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Blockchain.com Review [2022] | Trade & Store Crypto | Pros, Cons

Blockchain.com Review [2022] | Buy, Sell & Trade Crypto | Pros, Cons
Jordan
Major
5 months ago
16 mins read

In this review, we will take an in-depth look at Blockchain.com, a leading cryptocurrency exchange and wallet. In particular, we will analyze the platform’s features to buy, sell, and store crypto on top of its wallet, the platform’s trading fees, security, and more.

Introduction

Headquartered in Europe, Luxembourg, Blockchain.com has developed into one of the world’s major crypto finance houses since 2011, providing services to individuals, projects, protocols, and institutions.

As an early pioneer in the cryptocurrency space, the company developed a Blockchain Explorer that allowed anybody to look at transactions and analyze the blockchain in addition to an application programming interface (API) that enabled businesses to build on top of Bitcoin.

The platform also provides one of the most popular and commonly used cryptocurrency wallets, enabling anybody to manage their own funds anywhere.

Blockchain.com homepage. Source: Blockchain.com

Blockchain.com provides the following core products:

  1. Exchange: The exchange offers rapid crypto trading with over 40 distinct crypto pairings and three fiat currencies to trade in.
  1. Wallet: Blockchain.com has a non-custodial, user-friendly wallet that can be managed from a desktop or mobile device. Users can buy and sell cryptocurrency in minutes in the wallet and earn up to 13.5% in rewards.
  1. Explorer: Users may get the most up-to-date pricing and critical market signals to confirm transactions and evaluate the market using industry-leading charts that include everything from hashrate to block data to mining statistics.
  1. Institutional: Institutional Markets provides specialized lending, trading, and custody solutions to crypto-native firms and institutional customers.
  1. NFTs: Non-fungible tokens (NFTs) will be made available on Blockchain.com in the near future, with the functionality now in BETA status. Customers will be able to purchase, sell, and store their NFTs on the exchange and in their wallet.

Why do users trust Blockchain.com?

Cryptocurrency traders are always looking for the best platform to purchase and trade cryptocurrency in a secure environment with the lowest costs, which is why Blockchain.com, one of the first platforms to launch in this field, has been so successful.

In particular, the registered Money Services Businesses (MSB) platform is well-known in the cryptocurrency space for being a respectable firm with over 31 million verified users throughout the globe. The exchange is also backed by renowned investors from Silicon Valley to Wall Street and London. 

In addition to processing more than $1 trillion in transactions since its inception, the exchange has seen a third of all Bitcoin (BTC) network transactions go through Blockchain.com, which is noteworthy given that BTC is the most valuable digital asset in the cryptocurrency market.

Blockchain.com key figures. Source: Blockchain.com

Below we’ve listed some of the key reasons why people utilize the exchange:

  • Over 200 countries around the world have access to the platform in addition to 81 million wallets created thus far;
  • The global management team at Blockchain.com has a combined expertise of more than 200 years in some of the world’s most recognized financial institutions, tech firms, and startups;
  • Blockchain.com takes pride in being the “only exchange to provide its clients 24/7 live chat service”;
  • Via a maker-taker model the exchange offers competitive fees;
  • The exchange offers multi-layered security to ensure your funds are secure;
  • Institutional-grade research and data are available to offer you insights to help you formulate your trading strategy.

Blockchain.com key products and features

1. Exchange 

Blockchain.com exchange which is used by millions of customers around the world offers users competitive fees with quick trades and a professional experience with over 40 trading pairs available and more scheduled to be added in the future.

Blockchain.com Exchange. Source: Blockchain.com

Moreover, the exchange offers users other benefits such as:

  • Dashboard: A simple and straightforward user-friendly dashboard that enables users to buy and sell in microseconds with lightning-fast transactions that provide you with real-time market pricing;
  • Trading pairs: Trader over 40 different trading pairs, including BTC, ETH, DOGE, DeFi, Stablecoins, and many more;
  • Save money: The more trades you make, the cheaper your fees will be;
  • White glove support: Increase your monthly trading volume to get white-glove assistance. White glove assistance is available when you trade more than $100,000 in volume in a 30-day period. As you trade more each month, your fees will decrease;
  • Global currency support: Buy, sell, and trade with US Dollar (USD), Euros (EUR), and British Pounds (GBP).

Margin Trading

Margin Trading allows users of Blockchain.com to 5x their potential profit as customers can leverage the value of assets they hold to raise their own purchasing power.

