Blockchain.com Review | Who Should Use This Exchange & Why?

Blockchain.com offers a range of options for users looking to buy cryptocurrencies, including spot trading, buying with a credit or debit card, bank deposits, and crypto-to-crypto trading.

Spot trading is a popular and cost-efficient way to buy cryptocurrencies on Blockchain.com, although it can be intimidating for first-time buyers.

However, with the potential for significant savings compared to other purchasing options, it's well worth the time to become comfortable with the spot trading process.

For those who prioritize convenience over cost, buying crypto with a credit or debit card may be the best option. It's important to note, however, that there is a high spread fee that can reach up to 7%, which may not be the most cost-effective choice for some users.

For users who prefer to use their bank deposit to purchase crypto, this is also a viable option on Blockchain.com.

Depositing funds directly into your account and buying digital assets is a straightforward process that offers a reliable and convenient way to invest in cryptocurrencies.

Blockchain.com offers spot trading fees starting at 0.40% for makers, which decrease depending on trading volume, and a 0.45% fee for takers.

Additionally, they charge a 0.02% margin trading fee. Compared to other exchanges, these fees are relatively high, with some exchanges offering fees as low as 0.10% for both makers and takers.

However, it is important to note that Blockchain.com's fees do decrease with higher trading volume, which may make it a more cost-effective option for active traders.

Overall, while Blockchain.com may not have the lowest fees in the market, it still offers a competitive option for those looking to trade in cryptocurrencies.

When it comes to deposit methods, Blockchain.com supports fiat deposits in USD, EUR, and GBP. The exchange offers a variety of deposit methods, including open banking, SEPA, FSP, and wire transfer. Deposits made via these methods are completely free of charge which brings great value add to users.

The exchange offers a range of deposit methods that can easily accessed through a user-friendly interface. This makes it simple for users to choose the deposit method that works best for them and complete the deposit process quickly.

Blockchain.com also provides access to fiat withdrawals for USD, EUR, and GBP. The exchange charges a variety of withdrawal fees depending on the method used.

For open banking and SEPA, the fees are 0.5 EUR while wire transfers incur a $25 fee. ACH withdrawals are free of charge and FSP withdrawals cost 0.5 pound.

When it comes to withdrawing cryptocurrencies, Blockchain.com charges a 0.0025 BTC fee for Bitcoin, 0.061 ETH for Ethereum, 0.084 SOL for Solana, and 5 USDT for Tether USD withdrawals.

For those that are looking for an exchange that provides fiat deposits and withdrawals at low to no cost, Blockchain.com fits the bill.

Blockchain.com has been in operation since 2011 and experienced its first data breach in 2021. No funds were lost and no users were effected.

95% of all funds on the exchange are stored in offline cold wallets which provides an important layer of protection against potential hacks.

The platform also holds an industry-standard AES-256 encryption and supports two-factor authentication (2FA) for both the wallet and exchange.

The exchange has also undergone an ISO 27001 certification process and runs a bug bounty program. These security measures help identify and mitigate potential vulnerabilities before they can be exploited by malicious actors.

When it comes to licence and regulations, Blockchain.com complies with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations on a global scale.

The exchange is registered with various regulatory authorities in the US, UK, EU, and MENA. The one setback at the time of writing is that the exchange does not offer proof of reserves.

In conclusion, Blockchain.com is a well-established cryptocurrency exchange and wallet provider that has earned a reputation for being a reliable and secure platform for buying, storing, and trading cryptocurrencies.

With over 30 million users worldwide, Blockchain.com offers an exchange and non-custodial digital wallet that allows users to have full control over their funds.

The exchange offers a limited set of features such as spot and margin trading, staking rewards, recurring buys, and a Visa card with cashback. While the product offering is limited, the user experience is excellent and a joy to navigate.

While the platform's fees may be higher than some exchanges, Blockchain.com's fees do decrease with higher trading volumes.

The exchange also offers a variety of deposit and withdrawal methods, making it simple for users to deposit and withdraw fiat currencies.

Blockchain.com is a popular and trustworthy platform that is most suitable for new cryptocurrency investors who don't mind slightly higher fees in exchange for great beginner friendly experience.