Blockchain.com Review | 2023 Full Guides
Blockchain.com was established in 2011 with the aim of becoming a leader in the cryptocurrency economy. The company was initially called Blockchain.info and was meant to track all Bitcoin trades. In 2012, it was renamed Blockchain.com. The platform believes in a future where cryptos will power an entirely digital financial system. To this end, they have cryptocurrency trading services, a blockchain wallet for storing digital currencies, lending services, as well as various data creation systems for the blockchain economy. This blockchain.com review will provide you with all its features and services.
What Is Blockchain.com?
Blockchain.com is an online cryptocurrency exchange with instant matching engines and margin trading facilities to ensure the quick, accurate, and profitable buying and selling of cryptos. Blockchain.com also has its own digital blockchain wallet that offers up to 13.5% interest on funds. They also have a blockchain explorer feature with customizable analytics and candlestick charts and graphs. Traders can track industry leader portfolios to find which trades and which currencies might be the most lucrative at present.
How Does Blockchain.com Work?
- Users can buy, sell or exchange cryptos on the platform at an impressive speed.
- Users can fund their accounts with different fiats like USD (American Dollar), GBR (British Pounds), EUR (Euro), and TRY (Turkish Lira)
- Most popular cryptocurrencies like BTC (Bitcoin), ETH (Ethereum), and many more are supported.
- Investors can trade in over 40 different currency pairs through the platform.
- The exchange displays live prices for different currency pairs, and traders can place market orders, stop orders, or limit orders to exchange these currencies.
- Investors can also increase their profits by five times by using margin trading facilities.
- Its trading prices are generally lower than other cryptocurrency exchanges as per industry standards.
- It also provides detailed charts and analytics of top blockchain portfolios so that their users can make informed decisions.
Features of Blockchain.com
As per the review, the platform provides the following features:-
Safe and Secure
Blockchain.com is said to be very safe. All trades and funds are protected with multiple layers of security. But Blockchain.com reviews are very varied with regards to this feature. Some users mention multiple security breaches.
Low Trading Fees
Blockchain.com cryptocurrency exchange also has very low trading fees on cryptocurrencies, low interest on lending cryptocurrency, and high interest on digital/web wallet funds. Traders can use their debit card or their credit card or use bank transfers to fund their digital wallets and buy cryptocurrencies.
Shows Real-time Crypto Prices
The platform allows customers to constantly view real-time crypto prices and browse through all top blockchains. This kind of data creation keeps the platform relevant for traders.
Customer Service System
It also has a very strong customer service system that offers 24 x 7 problem resolution. But Blockchain.com reviews are once again very polarized on this issue. Some customers mention a particularly helpful customer support team, while others critique that their queries were never even answered.
Tracking of Funds
Traders can track their funds. An order book is part of the exchange trading view. The trading wallets also come with a display feature to see the total asset balance of the blockchain wallet.
Services or Products Offered by Blockchain.com
As per our review, the platform provides the following services:-
- It offers a secure and non-custodial e-wallet that can be used to store a user’s entire digital currency portfolio as well as make in-app purchases of cryptocurrencies.
- While our review for Blockchain.com offers low trading fees along with margin trading to push up their own profit. Different trade orders, fiat to crypto trades as well as the crypto to crypto trades are all available.
- They have a blockchain explorer system. They have a system to produce accurate and reliable blockchain data. Charts and portfolios of top blockchain wallet portfolios are available for all customers to peruse and make informed decisions.
- BitPay is a payment solution service that allows vendors to integrate Blockchain.com cryptocurrency payments into their service.
- Blockchain.com crypto exchange also has a mobile app compatible with both Android and iOS and offers traders easy access to trading facilities even on the go. This app makes crypto trading easier and more accessible for common people and amateurs, and professional investors.
