Blockchain.com is this a scam? Review and Customers Reviews

Blockchain.com – a cryptocurrency exchange that pioneered a key infrastructure for the cryptocurrency community. The company developed Blockchain Explorer, which allows not only to check transactions and examine the blockchain, but also to implement APIs that enable companies to use Bitcoin. Also exchange provided the most popular and used cryptocurrency walletwhich enables anyone, anywhere, to manage their money.

But is the Blockchain.com project reliable and are there any fraudsters working there? Find out from the review, which details trading conditions, deposit methods, commissions and other information about the exchange.

Why Blockchain.com?

Blockchain.com – one of the first exchanges, founded in 2011, which offers different tools for trading and exchange between 40+ currency pairs. In addition to the exchange, the company has its own wallet with versions for PCs and mobile devices, which can be synchronized with the site. This means that after the end of the session, you can quickly withdraw funds from the exchange to a safe wallet.

Blockchain Wallet is the most popular in the world. More than 79 million wallets have already been created for buying, selling and earning cryptocurrency. With it, you can buy, sell and exchange digital assets in minutes. You only need to confirm your identity and add a payment method, for example, debit card or bank account.

If you translate Bitcoin, Ethereum and other cryptocurrencies into a savings account, you can receive up to 13.5% per year, deposited monthly. This account is a custodial balance in a wallet that earns interest on the amount deposited and stored there. It’s easy to set up to start earning interest. Any funds deposited into a savings account will start earning interest at a compounding rate. At the end of the savings process, you can withdraw your initial deposit along with all the interest earned during that time to a non-custodial part of the wallet. The pluses of the exchange include:

• simple interface of the terminal;
• convenience of working with trading tools and a large number of functions;
• large choice cryptocurrencies;
• high level of security;
• a handy mobile app;
• deposit and withdrawal in fiat currency.

How to exchange cryptocurrency on the Blockchain.com platform?

After registering on the site, you can go to the wallet and select the “Buy cryptocurrency” option. There are two ways to purchase: by bank card or bank transfer. The use of the card is available only for Gold level users, so those who have not passed the identity verification procedure must go to their profile to pass the verification. There are restrictions on the use of cards: no more than 3 cards during the whole time of working with the service.

There are daily and weekly limits for buying currency, as well as minimum and maximum limits. In the first case, it is 25 and 100 thousand U.S. dollars, respectively. The minimum in one order to buy is $5, the maximum amount is $5,000. The exchange has developed a trading terminal with a simple but powerful toolbar. Its advantages:

• Buy and sell in fractions of a second. With this speed, you get market prices in real time.
• The best pairs to trade. Over 40 trading pairs including BTC, ETH, DeFi, Stablecoins, etc.
• Savings. The more you trade, the lower the commissions.

You can increase your potential profits by a factor of 5 with margin trading. There is an opportunity to use the value of the assets you own to increase your purchasing power. The interest rate is one of the lowest on the market at 0.12% per day.

Swap – non-custodial cryptocurrency exchanger inside a wallet Blockchain.com. It allows you to quickly exchange cryptocurrencies without having to use fiat or leave your wallet. Thanks to Swap, you can exchange BTC, BCH, ETH, XLM and USDT. Integrated into a non-custodial wallet, Swap allows you to exchange assets while retaining control over private keys. Swap can be used for a variety of transactions.

Verification on the blockchain.com platform

In order to work with the exchange, you need to register an account and confirm its creation via email. This can be done immediately after registration through the link that comes in the letter, or later in the “Security” section of the service’s website. In the same letter there is a purse identifier, which is needed to log in. It is recommended to keep it in a safe place and not tell anyone. The specified e-mail will be used to log in, send notifications of transactions and updates. When you will log into the wallet from another IP or device, you will receive an email with a request for authorization.

You can enable two-step verification (two-factor authentication) to further protect your wallet. With it, you will need to enter your wallet password and a one-time password generated through Google Authenticator, Yubikey, or sent via SMS when logging in. Users must also undergo verification. Three levels of identity verification are available: Silver, Gold and Platinum. Silver – the basic. It allows you to sell currencies up to $1,990 per year through Swap on the exchange. Withdrawal of fiat currency and replenishment are not available. For this level you should only confirm the e-mail and specify the country of residence, address, name and date of birth.

Gold level allows you to exchange up to $200,000 per week in cryptocurrency (up to $100,000 in fiat currency) and participate in the Airdrop program. Personal information and user documents are checked by special software and technical support representatives. The list of documents depends on the location of the user. As a rule, you must provide passport or other identification data. To pass the verification it is necessary to upload a document, take selfies or shoot a video. Verification takes from 5 minutes to 2 hours. If there are problems with the auto-check and you need to do the procedure manually, it may take up to 5 days.

Platinum level allows you to use the high withdrawal limits: up to $5,000,000 per week. To confirm your account, you need to provide more information about yourself and additional documentation:

• Employment. Data about the current place of work.
• Social Security number (for America only).
• Source of funds for funding the account: salary, investments in cryptocurrencies, sale of real estate, etc.
• Information about how you will use the account: arbitrage, trading, investing, trading on your own funds, etc.
• The amount you plan to contribute.
• Proof of address: bank statement, utility bill, driver’s license with address, etc.

