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Blockchain.com Review & Beginners Guide 2021

Blockchain.com Review & Beginners Guide 2021

In this updated review for 2021, I take a look at Blockchain.com. Blockchain.com is one of the oldest and most trusted cryptocurrency wallets, with over 48 million wallets been created since 2011. We’ll look at how you can buy and sell your Bitcoin or other cryptocurrencies. Also, take a look a the features such as the Blockchain.com Exchange, airdrops and stable coin US Pax.

Sign-up to Blockchain Exchange

Who are Blockchain.com

Blockchain is based in Luxembourg and the company was co-founded by Peter Smith and Nicolas Cary. With a team of over 100 employees from 22 countries their experience in from both the tech and financial sectors.

The Blockchain wallet launched in 2011 and has since gained a large amount of trust within the cryptocurrency space. Blockchain now offers a wide range of products with the Wallet being one of many. Their other products include the Blockchain Exchange Platform, Hardware wallet “Lockbox”, Institutional Platform “Markets” and the Blockchain Developers API Platform.

Blockchain.com Review

What is Blockchain Wallet?

A Blockchain Wallet is a software cryptocurrency wallet where you can store your coins safely. It is the most popular choice wallet for Bitcoin and Ethereum especially for storing large amounts due to its security and protection. You can easily access your crypto from a mobile device or via the web platform.

With the Blockchain.com wallet, you can buy your first Bitcoin or other cryptocurrencies, exchange them and store your assets safely. You have full control of your assets. With the ability to back up your funds, and protect them from unauthorized access.

blockchain.com wallet

Blockchain Trading Wallet

Blockchain.com has added “Trading Wallets” to their platform for cheaper, faster transactions. Trading wallets are custodial wallet balances that users can use for functions such as receiving the crypto you buy, selling and swapping your crypto because these transactions do not have to be sent on-chain. Meaning the transactions can be faster, as they are not subject to cryptocurrency network congestion or confirmation times, and they do not incur network or transaction fees, as they do not have to be confirmed by the network or miners. Find out more about the Trading Wallet, plus how you can withdraw your crypto from Blockchain.com.

Blockchain Trading Wallet

Blockchain Wallet Fees

As with the majority of other wallets, users are only charged for their transactions calculated by the wallet and depending on the network convestion and transaction size.

The fees will depend on whether you choose from a “Priority” or “Regular” transaction. With Priority, your transactions will try to be processed within an hour. Whereas Regular will incur a lower fee, however, will be slower. Advanced users can also custom the fees that they pay.

Blockchain Wallet Supported Coins

The Blockchain.com wallet currently supports five cryptocurrencies which include, Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Stellar (XLM) and USD Digital (previously USD Pax).

How to Buy Bitcoin

If you’re interested in getting into Bitcoin or other cryptocurrencies and you’re not too sure where to start, here is a step by step guide.

Step 1: Login In and Buy Crypto

If you would like to buy your crypto quickly and easily on the Blockchain wallet with Euros or GBP the first thing you need to do is “Login” and select “Buy Crypto“.

BTC buy with Blockchain

Step 2: Select Your Crypto and Amount

Then over on the right hand side, choose which cryptocurrency you would like to purchase. And you can select from: Bitcoin, Ethereum, Bitcoin Cash, Stellar, and USD Digital.  Against each currency it’ll show you the market price which is the estimated price you will be paying. This is only estimated as the market could change between now and when your order is actually place.

You can then type in the amount that you would like to purchase. The minimum buy is 5 of your chosen currency, so this could be £5, €5 with a maximum of 5,000 per order. There are also daily and weekly limits too which will depend on your level of verification.

How to buy Bitcoin Blockchain

Step 3 : Check Out

And if you’re new, you’ll be asked to verify your identity to proceed with the order which may include uploading your photo ID. 

Once you’re verified, you’ll reach a “Checkout” screen with the details of your order. 

This screen shows your exchange rate, payment method and the fees associated to your order.

When you create an order on Blockchain’s wallet you’re actually creating something called a market order which means that you’re paying at the market rate. So although the fees are showing as zero you could be purchasing your Bitcoin at a slightly inflated rate.

