Blockchain.com Review: Trade Cryptos, Earn Interest, and Get Free Coins via Airdrop Feature

The Blockchain.com cryptocurrency exchange boasts more than 71 million wallets created through its app and cites $620 billion in transactions across nearly 200 countries. The exchange has a limited selection of cryptocurrencies, but Blockchain.com has unique features that larger exchanges don't offer. U.S. investors can access the Blockchain.com platform, but it's a good idea to make sure your state allows full access, as some states restrict bank transfers to fund cryptocurrency exchange accounts. Read our full Blockchain.com review to see if this exchange is right for you.

This cryptocurrency exchange is a good fit for: Traders and investors of all skill levels who are interested in cryptos and novel ways to earn passive income like staking.

Top perks

Two wallet options

Blockchain.com has two wallet options. There's a storage wallet that you manage and keep private. The other wallet allows trading, which Blockchain.com manages on your behalf. The trading wallet supports bank and card deposits in the following currencies.

• U.S. Dollar (USD)
• British Pound (GBP)
• European Union Euros (EUR)
• Turkish Lira (TRY)

Qualified users can get free coins or tokens through its Airdrop Program

Blockchain.com offers users access to free coins with its Airdrop Program. An airdrop of cryptocurrency is a free giveaway of a token or coin to certain investors. For clarity, coins are assets that run on their own blockchains, such as Bitcoin or Ether. Tokens are programmed for another blockchain. Almost every altcoin is a token.

To be eligible for free crypto, Blockchain.com users must have a main wallet for storage. They also must have their ID confirmed and cleared at the "Gold Level," which is explained later in this review.

Blockchain.com interest-earning account

Blockchain.com's Interest Account is an interest-generating storage option (also known as staking, where you store a digital asset and the exchange pays you interest to use it). Eligible users earn interest on the stored amount. The interest is paid the first of each month. Investors can move their e-currencies and interest earned to their Blockchain.com main wallet or trading wallet.

The Blockchain.com website does not list current interest rates, but its eligible currencies and minimum deposits include:

• Bitcoin ($300 minimum)
• Ether ($100 minimum)
• USD Digital ($100 minimum)
• Tether ($100 minimum)
• Bitcoin Cash ($1 minimum)
• Stellar Lumens ($1 minimum)

Explorer tools

Blockchain.com's Explorer section is one of the coolest features of the entire network.

Users can view actual transactions in real time as they are added to the Bitcoin or Ethereum blockchains. It also offers a ranking of the top 621 coins/tokens by market capitalization, which is calculated by multiplying the asset price and total number circulating. Those rankings usually require a visit to other websites such as CoinMarketCap or CoinGecko.

The most interesting feature of the Explorer section is the "charts" page. The page presents a range of useful stats in easy-to-view graphs, much like the popular analytics firm Glassnode. This includes charts for Bitcoin supply, average block size, hash rates, and more.

Allows account transfer if the original account holder passes away

Under its terms of service (TOS), Blockchain.com offers a streamlined way to transfer the account of a deceased holder to another individual.

Blockchain.com doesn't currently allow the naming of a beneficiary. It does accept certified death documents like a death certificate or autopsy report as triggers for a funds transfer. Once approved, the funds move to a new user account in the name of a surviving family member or friend. This feature makes Blockchain.com's TOS unique among crypto exchanges.

What could be improved

Limited number of trading pairs

This is not the best option for investors looking for a lot of cryptocurrencies to choose from. Blockchain.com tries to spin the small number of coins/tokens it supports into a positive. The website claims to be in the "Goldilocks Zone," offering the right number of tokens and coins. That claim rings hollow. The best exchanges offer hundreds of trading pairs for investors to compare and buy. Customers would benefit from more trading options and less marketing spin.

Limited technical support

The only way to contact the Blockchain.com help desk is via email. There is no way to reach them by phone, text message, or desktop chat. Dozens of one-star reviews on the mobile version made complaints about poor customer service. Many complaints stated they received "cut-and-paste" responses that linked to an existing FAQ. A site with millions of customers in nearly 200 countries needs to do better. At the very least, it needs to provide 24/7 tech support via online chat.

Doesn't offer lending services or borrowing against your stored funds

This is a major drawback of Blockchain.com compared to other exchanges. As of February 2021, Blockchain.com stopped supporting new loans. It will continue to service existing loans. It gave no explanation for the policy change.

Creating a Blockchain.com exchange account was quick and easy, as was creating a main wallet. Linking the two accounts is simple and necessary to securely transfer cryptocurrencies. You can scan a QR code and move crypto coins/tokens into the exchange's trading wallet or main wallet for storage.

Before you can trade on Blockchain.com, you have to verify your email and identify. The exchange has three verification levels.

The first stage unlocks "Silver Level" trading clearance. This level allows transfers and trades with cryptocurrencies but not reserve funds. Silver Level users have a yearly withdrawal limit of $1,999 U.S. worth of cryptocurrencies.

The next "Gold Level" trading clearance requires tougher identity standards, including photo ID. It allows deposits of both crypto and reserve currencies. Withdrawal levels are much higher too. This level unlocks a weekly crypto withdrawal limit of $200,000 and $100,000 reserve currency. It also triggers access to free crypto giveaways, staking, and more.