Deposit and withdrawal

There are 2 ways to deposit cryptocurrency into an account for exchange:

• From the Blockchain Wallet. The wallet ID number and password are used.
• From a third-party wallet. You need to generate the address and copy it to send the desired amount of money through a third-party application.

Withdrawing cryptocurrency is just as easy. You need to go to the “Account balance” section and follow the instructions to transfer coins to your wallet Blockchain.com or a third-party wallet. How to deposit fiat:

• Get Gold level verification.
• Go to Balances > Deposit. You will then be shown instructions on how to connect.
• Go to the bank account and provide the information you need.
• Perform the transfer. It takes 2 days to process transfers from abroad. Transfers in the US take 1 day to reach your account. The name on the Blockchain.com account must match the name of the bank account for the transfer to be successful.

In the “Balances” section there is also an opportunity to order the withdrawal of funds to the bank account.

Cryptoexchange Commission

Commission for margin trading is 0.02% of the amount. Makers pay from 0 to 0.2%, takeers pay 0.06-0.4%. The amount depends on the trading volume for the last 30 days. The exchange does not charge for the deposit. For withdrawal of fiat currency the amount depends on the transfer method. So, when using SEPA the commission will be 0.5 euros, for FPS (for users from the UK) – 0.5 pounds, for the bank transfer – 25 dollars.

Blockchain.com bonuses

Bonuses include the ability to earn interest on deposits made to a special savings account. The amount can reach 13.5% per year. There is also an affiliate program.

Referral program

With the affiliate program, one can earn 25-50% commissions for each trade made by a referral during their first 6 months of trading. 25% commissions on total trades are accrued if he trades less than $100,000 for 30 days. 50% will accrue if the referral trades over $100,000 in a 30-day period.

You can receive payments to a bank account in more than 46 supported currencies. The attracted user will receive a referral bonus of $10 for registration after the first transaction. Who can become an affiliate:

• Users with accounts in social networks with 3,000 or more subscribers for individuals and 5,000 or more for organizations, businesses and brands.
• Communities with a minimum of 3,000 members.
• Business sites, blogs and news sites from 10,000 visits per month.

Once your application is approved, you will receive a referral link for your audience. Affiliates will be eligible for a payout once their accumulated balance reaches $100.

Complaints about Blockchain.com

Since the company has been on the market for a long time, there are many reviews of trading on blockchain.com. The comments are mixed. Some users call the platform convenient for trading, commissions available, problem solving prompt. Others, on the contrary, complain about the absence of many popular cryptocurrencies in the listing, excessive commissions, including for withdrawal of funds, long wait for a response from technical support.

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Regulation of Blockchain.com crypto exchange

Every year more and more cryptocurrency exchanges appear. Among this variety, there are both reliable projects and services developed by scammers. To be confident in the safety of trading, it is necessary to study all the documents on the exchange’s website.

Regulator

Blockchain.com, Inc. is registered under identification number NMLS 2024031. The company’s website publishes documents with information about its terms of service:

• Read the “Terms of Service” of Blockchain.com.
• Study the “Privacy Policy” on the Blockchain website.

Blockchain.com User Agreement

You can read the user agreement on the Legal & Privacy page. This section has two menu items: “Wallet” and “Exchange”. In the first you can read the terms of use of the service and API, information about the collection of personal data. There is also information about the reward account, rates and terms of rewards.

The “Exchange” item also describes the terms of use, use of margin, trading principles, privacy policy and cookies.

Customer Service

You can contact support via the feedback form in the help center, the “Press Center” section on the company’s website and social media pages on Twitter, Facebook and Instagram.

Is Blockchain.com a scam?

Blockchain.com – cryptocurrency exchange, which began its work back in 2011. Now it offers many tools for trading and currency pairs. In addition to the exchange, the company has its own wallet, which is considered one of the most popular in the world. It is available in computer and mobile versions. The trading terminal has a simple interface and enough tools to work with. Both beginners and experienced traders can work without any problems. Also called the pluses of the exchange available commissions and prompt solution of problems by technical support. But the channels of communication with support staff are few, so it is not always possible to get an answer in time.

Available 3 levels of verification, with the basic level limits are quite high, you can withdraw no more than $ 1,999 per year. Therefore, those who want to work with the exchange, should think about other levels of verification. But in this case, the moment of anonymity is lost, for which cryptocurrency is often chosen. Having studied the work of the exchange, we can conclude that Blockchain.com is not a scam. Yes, there are complaints from users about the work of technical support, problems with the limits, but there are no big disadvantages.

Conclusion

Blockchain.com – a crypto exchange that offers exchange of many cryptocurrencies and its own wallet. There is also a convenient trading terminal with instant transaction processing, a referral program and a savings account. Commissions are available, but the limits for the basic level of verification are too high. If you have used the services of the exchange, write your opinion about it in the comments.