Blockchain.com Exchange, Wallet, & Block Explorer Review

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Read the full review on Decentralised Africa

This time we are putting the lens on Blockchain.com, to see if aside from having perhaps the best URL in the cryptosphere, whether their service and products are of industry-topping quality too. Home to over 60 million free wallets that have transacted over $6.2 trillion in total, the Luxembourg-based operation is the biggest and most trusted wallet provider in the world, launching all the way back in 2011. Their exchange service launched in 2019 and is still in its early days, offering just 40 market pairings, so in this article, we will lean our attention more towards the wallet than the exchange.

The Positives

  • Security is paramount to this wallet and exchange, which are yet to be hacked or compromised. They boast three levels of security that are cleverly designed to stop unauthorized access and requests.
  • Mobile app and a web browser platform give users options about how they want to control and access their funds and trading opportunities.
  • ‘You’re the custodian, you have control’ is how they assure users that their keys are completely theirs.
  • Fiat-to-crypto purchases of Bitcoin and Ethereum can be made directly from the wallet by debit card, credit card, or bank transfer in GBP, USD, EUR and CAD (card only)
  • This is an HD wallet (hierarchical deterministic) which means it generates a new address for each transaction, giving another layer of security to users
  • Users can exchange cryptocurrencies directly in their wallet without having to visit the exchange, which of course has a higher fee for the convenience, but is a blessing for beginners who get overwhelmed by trading views.
  • The wallet UI is completely intuitive and easy to use, it would surely pass the grandma test. The exchange, not so much, as it’s quite a solid and comprehensive exchange, keeping things traditional for traders.
  • In 2020, they introduced interest accounts where users could gain up to 5% interest on certain crypto.
  • API developers love Blockchain.com with tens of thousands of them taking advantage of its excellent features to support their crypto-projects.
  • The entire service is available in 25 languages so that international users are not excluded from their offering.
  • Blockchain introduced their own stablecoin, USD Digital (USD-D, formerly known as USD PAX), which allows users to securely hold crypto that is pegged to the US dollar.
  • Users have some level of control over their mining fees for in-wallet trades, with more patient people being able to set transactions as ‘low priority’, meaning they wait longer for the block to be mined and pay less as a result.

The Negatives

  • Whilst it’s not particularly their fault, they (or their users) seem to be a major target for malware, phishing, and man-in-the-middle attacks. There are many threads on forums around the crypto-web discussing how inexperienced users have been easily stolen from by hackers.
  • The platform is not great for those who want to protect their anonymity.
  • Ticket request is the only form of customer support, with no phone or live chat features available.

Which cryptocurrencies can you find on Blockchain.com?

Strangely for Blockchain.com, the coins that can be held in their native wallet and the coins that can be traded on their exchange are not the same. This essentially means that you will need to open another wallet for the coins that their wallet doesn’t support, or risk keeping them in the exchange’s hot wallet, which, whilst not hacked before, is not advisable for traders on any exchange. If the exchange is compromised and your funds are in a hot wallet, they can be stolen by hackers.

Read the full review at Decentralised Africa

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