This is not just any review, this is the BLOX review! BLOX is a crypto provider and we at CoinCompare use them. We don’t keep the experience we’ve had there to ourselves. We share that experience with love and joy. Subjective and honest. Our review will help you find out if this crypto provider is safe and reliable, pleasant to use and what they have to offer. This provider really takes the time to answer all your questions you have about bitcoin, cryptos and the app. Want to get in touch with this provider? Then check out our contact page for the best way to do so.
This BLOX review is given more depth than others because we have also compared this provider with competitors, including Coinmerce, Bitladon and Bitvavo. With our experiences and comparisons, we are able to answer in this review also:
BLOX makes trading cryptocurrency easy, in fact you can find almost everything in one app. Why do it the hard way when it can be done the easy way? This is 100% true for beginners who are starting out in crypto trading. The design looks simple and user-friendly. The range of crypto does not create choice stress and the fee of 1% is reasonable. This trading platform is a great choice if you are not planning to become an expert. This is because it is not possible to withdraw your crypto, deposit, stake and no airdrops or hard forks are supported. Make sure you know what needs you have and what needs a trading platform should fulfill. Regardless, BLOX remains a good broker to start with!
|Free credit:||Yes, 10 euro|
|Broker or Exchange:||Broker|
|Supported EU countries:||3|
|Trading pairs:||Euro (€)|
|Minimal order:||1 euro|
|Buy with iDEAL:||Yes|
|Trade via web:||No|
|Trade via app:||Yes|
“WEAREBLOX!” A slogan that screams and attracts attention. This provider was founded in 2018 in Nijmegen under Blox B.V. with Chamber of Commerce number 71663533. The name of the company is a shortening and playfully derived from blockchain. This provider is a crypto broker with only an app as a trading platform for iOS and Android. Thus, it is not possible to buy and sell crypto through the website weareblox.com. The app stands for diversity, mobility and simplicity where no technical experience is needed to use it. All you need is a smartphone, and in just two minutes you can buy your first crypto. Child’s play and lightning fast! In this BLOX review, we won’t go into depth about what the app can do. Check out our dedicated BLOX app page if you want to know more about it. For example, how to create an account.
Fun fact! Did you know that BLOX was founded by the same founders as BTC Direct?
The company successfully secured a registration with De Nederlandsche Bank (DNB) as a provider of crypto services by the end of 2021. This applies to article 23b provider of services for the exchange between virtual currency and fiduciary currency. The reason for the mandatory registration is to ensure that there is oversight of compliance with the Prevention of Money Laundering and Terrorist Financing Act and the Anti Money Laundering Directive (AMLD). Besides our opinion in this BLOX review, it is good that you are aware that this broker is not under prudential supervision by the DNB or under conduct supervision by the AFM. This means that there is no supervision of financial requirements or business risks and no specific financial consumer protection.
What is BLOX? BLOX is a crypto broker where you can buy and sell crypto only through the app. It’s simple buy and sell in an instant. No stop orders, bots, wallets, hard to read charts and the only trading pair they currently support is euro vs crypto and vice versa. You won’t be overwhelmed by options, choices and buttons. We promise! The chances of mistakes with e.g. typing in addresses where you can lose your crypto are all unnecessary. Is your brain starting to crack because of all the terms, words and definitions in the app or website and you don’t know where to start? No worries, they are happy to catch you up in their cryptopedia. They also offer a weekly newsletter, via email, with news about the prices and about your favorite crypto.
At the time of writing this BLOX review, the app supports 73 different types of cryptocurrencies. Including Bitcoin (BTC), Cardano (ADA), Ethereum (ETH) and privacy coins including Zcash (ZEC). You can find more about the offerings on our dedicated BLOX crypto page.
BLOX is a broker and is linked to several crypto exchanges to make transactions functional through the app. This involves buying and selling crypto at a competitive price and to ensure that popular crypto are available to its customers. As far as we know, to which exchanges this provider is linked to, they are affiliated with Kraken and Bitstamp where your orders will be processed. It is not known if it will ever process its own order books, as Dutch exchanges like Bitvavo and LiteBit do.
This broker does not have complicated verification processes or countless limits with conditions attached. Once you have successfully created an account, you have two options to choose from when it comes to verification and limits. By the way, besides this BLOX review, you can read how to create an account on our dedicated page about this provider’s app. The two options consist of:
Depending on your requirements, verifying your identity is a part of what De Nederlandsche Bank (DNB) requires in order to prevent any form of criminal behavior.
Currently, the platform is available to residents with a valid ID (ID, driving license or passport) from the Netherlands, Belgium and Spain. Other countries such as Germany, France and the United Kingdom will soon follow. The goal is to make the app available to more users within the SEPA (Single Euro Payments Area).
As soon as your account is created you can deposit money to it immediately and start trading. Depositing is possible with the following payment methods: iDEAL for NL, Bancontact for BE, VISA and bank transfer (SEPA). Please note that you can only deposit from a bank account in your own name. It is checked if the names match and this can take up to 24 hours.
