Blockchain Exchange is a new, high performing cryptocurrency exchange developed by Blockchain.com, an industry veteran who’s wallet and Blokchain explorer are used by millions of users.
The company launched its crypto exchange in June 2019 and hired trading veterans from NYSE, Google, Goldman Sachs, UBS and TD Ameritrade for that purpose.
This has paid off. The exchange is blazing fast, has a simple yet aesthetic trading interface, fast sign-up and low fees. Bank deposits and withdrawals are free in all fiat currencies.
The Blockchain Exchange currently supports:
Blockchain is continuously working on adding new assets. We're particularly excited about the recent addition of DeFi tokens such as YFI and LEND and hope they will add more DeFi tokens in the future.
The number of supported fiat currencies is definitely one of Blockchain's strong points. Users in Europe, the United Kingdom, Turkey, USA , Russia and Australia can deposit to the Blockchain Exchange by bank transfer using local currency.
In most countries, Blockchain doesn't charge any fee for deposits and withdrawals. Where applicable it even supports new payments rails for you to get your funds faster on the Blockchain Exchange. In the UK it supports "Faster Payments", in the US it supports both wire and ACH transfers and in Europe it is working on Instant SEPA support.
We really value this focus on fast fiat on-ramps as getting funds quickly in and out of an exchange, significantly improves the user experience. When trading you want to be able to act fast and Blockchain Exchange allows you to do just that!
As mentioned, Blockchain.com runs two services: a crypto wallet and an exchange. To sign-up for the exchange and profit from significantly lower fees, head to the Blockchain websiteand click on “Signup”.
You will be prompted to enter your email address and to choose a password. Next, submit your country of residence, name, birthdate and address. The sign-up feels quick and fluid as you enter the information progressively with a nice progress bar showing you how far you are in the process.
Don’t forget to verify your email address before submitting the form or you won’t be able to complete it! It’s also worth mentioning that users have the option to connect their Blockchain.com wallet if they already use it and skip the entire verification process explained above.
Once you submitted all the information, you have two options: start trading or verify yourself and unlocking more features like fiat deposits, higher trading limits etc. If you don’t own any crypto to fund your account, you’ll have to verify yourself. But good news: the process is again, very smooth. You just have to upload a selfie and hold your ID document (can also be a passport or driver license) into the camera and wait a minute. The information is processed automatically so if Blockchain.com is happy with the information you provided you’re good to start trading immediately after!
This image shows your Blockchain exchange dashboard. To fund your account with fiat currency navigate to “Balances” in the top-right corner and then click on “Deposit” in the panel that opens. Next, select the currency that you want to deposit.
Go to your preferred online-banking and initiate a bank transfer to Blockchain.com using the information displayed on the screen. Once you receive an email from Blockchain.com notifying you of the arrival of your funds, you can go back to the site and make your first buy order. Blockchain.com has excellent connections to bank clearing networks so funds usually arrive in your account on the same day. To place a buy order, you must choose the right trading pair by clicking on the “+” sign, located in the navigation bar. If you want to buy bitcoin with euro for example, choose “BTC-EUR” in the dropdown menu. Then, enter the amount you want to buy in the green panel in the top right (highlighted in blue by us) and click on “Place BTC Order”. By default, you buy at the current market price (called “Market order”) but if you want to submit more customized orders you can do so by changing the order type to “Limit order”. Note, that Market orders will always be filled more quickly.
Lastly, if you want to make your account more secure, you can enable two-factor authentication. This is an additional security layer, to make sure that it’s really you logging-in or withdrawing money. At the moment, Blockchain.com only supports the Google Authenticator App, which generates one-time codes on your phone but they promise they’ll add more second-factor authentication methods soon.
We are a multi-faceted team of crypto enthusiasts based in Berlin.
© 2021 cryptotesters UG
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