Ptycoin.com Exchange Review
Can you guys imagine how many exchange websites exist today? Due to the demand for cryptocurrency, these websites have been springing up from left to right! There are a couple of exchange websites that exist today. Some of which offer trading, straight exchange, and seldom have physical offices that cater to offline exchanges!
Today, we will be looking into Ptycoin.com, a website that offers BTC exchange services in an unusual way. With this review, we will try and show you guys how the website operates, what to expect from them, and know what their general services are. Without further delay, let’s talk about that!
|Supported Trading Coins||BTC|
|Supported Payment Methods||–|
|Supported Countries||It’s not clear what countries are allowed|
More About Ptycoin.com :
Exchange websites should and always be checked for their information. This is the first step in transacting with anyone online that involves real money. Ptycoin.com is located in Oceania Business Plaza, Torre 1000, Piso 49, Local H7, Punta Pacifica, Panama, Republic of Panama. Their business hours are Monday to Friday at 10 AM – 6 PM.
Verification with Ptycoin.com
Now here comes the interesting part. Remember we already mentioned earlier in this review that there are a handful of exchange websites that cater to offline or P2P trading? This is perfect since Ptycoin.com offers that kind of service! Yes, their transactions are not done online (aside from submitting of requirements) but done in their offices. More of the transaction services will be discussed later on under the “Trading” subtitle.
Here at Ptycoin, you do not need to verify your account, nor do you not need to submit different ID’s just to raise the tier of your account and get more than the stock account that you get by providing an active email address.
We want to let you guys know that this company is far different from your regular exchange websites that everything is done online. This is probably going the opposite way we want to do things with BTC, but if it works, then it’s not stupid. One of the reasons why people would transact with them is the fact that the exchange of hands is done offline and is far more traditional that what the BTC market has to lead us to believe.
If you are looking for a physical office to transact BTC in Panama, then this might be the website for you! How do you transact with them? Let us move forward and talk about that below.
Trading with Ptycoin.com
This is where it gets exciting! As you might have probably figured out by now, transactions are done offline, meaning the exchange of hands is done face to face with someone and not just a bunch of codes in front of your computer or device. To purchase BTC from Ptycoin.com, the buyer (you) need to provide your comlpete name, phone number or email address, amount of USD you are willing to spend for BTC, and the BTC address you want the BTC to be sent to.
What do you do with this information? Once you have written this all down, send the information to their WhatsApp number +507 6570-9999 to confirm that they are available in their office and that the amount of BTC you need can be prepared. This will also give the company time to prepare all the paperwork needed for the exchange so that when you visit the office to pay for the transaction, everything is ready to go.
They mentioned on their website that under normal circumstances, the transaction should be done within ten minutes and would not take that much of your time. In cases that there’s a BTC network congestion, the client is welcome to wait in their reception area until the transaction pushes through and appears on the provided personal BTC wallet address.
To sell BTC for USD, they will require you to submit your full name, and phone or email address and send the information to their WhatsApp number provided above. Just like purchasing BTC, you need to let them know in advance so that preparations can be done before visiting their office.
The current minimum amount per transaction accepted by Ptycoin.com is USD $20.00. Customers that are planning to exchange amounts larger than $3,000 is required to complete the Customer Information sheet found here. The “Know your customer” form will require personal information like Full name, Passport number, DOB, phone number in Panama, email address, and a physical address.
For people that are wishing to exchange more than USD $10,000 needs to finish the KYC form mentioned above plus they are required to finish the Declaration of Funds Form. The whole process of verifying your identity for $10k+ limit will take at least a week to approve.
Listed on their website, their current fee per transaction is 580 Satoshi’s or USD $0.0813 as per converter which can be viewed here. The whole fee schedule is quite vague since this is the only mentioned fee on their website. If you guys have transacted with them personally in Panama, please do let us know the actual transaction fees for buying and selling BTC with them in the comments section below.
Deposits and Withdrawals
Payments are done physically on the office address provided. This is why the BTC and USD amount is sent beforehand so that they are able to prepare everything beforehand. This also means that they do not accept online payments. Payments that are below USD $1,000 can be and are only accepted via cash basis and transactions are done in their office. For payments USD $1,000 up to $10,000, they accept cash and wire transfer to their European Bank account. Details of the bank account are provided on their physical office. For amounts larger than USD $10,000, they strictly only accept wire transfers to their bank accounts.
Do they charge BTC withdrawals into your personal wallet? There is no indication online that they do charge you for withdrawals and we figured out that since they are a straight exchange, all the fees are included with their BTC rates.
They do not have that much said about their customer service but they listed their physical address which is mentioned earlier in this review. Customers are also able to contact them through their email address at email@example.com or give them a call at +507 308-6997 during their business hours at Monday to Friday from 10:00 AM to 6:00 PM.
Pros and Cons
- Offline transactions
- No registration needed
- Fast exchange of hands
- Physical transactions
- Not anonymous
Ptycoin Review Conclusion
Overall the website is great since they do not go with the usual online transactions. A physical office that sells and buys BTC is always welcome in our book. The only downfall is that most of these physical stores that accept BTC exchanges are region-locked. This means that you need to travel to that city that caters to such services and purchase BTC if you’re not from there. All-in-all Ptycoin.com is an awesome company that caters to people from Panama.
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