To Confirm your purchase, you can then click onto “Continue“.

how to buy crypto with GBP

Step 4: Send your Funds

You’ll then be presented with the bank details of where to send your funds to.

Please note that as it states to “only send funds from a bank account in your name. If not, your deposit could be delayed or rejected“.

You’ll need to securely transfer Euros or British Pounds (whichever currency you are paying with) from your bank account to Blockchain.com using the details on the screen. 

how to buy bitcoin with bank transfer

Your purchase is then pending, until they receive the funds.

Once it’s completed the newly purchased bitcoin will then show in your associated crypto wallet where its safely stored.

How to Send Bitcoin

If you want to send your Bitcoin from your Blockchain.com wallet and across to another wallet or an exchange you’ll need to click onto the “Send” button from the top of your screen.

Step 1: Choose Your Currency & Wallet

First you’ll need to select the currency you want to send from your wallet. If you have more than 1 of your chosen currency wallet (for example if you’ve imported a Bitcoin Paper Wallet) you can select the required wallet from the dropdown too.

How to send bitcoin from Blockchain.com

Step 2: Enter the Bitcoin Address & Amount

Enter the address of where you would like the crypto to be sent to. This will either be a long string of numbers and letters that you can paste into, or you can scan using a QR code.

Then enter the ‘Amount‘ that you would like to send across. You will then have the ability to select your network fee which will appear on the right. Finally, click onto ‘Continue‘ to confirm your transaction.

How to Sell

With blockchain being one of the oldest and most trusted wallets available, you’d assume you could easily withdraw your funds. However, unfortunately, this doesn’t seem to be the case at this time.

The blockchain wallet used to have a buy and sell section on the left which has been now mysteriously been replaced with just “Buy crypto”. Therefore, users must use the Blockchain Exchange to Sell their crypto.

So, if you’re not fan of holding your crypto for the long run and you want to cash it in and withdraw, here is a beginners guide.

Step 1: Create a Blockchain exchange account & connect your Blockchain wallet

The first thing you’ll need to do is create a Blockchain Exchange account by entering your email address and creating a password. You’ll then have the option to connect your Blockchain wallet, which is only available at this time and cannot be done later. You can connect this using a QR code or signing into your Blockchain wallet.

connect blockchain wallet with exchange

Step 2: Deposit your crypto

Next, you’ll need to do is deposit some crypto that you can sell. You can deposit from your linked blockchain.com wallet, or send funds across using the associated wallet address.

how to deposit into blockchain exchange

Step 3: Sell your crypto

From the top you can choose your pairing by clicking onto the ‘+‘ icon. And you can choose from a host of pairings including exchanging for euros or dollars.

Then select “Sell” on the right of the screen, as well as the amount (in your chosen crypto) that you’d like to sell.

Then you have the option of market, limit stop and stop-limit orders. For the purposes of this beginners guide we’re going to keep it simple and sell with a market order. Which means I’m going to see at whatever the current market price is.

And you can “Place BTC Order” which is go through automatically and instantly.

Selling Bitcoin on Blockchain

Step 4: Withdraw to your bank account

So we now have converted our crypto to FIAT currency we can head to “Portfolio” and “Withdraw“. 

Please note you do need to be gold level verified to be able to withdraw FIAT currencies. It’ll also ask you to make a small deposit if you haven’t already linked your bank account.

Your funds will then withdraw into your bank account.

how to convert Bitcoin to cash

How to Receive Bitcoin to your Blockchain Wallet

If you want to receive cryptocurrencies into your wallet, maybe you are sending funds from an exchange or another wallet then you’ll need to click onto “Request” at the top of your screen.

Step 1: Select Your Currency & Receiving Wallet

First you’ll need to select the type of currency you are going to be sending across to your wallet. Each cryptocurrency will have its own associated address. Then you will need to state which wallet you’d like the crypto to be sent to.