Determine the most effective technique for risk management for your portfolio by using flexible fund management to diversify your assets. 

Users get a competitive advantage on the exchange by taking advantage of some of the lowest interest rates available.

Trading features

Customizable charting TradingView’s integrated charts allow users to modify their charts with a wide range of technical analyses and illustrations.

Deep Liquidity Take advantage of a deep liquidity pool provided by a consortium of global market makers.

Execution speed – Execute orders in microseconds using one of the crypto industry’s quickest matching engines.

Blockchain connects – Transfer funds effortlessly between your Exchange trading account and the non-custodial Blockchain Wallet.

Trading screen. Source: Blockchain.com

Trading fees

Blockchain.com offers competitive fees with a straightforward maker-taker model pricing structure that starts with an initial tier. 

Orders that supply liquidity to the market are termed ‘maker,’ whereas orders that remove liquidity from the market are called ‘taker’ orders. 

The exchange’s fee structure compensates makers with a reduced rate in exchange for assisting in the provision of liquidity necessary to maintain a competitive and orderly market.

Trade more with lower fees. Source: Blockchain.com
Spot trading

Simply put, the more you trade, the lower your fees will be. The chart below shows a list of the spot trading fees as well as the twelve tiers based on the volume traded in 30 days.

Spot trading fees. Source: Blockchain.com
Margin Trading Fees

The margin trading fee is 0.02 %, with margin interest compounded at a rate of 0.02% each four-hour period.

Margin Trading Fees. Source: Blockchain.com

Prime

The exchange Prime is for institutions, corporations, market makers, and professional traders. It provides this clientele with an abundance of advantages such as:

  • Low-Latency: Low-latency platform with industry-leading performance implemented in LD4 with colocation for certified market makers;
  • Credit and Lending: The provision of credit lines and the borrowing of assets is made possible via customized agreements;
  • FIX Binary Matching: The FIX Binary matching engine from Blockchain.com is the quickest  exchange trading engine available;
  • Competitive Trading Fees: Active liquidity providers are rewarded with low fee schedules; 
  • Daily Clearing: Using a network of leading banks in Europe and the United States, custom settlement windows are available;
  • White glove assistance: For high-value clientele all across the globe, Blockchain.com provides personalized customer service.

Affiliate Program

On the program, affiliates earn up to 50% commissions for the first six months from every new trader you refer when they trade on Blockchain.com Exchange.

The affiliate program offers the following benefits:

  • Payouts are made straight to your bank account, and over 46 different currencies are available;
  • There are no limits to how much you may earn as an affiliate, the more your affiliates trade, the better;
  • Real-time data gives accurate reporting of your performance statistics.

2. Cryptocurrency Wallet

As previously mentioned, the Blockchain.com wallet is one the world’s most popular crypto wallets with over 81 million wallets created, allowing users to buy, sell and earn cryptocurrency.

Blockchain.com crypto wallet. Source: Blockchain.com

The Blockchain Wallet is accessible in 25 languages and serves consumers in over 200 countries, enabling millions of individuals to purchase crypto either through their mobile device or desktop computer.

Through the wallet, customers can buy crypto in minutes in three simple steps:

  1. Verify your identity;
  2. Add a payment method to your account, such as a debit/credit card or bank account;
  3. Buy your crypto.

Watch the video: How to buy your first crypto with Blockchain.com wallet

Rewards Account

Transfer your cryptocurrency to a Rewards Account within the wallet, and you’ll earn up to 13.5% in rewards yearly, which will be deposited into your account on a monthly basis.

Blockchain.com also collaborates with innovative projects to assist them in distributing their token to Wallet customers via Airdrops who are eligible. The previous airdrops have featured tokens like Stellar (XLM) and Blockstack, as well as Hiro and Stacks (STX).

Wallet Security

Blockchain.com’s Private Key Wallets, which operate on the principle of “not your keys, not your crypto,” are the most extensively used wallets for maintaining the self-custody of your cryptocurrency.

Users who are ready to take control of their private keys may do so with the use of a Secret Private Key Recovery Phrase, which is included in the crypto wallet software.

3. Blockchain.com Explorer

In addition to exploring the major blockchains, the explorer also enables users to confirm transactions, assess the market, and just learn more about cryptocurrency in general.

Moreover, customers benefit from real-time cryptocurrency pricing since they get the most up-to-date pricing and charts, as well as key market signals.

