If you want to use cryptocurrencies far from the usual investments, you can gain your own Bitwala experience. The company takes advantage of the cryptocurrency and not only offers a wallet, but also acts as a blockchain bank. This opens up completely new opportunities for investors to use Bitcoin and Co. What are the experiences with Bitwala in practice? Is Bitwala working seriously or is it Bitwala fraud? The test explores precisely these questions and shows what exactly makes the bank so unique and innovative. In addition, there is an assessment of how easy or complex it is to open an account.
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The facts at a glance
- In the Netherlands registers
- Companies with German origin
- Bitcoin wallet available
- Variable transaction costs
- Later account and credit card for customers
- Wallet without Fee
- Mobile application available
Trading at Bitwala
The German company Bitwala has undergone a test as it has caused a sensation in recent months provided. The former wallet is now becoming a modern bank, where investors / customers can gain unconventional Bitwala experience and use cryptocurrencies. According to the Bitwala test, the entire system is based on Bitcoin. All services (global and local) are processed with the cryptocurrency. The company had its origins in 2015. Back then it all started with a small team of 22 employees. The founders Ben Jones, Jörg von Minckwitz and Jan Goslicki are still the pillars of the company today. The Bitwala test shows that innovation and openness to new things applies not only to the cryptocurrency, but also to the team. The 22 employees belong to 13 nations. Experience has shown that internationality is the key here. The company is controlled from Berlin and is ready to take the international route. Meanwhile, over 57,000 customers have gained experience with Bitwala. They all come from more than 200 countries and conduct their very own test on the company's offer.
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Bitwala offer in the test
The aim of Bitwala is to make international money transfers uncomplicated to shape, to facilitate. The company uses blockchain banking for this. Before customers could gain experience with banking, Bitwala only had the Bitcoin Wallet on offer. In the meantime, the offer has been expanded to include its own prepaid Visa card.
Above all, the experience with the Bitwala Wallet was positive because it was available to customers free of charge and allowed Bitcoins to be stored. This wallet is also the starting point for all services that are still offered by the bank. Only those who have registered for the wallet can take the test with the other offers of the company. To have a better overview of the wallet, customers can use it from anywhere: PC, smartphone as well as tablet or smartphone.
Bitwala experience with the costs
The experience with bitwhal costs for the transactions can do anyone who has an account with the bank. The global transfer is processed via Bitcoin or Altcoins (for example Litecoin, Ethereum, Capricoin, Bitconnect). According to the test, the costs are extremely low, because a transfer costs 0.5 percent of the actual amount. Settlement also takes place quickly: the majority of transactions are processed within an hour; the rest within one working day. The process is also straightforward. The bank either sends the bitcoins directly or does the currency conversion beforehand. British pounds, euros, Japanese yen, Australian dollars and Brazilian reals are available. However, US dollars are not offered. The new partnership with ShapeShift means that other cryptocurrencies will also be accepted, according to the Bitwala Test.
Prepaid credit card - Bitwala fraud?
As is the case for a renowned bank, a credit card also becomes a Provided. If you want, you can gain your own Bitwala experience with the Visa card. It worked almost identically to other Visa credit cards. On the one hand there is the physical (optional) or the digital card. In order to use the card, customers have to load new money. It works like a conventional prepaid credit card from other credit institutions. It can be used anywhere: to shop online or offline and to withdraw money from ATMs. Bitcoins are loaded onto the card, which are then converted into euros. Fees of 0.5 percent are due for each recharge. At the beginning of 2018 there were problems with the visa because the credit card company itself withdrew license from Bank WaveCrest. This is every bank that also cooperated with Bitwala to provide the credit card. For this reason, the prepaid offer has been suspended in the meantime. In the meantime there is a new cooperation, so that a MasterCard is available for the customers.
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The cost of the visa was as follows: Who has a physical credit card wants to apply, has to invest a one-time fee of 8 euros. According to the Bitwala Test, only 2 euros are required for the virtual credit card. However, "management costs" of 1 euro are charged monthly. Anyone withdrawing money from the machine with the card must also pay for it. However, this is also known from other Visa credit cards. According to experience with Bitwala experience, the cost within the EU is € 2.25 per withdrawal; outside the EU 2.75 euros. The maximum daily payout at the machine is 1,000 euros. It remains to be seen whether there will be a similar cost model for the new credit card in the future.
Anyone who uses Bitwala's own app can find out about the current status on the card at any time.
Opening an account and extras
If you want to gain Bitwala experience, you first have to be able to speak the English language. The entire page design is primarily written in English, but German is missing. Customers can also choose from French, Russian, Spanish and three other languages. However, opening an account is comparatively easy because the form is quickly filled with little information. If you want to register, simply click on the "Pre-register" button, which is available directly on the homepage. The first name and email address are required.
In addition, future customers must agree to the terms and conditions. Later on, future customers will receive an email at the address provided. This includes a link that leads directly to the login. Now, of course, further data such as the address, the date of birth and the reference account are required. The account is only available when all information has been provided and confirmed by customer service. An ID document must be sent for verification. Via the account, customers can then apply for and test the Bitwala credit card or use the wallet. In the future it will also be possible to use the account as a bank account.
