Blockchain.com Explorer Review
Blockchain.com: Should beginners use this popular crypto site?
Blockchain.com is one of the oldest crypto websites today and perhaps, the world's most popular way to buy, sell and trade cryptocurrencies.
When the website started in 2011, its mission was clear- to relentlessly build the future of internet finance. This mission was backed by a strong belief that in decades to come, the internet's finance system would be the most effective financial system in the world.
Since then, this company that started with a basic Blockchain explorer app where people could view cryptocurrency transactions in real-time, has grown beyond its boundaries. Today, Blockchain.com now:
- Process a third of all Bitcoin transactions,
- Has a strong community of 30 million users,
- Process over $1 trillion worth of crypto transactions,
- Actively accessible in 200 countries,
- Manages 83 million wallets.
Knowing that the crypto space is competitive is not a small feat. How has Blockchain.com grown so fast? What are the Blockchain.com features supporting this growth? Does this make Blockchain.com a trusted crypto and bitcoin site? Is Blockchain.com safe? Etc.
You probably have more questions than I do, which is great.
Buying, selling, and trading cryptocurrencies are one of the fastest-growing and most reliable sources of income. In fact, most people think it is more than a means for "passive" income. And as such, it demands practical investment. You don't just set it and leave it like planting a home plant. You must nurture your crypto investment with the right knowledge, guide, and tips and tricks.
If those are the reasons you are currently looking for a Blockchain.com review, you're in the right place. Let me show you what we will cover below:
- Digging deeper: more background deets about Blockchain.com
- Pros and Cons of Blockchain.com
- How does Blockchain.com work
- Cryptocurrencies you can trade on Blockchain.com
- com trading tiers and deposits explained
- Is it safe: Blockchain.com security and timeline of attacks
- com airdrops and rewards
- com private key wallets
- Getting started on Blockchain.com
- FAQs about Blockchain.com
Looks like you've got enough to chew. Let's begin.
Digging deeper: more background about Blockchain.com
Blockchain.com was founded and managed by a relatively large group of early bitcoiners, CRM and Product management experts, finance and asset management gurus, tech magnates, and business tycoons worldwide.
Although the site started as Blockchain.info, implying that it was initially designed to provide real-time blockchain data to users, these founders and administrators have worked over the years to transform the site's status and entire approach to crypto trading.
Consequently, Blockchain.com is backed by an incredible group of Silicon Valley and Wall Street investors like Baillie Gifford, Moore strategic ventures, and VY capital.
This has helped the site demonstrate competence in the crypto world and become a recipient of some outstanding awards like the 2022 CNBC Disruptor award and the UK winner of Delloite’s 2021 Technology Fast 50. Interestingly, Blockchain.com is also an “exclusive digital asset partner” of the Dallas Cowboys.
Pros: Why you should be excited to use Blockchain.com
- Flexible and custom charts
Blockchain.com has integrated charts that allow you to customize the display of charts so you can quickly analyze key data of a portfolio.
- Faster execution time
Users on Trustpilot and other trusted reviews platforms testify to enjoying a quicker execution time on Blockchain.com, helping them stay on top of the active and rapidly changing crypto market.
- Staking and other ways to earn rewards
There are multiple ways to earn free coins on Blockchain.com, including airdrops, staking and reward programs.
Other pro features include:
- Competitive trading fees
- Non-custodial wallet (explained below)
- Advanced trading for institutional investors
- Mobile and desktop compatibility across all operating systems
Cons: Why you should be careful using Blockchain.com
- The platform does not provide insurance for crypto or U.S. dollars it holds
Money kept in accounts with Blockchain.com are not insured. While they do not violate any law by doing so, the lack of insurance this lack of insurance is a significant drawback since users are not confident they will recover their assets in the event of a hack.
Consequently, beginners and casual traders are strongly advised to choose another trading platform where funds are insured against unprecedented exploits.
- Customer support
While you can use the search function to look for information and support, there isn’t a way to call a phone number or use live chat on Blockchain.com. Alternatively, you can submit a request if you can't find the help you need- but you’ll mostly likely get no reply. And if you do, it might just come in too late. This is another reason why you might dislike Blockchain.com.
- Limited availability in the United States
You cannot use Blockchain.com or some of its features if you reside in any of these US locations.
- New Jersey
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Dakota
Other concerns users have regarding Blockchain.com include:
- No access to credit and debit card transactions
- No NFT marketplace
How Does Blockchain.com Work?
If you are a rookie crypto trader, you want to read our guide to safe and rewarding crypto trading for beginners. But if you’re already familiar with the online trading experience, you’d be happy to know that Blockchain.com works like most cryptocurrency sites like Binance and Coinbase, so there is no learning curve.
Once you open the website, you can already see the navigation bar at the top, highlighting some quick actions that most people would probably do on a crypto site.
You can read the latest news, download the wallet, or trade crypto fast on the exchanger platform. If you toggle the three dots, you’d see a wide array of applications, features and company infor that can optimise your trading experience on the platform.
The institutional bar is for more advanced traders. That is where you go if you want to get into
- OTC Spot Trading
- OTC Derivatives Trading
We have covered advanced terms like this in a more comprehensive, more detailed guide.
Lastly, on the navigation bar, you can either sign up to become a Blockchain.com user or login if you already have access. You can learn how to sign-up here if you want to do it right now.
Here are other things you can do on Blockchain.com
- You can buy, sell or exchange cryptocurrencies
- Trade popular crypto coins like Bitcoin, Ethereum, and Litecoin
- You can also trade fund your account with or exchange FIAT currencies like the USD, Great British Pounds, Euros, and even the Turkish Lira.