Blockchain.com Explorer. Source: Blockchain.com

Aside from that, the explorer tool provides best-in-class statistics, ranging from hashrate to block data to mining information and beyond, allowing users to create crucial trading strategies to enter the market with confidence.

Finally, a robust Blockchain Data API is also made available to users; whether you are a data analyst or just a crypto enthusiast, the sophisticated application programming interface will be of service to you.

4. Institutional Markets

Blockchain.com Institutional Markets has established itself as the premier strategic capital partner to the world’s top trading, investing, and mining firms in the cryptocurrency field since its inception in 2017.

Having a strong financial sheet and significant industry expertise allows Blockchain.com to provide competitive prices and customized solutions.

Blockchain.com Institutional Markets. Source: Blockchain.com

The following is a list of benefits Institutional Markets provide.

  • Trading volume: Over $5 billion in institutional trading volume;
  • Originated loans: Up to $4.8 billion in originated loans;
  • Equity capital: $537 million of equity capital raised;
  • Structured Products: Clients benefit from Blockchain.com’s extensive experience in the crypto business and its strong links to the industry;
  • OTC Spot and Options: For every major digital asset, the platform provides spot market and option contract quotations by pooling liquidity internally and across more than 20 venues across the globe.

5. Blockchain.com NFTs (BETA)

Non-fungible tokens (NFTs) are soon coming to Blockchain.com, with the feature currently in BETA mode. Customers will have the ability to buy, sell, and store NFTs.

Blockchain.com NFTs. Source: Blockchain.com

Blockchain.com Deposit and Withdrawal fees

Fiat fees

It’s worth mentioning that the fiat deposit fees in the United States, Europe, and the United Kingdom are all free.

Blockchain.com Deposit/Withdrawal Fees. Source: Blockchain.com

Crypto Fees

Blockchain.com does not charge any fees when you transfer any cryptocurrency to the exchange, but you will be required to pay a fee to the mining network for confirming the transaction, as is the case with all cryptocurrency transactions.

When sending a deposit from your Blockchain Wallet to the Blockchain Exchange, you have the option of customizing the network fees to your liking by choosing either a regular or priority fee when submitting the transaction. 

  • Regular fees are less expensive, but transactions might take up to an hour to be processed and verified. 
  • Priority fees are more expensive, but they are adjusted in such a way that transactions are completed within an hour. 

When withdrawing crypto from your account, the Blockchain Exchange can ensure that your crypto withdrawals are handled quickly, and your funds are readily available by calculating the best network fee for each transaction.

Please note: Blockchain.com charges a modest withdrawal fee on all crypto withdrawals from the exchange. To see the amount of the minimum withdrawals for each supported cryptocurrency, click here.

Is Blockchain.com safe?

The exchange employs industry-leading security measures, including offline cold storage for funds and a function for managing private keys. Additionally, Blockchain.com does not have a negative reputation in the industry and has not been of any hacking incidents.

95% of all funds are stored in offline cold wallets. Source: Blockchain.com

Cold Storage safety measures

  • 95% of all funds are held in offline cold wallets;
  • Funds are distributed across the globe in high-security facilities at sites that are dedicated to physically safeguarding high-valued assets;
  • The use of multi-signature validation ensures that no one may access funds single-handedly;
  • In accordance with cryptographic best practices, private keys are not allowed to exit Hardware Security Modules where funds are kept.

AES-256 Encryption

  • Both the Wallet and Exchange support two-factor authentication, employ AES-256 encryption, and private keys for custodial funds are kept on FIPS 140-2 certified devices;
  • Blockchain.com requires TLS 1.2 for all Internet-facing apps and conducts periodic audits of the supported cipher;
  • Strong ciphers are utilized to encrypt data stored in the cloud and on-premises.

Private Keys

  • Client-side private key management is the most-used cryptographic software in the world;
  • Owning private keys means you own your crypto.

Privacy and Trust

  • Blockchain.com does not monitor funds maintained in non-custodial Private Key Wallets, only funds held in exchange-custodial accounts;
  • The compliance team at Blockchain.com guarantees that the company complies with all applicable AML and KYC standards internationally, ensuring that you can trust Blockchain.com and any counterparty;
  • All Personally Identifiable Information is kept on the Google Cloud Platform, which is protected by industry-leading digital security. 