IBAN link for Bitwala account
Customers can gain experience with Bitwala as a bank, because in Cooperation with a partner bank can now also use the account function and the credit card service. Instead of the Visa, there should now be a MasterCard, which is also issued as a debit card. This gives customers the opportunity to use the credit card as normal without having to top up. The decisive factor is how high the account balance is. Put simply, it is used like a conventional EC card. Is Bitwala legitimate or fraudulent? Thanks to the cooperation with the partner bank, customers should enjoy all the advantages of a conventional credit institution. This includes that the Bitwala account has a deposit guarantee of 100,000 euros. However, according to the test, every user still has the private keys to secure and load the cryptocurrencies. The banking services offered should be available to all customers from mid-2018. However, it is already possible to register in advance on the homepage.
Opening an account in just a few steps
The "real" account opening is not yet possible (as of March 9, 2018), but should be done by be feasible in the middle of the year. However, interested customers can already register for an account and the additional services and already gain initial experience with Bitwala. Registration works very simply in just a few steps.
- Step: Go to Bitwala's homepage on the homepage. Open the registration form with the "Pre-register" button.
- Step: Fill out the registration form. First name and email address are required. Now the terms and conditions are confirmed. In addition, prospective customers have the choice of receiving marketing emails from the company. Pressing the "Pre-register" button again closes the registration form and the entered data is transmitted.
- Step: The customers receive an e-mail in which a link for verification is integrated, Anyone who clicks on this link immediately logs in and thereby confirms their registration. However, the registration is not yet complete. In addition, additional data such as the address or the date of birth must be specified. Verification of the person using a valid ID document is still pending. The wallet can only be used once all of this has been done and has been confirmed by customer service. If you want to gain experience with Bitwala with your bank account and credit card, I have to be patient a little.
Questions and answers about the offer of Bitwala
I can also as a German Customer Bitwala gain experience?
Yes, German customers can also gain experience with Bitwala. All account holders who are based in Germany can register without any problems. However, a German-language website or a German-language service is not available. In addition to English, other content languages are also made available. The customer service is also not in German and is not available via a German number. However, there is an FAQ section in which the most important questions are processed. If you want, you can also look on the Twitter channel, YouTube or the company's Facebook account.
Is there a Bitwala account?
There are currently (as of March 9, 2018) there is no bank account for registration. However, this service is being planned and should go online in mid-2018, according to the company. However, customers already have the option of registering for account access. A corresponding "pre-ordering" form is available for this.
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How should the credit card be used?
Until the beginning In 2018, Bitwala customers were able to gain experience with Visa’s proprietary credit card. It is a prepaid card. As the issuing bank WaveCrest was revoked by Visa, the card was no longer offered by Bitwala. For this reason, customers are currently unable to use a card. However, there is a new partnership with a bank, which also includes issuing a new credit card, this time a MasterCard. This service is also available in mid-2018.
What are the costs for the wallet?
The Bitwala test shows that there are no costs for using the wallet. Of course, this refers to the basic fee. If the transactions are processed, the fees are calculated using coins to the respective network. The amount of the transaction costs depends on the transfer service and the amount.
Is Bitwala serious?
Bitwala provides the company with advanced transaction technology, of which much will be heard later. The service is offered by Safaru B.V., a private company based in the Netherlands. There it is also registered with the "Dutch Chamber of Commerce". Bitwala also has an office in Berlin. Many customers think it is Bitwala scam because the content language on the homepage is mostly English. For an actually German-born company, this is rather atypical. In addition to English, French, Spanish and other languages are also available. German, however, is missing. The Bitwala test showed that the company treats its customers responsibly, since it has already stopped using the credit card service as a result of Bank WaveCrest's license withdrawal. Bitwala also informed customers about this. In the future there will also be a reputable credit card, this time from MasterCard. To this end, the company is cooperating with a well-known bank.
Bitwala also ensures that its future account will be reliable. It should be available from mid-2018. A deposit guarantee of a maximum of EUR 100,000 is offered as security. This is already known from other reputable credit institutions.
A look at the terms and conditions shows that all information is available transparently so that all customers can see it. Although they are mainly offered in English, they are still available. For example, there is information about the legal basis, the costs, the registration or the Bitcoin payments. This shows once again that Bitwala provides the entire information spectrum just as seriously as other renowned companies do.
Conclusion: the results from the Bitwala test report
The experience With Bitwala not only German, but also international customers can make. For this purpose, the page is primarily prepared in English. If you want a German concept, you won't find it here. Bitwala is a company that will offer a bank account and a credit card in the future. The credit card was available to customers until the beginning of 2018, but was discontinued due to Visa's license withdrawal from the partner bank. Thanks to a new cooperation with another banking company, customers will have a new credit card, a MasterCard, from mid-2018. This should not be available as a prepaid card, but as a debit card.
This means that customers can use all of the credit on their account in a very unconventional manner without having to pay the card in advance. Account management will also only be possible from mid-2018. The credit is then secured with a deposit guarantee of a maximum of 100,000 euros. Until then, interested customers can already register and gain their first Bitwala experience. Only the wallet function is currently available. This allows Bitcoin and other altcoins to be managed and traded. Overall, the experience with Bitwala is quite positive. It remains to be seen how the account conditions and the use of the credit card will show in the future.
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