Blocktrade Fees and Minimum Deposit - TU Expert review
After considering a crypto exchange’s security, examining its fees is the next crucial step. Lower fees translate to higher potential profits. Newcomers to crypto trading may also want to consider the minimum deposit required to start trading, as they might prefer to begin with a smaller investment.
Traders Union analysts have assessed Blocktrade fees and minimum deposit requirements to help prospective crypto traders make informed decisions.
Short introduction of Blocktrade
Blocktrade was registered in January 2020 in Tallinn, Estonia. Its operation is regulated by the Estonian Financial Intelligence Unit. The list of available trading assets includes all popular cryptocurrencies and also USDC stablecoin. Euro is the only fiat currency supported by the exchange. At the moment, the exchange accepts clients not only from the European Union, but from 120 countries. Once you’ve verified your account, you can start trading with any amount. For this, Blocktrade offers a web platform and proprietary mobile applications.
👍 Advantages of trading with Blocktrade:
•Regulated by an EU regulatory authority;
•Fiat deposits and withdrawals are accepted, not only cryptocurrency;
•Minimum deposit: USD 1 for cryptocurrencies and EUR 3 for fiat;
•Trading fees are at the same level as competitors;
•Deposit/withdrawal with debit/credit cards and bank transfers;
•Mobile trading apps with TradingView charts;
•Quick and simple registration.
👎 Disadvantages of Blocktrade:
•Poor choice of cryptocurrencies for trading;
•No passive income options, such as staking and referral program;
•Margin trading is not available.
Blocktrade Commissions and Fees
The trading fee on Blocktrade is the same for all pairs – 0.3% of the trade volume. It is charged in the quoted currency and is rounded to two decimal places for fiat and eight decimal places for all crypto assets. Withdrawal fees are fixed for cryptocurrencies: 0.0005 BTC, 0.001 LTC, 0.005 ETH, etc. Blockchain does not charge a deposit fee, but there may be blockchain fees. Deposits and withdrawals in euros are charged with a 0.15% fee of the transaction amount, but no less than EUR 2 per transaction.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | 3$ for a transaction of USD 1,000 | Charged on fiat and cryptocurrencies |
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Crypto market:
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Spread – the difference between the buy and the sell price of an asset.
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Commission per lot.
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Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Why is it important to consider the minimum deposit at a cryptocurrency exchange?
Accessibility: The minimum deposit helps traders determine if they can afford to start trading on an exchange.
Risk Management: Exchange-set minimum deposits ensure traders have sufficient funds to cover potential losses and fees, preventing financial overextension.
Platform Suitability: The minimum deposit amount can be an indicator of the exchange’s target audience and trading volume, aiding traders in selecting a platform aligned with their goals.
Cost Considerations: Assessing minimum deposit requirements helps traders account for trading expenses.
Are the fees and minimum deposit requirements at Blocktrade suitable for beginners?
Analysis of Blocktrade shows that the broker has a rather high minimum deposit. It could pose a problem for traders, who are only starting their path in trading. Nevertheless, the fees are low. Therefore, the broker will be a good choice for professional traders.
FAQs
Can the minimum deposit differ depending on the trading account type?
Yes. Brokers often encourage clients to deposit large amounts to the account by offering better trading conditions.
What deposit amount should a beginner start with?
Some brokers offer a minimum deposit of $1. However, it is recommended to deposit at least $300-500 to the account to be able to trade fully.
Can the level of fees differ for cent and standard accounts?
Yes. On cent accounts, the fees are generally lower than on standard accounts.
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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.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.