Bitwala is a blockchain banking solution based in Germany that allows customers in over 70 countries to open Bitcoin bank account . The Bitcoin bank account is hosted by the Berlin-based solarisBank. Bitwala was founded by Jörg von Minckwitz, Jan Goslicki, and Benjamin P. Jones in October 2015.
The Bitwala account includes a Bitcoin and Ethereum wallet. You can use the account to buy and sell cryptocurrencies for a 1% fee from your account. It also offers free integrated crypto tax reporting solutions to users through its partnership with CryptoTax.
Opening a Bitcoin Bank Account
You can open your account via the web or on Bitwala apps, Android and iOS and follow simple onboarding steps, which include the use of video identification. You can do this in either English or German. Opening a Bitwala Bitcoin bank account is free. Once your account is opened, you will be able to receive, convert funds and send Bitcoin to other people all around the world.
What Can You Do With Bitwala Bitcoin Bank Account?
Bitwala gives its customers with crypto wallets linked to their virtual bank account. The wallet allows customers to invest, send, receive, store and trade Bitcoin as well as fiat to crypto exchange and vice versa. The wallet offers public and private key.
You can use your Bitcoin bank account to receive and send Bitcoin payments to anyone.
With Bitwala Bitcoin bank account, you can invest in cryptocurrency from your wallet into your Bitcoin Interest Account. This happens via Bitwala partnership with Celsius Network. In order to earn interest for you, Celsius Network invests most of its assets in the crypto credit and lending markets. Interest are paid every Monday.
Since its launch in 2017, Celsius has originated over $6 billion in crypto loans. Celsius works with over 150 institutional borrowers who go through a rigorous clearing process and onboarding process. The loans are collateralised, meaning crypto assets or FIAT are provided to Celsius by the borrower as a security.
Some of the interesting features of Bitwala crypto investment include the ability to add and withdraw funds anytime (no lockup), weekly payouts every Monday, minimum investment of €10 in Bitcoin, no fees for investing or withdrawing (only network fees apply)
Bitwala offers MasterCard, both plastic and virtual card linked to a German bank account. To spend Bitcoin with your debit card you need to trade Bitcoins for euros.
Bitwala offers competitive fees and limits as shown in the table below.
|Buying crtyptos||1% of transaction volume (+ 1€ blockchain network fee)|
|Selling cryptos||1% of the transaction volume (+ blockchain network fees)|
|Minimum trading amount (per trade)||30 €|
|Maximum trading amount (per trade)||15,000 €|
|Trading limit||30,000 € per rolling 7 days|
|Sending crypto||Free (+ blockchain network fees)|
Bitwala is available for residents of the European Economic Area (including Switzerland) and accepts identification documents of non-residents from 70+ nationalities. See supported nationalities here.
Bitwala has put security measures in place to protect your cryptocurrency bank account. For example, you will have a unique Bitcoin address and a private wallet. In addition, the platform has multi-signature software wallets, biometric data and QR code technology. Bitwala offers user-controlled, non-custodial crypto wallets, meaning you are the only one that can access and control your funds and transactions.
Its partner, solarisBank, is a licensed bank in Germany. Within the European Union, bank deposits of up to € 100,000 per customer and bank are protected by the German Deposit Guarantee Scheme (DGS).
Bitwala offers support via its website. The first step is go through the FAQ page. If you don’t find the answer to your question, you can submit your question on the website with your full contact details. You are also able to upload files when submitting requests. You can also contact Bitwala on their social network platforms listed below.
Bitwala has received 4 stars out of 525 reviews on Trustpilot.
Bitwala is a virtual fintech platform that combines crypto and fiat money bank account. It offers a virtual bank linked to your Bitcoin wallet using the power of blockchain technology. The Bitcoin account allows you to buy, sell, send, invest and trade in cryptocurrencies.
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