Is Blockchain.com a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether Blockchain.com is a good crypto exchange to start trading with. In this article you will learn whether Blockchain.com is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker Blockchain.com
Blockchain.com is one of the earliest cryptocurrency exchanges and has been operating since 2011. During 10 years of activity, the company's turnover amounted to $800 billion. The platform is also a cryptocurrency e-wallet operator and offers proprietary analytical software products. The number of active users of the trading platform exceeds 31 million people from over 200 countries worldwide. There are 43 trading pairs on Blockchain.com, including the dominating cryptocurrency/fiat pairs.
| 💰 Account currency: | EUR, USD, GBP and cryptocurrencies |
| 🚀 Minimum deposit: | From $1 |
| ⚖️ Leverage: | Up to 1:1 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, fiat |
| 💹 Margin Call / Stop Out: | No |
Blockchain.com Pros and Cons
👍 Advantages of trading with Blockchain.com:
•43 trading pairs, 4 fiat currencies;
•proprietary platform and e-wallets;
•Interested Account program for extra income.
👎 Disadvantages of Blockchain.com:
•Taker average commission is 0.17;
•there is a commission for withdrawing funds;
•there is no withdrawal of fiat to a bank card or e-wallets;
•no margin trading;
•no email or phone support.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for Blockchain.com Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. Blockchain.com offers traders the following conditions.
| 💻 Trading platform: | Proprietary platform |
| 📊 Accounts: | Standard, P2P-platform |
| 💰 Account currency: | EUR, USD, GBP and cryptocurrencies |
| 💵 Replenishment / Withdrawal: | Cryptocurrencies and bank transfers (you can buy cryptocurrency through a P2P platform using a bank card) |
| 🚀 Minimum deposit: | From $1 |
| ⚖️ Leverage: | Up to 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, fiat |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | n/a |
| ⭐ Trading features: | Investment programs available |
| 🎁 Contests and bonuses: | Airdrop is carried out from time to time |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of Blockchain.com commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
The experts at Traders Union analyzed the trading terms of the Blockchain.com exchange for explicit, implicit, and hidden commissions. Commissions on the platform depend on the trading volume within 30 days within a 30-day window. The higher the trading volume, the lower the fees for the trader. There are two types of commissions on the platform – Maker and Taker. The highest fees are for traders trading less than $10,000 per month. They will have to pay 0.4% for the taker per trade. With an increase in turnover, you can reduce commissions to 0.06%. There are withdrawal fees, but commission-free deposits.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | 0,17% | Yes |
Investment programs of Blockchain.com
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. Blockchain.com offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
Blockchain.com offers extra income for traders who use custody wallets. The Interested Account program is offered to clients to earn interest for storing coins in the Blockchain.com cryptocurrency e-wallet. Staking is also available on the exchange, that is, you can buy cryptocurrencies for storage and get a percentage. You can also get extra income using the cryptocurrency exchange affiliate program.
The Interested Account program from Blockchain.com
The Interested Account is an investment tool designed to inspire traders to store funds in the Blockchain Info wallet. The program is about the accrual of interest on the custodial balance of funds on the account. This mechanism resembles staking, but the reward is not accrued by the cryptocurrency ecosystem, but directly by Blockchain.com. It works as follows:
You open a custodial account in the preferred cryptocurrency and make a deposit for a specified period. You cannot dispose of funds before the expiration of the term, otherwise, the profit will be canceled. You can only replenish it.
Every day when there are coins on the account, the platform charges a percentage for storage. Interest is paid monthly.
After the expiration of the term, you can fully or partially withdraw the deposit and transfer it to a non-custodial account. You can also extend the term of the deposit.
The interest rate differs depending on the cryptocurrency you choose. For example, in 2021, Blockchain.com credits funds for Bitcoin at a rate of 6% per annum.
Staking on Blockchain.com
Providing cryptocurrencies for staking is one of Blockchain.com's specialties. Staking is a way to generate passive income for storing cryptocurrencies by operating according to the Proof-of-Stake (PoS) algorithm. In this way, the stability of the cryptocurrency ecosystems is maintained, and they pay income at an interest rate.
Blockchain Info offers customers eight types of cryptocurrencies for staking. The list includes:
Aave (AAVE);
Algorand (ALGO);
Polkadot (DOT);
Ethereum 2.0 (ETH);
Origin (OGN) (12.15% annual);
Paxos (PAX);
Stellar (XLM);
yEarn Finance (YFI).
An interest rate is charged for storing cryptocurrencies in Blockchain.com wallets. At the same time, profitability is provided not by a cryptocurrency exchange, but by a cryptocurrency ecosystem that is stored in your wallet. The interest rate per annum is also different. For example, for ETH it equals 8.5% per annum. It is 12.15% per annum for Origin (OGN). The rate may vary depending on the number of users staking. The more cryptocurrency holders, the lower the rate.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
Blockchain.com’s affiliate programs
Classic referral program. The affiliate program mechanism provides a reward in the form of commissions from referrals’ trading operations.
Traders who invite new users get 50% of the commission for the referral's trading operations within six months. Payment of remuneration shall be carried out once a month. Submit an application indicating your social media accounts to participate in the affiliate program.
Conclusion. Is Blockchain.com good for beginners?
The Blockchain.com cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, Blockchain.com could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.