Bug bounty program

Blockchain.com offers a generous bug bounty program; thus, if you discover any current or zero-day vulnerabilities, the platform invites you to submit them through the program; if they are confirmed and corrected, you may receive up to $2,000 as a reward.

Bug bounty program. Source: Blockchain.com

How to create Blockchain.com account (step-by-step)

Step 1: Head to https://www.blockchain.com and then click [Sign Up] in the top right-hand corner.

Blockchain.com step 1 sign up. Source: Blockchain.com

Step 2: Next, select [create an Exchange Account].

Create an Exchange Account. Source: Blockchain.com

Step 3: Select your country of residence before entering your email address and password and clicking [Create Account].

Create Account. Source: Blockchain.com

Step 4: Verify your intent by entering your first and last names, as well as your date of birth.

Verify details. Source: Blockchain.com

Step 5: Prior to selecting [Continue], provide your address information, which should include your country of residence, street address, postcode, and town/city.

Input address. Source: Blockchain.com

Step 6: Go to your email account to verify your email.

Verify your email. Source: Blockchain.com

Step 7: After opening your email from Blockchain.com, click [Verify My Email].

Verify your email. Source: Blockchain.com

Step 8: Select [Deposit to Trade] and make a deposit of your fiat or cryptocurrency into the exchange account before you can begin trading. The whole procedure is simple and straightforward from beginning to end, and it should take no more than two minutes to complete.

Deposit to Trade. Source: Blockchain.com

Blockchain.com customer support

Blockchain.com has a support center for the exchange where users can find popular articles to solve their queries. If customers need additional support, they can contact the exchange by submitting a request.

Support Center. Source: Blockchain.com

The 24/7 live chat support feature lets you communicate with customer service representatives directly inside the exchange at any time of day or night.

Users can find all customer communication through Blockchain.com’s support center. Additionally, customers may follow Blockchain.com on social media to remain up to speed on new features, market news, and other vital developments.

Pros & Cons

Pros

  • Competitive trading fees;
  • Trusted by millions of users since 2011;
  • The exchange has its own non-custodial wallet;
  • No fiat deposit fees inside the US, UK, or Europe;
  • Advanced trading features for regular and institutional clients;
  • Available on desktop or mobile;
  • Constant development in the space, including adding new cryptocurrency pairs and NFT features.

Cons

  • There are only over 40 different crypto pairings available for trading, and many in-demand cryptocurrencies are not yet currently available.

Final Thoughts 

Overall, Blockchain.com is a cryptocurrency platform with a strong and ‘clean’ history in the market that traders of all skill levels can feel confident about utilizing, regardless of their experience or level of expertise.

Since 2014, the platform has been supported by a group of reliable investors from Silicon Valley, Wall Street, and London, who have contributed over $500 million in equity helping to add to the company’s current market value of more than $5 billion.

Also, the exchange is a pioneer in the cryptocurrency market, as it is constantly implementing the most up-to-date and cutting-edge solutions for its customers.

In addition, the platform pays special attention to the user interface (UX) and specifications, which makes the platform exceptionally easy to use, as seen by the smooth exchange account to client wallet function, among other features and functions.

Finally, the firm is totally transparent, accessible in over 200 countries across the globe, with 24-hour customer support, which is something that any cryptocurrency user would find really useful.

FAQs about Blockchain.com

What is Blockchain.com? 

Blockchain.com has been in business since 2011, and it is a well-established cryptocurrency exchange. It offers its users over 40 different cryptocurrency pairings to trade with one of the world’s fastest crypto matching engines to execute trades.

What are the fees on Blockchain.com?

Blockchain.com offers competitive trading fees on a maker-taker model tier system. Users are incentivized to trade as the more you trade, the lower the trading fees are. Traders may fund their digital wallets and purchase cryptocurrencies by using their debit card or credit card, as well as bank transfers, to finance their accounts.

Is Blockchain.com safe?

Blockchain.com is a secure exchange with multiple layers of security, including AES-256 encryption, to secure all transactions. The platform uses industry-leading software and private key management with  95% of assets stored in offline cold wallets in high-security facilities using FIPS 140-2 certified devices.

Does Blockchain.com have a crypto wallet?

Yes, it includes a user-friendly cryptocurrency wallet that enables users to buy and sell crypto in minutes, earn up to 13.5% in rewards, and maintain complete control over their assets due to the wallet’s private key feature.

1 out of 5 (2 votes)

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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