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An Honest Blockchain.com Review in 2022

Last updated 16th May 2022
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Blockchain.com is a popular exchange that was initially a wallet and blockchain explorer service. Read our Blockchain.com review and get to understand whether it’s the right cryptocurrency exchange for you.

5/5 Star rating
Trusted by millions since 2011 with over $1 Trillion in crypto transactions
Lightning-Fast Crypto Trading
Bespoke crypto lending, trading, and custody for institutions

Blockchain.com was started in 2011 to build the future of finance relentlessly. In 2019, the company added extra services, including a crypto exchange and a way to invest in crypto. Peter Smith and Nic Cary are the founders and currently work as the CEO and board member, respectively.

Apart from the explorer and wallet, the company also provided an API to institutions to build on the Bitcoin blockchain. Google Ventures and DST Global are some of the project’s renowned investors.

Let’s look at the main features of Blockchain.com:

  • Buy, sell and swap a healthy number of major cryptocurrencies

  • A non-custodial crypto wallet available in over 200 countries, supporting eight languages.

  • Users can setup recurring crypto buys from the wallet

  • Margin trading with up to 5 times leverage.

  • A rewards account that earns interest on your digital assets with six cryptos, including Bitcoin, supported

  • Relatively lower fees

  • Real-time crypto price tracking

  • Institutional trading

Blockchain.com Overview

💼 Provider Type:Exchange
💸 Minimum Deposit:$5
💰 Trading Fees:Varied
💰 Deposit Fees:Varied
💰 Withdrawal Fees:Varied
💰 Management Fees:None
🔀 Minimum trade order$5
⌛ Withdrawal Timeframe:2 - 4 business days
#️⃣ Number of Cryptocurrencies Supported:80
#️⃣ Number of Crypto Pairs Supported:40+
💱 Top supported Cryptocurrencies:BTC, ETH, XRP, XLM
📊 Leverage:Up to 5x
📱 Native Mobile App:Yes
🖥️ Free Demo Account:No
🎧 Customer Support:Live chat, support centre
✅ Verification required:KYC, AML
📈 CFD AvailableNo
📊 Software:Website, web app, mobile app
⚽ Social Trading:No
✂️ Copy Trading:No

Pros and Cons of Using Blockchain.com

Pros

A simple and intuitive interface design that is friendly to beginners
High-security standards with 95% of funds stored in offline storage
Availability of a versatile non-custodial crypto wallet
Verified users can stake their crypto and earn interest
An airdrop program for verified users to get free tokens or coins

Cons

A limited number of trading pairs
Complaints about slow response from the customer support
Doesn’t support third-party payment options such as Paypal

Blockchain.com Cryptocurrencies and Trading Options

What cryptocurrencies can you trade on Blockchain.com?

The exchange supports about 80 cryptocurrencies. Some of the top coins tradeable are:

Blockchain.com supports over 40 multiple trading pairs. Some of the top ones are:

  • Bitcoin (BTC) – BTC/USD, BTC/USDT, BTC/GBP

  • Ethereum (ETH) – ETH/USD, ETH/GBP

  • Tether (USDT) – USDT/USD, USDT/GBP, USDT/EUR

  • Stellar Lumens (XLM) – XLM/USD

Different Trading Options Offered by Blockchain.com

Blockchain.com offers spot and margin trading. The number of trading options is limited compared to other major exchanges like Binance and Gate.io.

Spot trading involves buying and selling with immediate settlement. This type of trading enables traders to manage their risks. This is because you can only use what is in the account. For instance, to purchase Bitcoin worth $500, you will need to have a balance of more than $500 to buy and cater for fees. Spot trading is the default mode on Blockchain.com.

The top cryptos for spot trading are:

The exchange margin’s trading allows you to temporarily borrow from the company and make trade greater in size than your account balance. This multiplies your profit and risk potential. A multiple is applied to your account, for instance, 2X or 3X. This is called leverage. You can choose to go long or short when you anticipate a decrease in asset price. Margin trading is an optional feature and must be activated before using it. Collateral currencies for margin trading are

Can I Trade With Leverage on Blockchain.com?