Step 2: Share your Address

Next you will need to copy or share your public address. This can be done using a QR code (for mobile devices) or you can copy the address from the “Address” section by clicking onto the copy icon on the right and then you can share or paste this in you “Send” feature from where you are sending the funds.

how to receive funds on Blockchain

Blockchain.com Features

Blockchain Interest Accounts

Blockchain.com now allows users to deposit Bitcoin into an interesting account. Once you have deposited Bitcoin into your interest account, you will start earning up to 4.5% interest.

Blockchain Swap

With Blockchain’s “Swap” feature, you can exchange any cryptocurrency for another crypto. This in-wallet exchange, allows users to quickly and easily exchange one crypto asset for another whilst keeping control of their private keys. All without having to ever leave your Blockchain.com Wallet. And you can swap between Bitcoin, Ethereum, Bitcoin Cash, Stellar and USD-D.

Swap Bitcoin for Ethereum

Blockchain.com Airdrops

Blockchain.com’s Airdrop Program provides Gold level verified users the opportunity to participate in Airdrops. Their first phase, was the Stellar Airdrop, putting XLM in the hands of millions of new users and doubled the Stellar network. 

With their second airdrop, they partnered with Blockstack to give away Stacks tokens (STX) to their users.

Blockchain.com Exchange

Blockchain rebranded its cryptocurrency exchange platform from “The Pit” to “Blockchain Exchange“. The new Blockchain.com exchange provides a high-speed crypto exchange for retail traders with the ability to trade 34+ cryptocurrencies.

The exchange has been created for the novice investor in mind, with its clear user-friendly interface. With the Blockchain exchange, you can view markets, check the status of your orders, make deposits, withdraw funds and trade crypto assets. Available in 200 countries within some locations, you can also buy crypto using FIAT, depending on your verification level.

Blockchain.com Exchange Review 2020
Sign-up to Blockchain Exchange

Blockchain Borrow

Blockchain’s “Borrow” gives their Gold level verified users the ability to borrow USD Digital from Blockchain.com using bitcoin stored in the Wallet as collateral. The interest rate for your loan is given in the loan creation form and are subject to change.

At this time, they only accept collateral in bitcoin (BTC), to be sent from your Blockchain.com Wallet. However, they do plan to extend this to other cryptocurrencies in the future. The transaction will be initiated automatically as soon as you confirm the loan. 

Most lenders will pull borrowers’ credit score reports or other reports of borrowing history. This can then lead to having a negative effect on your credit score. However, Blockchain.com Borrow does not require credit, so taking out a loan with them will not affect your credit score.

Blockchain Borrow

USD Digital Stable Coin

Blockchain has now renamed USD PAX to USD Digitial. USD-D is crypto pegged 1:1 with the USD meaning that 1 USD Digital token will always be valued at 1 USD within your wallet. With USD-D you can hold a stable, digital dollar in your Blockchain Wallet. As USD Digital is an ERC20 token any transactions with it will cost an additional, small fee in ETH.

These digital dollars are powered by Paxos Standard, one of the most actively traded stable-coins and among the first to be regulated by the New York State Department of Financial Services.

What is USD-D USD Digital

Lockbox Hardware Wallet

Blockchain has released its own hardware wallet called Lockbox. Lockbox has been designed specifically by Ledger (creators of the Ledger Nano S). By storing your private key in a hardware wallet, you are securing your crypto offline, keeping it another step away from hackers. Therefore by using their Lockbox in conjunction with the online wallet, you get the best of both worlds. The easiest, most widely used web wallet and the most secure offline storage solution creating a seamless experience to trade, transact, and protect your crypto.

Blockchain Lockbox features custom firmware, enabling exclusive features.

Ledger Nano S - The secure hardware wallet

Blockchain Wallet Customer Support

Blockchain.com wallet does have a support system where you can submit ticket requests for support via its online Support Centre. They also provide some FAQs to resolve commonly asked queries. However, for a newbie getting into cryptocurrencies, unfortunately, there is no live 24/7 chat feature and in busy periods their support can get flooded. Therefore you may find that there is not an adequate support structure to support you.

