Blockchain.com is a centralized exchange that allows users to deposit, withdraw, store, and manage crypto assets. It allows the users to place spot and margin orders. However, the platform has some geographical restrictions on margin trading. Hence, users from the US, Canada, and a few other countries are not able to perform margin trades. Apart from the exchange, the Blockchain.com platform consists of one main product in its suite, i.e., the Blockchain wallet.
In this guide, we will cover the working of the Blockchain.com exchange and the various features supported by it.
Access the Blockchain.com Platform
To use the platform, visit its website.
Existing users can log in by providing their email address and password. New users need to sign up by giving a few mandatory details like name, email address, residential address, etc.
To sign up to the Blockchain.com platform, users need to first provide the following details:
- Email Address
- Country Of Residence
- Set Account Password
Now, click on Continue. A verification email will be sent to your email address. Verify your email, and your account will be created.
You will now get two product options to launch:
As mentioned earlier, we will cover the exchange in this article. Select the Exchange tab, and the application will redirect you to the identity verification process.
To use the exchange, users first need to undergo an identity verification process. To complete their identity verification, they need to provide the following mandatory details:
- First Name
- Last Name
Note that as per the platform, with these details, you have got only limited access to the exchange. That means:
- Unlimited deposits
- Unlimited trades
- Withdraws only up to $1999/yr
- Fiat deposits not supported
- Fiat withdrawals not supported
However, we have noticed that we are not allowed to deposit any assets until we finish the Full Access Verification process.
Full Access Verification
Click on Full Access Verification, and the application will ask you to answer a few questions. It will later ask you to submit a document for identity proof (driving license, national ID card, or any government authorized doc) followed by a live selfie. All these details will be submitted to the Blockchain.com team for verification. Once they approve your details, you are allowed to use your account.
Users can now proceed with depositing assets into their accounts.
To deposit any asset in your account, click on the Deposit tab. Now select the asset from the drop-down, and the application will generate the address that you can use to deposit that particular asset.
Note: you will find that most assets are supported to deposit in the Ethereum network. Therefore, users are advised to select Ethereum/ERC 20 as a network while withdrawing assets from other addresses/exchanges.
Once you receive the asset, you can go to the Portfolio tab to check your balance.
To withdraw any assets from your exchange account, users have to first set the 2FA. You can visit this link and set your 2FA via the Google Authenticator app.
Once it is done, then you have to whitelist the withdrawal address (see the below screenshot).
Once you have followed both the steps, you can go ahead to withdraw your assets.
The Markets tab lists the various asset pairs supported by the platform for spot trading.
You can click on the Trade button against any asset pair to trade it. The resultant page will display information about its price trend (left side), buy/sell order book (right side), and your order history (bottom of the page).
At the extreme right, you will find the Buy/Sell tab where you can place your order. Here, you will see different tabs for order types, i.e., market, limit, and stop-limit.
- Market – place order at market price.
- Limit – allows you to set a price for buy/sell.
- Stop-loss Limit – allows the user to buy/sell when a specific price is hit by the asset.
To buy any assets, first select the trading pair from the Market tab. Now go to the Buy option and select the appropriate order type that you wish to place, i.e., market, limit, or stop-limit.
Here, in the example, we are placing a simple buy order at market price. Enter the amount or percentage of source token (USDT in this case) that you wish to spend in buying the resultant token (ADA here). Preview and submit the order.
The resultant token will appear in your Portfolio once the transaction is successful.
If you wish to sell your existing assets to buy some other assets, then go to the Sell tab. To place an order, go to the Spot trade-> Sell tab. Now, again select the trade type that you want to perform. Fill in the amount of existing source token that you wish to sell and the application will display the amount of resultant tokens that you will receive in return.
Confirm the process, and you can see the final token amount in your account. Your existing assets will reduce by the amount that you have entered while placing the order.
Users need to verify their account for margin trading explicitly. Once your account is verified, you can place a margin order.
To place a margin order, go to the Margin tab. Here, you can see the list of trading pairs available for margin trading.
To perform margin trading, follow the below steps:
- Select the trading pair.
- Choose the action that you wish to perform, i.e., buy or sell.
- Select the order type, such as market or limit.
- Fill in the amount you wish to trade.
- Select leverage between 2X to 5X. Note high leverage means high risk.
- Choose collateral type and fill in the amount.
- Set a stop price (if you wish) to manage your risk.
- Review and place the order.
- Check all margin positions from the Position tab. You can close a call or adjust the collateral if you wish.
Note that margin trading is not currently available in the US, Canada, Japan, Germany, the Netherlands, Italy, and sanctioned countries.
Check your account transaction history here. Check individual transaction details for spot, margin, deposit, and withdrawal from different available tabs.
Under the Settings tab, you can check/update the following details:
- Account – Check your name, registered email address, referral link, and currency type.
- Security – Update your password, enable/disable 2FA, and enable/disable option for address whitelisting.
- Limits and Fee – Check maker/taker fee here. You can also check your account deposit and withdrawal limits.
- Tax Center – This section helps you in managing your taxes. You can export your entire transaction history and upload it to the tax center.
Blockchain.com used to be one of the popular exchanges. However, while using the exchange, you may notice that you are getting logged off frequently, which is quite frustrating. The application sends you emails and ask you to verify every time you try to log in. We have also noticed that there are only a few trading pairs available, so it is quite possible that you may not find the trading pair that you are looking for. Most of the asset deposit is available for the Ethereum network only, which can cost you high. The withdrawal fee is also high and takes significantly more time.
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