Blockchain.com, the world’s most popular cryptocurrency wallet has introduced the Blockchain Trading Wallet. A feature they state puts even more power, into your hands. However, this Trading wallet feature has left users a little confused, about what it is, how to use it and how to withdraw funds from Blockchain.com.
What is the Blockchain Trading Wallet?
Blockchain.com’s Trading wallet is a custodial wallet. When you have crypto in your Trading Wallet you can store it there and perform functions such as receiving the crypto you Buy, Selling or Swapping your crypto in less time and with fewer fees.
However, if you’d like to send your crypto across to an external address, you must first withdraw it from your Trading Wallet balance and across to your standard wallet. And I’ll show you how to do that shortly.
Blockchain.com Wallet vs Trading Wallet
The main difference between the 2 wallets is that your wallet is non-custodial, and the Trading Wallet is custodial, meaning that Blockchain.com securely stores that balance for you.
When Blockchain.com sends crypto to your Trading Wallet, or you send crypto from your Trading Wallet (for buying or selling crypto), these transactions do not have to be sent on-chain. Meaning the transactions can be faster, as they are not affected by cryptocurrency network congestion, nor do they incur network or transaction fees, as they do not have to be confirmed by the network or any miners.
Your Blockchain.com Wallet, on the other hand, is non-custodial. Meaning that Blockchain.com does not hold those balances for you and you remain in control of your funds here with access to your private keys.
Blockchain Wallet Functions
With your Blockchain.com wallet you can send, receive, and store crypto as well as being able to send and receive to and from any external address. You can swap to and from your wallets, transfer to and withdraw your interest account, send collateral and receive a loan with ‘Borrow”. Plus you can send to and receive from your Trading wallet.
Blockchain Trading Wallet Functions
With your Blockchain.com Trading Wallet you can store your crypto and sell it, use your cash balance to buy crypto and swap to and from your trading wallet balance. Plus you can transfer to and withdraw from your interest account and send crypto from your wallet to your Trading Wallet, or withdraw crypto from your Trading Wallet to your Wallet in order to send to an external address.
How to Withdraw from Blockchain.com Trading Wallet
If you have bought Bitcoin or other cryptocurrencies from Blockchain.com the crypto will be held in your Trading Wallet, where you can store it. However, if you want to swap or send your crypto externally, you will need to withdraw it to your Blockchain.com wallet balance instead.
To withdraw, simply click onto “Send” at the top of your wallet dashboard.
Then select your currency from the dropdown list and choose the currency you want to send.
Next, click on the “From” dropdown menu and select your Trading Wallet from the list.
You can then enter the amount or click onto Max, and then click “Continue” to begin your withdrawal.
When you transfer crypto between your Wallet and your Trading Wallet, this is an on-chain transaction. Which means that it must be confirmed on the cryptocurrency’s network, and the time this takes is dependent on current network conditions.
Once the withdrawal transaction has been processed, sent, and confirmed on the blockchain, the crypto should then be available in your default wallet balance. From there, you can Swap it to another crypto, send it to the Exchange, or send it to any external address.
This blog post and tutorial covers the Blockchain Trading Wallet. However, if you want to find out more information on Blockchain.com or the Blockchain Exchange, I have beginner guides and video tutorials available for these. So, if you’re new to cryptocurrency and want to get started buying your first Bitcoin then please feel free to check out my tutorial and in-depth reviews.
Louise created the Every Bit Helps YouTube channel back in 2017, after finding the process of buying Bitcoin difficult. Therefore, in an aim to help others, she hopes that her tutorials will make the process of buying, selling and storing crypto a lot easier for newbies in the future.
After spending 20 years working in London in cyber security, she left the corporate life after having her second child in 2018. Louise now travels the world with her two small children trying to make the most out of life.