Mix your bank account with Bitcoin and Ethereum cryptocurrency wallets. Also, spend your crypto-assets with the free Bitwala Card. The next generation bank is here, where Bitwala links together the bank accounts with the decentralized world of blockchain and cryptocurrency.
What is Bitwala?
Bitwala is a German-based company in the city of Berlin. It is the first company to offer a regular bank account, cryptocurrency wallets, and crypto trading, all in one platform. It was founded in 2013 by three crypto enthusiasts, with the idea to pay for everyday products with Bitcoin.
In 2018, Bitwala revived and had new inception after their bank partner shut down and, as a result, the company was forced to cease its operations. With a new bank partner, more specifically with the German bank Solaris. Bitwala regained its access to traditional finance and connected again the both, centralized and decentralized systems.
Bitwala is full of transparency, and you can meet the team on the official website. Behind the company, is a young and very serious crew regarding their handled business.
By the way, if you are looking for a Bitwala job, the company is expanding and is hiring people. Press here if you are interested in joining Bitwala, and start your career in a blockchain bank. For non-german speakers colleagues, they also offer free German classes.
Bitwala features
Even at this time, after 12 years since 2009, when the Bitcoin blockchain was launched. We still can not buy day-to-day products directly only on cryptocurrency. As a result, we need to change our crypto-assets in regular money.
Also, I think that we will get there, but it will take some time to reach the point where we can pay directly with cryptocurrencies, for our day-to-day products. Therefore, Bitwala offers a quick trading method between Bitcoin, Ethereum, and EURO.
With Bitwala you will have the most needed innovations for a crypto enthusiast and investor that are also, available on a mobile app, or desktop computer.
- A bank account in EUR currency. When starting using Bitwala, users open a free bank account on their partner Solaris Bank;
- Non-custodial cryptocurrency wallets, for Bitcoin and Ethereum;
- Free contactless Bitwala Visa Card;
- A mobile app with which you can manage all your funds. And also, trade cryptocurrency for EURO currency.
- A Bitcoin interest account, where you can put your Bitcoin to work and gain some interest;
- A referral program, with which you can invite your friends to join Bitwala and both of you, gain a reward of 15 EUR. Very good feature, if you have a large circle of friends!!! Be informed that this can’t be spread out as a commercial service, it is as it says “Refer a friend”!
- Easy CryptoTax. A full legal report of your crypto transactions with just a few clicks to easily declare your transactions.
The bank account
This is a free bank account. In other words, there is no cost at opening a bank account with Bitwala, and also no fee for the management of your account.
As I said above, new users at Bitwala need to open a bank account. The bank account will be opened at their partner bank, the German-based SolarisBank AG.
Also, all your EURO funds, up to 100,000, are protected by the German Deposit Guarantee Scheme (DGS). Therefore, your funds are safe and protected by German laws and regulations.
On the Bitwala bank account, you can even receive your salary.
Bitcoin and Ethereum wallets
Once the verification process is completed, and you gain access to the Bitwala account, you can start setting up your Bitcoin and Ethereum crypto wallets.
The cryptocurrency wallets are non-custodial, meaning that only you have access to your private keys. Be diligent and secure your private keys, recommended to be managed in an offline environment.
If you are a crypto beginner, don’t worry, you will have a very nice guide named Lola when beginning your journey with Bitwala. Lola will easily help you to set up your account.
With the Bitwala crypto wallets, you can easily receive and send Bitcoin or Ethereum. And with no help from the bank, all is done through Bitcoin and Ethereum blockchains. The Solaris bank only manages your EURO bank account, and nor Solaris or Bitwala will interfere with your crypto-assets.
The free Bitwala Card
I have received my Bitwala card in approximately three weeks, after the verification process was completed and passed the KYC verification. By the way, the Bitwala card was shipped in Romania.
When I first start using Bitwala services, the free card was issued under the Mastercard International license. With a recent update, the card provider changed from Mastercard to Visa. Therefore, the new users of Bitwala will receive a free Visa card. The Bitwala card is made from plastic material, but with a modern appearance and also, it is a good-looking debit card.
Also, the Bitwala card comes with a contactless feature and, it can be used worldwide. I use this card for everyday purchases, and it works very fine for me. Also, with no fees at paying for products or ATM withdrawals.
The Bitwala card has zero fees for everything, but with a maximum offline disposal limit of 3000 EUR and an online limit of 5000 EUR, per day in both cases. Also, keep in mind that some ATMs will charge their own fee, which is not processed by Bitwala.
The only fee for your free card is when and if you will ever need a replacement card. This service will cost 9.50 EUR.
Bitwala mobile app
The mobile app is available on both Android and IOS platforms. With it, you can manage your assets on the go. As well as your crypto-assets and your bank account funds.
Also, you can invest, buy, sell, trade, and exchange cryptocurrency going mobile. For example, let’s say you instantly need some money, but you only hold Bitcoin. With the mobile app, you can easily and fast exchange your Bitcoin for Euro. Also, it works the same in both ways.
Trading cryptocurrency
Trading Bitcoin can be done on both mobile and desktop platforms. Ethereum (ETH), can only be traded on the Bitwala mobile app. For both crypto assets, is required a minimum amount of 30 EUR to trade or exchange on Bitwala.
Also, with Bitwala you can trade cryptocurrency directly from your bank account. Therefore, no need for other third-party transfers, or buying and selling through other companies.
As well, when trading cryptocurrency you will be charged 1% of the total transactional amount. This being the only fee Bitwala requires.
Bitcoin interest account
Bitwala also offers an easy method to gain some interest in your Bitcoin cryptocurrency. This feature is perfect for a Bitcoin Hodler, where the annual interest is 4.74% at this time. But be informed that it might change on a weekly basis. Therefore, the annual interest might grow or go on in a downtrend.