Yes, you can trade with margin on this exchange. Trade with 2X and up to 5X leverage. The service is available in 150 countries.

To utilize the margin trading with leverage, you’ll require collateral. See the table below:

PairAllowed collateral types
BTC-USDBTC
ETH-USDETH
USD-ETHUSD

With your collateral in place, you can go ahead and trade with leverages.

Before considering trading with leverages, it is critical that you fully understand the risks, rules, and requirements. The risk exposure is multiplied, and you may lose some or all of your collateral. We strongly advise beginners to avoid this type of crypto trading.

What Are the Spreads?

There is a fixed variable trading fee depending on a 30-day trading volume. Expect spreads as low as 0% and as high as 0.4%. The exchange only uses spreads, and no commissions apply to trades.

Fees, Limits, and Payment Options on Blockchain.com

What Are the Deposit and Withdrawal Fees, Limits, and Speeds?

Blockchain.com provides standard funding options to deposit fiat. Residents from the UK, US, and Europe all have options to deposit into the exchange.

You can expect deposit, withdrawal, and trading fees on the exchange. These fees are comparable to those found on other major exchanges like Binance and Bitrue.

There are limits imposed on fiat deposits and withdrawals. These limits also depend on the verification level, with Gold level users getting better limits.

Speeds of transactions will depend on the funding option and the blockchain in question. However, you should generally expect to go from funding to buying crypto in a few minutes.

Deposit Methods

Blockchain.com accepts a range of deposit options, including:

  • Wire transfers

  • Cryptos

  • Bank transfers

  • Debit and credit cards.

Bank transfers have integrated payment options from several regions. See the possibilities below:

  • USA – ACH transfers

  • Europe – SEPA

  • UK Faster payments

The platform explicitly states that it doesn’t accept third-party payment networks. Examples include Paypal, Payoneer, Neteller, and Skrill.

Deposit limits will depend on the funding option and verification level. See the below:

Deposit MethodDaily LimitYearly Limit
CryptocurrencyUnlimitedUnlimited
Bank transfer$25,000Unspecified
Wire transfer$25,000Unspecified
Credit and debit card$1,200 per transactionUnspecified

The minimum deposit amount is $5, and the maximum amount is capped at $500,000. Users whose accounts have not been fully verified (Gold level) can’t deposit fiat currencies. However, both silver and Gold level users can deposit cryptos on the platform.

Deposit FeesSEPA (EUR)WIRE (USD)FPS (GBP) UK residentsEFT (TRY) Turkish residents
FreeFreeFreeFreeFree

Deposit speeds vary depending on the funding option. For instance, UK Faster payments generally take one hour while ACH transfers are instant.

Withdrawal Methods

Account-holders can withdraw their fiat currency using:

  • Bank transfers

  • Wire transfers

Withdrawal OptionsSEPA (EUR)Wire (USD)FPS (GBP) UK residentsEFT (TRY) Turkish residents
Withdrawal Fees€0.50$25£0.50₺ 20
Minimum Withdrawal€5$2,500£5₺ 5

For crypto withdrawals, the transaction will automatically calculate the best network fee to guarantee that your transaction will be confirmed promptly.

Various cryptos have different minimum withdrawal amounts. Here are a few examples:

  • BTC – 0.0002

  • ETH – 0.002

  • BCH – 0.005

  • LTC – 0.005

Withdrawals limits apply based on the level of verification. Silver level is the basic user verification level and you can withdraw crypto up to $1999 per year. Gold level will drive your withdrawal limits up to $100,000 daily.

How Much Are Blockchain.com’s Fees and Commissions?