Blockchain.com Review: Pros and Cons
|Four different fiat currencies are supported.||Only 40 different currency pairs can be traded. Many in-demand cryptocurrencies are not available.|
|Traders have access to a non-custodial wallet.||Issues with blockchain wallet safety have been reported in some Bitcoin reviews.|
|The cryptocurrency exchange is currently available in 25 different languages.||The customer service system is not the most reliable.|
Registration Process of Blockchain.com
- In order to start trading, customers have to first register and sign-up for an account.
- Users have to enter their country of residence.
- Then they have to enter their email id and create a password.
- But traders who want to buy or sell through the platform have to create a ‘gold account’.
- In order to create a gold-level account, users will have to reply to submit their id proof and some personal information.
- Once the data is verified, customers will receive a confirmation email letting them know their account is ready to start trading.
- Traders can then use their login, and they are ready to buy and sell their chosen cryptocurrencies.
- Users need to have a gold account with verified personal information to use the buy and sell features.
- Customers can trade through the website or use the cryptocurrency mobile wallet app (through the app store).
- For buying cryptos through the platform, all coins are immediately deposited in the user’s digital wallet. But this blockchain wallet is the non-custodial main wallet.
- Platform customers also have a separate trading bitcoin wallet from which they can make crypto to crypto swaps.
- The non-custodial main wallet also has features for in-app crypto to crypto swaps.
- The trading view includes an order book and market order, stop order and limit order options.
- Traders can customize the kind of charts they want to view. Candlestick charts of all top portfolios are available.
It does not have staking facilities. But they provide asset-specific lending services. Limit order trades are also accepted.
- Blockchain.com does not charge any deposit fees. But traders have to pay a very small fee to the mining network.
- The platform also does not have any specific withdrawal fee structure. But customers have to pay for network costs.
- There is also a minimum limit to withdrawals.
- It charges trading fees in the form of maker fees and taker fees. These fees are generally small and depend on the monthly trading volume.
- Customers or institutions expecting to trade large volumes of cryptocurrencies can ask for customized and lower trading fees.
- But once an order has been placed and the transaction has been initiated, it cannot be canceled. under any circumstances. Visit the site to know about its fee schedule in detail.
Blockchain.com Payment Methods
Traders can fund their accounts with both cryptocurrencies as well as fiat money. Cryptocurrency transfers from other digital wallets are accepted. Fiat money deposits in the form of supported currencies are also accepted. Traders can deposit their fiat money into their trading wallet through credit cards and debit cards or by linking their e-wallet to their bank account.
Blockchain.com Supported Currencies and Countries
As per the review, the platform is available in more than 200 countries all across the globe. Seventy-five million customers have utilized their digital wallet service to trade more than $800 billion worth of cryptos since 2011.
In order to cater to its large base of traders, Blockchain.com is available in 25 different languages. It supports four different fiat currencies – USD, GBP, EUR, TRY. Six popular cryptocurrencies are also supported on the exchange. These include Bitcoin, Bitcoin Cash, Ether, Stellar, USD Tether, and USD Digital. These supported cryptos can be made into 40 different trading pairs that can be traded through the exchange.
- Blockchain.com has a very advanced and well-developed digital wallet system that can be used to make in-app purchases of cryptocurrencies.
- Users can fund their crypto wallets and trades with a debit card, credit card, or by directly linking their bank account with their wallet.
- Traders who store their digital assets in an account get 13.5% annual interest on all their funds.
- The blockchain wallet is primarily non-custodial. Each customer has their own unique secret key that only they are privy to, and this key is the only method to access a blockchain wallet.
- Some new and exciting tokens are often airdropped into the digital crypto wallets of Blockchain.com users. Stellar, Blockstacks, and Hiro have all been air-dropped into Blockchain.com wallets.
- The blockchain wallet user interface displays the total wallet balance and the value available for different supported currencies.
- The trading user interface design is easy and user-friendly for users of all demographics.
- It has a payment processing solution called BitPay which can be integrated by different vendors and business owners to accept cryptocurrency payments.