Blockchain.com Exchange Review 2021: Beginners Guide

Blockchain.com Exchange Review 2021: Beginners Guide

Blockchain.com, best known for its popular cryptocurrency wallet with over 40 million wallets created to date. Has rebranded its cryptocurrency exchange platform from “The Pit” to “Blockchain Exchange“. The new Blockchain.com exchange provides a high-speed crypto exchange for retail traders with the ability to trade 34+ cryptocurrencies.

The exchange has been created for the novice investor in mind, with its clear user-friendly interface. With the Blockchain exchange, you can view markets, check the status of your orders, make deposits, withdraw funds, and trade crypto assets. Available in 200 countries within some locations, you can also buy crypto using FIAT, depending on your verification level.

Sign-up to Blockchain Exchange

What is the Blockchain Exchange?

Blockchain.com is a London-based crypto exchange that promises “a Wall Street or a Chicago-level matching engine”. Providing high-speed trading with under 50 microsecond execution time, compared to the 200-500 milliseconds from the industry leaders such as Binance and Coinbase.

Powered by the world’s most popular crypto wallet Blockchain.com, which claims to account for roughly 25% of daily activity on the bitcoin network. They hope to follow this success with there new Blockchain Exchange. Created by an experienced team lead by the former Managing Director at Ameritrade (the world’s largest online broker) Nicole Sherrod, they hope to attract institutional and retail investors alike.

“When Peter (Blockchain.com SEO) approached me with his vision for The PIT (now Blockchain Exchange), I realized this was an opportunity to make an even greater impact to millions of retail crypto traders,”

Nicole Sherrod
Crypto investor experience level

Blockchain Exchange Rebrand

Blockchain initially released its crypto exchange The Pit in 2019. However, after customer feedback and experience, they felt it was unclear that this was a Blockchain.com product. Therefore for clarity, felt it important to align their name more closely to their suite of products by rebranding to Blockchain.com Exchange.

They have stated that in an effort to ensure that their products are easy to understand and easy to use. You may notice changes to other features names over time, all with the aim to increase clarity and improve the user experience.

What Cryptocurrencies Do Blockchain Exchange Support?

Dependent on your location you can deposit with the likes of USD, EUR and most recently GBP via bank transfers. You can then buy and sell with the likes of BTC, ETH, BCH, USDT and XLM.

There are currently 34 trading pairs available with more coming soon.

New additions include the likes of ALGO and DGLD.

30+ Cryptocurrency pairs to trade on Blockchain.com Exchange

What is DGLD?

DGLD is a digital asset representing proof of ownership over physical gold stored in a Swiss vault, and tokenized with a side-chain built on the Bitcoin network. Each DGLD token is the digital equivalent of 1/10th of a troy ounce of gold, vaulted in Switzerland. 

These hybrid tokens offer a middle ground between bitcoin and physical gold. This could be of interest for those in The UK worried about the economic impacts of ongoing Brexit discussions. Or someone From a country or economic zones with an unstable local currency.

DGLD Digital Gold Token

How to create a Blockchain Exchange Account

To create a Blockchain Exchange account, you will need to enter your name, email address, date of birth and address. If you already have a Blockchain.com wallet you have the option to “Connect to Blockchain Wallet”. This will be your only opportunity to connect your wallet as it’s only possible during sign-up.

Connect Blockchain Exchange to Blockchain.com Wallet

If you are connecting to an existing Blockchain.com wallet, you will then be prompted to scan a QR code with your Blockchain app, or you can sign into Blockchain.com. This will enable you to easily transfer funds between the exchange and your wallet. In addition, if your blockchain wallet is already gold level verified you will benefit from gold level limits on the Blockchain Exchange.

Once you’ve verified your email address and accessed you account you’ll need to secure it with 2FA. Consider unlocking to gold level for increased withdrawal levels and fund your account.

How to Setup 2 Factor Authentication

2-Step Verification (also known as two-factor authentication, or 2FA) acts as an extra layer of security for your account. It’s highly recommended that you use 2FA to help keep your crypto secure.  

When logging in you will need both the password for your account plus a one-time passcode (OTP) generated by the Google Authenticator app (and Yubikey is coming soon!)

