Want to learn what Blockchain.com can offer you compared to all the other exchanges out there? Well, you have come to the right place. Our review of Blockchain.com covers everything from its features, trading fees, security and much more so that you can decide if you should use it. Our reviews are unbiased and fact checked so that you receive the accurate information you need to make good decisions.
Blockchain.com is a well-established cryptocurrency exchange and wallet provider founded in 2011 by Peter Smith and Nicolas Cary. The company is registered and headquartered in London, England and has over 1000 employees and 30 million users. What sets Blockchain.com apart from others is that it offers both exchange services and a non-custodial, digital wallet that allows users to store, send, and receive multiple cryptocurrencies.
The wallet feature provides users with full control over their digital assets and is a great option for users to prefer self-custody. In addition to its digital wallet, Blockchain.com offers users the ability to buy, sell, and store cryptocurrencies like BTC, ETH, SOL, ADA, DOT, and DOGE. The exchange also offers a Visa Card that allows users to spend their crypto without fees and earn 1% back in crypto.
The exchange is available in 100 countries and has over 10 million downloads on Android, Blockchain.com boasts a 4.2-star rating based on 130,000 reviews. Blockchain.com's user-friendly platform and basic product offering makes it an attractive option for people new to the cryptocurrencies space.
Blockchain.com Signup & KYC
Blockchain.com is a popular wallet and exchange platform that requires Know Your Customer (KYC) verification in order to use its services. The signup process is quick and easy, taking only 30 seconds to enter your email, password and country of residence. However, the KYC verification process may take anywhere from 5 minutes to 2 hours if the submission is correctly submitted.
If a manual review is required, it may take approximately 5 business days to complete. This is necessary to comply with anti-money laundering regulations and ensure the security of the platform. Once the KYC verification is complete, users will have access to all the features and services provided by Blockchain.com, including buying and selling cryptocurrencies, sending and receiving funds, and trading on the exchange and wallet.
Blockchain.com Products & Services
Blockchain.com has two main products, a non-custodial DeFi wallet and a custodial exchange. These products are tailored to beginners with little experience in the world of cryptocurrencies. One of the standout features of Blockchain.com is its clean and beginner-friendly user interface. The website is easy to navigate and offers a range of products and services that are suitable for both novice and experienced traders.
In terms of trading, Blockchain.com offers spot trading and margin trading. The platform has recently introduced a margin product that allows for up to 5x leverage. By using leverage, traders can increase their potential profits while minimizing their capital investment.
Blockchain.com also offers a range of additional features such as staking rewards, recurring buys, and a Visa card with cashback. These features are designed to help users get the most out of their cryptocurrency holdings and make it easy to manage their investments.
Overall, Blockchain.com is a great platform for beginners who are looking to get started with cryptocurrencies. The platform is easy to use, offers a range of products and services, and has a great user interface. While the daily average spot volume on Blockchain.com is low, the platform's products and features make it a great choice for anyone looking to invest in cryptocurrencies.
Blockchain.com offers a range of options for users looking to buy cryptocurrencies, including spot trading, buying with a credit or debit card, bank deposits, and crypto-to-crypto trading.
Spot trading is a popular and cost-efficient way to buy cryptocurrencies on Blockchain.com, although it can be intimidating for first-time buyers. However, with the potential for significant savings compared to other purchasing options, it's well worth the time to become comfortable with the spot trading process
For those who prioritize convenience over cost, buying crypto with a credit or debit card may be the best option. It's important to note, however, that there is a high spread fee that can reach up to 7%, which may not be the most cost-effective choice for some users.
For users who prefer to use their bank deposit to purchase crypto, this is also a viable option on Blockchain.com. Depositing funds directly into your account and buying digital assets is a straightforward process that offers a reliable and convenient way to invest in cryptocurrencies.
Blockchain.com offers spot trading fees starting at 0.40% for makers, which decrease depending on trading volume, and a 0.45% fee for takers. Additionally, they charge a 0.02% margin trading fee. Compared to other exchanges, these fees are relatively high, with some exchanges offering fees as low as 0.10% for both makers and takers.
However, it is important to note that Blockchain.com's fees do decrease with higher trading volume, which may make it a more cost-effective option for active traders. Overall, while Blockchain.com may not have the lowest fees in the market, it still offers a competitive option for those looking to trade in cryptocurrencies.
Blockchain.com Deposit Methods
When it comes to deposit methods, Blockchain.com supports fiat deposits in USD, EUR, and GBP. The exchange offers a variety of deposit methods, including open banking, SEPA, FSP, and wire transfer. Deposits made via these methods are completely free of charge which brings great value add to users.
The exchange offers a range of deposit methods that can easily accessed through a user-friendly interface. This makes it simple for users to choose the deposit method that works best for them and complete the deposit process quickly.
Blockchain.com Withdrawal Methods
Blockchain.com also provides access to fiat withdrawals for USD, EUR, and GBP. The exchange charges a variety of withdrawal fees depending on the method used. For open banking and SEPA, the fees are 0.5 EUR while wire transfers incur a $25 fee. ACH withdrawals are free of charge and FSP withdrawals cost 0.5 pound.
When it comes to withdrawing cryptocurrencies, Blockchain.com charges a 0.0025 BTC fee for Bitcoin, 0.061 ETH for Ethereum, 0.084 SOL for Solana, and 5 USDT for Tether USD withdrawals. For those that are looking for an exchange that provides fiat deposits and withdrawals at low to no cost, Blockchain.com fits the bill.
Is Blockchain.com Safe?
Blockchain.com has been in operation since 2011 and experienced its first data breach in 2021. No funds were lost and no users were effected. 95% of all funds on the exchange are stored in offline cold wallets which provides an important layer of protection against potential hacks. The platform also holds an industry-standard AES-256 encryption and supports two-factor authentication (2FA) for both the wallet and exchange.
The exchange has also undergone an ISO 27001 certification process and runs a bug bounty program. These security measures help identify and mitigate potential vulnerabilities before they can be exploited by malicious actors.
When it comes to licence and regulations, Blockchain.com complies with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations on a global scale. The exchange is registered with various regulatory authorities in the US, UK, EU, and MENA. The one setback at the time of writing is that the exchange does not offer proof of reserves.
In conclusion, Blockchain.com is a well-established cryptocurrency exchange and wallet provider that has earned a reputation for being a reliable and secure platform for buying, storing, and trading cryptocurrencies. With over 30 million users worldwide, Blockchain.com offers an exchange and non-custodial digital wallet that allows users to have full control over their funds.
The exchange offers a limited set of features such as spot and margin trading, staking rewards, recurring buys, and a Visa card with cashback. While the product offering is limited, the user experience is excellent and a joy to navigate.
While the platform's fees may be higher than some exchanges, Blockchain.com's fees do decrease with higher trading volumes. The exchange also offers a variety of deposit and withdrawal methods, making it simple for users to deposit and withdraw fiat currencies.
Blockchain.com is a popular and trustworthy platform that is most suitable for new cryptocurrency investors who don't mind slightly higher fees in exchange for great beginner friendly experience.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.