If you want to invest and trade cryptocurrencies, it is advisable to find out more about the wallet that best suits your needs. There are so many products and it is not always easy to choose the best one for your use. This choice depends on whether you look for a hardware wallet or a digital one. In this article, we will focus on one of the most popular web-based crypto wallets. We are talking about Blockchain.com Wallet.
If you want to know if this is the right wallet for your needs, we will cover all its features, strengths and weaknesses. By familiarizing yourself with this popular crypto storage, you’ll be able to make up your mind whether it’s the right one for your digital assets, you’ll need to find an alternative.
What Is Blockchain.com Wallet?
Blockchain.com wallet is suitable storage for those who need to keep several cryptocurrencies at the same time and many users claim it’s one of the most reliable in the market. It offers the possibility to trade, buy or sell different cryptocurrencies in total security. The Blockchain.com wallet has over 80 million users around the world, meaning globally crypto traders actively select this storage for their own assets.
How Does Blockchain.com Wallet Work?
Using the Blockchain.com wallet is really very simple. It’s important to note that there are apps available for both Android and iOS devices. Once you have downloaded the application on your device, you need to verify your identity by following the instructions on the various wallet screens. After confirming that you are a human and not robot, you can start buying, selling and trading your cryptocurrencies. The wallet requires its users to pass this identification test in order to maintain the security of its platform and ensure everyone’s funds are safe.
Features of Blockchain.com
As we have already said, the Blockchain.com wallet is one of the most complete and secure on the market. This crypto wallet has both a web app and specific applications for iOS and Android devices. One of the most interesting features of Blockchain.com wallet is the ability to transfer more crypto to a specific account and earn up to 13.5% on annual interest.
Blockchain.com wallet, as we will see later, supports 22 cryptocurrencies and is available in 25 languages. The wallet has the ability to set a password that is useful to prevent any malicious attacks. Everything is encrypted with two-factor authentication, ensuring further security.
Cryptocurrencies Supported by Blockchain.com Wallet
There are over 20 cryptocurrencies supported by Blockchain.com wallet. The crypto storage keeps expanding its lists of supported digital assets constantly.
Among the main cryptocurrencies supported by this wallet you can find those usually present in the most popular platforms for crypto trading in the sector, such as Coinbase and Binance for example, and those are: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Stellar (XLM), Tether (USDT), Polkadot (DOT), Algorand (ALGO) and Aave (AAVE).
It is therefore possible to carry out your own crypto transactions using only the Blockchain.com wallet.
The possibility that this wallet offers is absolutely not to be underestimated, considering that many users are looking for a wallet that allows them to trade more crypto without necessarily having to download other wallets.
Fees of Blockchain.com Wallet
Regarding the commissions fees, it is worth noting that the Blockchain.com wallet does not provide commissions for sending cryptocurrencies.
As with all cryptographic transactions, however, a fee is payable to the mining network. For all the details on withdrawal and deposit fees, you can consult with the section of the Blockchain Support Center (Exchange/ Funding/Crypto) before trading so you’re informed of the most current prices and take them into consideration before buying or selling any coins.
Is Blockchain.com Wallet Safe?
Based on the listed specifics, it can be said that Blockchain.com wallet is among the safest and most reliable wallets currently available in the cryptocurrency market. The wallet in question offers two-factor authentication, one of the most reliable and widely used methods of avoiding hacker attacks.
The Blockchain.com wallet offers a wallet ID for each user. This is a sort of encrypted username that only the creator of the wallet knows. This is done to avoid the possibility that other people may have fraudulent access to your wallet.
Advantages and Disadvantages
Among the advantages of the Blockchain.com wallet is certainly the possibility of managing several cryptocurrencies in complete autonomy at the same time, therefore without having to resort to multiple wallets. Another point in favor of this wallet is that it is a completely free wallet.
On the other hand, the disadvantages include the impossibility of managing the wallet in the event of a breakdown of one’s smartphone or PC. This is a digital wallet and it’s unusable offline. The only way to access this and other digital wallets is the app on your smartphone or the site.
We can say, concluding, that the Blockchain.com wallet is one of the most complete wallets on the market, which supports over 20 digital assets. Unlike other competitors, it is possible to independently manage your crypto only through the use of a smartphone or a PC. However, this makes it not suitable for those who want to be able to make transactions even without the internet.
Summing up, we can say that being a free, secure, and very versatile wallet. This does not mean that you shouldn’t conduct your own research before deciding to use or not use this wallet. In the DeFi world, you should always make informed decisions and not trust only reviews and others’ comments, because your funds’ safety is completely your responsibility.