"Bitwala is the first blockchain bank account. Get a fully licensed and regulated German current account with cryptocurrency trading features, a debit card, and a built-in Bitcoin wallet. We enable fast, intuitive cryptocurrency trading and the possibility to manage your cryptocurrencies and Euros in one place."
This is what Bitwalare declares but the reality is absolutely different. If you want to know how Bitwala can take away your money, keep them for weeks, make the live hard, and request tons of papers without any reason for this, continue reading below. Not interested - try yourself but be aware of the high risk and harm which so-called bitcoin-friendly "first blockchain bank account" can cause to you!
I registered Bitwala account more than 6 months ago and was glad to be able to deal with an officially licensed bank service that supports bitcoin. I started buying and accumulate some bitcoins there, although the rates are not so tasty but they are also not so bad. To me, it looked like a good price for keeping a part of my investments in a safe place.
Bitwala provides a page, called "Handle", to buy/sell bitcoins in realtime. So, whenever I needed it, I could buy or sell some. Up to the recently, when they started requesting mobile-pin. It's a good thing to have but only if it works as expected. When 4 of 5 SMS comes with a delay like 10 minutes, it means that you can't use the service. Sometimes, even can't log in! So, in the beginning, it was annoying. After the 3d lost opportunity to buy some coins by a very good price because all SMSs were delivered too(!) late, I informed the Support team about the issue. Moreover, I executed the transfer to move my (6K) money away. And you know what, they didn't reach the recipient, neither returned back!
On my request, Bitwala started sending me tons of questions about where I took this money from, how much I earn, why I'm buying Bitcoins, and how familiar I'm with the cryptocurrencies?! (wtf). In the reply, they claimed their bank partner, that those questions are required by it. I had to send my income confirmation, and answer crazy questions, and still, after 10 days, I'm struggling to get my money back!
Why I'm sharing this - to warn the community about the worst "blockchain bank account".
I keep the copies, emailing, etc. So, can prove every word.
P.S. a couple of other stupid questions, allowing for the fact that the mentioned transactions (buying/selling coins) were executed on Bitwala. Are you joking, Bitwala?!
- Please provide supporting documentation regarding the transaction/s (e.g. invoices, contracts, agreements).
- Please provide appropriate supporting documentation establishing the origin of the crypto assets of the below mentioned transaction/s (e.g. trading history, screenshots from exchange platforms, etc.).