To set it up, head over to Google Play or the App Store and download the free Google Authenticator app.

Head over to the Blockchain Exchange, and click onto your profile name. Click ‘Settings’ and ‘Security’.

Under the ‘Two-Factor Authentication’ heading click the ‘Add Two-Factor Now’ button.

2FA Security Settings

You will be presented with QR code to scan with your Google Authenticator. So for those of you with an iPhone click onto the ‘+’ icon in the top right-hand corner of your Google Authenticator app. Scan and then confirm the code within the exchange.

The code on your Google Authenticator creates a 6 digit code every 30 seconds and will then be required at every login.

Online security with VPN

How to Deposit Funds into Blockchain Exchange

You can deposit funds with GBP, EUR, USD, crypto or straight from your connected Blockchain.com wallet. To deposit funds you will need to have 2-factor authentication enabled in the Blockchain Exchange.

Deposit funds

How to Deposit from your Blockchain Wallet

To deposit from your Blockchain wallet, select “Deposit“.

Then click “Deposit From Your Blockchain Wallet” and input your Blockchain Wallet ID and password. 

From within your Blockchain.com wallet, select Send besides the cryptocurrency, you would like to send.

depositing from blockchain

An address will appear in the Blockchain Wallet send form or from the ‘To’ drop-down you can select the Blockchain Exchange. Then just enter the amount you would like to deposit and click send.

How to Deposit from a Third Party Wallet

If you are depositing from a 3rd party wallet, choose “Deposit” and select the type of cryptocurrency you would like to deposit from the drop-down menu.

Copy the wallet address shown in the window.

Head over to your third party wallet and send the amount of funds you would like on your account to the address you have copied from the Blockchain Exchange.

How to Deposit FIAT

You can deposit the likes of Euros or USD, to deposit these funds. Select “Deposit” and choose Euro or USD.

You will then be prompted with bank details for the associated FIAT currency that you will need to send your funds to. Funds are generally available to trade in 1 business day. You also need to ensure that your recipient name matches the account holder name on your bank account for the transfer to be successful.

How to deposit funds

Blockchain Exchange Trading Fees

The fee structure is based on a maker/taker model. You’ll pay 0.24% in taker fees if you trade less than $100,000 per month and 0.14% in maker fees making it 0.01% lower than Coinbase Pro fees. It starts with an introductory tier that’s lower than most exchanges. The more you trade, the less you pay.

Market Orders – A market order is an order type that executes immediately at the current price. With a market order, you are considered a taker of the market as you are taking the market value.

Limit Orders – A limit order is an order where you define the price that you want to buy or sell at. There are then a set of time conditions that you can apply to your limit order.

How to Trade on Blockchain Exchange

To buy your crypto the first thing you need to do is select your trading pair. You can do this by clicking onto the ‘+’ icon at the top of the screen and selecting the required pair.

Then go to “Buy” on the right-hand side.

how to buy BTC on the Blockchain Exchange

Enter the “Amount” of your chosen cryptocurrency you would like to purchase. select the “order type” you would like to place from Market or Limit Orders.

If you select a Limit order you then enter the “Amount” you would like to buy at. You also have time in force conditions which allows you to specify how long an order will remain active before it is executed or expires.

If you have chosen a Market Order, your order will complete immediately. If you have chosen a Limit order, your order will appear in “Open Orders” whilst you wait for your order to complete.

With a limit order you have the ability to cancel your order before it completes, in case you have made an error or if the market moves too much.

How to Sell Your Crypto

To sell your crypto the first thing you need to do is select your trading pair. You can do this by clicking onto the ‘+’ icon at the top of the screen and selecting the required pair.

Then go to “Sell” on the right-hand side.

how to sell your crypto

Enter the “Amount” of your chosen cryptocurrency you would like to sell. Select the “order type” you would like to place from Market or Limit Orders.

If you select a Limit order you then enter the “Amount” you would like to sell at. You also have time in force conditions which allows you to specify how long an order will remain active before it is executed or expires.

If you have chosen a Market Order, your order will complete immediately. If you have chosen a Limit order, your order will appear in “Open Orders” whilst you wait for your order to complete.