The exchange utilises a maker-taker fee model. This is common to other crypto platforms like Binance, which use the same economic model. See the fee schedule:

Volume in 30 DaysMakerTaker
$0.00 – $10,000.000.20%0.40%
$10,000.00 – $50,000.000.12%0.22%
$50,000.00 – $100,000.000.10%0.20%
$100,000.00 – $500,000.000.08%0.18%
$500,000.00 – $1,000,000.000.07%0.18%
$1,000,000.00 – $2,500,000.000.06%0.18%
$2,500,000.00 – $5,000,000.000.05%0.18%
$5,000,000.00 – $25,000,000.000.04%0.16%
$25,000,000.00 – $100,000,000.000.03%0.14%
100,000,000.00 – $500,000,000.000.02%0.11%
$500,000,000.00 – $1,000,000,000.000.01%0.08%
$1,000,000,000.00 +0.00%0.06%

Blockchain.com Trade Sizes and Limits

The website doesn’t provide any trade sizes and limits. What comes out clearly is that fully verified users enjoy better limits.

Blockchain.com Trading Platform

What Devices Can I Use Blockchain.com On?

You can access the exchange on several devices, including:

  • PC

  • Tablets

  • Android

  • iOS

The iOS and Android mobile applications are downloadable in their respective app stores. The app primarily helps you manage your portfolio on the go. Some of the other core functionalities are:

  • Send and receive cryptos

  • Request payment in cryptocurrencies

  • Stake your crypto to earn interest

  • Swapping crypto

  • Inbuilt crypto wallet

  • Purchase and sell crypto like Bitcoin

  • Real-time crypto price tracking

  • Track transactions

Can I Use Blockchain.com in Any Country?

The exchange and wallet services are available in over 150 countries globally. Some of the countries are the USA, United Kingdom, France, and Germany.

Please note that some countries like China have banned the use of exchanges. Check your local laws to ensure you can buy and sell crypto with blockchain.com.

Is Blockchain.com Available in My Language?

The platform supports five languages. Apart from English, users also have the option of using Spanish, Turkish, and others.

How Easy Is It to Use Blockchain.com?

The exchange presents a simple yet intuitive user interface. Getting started is easy, and the initial sign up process is simple. However, many clients have expressed dissatisfaction about their frustrations during verification while using their mobile app.

Many clients also admit that the app is aesthetically pleasing, but it fails in executing core functionalities. Processes like linking cards and swapping crypto sometimes fail to work.

The web-based platform is, however, a different story. The trading engine is robust and conducts the core processes like linking payment methods, buying and selling of crypto easily.

Key Features

Some of the standout features that attract traffic to this exchange include:

Blockchain.com wallet

The platform has two wallets, one custodial and the other non-custodial. The non-custodial wallet has over 71 million downloads making it one of the most popular crypto wallets. The wallet is almost a mirror of the exchange and supports eight languages.

Margin trading

You can trade in greater size compared to your account balance. Remember that you do not actually have to own the underlying crypto asset. However, you’ll need collateral in the form of fiat or mainstream crypto. There is an option to select various leverages to increase your market exposure. You can choose to go long or short depending on how you feel the prices move.

Rewards account

Eligible Blockchain.com wallet users can earn up to 13.5% interest on selected cryptos. Rewards and cryptos can be withdrawn to a private key wallet or the Trading account.

Security and Regulation

Is Blockchain.com Safe?

The platform uses several security features to safeguard funds, personal data, and crypto.

The wallet and the exchange support 2-factor authentication, private keys for funds, and AES-256 encryption. The platform also enforces TLS 1.2 for internet-facing applications. There are also multi-signature verifications to avoid easy access to funds and cryptos by malicious individuals.

Am I and My Cryptocurrency Protected?

95% of all funds stored on the platform are stored in offline cold storage. In addition, personal data is stored in the Google Clouds platform due to its best-in-class security.

The company also undertakes KYC verification in compliance with Anti Money Laundering Laws in Europe and USA. This serves to raise the trust level of the platform.

Is Blockchain.com Regulated?

