Bitwala my first impressions

Bitwala my first impressions

By Konima | careykoni | 20 May 2020


The Bitwala Account

 

Bitwala is a new FinTech styled bank and crypto account that incorporates the features found in many challenger banks such as Monzo and Starling, but the added feature is that you buy, sell and store your crypto.

 

Bitwala main service offering is that it's a Bank Account, Wallet, Trading platform and has a Bank Card (Mastercard). While the company has been created as a result of funds from an EU2020 project and you need to be a citizen of the European Economic Area (EEA), the company also supports nationalities from over 70+ countries. 

Key selling points:

  • Open an account within 5 minutes.
  • Very low trading fees fixed at 1% per transaction.
  • 0% transfer or withdrawal fees.
  • It’s a non-custodial wallet (you own your private keys).
  • Calculates your crypto taxes for you.
  • Offers a passive income and interest on crypto.
  • A great referral system, both parties get ‎€30.

An image of Bitwala's banking and crypto fees


I have to admit, it took me longer than 5 minutes to sign up. Warning: if you don’t enter your details correctly the first time, you’ll need assistance to get them changed, however, the customer service is pretty good and they're quite quick.

 

'If you want to introduce a noob,

a non-crypto or your grandma,

this is account for you!'

 

First Impressions: Pros

 

Both the mobile app and website's user interface (UI) is beautiful, simple, clean, uncluttered and minimalist. It’s extremely user friendly and has been designed with non-traditional crypto users in mind.

The big bold lettering and oversized font size, means it's highly accessible for all ages and dare I say older people. Clearly mass use and adoption is their aim. If you want to introduce a noob, a non-crypto or your grandma, this is account for you!

It's secure from the outset, as soon as you create your Bitcoin Wallet they explain the importance of remembering your 12 phrase Main Key, your 12 phrase backup key and your separate backup reference, and it’s 2FA enabled straightaway. That's right, you own your keys - so you own your crypto!

It’s clear Bitwala emphasizes simplicity, trust and ease of use as its main offering, however, it’s clear the product is in its earlier stages and isn’t feature packed.

Nevertheless, their partnership with Celsius means you can earn a passive income from hodling your Bitcoin and receive an interest rate of 4%* paid weekly - no minimum amount or lock in period. 

It offers basic charting functionality 'day, month, year and all' currently, and it only supports BTC and ETH at the moment. It is an EU Horizon 2020 sanctioned project with banking services managed by Solaris Bank, which can support you with your crypto taxes - so you will need to go through KYC verification.

An image introducing beginners and holders to the Bitwala bank account

 

Overall

 

The crypto community can learn a trick or two from Bitwala. It's got a logical and intuitive UI, and a smooth, pleasant user experience. It’s uncomplicated approach means it’ll be easier to get novices into saving, trading or sending cryptocurrencies.

Overall its a very promising start, its really low fees and 0% withdrawal or transfer fees makes it an attractive proposition. With time, if Bitwala incorporates rich features found in Starling, Monzo or Revolt, and expands on its DeFi hodler options - Bitwala could become a real hybrid-challenger bank of the future. Its user friendly approach and with EU support, it seems like a service built for mass adoption.


If you want to check Bitwala out, use the following link and we both get ‎€30.
 
Or, if you just want €30 you can use the Bitwala link as well! 

 

 

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Konima
Konima

I am the host of Creaky Ion and I am enthusiastic about FinTech, Society, Culture, Design Thinking, Blockchain and other cool stuff. I explore the interconnected relationship of things, so that we can experience the simplicity of possibility.


careykoni
careykoni

I am the host of Creaky Ion and I am enthusiastic about Crypto, FinTech, Society, Culture, Design Thinking, Blockchain and other cool stuff. I explore the interconnected relationship of things, so that we can experience the simplicity of possibility.

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