With a limit order, you have the ability to cancel your order before it completes, in case you have made an error or if the market moves too much.

How to Withdraw Your Crypto From Blockchain

With the Blockchain Exchange, you can withdraw your assets directly to your Blockchain wallet, to a third party wallet or depending on your account verification level you can withdraw to your bank account.

Withdrawing Crypto Assets

To withdraw your crypto assets to your Blockchain or third party wallet. Click onto your balance in the top right-hand corner of the screen and click “Withdraw“.

withdrawing from Blockchain

Select the type of cryptocurrency you would like to withdraw.

From the destination address, select either “My Blockchain Wallet” (if connected) or “External Address“. If you are withdrawing to an external you will need to enter your public address.

Enter the amount that you would like to withdraw in your chosen cryptocurrency or in USD.

You will then be prompted to enter your 2-factor authentication code and you can click onto “Withdraw“.

Withdrawing FIAT

Withdrawals to SEPA (for Euros) are free, with a minimum withdrawal amount of 50 euros.

Wire transactions (for USD/GBP) are charged at $10 for domestic payments and $30 for foreign (which is deemed as accounts outside of the US/UK) with a minimum withdrawal amount of $5,000.

To withdraw to your bank account, you need to first make a small deposit so that they can link your bank account.

Alternative Cryptocurrency Exchanges

Coinbase Pro Exchange

Trade Bitcoin with Coinbase Pro

Binance Exchange

Binance for Beginners
The Pit by Blockchain.com Review & Tutorial

The Pit by Blockchain.com Review & Tutorial

Blockchain.com famous for their cryptocurrency wallet have now launched an exchange named “The Pit”. Their new platform is a place where you can exchange your crypto so that you can buy and sell cryptocurrencies without having to go through 3rd party exchanges like Coinbase Pro or Binance.

The Pit by Blockchain.com

What is the Pit?

The Pit is a new platform powered by Blockchain.com for trading digital assets. With the Pit, you can view markets, check the status of your orders, make deposits, withdraw funds and trade crypto assets. It is available in 200 countries and within some locations, you can also buy crypto using FIAT. As it’s still in Beta, over the next coming months they will be adding more order types and more trading features.

It was built by an all-star team of veterans from NYSE, TD Ameritrade, Google, Goldman Sachs, UBS, Interactive Brokers, and Revolut. They aim to be the fastest in crypto by an order of magnitude – they measure in microseconds, not milliseconds – with a matching engine that could go head-to-head against any machine engine in the entire world.

Fastest Crypto Exchange

To ensure and encourage users to maximize control of their private keys, they’ve created a seamless connection function to link Blockchain Wallets with trading accounts on The PIT for easy deposits and swift withdrawals into their non-custodial wallet.

Blockchain.com chose Star Trek legend William Shatner to promote their new cryptocurrency exchange called The Pit. The campaign was designed to build awareness of the new trading platform The Pit, but also to educate people about crypto. William Shatner isn’t new to the world of crypto, he’s invested in Solar Alliance and Mattereum.

What Currencies Are Supported by The Pit?

In terms of deposits, depending on your location The Pit supports USD and EUR via bank transfers you can then buy and sell with the likes of BTC, ETH, BCH, USDT and XLM.

There are currently 17 trading pairs live with 12 more coming soon, and you can check the status on their website.

trading markets the pit

How Do I Open an Account with The Pit?

To open an account you simply need to enter your name, email address, date of birth and home address. If you already have a Blockchain wallet you have the option to “Connect to Blockchain Wallet”. This will be your only opportunity to connect and is only possible to do this during sign up.

Connect The Pit to Blockchain Wallet

If you are connecting to an existing Blockchain wallet, you will then be prompted to scan a QR code with your Blockchain app, or you can sign into Blockchain.com. This will enable you to easily transfer funds between the pit and your blockchain wallet. Also, if your blockchain wallet is already gold level verified you can benefit from gold level limits on the pit. 

Once you’ve verified your email address and accessed you account you’ll need to secure it with 2FA. Consider unlocking to gold level for increased withdrawal levels and fund your account.

