Should Beginners Use Blockchain.com: A Review
Blockchain.com is one of the oldest and most popular crypto websites, offering a platform for buying, selling, and trading cryptocurrencies. Founded in 2011, the website started as a blockchain explorer app and has since grown to become a major player in the crypto industry.
Initially, Blockchain.com aimed to shape the future of internet finance, foreseeing the dominance of the internet's financial system. Over the years, the platform has expanded its services and features:
- Processes a third of all Bitcoin transactions
- Boasts a community of 30 million users
- Handles over $1 trillion in crypto transactions
- Available in 200 countries
- Manages 83 million wallets
Such growth in a competitive crypto space is remarkable. How has Blockchain.com achieved this? What features contribute to its popularity and reliability? Is it a trusted platform? Is it safe to use?
If you're seeking answers, you've come to the right place. Let's explore further:
Digging Deeper: Background of Blockchain.com
Blockchain.com was established by a group of early bitcoin enthusiasts, experts in CRM, product management, finance, tech, and business worldwide. Originally known as Blockchain.info, the platform's evolution has been supported by investors such as Baillie Gifford and VY Capital.
The site's competence is evident through accolades like the 2022 CNBC Disruptor award and its partnership with the Dallas Cowboys. Despite its achievements, let's delve into the pros and cons of using Blockchain.com:
Pros of Using Blockchain.com
Blockchain.com offers several advantages:
- Flexible and customizable charts for data analysis
- Faster execution time for staying ahead in the dynamic crypto market
- Multiple ways to earn rewards, including staking
- Competitive trading fees
- Non-custodial wallet for increased security
- Advanced trading options for institutional investors
- Mobile and desktop compatibility across operating systems
Cons of Using Blockchain.com
However, there are certain drawbacks:
- Lack of insurance coverage for held crypto and U.S. dollars
- Limited customer support and response time
- Restricted availability in certain U.S. states
- No support for credit and debit card transactions
- Absence of an NFT marketplace
How Blockchain.com Works
Blockchain.com functions similarly to other crypto platforms. Upon visiting the site, you can quickly navigate through actions like reading news, downloading the wallet, or trading crypto. The interface is user-friendly and caters to both beginners and experienced traders.
The platform provides features for both beginner and advanced traders, including OTC spot and derivatives trading, and lending. Additionally, you can:
- Buy, sell, or exchange cryptocurrencies
- Trade popular coins like Bitcoin, Ethereum, and Litecoin
- Trade with FIAT currencies like USD, GBP, EUR, and more
- Choose from over 40 unique cryptocurrency pairs
Blockchain.com Fees and Security
Fees vary based on trading tiers and network usage. While the platform offers competitive fees, the lack of insurance for held assets is a concern.
Blockchain.com boasts security measures like offline storage, multisignature validation, and 2-factor authentication. It has no known hacking attempts in its history.
Airdrops and Rewards
Blockchain.com offers a rewards program with up to 11% interest for Gold account holders. Airdrops provide opportunities to test new coins. Both programs add value to user experience.
Is Blockchain.com Best for Beginners?
Blockchain.com is better suited for knowledgeable crypto investors due to its complexity and higher-risk features. Other beginner-friendly platforms might be more appropriate.
Creating a Blockchain.com Account
To get started, sign up with an active email, create a strong password, and provide your country. After verification, you can fund your wallet and trade on the platform.
FAQs about Blockchain.com
Here are some frequently asked questions:
- Does Blockchain.com have a native coin? No
- What is Blockchain.com's trading model? Tiered maker/taker model, up to 0.40%
- Is Blockchain.com centralized? Centralized, with some decentralized features
- How many cryptos can I trade? Up to 120 currency pairs
- Is Blockchain.com available in the U.S.? Fully available in 30 states
- Does Blockchain.com have mobile apps? Yes, for Apple and Android devices
- What is the non-custodial wallet? A private key wallet for unrestricted trading
Blockchain.com offers a comprehensive platform for crypto trading, but its suitability depends on your experience level and requirements. Choose wisely for a successful crypto journey.
