubt that Bitwala is a highly usable crypto trading avenue for people (such as Europeans) who specialize in EUR-specific crypto transactions and who’re hell bent on a trading medium suitable for both Fiat and cryptocurrencies.