Ledger Nano X - The secure hardware wallet

How Do I Deposit Funds?

You can deposit funds with EUR, USD, crypto or straight from your connected Blockchain wallet. To deposit funds you will need to have 2-factor authentication enabled in The Pit.

Deposit funds

How to Deposit from your Blockchain Wallet

When depositing from your Blockchain Wallet, your wallet password, private keys and backup/recovery phrase are never shared with The Pit. To deposit from your Blockchain wallet, select “Deposit“.

Click “Deposit From Your Blockchain Wallet” and input your Blockchain Wallet ID and password. 

From within Blockchain.com select Send besides the cryptocurrency, you would like to send.

depositing from blockchain

An address will appear in the Blockchain Wallet send form. You will then need to enter the amount you would like to deposit and click send.

How to Deposit from a 3rd Party Wallet

If you are depositing from a 3rd party wallet, choose “Deposit” and select the type of cryptocurrency you would like to deposit from the drop-down menu.

Copy the wallet address shown in the window.

Head over to your third party wallet and send the amount of funds you would like on your account to the address you have copied from The Pit.

How to Deposit FIAT

You can deposit the likes of Euros or USD, to deposit these funds. Select “Deposit” and choose Euro or USD.

You will then be prompted with bank details for the associated FIAT currency that you will need to send your funds to. Funds are generally available to trade in 1 business day. You also need to ensure that your recipient name matches the account holder name on your bank account for the transfer to be successful.

What Are the Fees?

The fee structure is based on a maker/taker model. You’ll pay 0.24% in taker fees if you trade less than $100,000 per month and 0.14% in maker fees making it 0.01% lower than Coinbase Pro fees. It starts with an introductory tier that’s lower than most exchanges. The more you trade, the less you pay.

Market Orders – A market order is an order type that executes immediately at the current price. With a market order, you are considered a taker of the market as you are taking the market value.

Limit Orders – A limit order is an order where you define the price that you want to buy or sell at. There are then a set of time conditions that you can apply to your limit order.

You can also check out The Pit fees here

How To Buy

To buy your crypto the first thing you need to do is select your trading pair. You can do this by clicking onto the ‘+’ icon at the top of the screen and selecting the required pair.

Then go to “Buy” on the right-hand side.

how to buy on the pit

Enter the “Amount” of your chosen cryptocurrency you would like to purchase and select the “order type” you would like to place from Market or Limit Orders.

If you select a Limit order you then enter the “Amount” you would like to buy at. You also have time in force conditions which allows you to specify how long an order will remain active before it is executed or expires.

If you have chosen a Market Order, your order will complete immediately. If you have chosen a Limit order, your order will appear in “Open Orders” whilst you wait for your order to complete.

With a limit order you have the ability to cancel your order before it completes, in case you have made an error or if the market moves too much.

How to Sell

To sell your crypto the first thing you need to do is select your trading pair. You can do this by clicking onto the ‘+’ icon at the top of the screen and selecting the required pair.

Then go to “Sell” on the right-hand side.

how to sell your crypto

Enter the “Amount” of your chosen cryptocurrency you would like to sell and select the “order type” you would like to place from Market or Limit Orders.

If you select a Limit order you then enter the “Amount” you would like to sell at. You also have time in force conditions which allows you to specify how long an order will remain active before it is executed or expires.

If you have chosen a Market Order, your order will complete immediately. If you have chosen a Limit order, your order will appear in “Open Orders” whilst you wait for your order to complete.

With a limit order, you have the ability to cancel your order before it completes, in case you have made an error or if the market moves too much.

How to Withdraw

With the Pit, you can withdraw your assets directly to your Blockchain wallet, to a third party wallet or depending on your account verification level you can withdraw to your bank account.

Withdrawing Crypto Assets

To withdraw your crypto assets to your Blockchain or third party wallet. Click onto your balance in the top right-hand corner of the screen and click “Withdraw“.

withdrawing assets from the exchange

Select the type of cryptocurrency you would like to withdraw.