The highest "Platinum Level" requires more identity details (salary, proof of address, Social Security number for U.S. residents, etc.). It provides the Gold Level benefits and boosts the weekly withdrawal limits for crypto and reserve currencies to $5 million.

Blockchain.com trading

Blockchain.com's platform has a standard trading dashboard. You can access its limited list of trading pairs by clicking on the "+" sign in the upper left of the screen. The chart shows price action and trading volume in the middle of the screen.

The "order book" shows a real-time trade feed to the right of that. It all bookends with the "Buy" and "Sell" boxes to place orders on the far right. The dashboard allows for market orders based on current market prices. It offers limit orders with a preset range to buy or sell. It also offers stop-limit orders, which trigger a sale to avoid a loss.

Blockchain.com staking

There are a few requirements to open a Blockchain.com Interest Account. First, you have to be Gold Level' verified. To do this, click "Upgrade Now" on the Earn Interest page. You can also go to the Main Wallet settings pulldown menu. Complete the "verify your identity" steps under the wallet's Profile section.

Next, the Blockchain.com website does not list current interest rates. There are minimum deposit requirements for its eligible currencies listed below:

• Bitcoin ($300 minimum BTC)
• Ether ($100 minimum ETH)
• USD Digital ($100 minimum USD-D)
• Tether ($100 minimum USDT)
• Bitcoin Cash ($1 minimum BCH)
• Stellar Lumens ($1 minimum XLM)

Finally, you must be verified in a supported country to be eligible. Residents of Canada, Japan, as well as New York and Washington states in the U.S. are not eligible to earn interest in their Blockchain.com wallets.

Residents in the following U.S. states are eligible to earn interest on all supported currencies:

• Alaska
• California
• Colorado
• Indiana
• Kentucky
• Maryland
• Massachusetts
• Michigan
• Minnesota
• Missouri
• Montana
• New Hampshire
• Rhode Island
• South Carolina
• Utah
• Wisconsin
• Wyoming

All other states (excluding NY and WA) are eligible to earn interest only on BTC, BCH, ETH, and XLM.

Earning interest on USDT and USD-D is not supported for residents of the United Kingdom.

Blockchain.com main wallet vs. trading wallet

The Blockchain.com network offers two wallet options with different uses and security levels.

First, is the non-custodial main wallet. That means you have complete control over access to cryptocurrencies stored there as well as the private keys that protect them. From the main wallet you can swap e-currencies and set up an interest-earning account. It can only hold cryptocurrencies, not reserve currencies.

Second, is the custodial trading wallet that Blockchain.com manages on your behalf. You still own all the funds in the trading wallet. Blockchain.com runs the security and keeps an eye on it. The trading wallet is necessary to buy and sell cryptocurrencies on the Blockchain.com exchange. It can hold four reserve currencies (such as USD, GBP, EUR, TRY) and the coins/tokens listed in 52 trading pairs.

Generous referral program

Blockchain.com has an affiliate program where every time you refer a new customer to them, you'll receive 50% of their fees for six months.

Blockchain.com uses a "maker-taker" fee model. A "maker" order adds funds to the market. An order that pulls funds from the market is a "taker" order. The fee structure rewards makers with lower fees per transaction for boosting liquidity. Liquidity tends to make markets run more efficiently. The exchange charges higher transaction fees to takers who slow markets down.

Based on the Blockchain.com fee table, there are 12 payment tiers based on the 30-day trading volume in U.S. dollars ranging from $0.00 to $1 billion. These 12 tiers apply to both makers and takers. For makers, fees run from 0.20% to 0.00% based on the volume scale. For takers, fees range from 0.40% to 0.06% for the same 30-day dollar scale.

The higher the bulk trading amount on a rolling 30-day average for either class, the lower the percentage they pay per transaction. The Blockchain.com exchange does not charge a deposit fee for reserve currencies. It does have the following fees for its minimal withdrawal amounts:

Blockchain.com offers 52 trading pairs. That's a low amount compared to the hundreds offered on other exchanges. The list of e-currencies it supports includes:

Blockchain.com stresses that its main wallet, which can only be accessed by individual users and not Blockchain.com, is proof of its commitment to security. The site maintains that its non-custodial wallet empowers users. Users have the sole ability to protect their private digital keys to access their wallet and the digital assets stored there.

Blockchain.com also provides two-factor authentication, a unique 12-word backup phrase for each wallet, and an extra 4-digit pin or fingerprint to access the account. But, we encourage you to check out the iPhone app reviews before depositing any funds. In the first six months of 2021, there were more than 320 complaints against Blockchain.com. Top issues include lost cryptocurrencies, poor customer service, and blocked access to accounts. The cause of these complaints is unclear. So, an extra bit of research and caution are needed.

• You don't need a wide selection of cryptos to trade
• You're not interested in lending or borrowing features
• You like the idea of free coins via airdrops
• Customer service is not important

RELATED: Check out The Ascent's guide to the best NFT wallets.