News
Blockchain.com Review: Pros, Cons, and More
Creating a Blockchain.com exchange account was quick and easy, as was creating a main wallet. Linking the two accounts is simple and necessary to securely transfer cryptocurrencies. You can scan a QR code and move crypto coins/tokens to the exchange’s trading wallet or main wallet for storage.
Before you can trade on Blockchain.com, you must verify your email and identify yourself. The exchange has three levels of verification.
The first phase unlocks the “Silver Level” business authorization. This level allows transfers and exchanges with cryptocurrencies but not reserve funds. Silver tier users have an annual cryptocurrency withdrawal limit worth US$1,999.
The upcoming “Gold Level” business authorization requires more stringent identity standards, including photo ID. It allows deposits of both cryptocurrencies and reserve currencies. Withdrawal levels are also much higher. This level unlocks a weekly cryptocurrency withdrawal limit of $200,000 and $100,000 of reserve currency. It also activates access to free crypto giveaways, staking, and more.
The higher “Platinum Level” requires more identity details (salary, proof of address, social security number for US residents, etc.). Provides Gold tier benefits and increases weekly withdrawal limits for cryptocurrencies and reserve currencies to $5 million.
Trade on Blockchain.com
The Blockchain.com platform has a standard trading dashboard. You can access its limited list of trading pairs by clicking on the “+” sign at the top left of the screen. The chart displays price action and trading volume in the center of the screen.
The “order book” displays a live trade feed to the right of it. It all ends with the “Buy” and “Sell” boxes for placing orders on the far right. The dashboard allows market orders based on current market prices. It offers limit orders with a preset range for buying or selling. It also offers stop-limit orders, which trigger a sell to avoid a loss.
Staking on Blockchain.com
There are some requirements to open an interest account on Blockchain.com. First you need to be verified at the Gold level. To do this, click “Upgrade Now” on the Earn Interest page. You can also go to the Main Wallet settings drop-down menu. Complete the “verify your identity” steps in the Profile section of the wallet.
Next, the Blockchain.com website does not list current interest rates. There are minimum deposit requirements for the eligible currencies listed below:
- Bitcoin (minimum $300 BTC)
- Ether ($100 ETH minimum)
- Digital USD (minimum $100 USD-D)
- Tether (minimum $100 USDT)
- Bitcoin Cash ($1 BCH minimum)
- Stellar Lumens (XLM minimum $1)
Finally, you must be verified in a supported country to be eligible. Residents of Canada, Japan, and the states of New York and Washington in the United States are not eligible to earn interest on their Blockchain.com wallets.
Residents of the following US states I am eligible to earn interest on all supported currencies:
- Alaska
- California
- Colorado
- Indiana
- Kentucky
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Missouri
- Montana
- New Hampshire
- Rhode Island
- South Carolina
- Utah
- Wisconsin
- Wyoming
All other states (excluding New York and WA) can only earn interest on BTC, BCH, ETH and XLM.
Earning interest on USDT and USD-D is not supported for UK residents.
Blockchain.com main wallet and trading wallet
The Blockchain.com network offers two wallet options with different uses and security levels.
The first is the non-custodial main wallet. This means you have complete control over access to the cryptocurrencies stored there and the private keys that protect them. From the main wallet you can trade e-currencies and create an interest-earning account. It can only contain cryptocurrencies, not reserve currencies.
The second is the custodial trading wallet that Blockchain.com manages on your behalf. You still own all the funds in the trading wallet. Blockchain.com manages security and keeps an eye on it. The trading wallet is required to buy and sell cryptocurrencies on the Blockchain.com exchange. It can contain four reserve currencies (such as USD, GBP, EUR, TRY) and coins/tokens listed in 52 trading pairs.
Generous referral program
Blockchain.com has an affiliate program where every time you refer a new client to them, you will receive 50% of their commissions for six months.