The company doesn’t make it clear whether the exchange operates under any regulation in any jurisdiction. The parent company is, however, registered in both the US and the UK.

Do I Have to Verify My Account With Blockchain.com?

Blockchain.com institutes KYC verification to comply with AML regulations. You’ll have to verify your account to the most basic silver level. This level will ensure that you can deposit, withdraw, buy and sell crypto up to a certain limit.

There is also Gold level verification which requires complete ID verification. You’ll have to upload your identity document and a video/picture of yourself.

Extra Information

Educational Resources

Blockchain.com provides a learning portal tackling different subjects about cryptocurrencies. Some of the topics covered include Bitcoin 101 and Ether 101.

There is also an educational support centre where various articles explain different processes on the platform. You can get answers on common issues about funding, trading, and identification.

Tools and Charting

The platform provides different charts, but the majority are just for informational purposes. Some of the charts display wallet activity, currency stats, and market signals.

Out of these, some market signal charts like the Market Value to Realised Value chart provide some technical fundamentals for Bitcoin investors.

Customer Support

There is a feature where users can submit a request through the platform. Registered users also have 24/7 support live chat support. The support centre on the website is another method of getting support.

There have been a lot of complaints centred on poor customer support. Many clients complain of slow responses and lengthy issue resolution processes. It is fair to say that from the online reviews, customer support is not up to scratch.

How to Buy and Sell Cryptocurrency on Blockchain.com

How to Buy Crypto on Blockchain.com

Buying crypto is possible both on the exchange and wallet. Here is a step by step guide of how to purchase crypto:

  • Step 1 - Sign up

Go on the official Blockchain.com website and sign up for an account

  • Step 2 - Verify your identity

Enter your details and provide ID for KYC/AML regulation purposes

  • Step 3 - Visit "buy/sell crypto" page

Click buy/sell crypto

  • Step 4 - Set an order

Click buy and select the crypto you’d like to buy

  • Step 5 - Select payment method

Enter the amount you wish to spend and select the payment method

buy_crypto_3.png
buy_crypto_2.png
  • Step 6 - Place order

Review the purchase details and click buy

buy_crypto_4.png

How to Sell Crypto on Blockchain.com

Step 1: Register and complete KYC verification

Step 2: Click buy/sell crypto

Step 3: Select the private key wallet or a Trading account you want to use to sell crypto

Step 4: Enter the amount of crypto you’d like to sell

Step 5: Select the recipient’s account to receive the funds

Step 6: Review the sale details and click sell

Is there an alternative to Blockchain.com?

Yes, there are many more ways to trade cryptocurrencies. Check out some of our reviews for the best brokers:

1
Coinmama
Minimum Deposit
$100
Exclusive Promotion
User Score
9
Easy to use tool
High profit potential
Offers Phone Support
2
Coinbase
Minimum Deposit
$50
Exclusive Promotion
User Score
6
Trade and invest in over 25 cryptocurrencies
Extremely simple user interface
Over 68 million customers
3
Paybis
Minimum Deposit
$50
Exclusive Promotion
User Score
5
First transaction fee free
24/7 customer service
Instant payouts

Final Thoughts

The wallet service, which has similar features to the web-based exchange, is more popular. Users can use both platforms to buy, sell, swap, and earn cryptocurrencies. The design is simple, intuitive, and usable even by beginners.

The platform has many excellent features for anyone starting in crypto investment. The fees are also competitive. Account-holders can earn interest on their funds and crypto on the exchange. Personal data, funds, and crypto-assets are secured with 2FA, cold offline storage, and encryption.

On the downside, there are negative sentiments concerning customer support, with many clients suggesting that it is slow and unresponsive. The crypto and trading pair selection is also limited.0%

Khashayar Abbasi

Khashayar Abbasi

Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different use cases of cryptocurrencies. He has a bachelor's degree in International Relations and has been a writer in the financial services industry for nearly half a decade. In his spare time, Khashayar enjoys photography, cycling, and ice skating.