The Bitcoin investment amount can start from as low as 10 EUR, and the interest will be paid weekly, more specifically every Monday. Also, you can withdraw your Bitcoin from the interest account whenever you want and without paying fees.
The interest payments are made in Bitcoin, and there’s no minimum investment period to start earning rewards or making withdrawals and deposits.
The interest account is a Bitwala partnership with the Celsius Network, where instead of just keeping your Bitcoin, you can put it to work for you. Celsius is a well-known and trusted blockchain company, where you can borrow and earn interest over your crypto-assets.
Get $30 as a sign-up bonus on Celsius Network using my referral link. New users on Celsius Network will have to deposit an amount equivalent to at least $200, and keep it in their Celsius wallet for at least 30 days, to unlock the free $30 sign-up bonus.
Also, keep in mind the high volatility of crypto-assets. Therefore, do your research before investing in cryptocurrency and take into consideration your financial situation.
Bitwala verification process (KYC)
To use the features of Bitwala, you have to pass their KYC (know-your-customer) verification process. The process is pretty easy and fast, and you need to have your personal documents at hand. For example, I used my passport and a utility bill.
New users can apply with their passport, which I also recommend to you because is being supported for almost every nationality. Also, in some countries, you can use your national identity card. Check the nationalities list on the Bitwala website or in the tables below to see what documents are supported by each country.
The verification process is done by a video call. Where you will get in contact with one of Bitwala’s team members. The conversation in the video call, during the verification process, must be carried in English or German language. No other languages are sustained.
After the KYC video call and your documents get verified. In a short term, more specifically on the same day, you will be granted access to your Bitwala account.
In my case, it was needed two video calls on different days. Therefore, in some cases, it might take longer.
Bitwala supported countries
For now, Bitwala is only available for EU residents (European Economic Area, including Switzerland), but multiple worldwide nationalities are accepted. Therefore, check the list below to see if you can start your journey with the next generation bank.
European nationalities accepted by Bitwala
- Austria
- Belgium
- Bosnia Herzegovina
- Bulgaria
- Croatia
- Cyprus
- Czechia
- Denmark
- Estonia
- Finland
- France
- Germany
- Greece
- Hungary
- Iceland
- Ireland
- Italy
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Malta
- Netherlands
- North Macedonia
- Norway
- Poland
- Portugal
- Republic of Kosovo
- Romania
- Russia
- Serbia
- Slovakia
- Slovenia
- Spain
- Sweden
- Turkey
- Ukraine
- United Kingdom
African nationalities accepted by Bitwala
- Algeria
- Angola
- Burkina Faso
- Cameroon
- Egypt
- Ghana
- Ivory Coast
- Kenya
- Mali
- Morocco
- Namibia
- Nigeria
- South Africa
Asian nationalities accepted by Bitwala
- Azerbaijan
- Bangladesh
- China / Hong Kong
- Georgia
- Japan
- Kazakhstan
- Kuwait
- Lebanon
- Malaysia
- Philippines
- Republic of Korea
- Singapore
- Taiwan
- Thailand
North American nationalities accepted by Bitwala
- Canada
- Mexico
South American nationalities accepted by Bitwala
- Argentina
- Brazil
- Chile
- Colombia
- Peru
- Venezuela
Oceania’s nationalities accepted by Bitwala
- Australia
- New Zealand
Check the necessary ID card for every nationality on my website or the Bitwala website.
Bitwala security
Your Bitwala account is protected with a two-factor authentication method. You will choose a strong password, and your account is going to be connected with the mobile phone. Therefore, every time you will log in to your account, you will have to enter the password and the SMS code (M-TAN) received from Bitwala.
The crypto wallets private keys are in your possession all the time. Also, your EURO funds, but only up to 100,000 EUR, are protected by the German Deposit Guarantee Scheme (DGS).
Also, using the Bitwala mobile app, you can set up to log in with your fingerprint.
Conclusion
Bitwala is a perfect solution for every crypto enthusiast, investor, or trader. Also, the user-friendly interface makes Bitwala extraordinary for a cryptocurrency beginner.
The Bitwala app offers a fast trading option going mobile. Therefore, you can exchange, buy, sell Bitcoin and Ethereum directly from your bank account. And also, spend your funds with the free Bitwala card, which can be used worldwide.
For now, it only supports Bitcoin and Ethereum blockchains, but the company is planning to add more crypto-assets to its portfolio. Also, Bitwala is available only for EU residents, including Switzerland, but multiple worldwide nationalities are accepted.
The company is continuously expanding and growing in popularity. Therefore, if you look for a Bitwala job, and work in a next-generation blockchain bank, you can apply here.
The security is very high and only you have access to your cryptocurrency assets. The private keys being in your possession all the time. Also, your EURO funds, but only up to 100,000 EUR, are protected by the German Deposit Guarantee Scheme (DGS).
My experience with Bitwala
I use the Bitwala services and the Bitwala card for almost a year now. And my experience with the German blockchain company is very satisfying and up to the next level. Register here for free and start your journey with the next-generation bank.
Sign-up here.
Bitwala review: https://cryptofiveo.com/bitwala/
Get $30 as a sign-up bonus on Celsius Network: https://celsiusnetwork.app.link/176266f2f1
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CryptoFiveo disclaimer
This review post of Bitwala is intended for informational purposes only. Therefore, the views expressed in this document are not, and should not be construed as investment advice or recommendations. Readers of this document should do their own research, taking into account their specific financial circumstances. Also, the investment objectives and risk tolerance before investing. This document is not an offer, nor the solicitation of an offer, to invest, buy or sell any of the assets mentioned herein.
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