- You can choose and trade from over 40 unique cryptocurrency pairs on the platform.
- You can filter the platform’s exchanger page to display live prices, and see how two currency pairs or crypto portfolios are performing on the market.
A graph showing BTC and USD trading pair performance on Blockchain.com
- You can then use that knowledge to make better decisions when you want to create market orders of choice.
Cryptocurrencies Available on Blockchain.com
Regarding the total number of cryptocurrencies, there are 45+ coins on Blockchain.com. But when it comes to trading pairs across these coins, the exchange platform is capable of up to 120 cryptocurrency pairs. This figure distinction is because some pairs are duplicates, such as BTC//USD and BTC//Euro.
Some of the popular cryptocurrencies available include:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Apecoin (APE)
- Litecoin (LTC)
- Chainlink (LINK)
- Solana (SOL)
- Tether (USDT)
- Uniswap (UNI)
Blockchain.com Fees Explained
We cannot say that $xyz is Blockchain.com's trading fees because the platform charges different fees on each of its trading tiers. Depending on your trading volume and frequency, this fee is also subject to change.
Confused? Let me explain each one.
How much does Blockchain.com charge on Spot trading fees?
Quickly: Blockchain.com's spot trading fees are set at 0.40% for takers and 0.20% for makers. These figures also represent the highest fees a maker or taker will pay when processing a trade.
This means that the fees can get even lower than that, depending on the trading volume. Blockchain.com achieves this model with a simple principle: The more you trade within 30 days, the lower your fee.
How much are Blockchain.com's margin trading fees?
Margin trading, which enables you to borrow money to trade more, is available on Blockchain.com at a 0.02 percent margin trading fee, and a recurring margin fee of 0.02 percent every four hours is further charged.
Will I pay transfer fees on Blockchain.com?
You will see the number of transfer fees charged before you transfer your assets on Blockchain.com. Let's say you want to move your coins from the exchange to the external wallet, and you will see the potential fee beforehand. This fee is usually within competitive rates, so worry less.
The fee also applies when you move your assets to your non-custodial wallets (more on this shortly).
So, how does Blokchain.com calculate the fees? Why is it irregular?
The charges vary depending on the network you use. However, since you will see the fee beforehand, you can always decide to proceed or try another time.
Deposit and Withdrawal Fees
There are no deposit fees when adding fiat money to a Blockchain.com account. Additionally, using an ACH transfer to transfer funds from your Blochchain.com account to your bank account is free in the US. However, there is a $10 minimal withdrawal amount.
Is it safe: Blockchain.com security and timeline of attacks
We understand that Blockchain.com is a safe and secure crypto website from user research to technical testing. Here are the features that make it so:
- Offline storage of funds
Blockchain.com uses high-security standards for both the wallet and the exchange. 95 percent of the assets will be stored in offline cold wallets, which offer extra protection against hacks and online theft since they are not online. Everyone in the crypto space knows that cold storages are the safest place for cryptocurrencies, so this is an excellent thing for Blockchain.com.
- Multisignature validation
Unauthorized access to user funds is prevented via a multi-signature validation method. Blockchain.com doesn't keep track of your private keys if you use the non-custodial wallet, which means only you can administer your cryptocurrency. To ensure there are no breaches whatsoever, Blockchain.com has a bug reward program that is intended to assist in the system's problem fixes. They essentially pay hundreds of developers worldwide to squash website code bugs.
- 2-factor authentication
2-factor authentication is one of the most vital and most popular security techniques in the crypto community. It costs nothing to set it up and greatly reduces the likelihood that someone will stealthily withdraw money from your wallet.
As for the timeline of exploits, there is currently no publicly known event of a hacking attempt on Blockchain.com.
Blockchain.com airdrops and rewards
Keeping the coins in your rewards account might earn you up to 11%, depending on the cryptocurrency. The coin accrues interest daily, which is paid out monthly. After seven business days, you can withdraw cryptocurrency from your rewards account.
However, this reward program is open to Gold account holders only. If you're interested, you will upgrade your account at no fee.
Occasionally, Blockchain.com may "airdrop" cryptocurrency to wallets worldwide. An airdrop lets you test a new coin and see how it functions. You need a Gold account to receive an airdrop.
Is Blockchain.com best for beginners?
To be honest, you'd probably have it easier on other beginner-friendly crypto sites like Gemini or Coinbase than Blockchain.com.
Seeing the features, terms of trade, and other aesthetics, our experts believe that Blockchain.com has a steep learning curve that is more suitable for knowledgeable crypto investors and traders familiar with the platform's complex or higher-risk features.
How to create a Blockchain.com account
To get started on Blockchain.com, you need to fill the signup form with the following information:
- An active email address
- Create a strong password
- Input your country of origin (or your current location)
Once you click sign up after providing this information, you will be prompted to verify your email. From the verification link, you will then be directed to your own Blockchain.com account, where you can fund your wallet and use the exchanger.
Does blockchain.com have a native coin?
No native coin
What is Blockchain.com's model?
Tiered maker/taker model, up to 0.40%
Is Blockchain.com centralized?
Centralized, although there are some decentralized features, like the non-custodial wallet
How many cryptos can I trade on Blockchain.com?
As many as you like, the platform boasts 120 currency pairs which are well within the industry standard.
Is Blockchain.com available in my state?
Blockchain.com is fully available in 30 states in the US.
Does Blockchain.com have mobile apps?
Yes, Blockchain.com has a mobile application available on Apple and Android stores.
What is the non-custodial wallet?
This is a private Key Wallet that allows you to buy, sell and swap cryptocurrencies without restrictions. If you feel like withdrawing your money from the exchanger, keep it in your private wallet.