From the destination address, select either “My Blockchain Wallet” (if connected) or “External Address“. If you are withdrawing to an external you will need to enter your public address.

Enter the amount that you would like to withdraw in your chosen cryptocurrency or in USD.

You will then be prompted to enter your 2-factor authentication code and you can click onto “Withdraw“.

Withdrawing FIAT

Withdrawals to SEPA (for Euros) are free, with a minimum withdrawal amount of 50 euros.

Wire transactions (for USD) are charged at $10 for domestic payments and $30 for foreign (which is deemed as accounts outside of the US) with a minimum withdrawal amount of $5,000.

To withdraw to your bank account, you need to first make a small deposit so that they can link your bank account.

Other Crypto Exchanges

Coinbase Pro

Trade Bitcoin with Coinbase Pro

Binance Exchange

Binance for Beginners
$50 Free Stellar Lumens XLM with Blockchain.com

$50 Free Stellar Lumens XLM with Blockchain.com

Getting Free Stellar Lumens (XLM) is a great opportunity for those that are looking to diversify their crypto portfolio or for those looking to get into alt coins without any risk or spending any money at all.

One of the best-known crypto online wallets (and the first crypto wallets that I personally signed up with), Blockchain have partnered with Stellar Development Foundation, giving away 125 million dollars worth of Stellar Lumens, XLM.

Blockchain.com and Stellar Lumen

ALREADY CLAIMED YOUR FREE CRYPTO ON BLOCKCHAIN.COM & WANT MORE!

CLICK HERE TO GET $50 FREE XLM FROM COINBASE EARN!!

Why is Blockchain.com doing this

On the Blockchain.com website, they state that the reason for this giveaway is to help build a bigger community of crypto users.

Ledger Nano X - The secure hardware wallet

Who are Stellar XLM?

Stellar XLM has been trading for about 5 years now and is a platform that connects banks, payments systems, and people. They enable low-cost interbank transfers across countries in less than 5 seconds.

What can I do with my XLM?

What you do with your free crypto is completely up to you. Whether it be exchanged on the likes of Binance, sold or HODL, it’s a great way to diversify your portfolio or for newbies to get into altcoins or crypto in general.

Guide to getting your FREE Stellar XLM

To get your free Stellar XLM, you need to login and complete your Blockchain wallet profile, to Gold Level.

When you log into your account, you might automatically be prompted to “Complete Your Profile”. However, if this is not showing, you can click to Claim Your free XLM Now. Or simply click Complete Now in the top right-hand corner.

You then need to enter your personal information, such as your Country, Name, Date of Birth, Address Details and click onto Continue.

Tip: This also applies to anyone who signs up for an account as well. So new users can also take advantage of this offer.

Stellar Lumen - Free Crypto

Once complete you need to confirm it’s you with photographic ID such as Passport, Drivers License or National Identity Card. So make sure you have this to hand.

XLM Stellar Lumens with Blockchain

Pick the country where the document was issued and the ID type.

If prompted, allow access to your camera and microphone for Blockchain to be able to use this.

Then get yourself photo-ready as you’ll be asked to take a photo of yourself using the camera on your computer.

Lumens XLM Free Crypto

Once complete you then need to take a photograph of your chosen ID card (Passport, Driving Licence etc.

The below message will then show:

Guide to Blockchain.com Airdrop

You will then receive 3 emails from Blockchain;

  • Identification verification successful
  • Your XLM is On Its Way
  • Your Airdrop Has Landed
Receiving Free XLM with Blockchain.com

Although they state it will be within 5 working days, this process actually completed for me and my XLM was showing in my Blockchain account within 10 minutes!

Is it worth verifying your Blockchain account?

This process only takes a few minutes. But it won’t for everyone and probably not for Bitcoin purists, as entering in your identity obviously destroys your privacy. So just be warned you are sharing your personal details by taking these steps.

Is it worth it for the sake of some stellar lumen? Well, that’s completely up to you, as you can still use your Blockchain Wallet without completing your profile.

How To Get Free Stellar Lumens Video Tutorial

In this video tutorial, I walk you through the process of how to get your free Stellar Lumens XLM.

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