How to Get Started With Blockchain.com Wallet
- Users need to sign-up and create their own digital wallets.
- Customers with existing accounts can use their email addresses and password to access their wallets.
- But new users need to create a brand new account.
- Blockchain.com accounts and crypto wallets are automatically linked up.
Blockchain.com’s Main Wallet Vs. Trading Wallet?
- The main wallet – the mail wallet refers to the non-custodial wallet. Funds stored here are not for buying cryptos. Once users are done trading, they put their funds in their high-security main wallet protected with a secret key. But crypto to crypto swaps can be completed in-app through the main blockchain wallet as well.
- Trading wallet- the trading wallet is used by traders to buy cryptocurrencies. Traders can fund this account with bank transfers or with credit cards and debit cards. Crypto to crypto swaps is also available in-app through trading with this best crypto wallets. When traders buy or sell cryptocurrencies on the platform, the funds are automatically credited or debited to their trading wallets.
- Users can also transfer their funds to an insurance account to get access to 13.5% annual interest on all their funds.
Blockchain.com Security and Privacy
- Wallet investors need to first verify their email addresses in order to place any trade orders.
- Each transaction is verified through 2-factor authentication.
- Cloud backup services are also available.
- The main wallet is kept non-custodial, meaning no one; even the platform does not retain any information about the secret key to access the wallet. Traders are advised never to share their private keys with any untrustworthy persons in order to prevent any data leaks or digital theft. The entire responsibility for maintaining the secrecy of their wallet code lies with the investor personally.
- But there have been multiple user reviews that mention issues with the security and safety of digital assets on Blockchain.com.
- The servers and transaction system of the exchange also go through multiple layers of encryption and security to protect IP addresses and the personal information of traders.
Blockchain.com Customer Support
- Blockchain.com has separate customer support systems for issues related to the exchange and to the digital wallet.
- Customers can submit a request with any of their problems, and a customer support executive will contact them promptly.
- Customer support service is available 24 x 7.
- It can also be accessed through different social media platforms like Twitter, Instagram, and Medium.
To conclude this Blockchain.com review, we can say that the platform has many excellent features and services, but its reviews are a mixed bag. Users claim to have faced issues with customer support not responding to repeated queries. Safety concerns have also been raised by some traders, along with difficulty in executing wallet withdrawals. But in spite of it all, the exchange is still popular among digital currency traders. They have successfully grown their user-base through the last decade of operations.
It is also completely unregulated. The company is not under the supervision of any international authorities regulating finance and the economy. This adds another element of risk to crypto transactions through this platform. But some traders prefer the unregulated, unmonitored nature of crypto exchanges.
During our Bloackchain.com review, a commonly asked question in cryptocurrency trading cycles is if the platform is safe. There is no direct and satisfactory answer to this question. There are some safety issues in the operations of the exchange, but cryptocurrencies are also inherently risky in nature. Moreover, the trust of millions of users who have traded through the exchange from all corners of the world proves the integrity of its functions.
Is Blockchain.com Reputable?
Blockchain.com is a long-standing cryptocurrency exchange in operation since 2011. But it is not the most reputed among cryptocurrency exchanges, and reviews for the platform are very mixed.
Who Is Behind Blockchain.com?
The company was created by Benjamin Reeves. His co-creators were Nicholas Cary and Peter Smith.
How Secure Is Blockchain.com?
Blockchain.com is a popular platform among crypto traders. But many questions have been raised about its security features. It primarily uses a non-custodial wallet, so the responsibility of safety is on the trader himself.
Is My Wallet Id the Same as My Bitcoin Address?
A wallet id is basically a username that traders use along with their password to log in to their crypto wallet. This id has 32 alphabets and numerals and four dashes. When users create their Blockchain.com account, and an email is sent to their registered email id with the wallet id. Users need this id to complete any trades.
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Great knowledge achieved