In order to withdraw your funds, your IBAN must be verified. Depending on the following questions you need to take action:
Did you deposit with iDEAL or a bank transfer? Then your IBAN is known and linked to your account and it is possible to withdraw funds. Go to credit (‘€’ symbol), tap ‘withdraw Euros’, fill in the amount, select IBAN and withdraw. Piece of cake! The transaction can take up to a few hours or 1-2 business days, depending on the withdrawal choice.
Did you deposit with Bancontact or via VISA? Then your IBAN is not known. Transfer a minimum amount of 1 cent or more to your account to verify your IBAN. Go to credit (‘€’ symbol), tap ‘Deposit Euros’, enter the amount, select payment method, choose ‘iDEAL’ or ‘Int. Bank Transfer’ and complete the transaction.
In this BLOX review, we can’t withhold how the BLOX wallet is put together. Instead of using the familiar term ‘wallet’, they use the term ‘vault’ where you can manage purchases, sales and credit. The wallet and the vault work the same on a functional level. All euro deposits and crypto purchases are automatically stored directly in your vault, which can be used directly for transactions. As a result, you don’t have to hassle with ‘wallet addresses’ and ‘private keys’ to enable storage.
However, it isn’t a vault for nothing and not a BLOX wallet, as it is not possible to deposit or withdraw crypto. This is one of the fundamental disadvantages of the app for traders and enthusiasts familiar with the crypto world. Simply because: “Not your keys, not your crypto“. You have no control over your crypto coins and tokens besides buying and selling them. If you are new and just starting out with crypto or trading on a low-level, then there is no shortcoming. The in app vault is quick to access to gain insight of your portfolio and returns and covers everything you need to get started.
BLOX fees and prices are simple, hassle-free and quite inexpensive. What you see is what you pay or get during the transaction and it is already possible to start trading from 1 euro. So, if you just want to try out the app, you can use your change that is lying around somewhere.
The transaction fee, or fees, charged by BLOX is 1% and will be calculated over the total amount of the transaction. On the buy and sell order form you can see exactly how much crypto or euro you will receive. So no unexpected fees, no surprises! Although, the amount that makes up the 1% fee is not shown. A point of improvement if you ask us.
Depositing and withdrawing your credit is free for all payment methods for both actions, except when using VISA. Then an additional fee of 1.5% is applied. When using iDEAL, Bancontact or VISA the money will be transferred the same day. When using a bank transfer (SEPA) it may take a few business days to process. There are no fees for depositing and withdrawing crypto in the app, because as previously stated, this is not possible.
The limitation of the wallet (vault) does not only limit to depositing and withdrawing crypto. It is also currently not possible to use BLOX staking or other similar activities as this, including forks and airdrops. Simply, because they do not offer an option for that. As a result, you will not receive any stake interest on your purchased crypto. It is of course possible to buy and sell stakingcoins, but you will not receive any additional crypto from them. When the broker supports staking we will of course pay attention to it in this BLOX review to get you started. Until then, you are able to start staking crypto at other trading platforms including Bitvavo, Coinmerce and Bitladon.
BTC Direct’s well-known and widely visited Dutch news platform is going to change. BTC Direct’s news department, including news website, will join the editorial team of BLOX news as of September 6, 2022. You will still be presented with cryptonews every day, but in a new format. The reason may be obvious. The BLOX brand will have to become bigger and better known! The move will in all likelihood have an effect on the app as well. The director of BTC Direct, Mark Bakker, stated the following about this: “As a result, the news may even (at a date to be determined) also be presented in-app to its users.“.
It is good to ask yourself is BLOX safe? To get the answer you might have questions about whether they comply with Dutch laws and regulations? Or how they handle your data? How can you be sure that your funds are safe? We have answered these and other questions in this BLOX review. We know that the broker is committed to ensuring that their app is not used for money laundering, supporting terrorism, committing fraud or other illegal activities. After all, they are registered with the DNB with the appropriate measures in place. Other measures ensure the quality of security of your account, personal data and the crypto that is made available through the vault:
Together, these measures ensure that you can always use BLOX with peace of mind.
Keep in mind that you, the user, are ultimately the best defense against account breach and theft! The broker also makes this clear in their terms and conditions and privacy statement. If you have any concerns, complaints or want to gain insight into information, please contact them. The best way to do so is explained on our dedicated contact page.
Depending on your needs and experiences, you may be satisfied or dissatisfied with an exchange or broker. This depends among other things on the reliability of the platform and your wishes, needs and experience. This can lead to complaints. So too complaints about this provider. No crypto provider has a 100% satisfaction rate from its customers. As stated earlier, it also depends on your wants, needs and experience. By reading reviews about this provider on Trustpilot, Apple store and Google Play store, we were then able to compile a top three of the most common BLOX complaints. Herewith the three most common complaints about BLOX:
At the time of writing this BLOX review, these BLOX complaints don’t say very much if you look at the average score:
Let’s preface that crypto can be exciting and difficult at first. You jump into the deep and hope that you can embark on the journey without disappointment and complaints. Unfortunately, that’s not always the case, but that doesn’t always have to be the fault of the provider. Therefore, always do thorough research before you sign up with a provider and start trading crypto. We hope this BLOX review helps you along the way.
In early 2021, major congestion problems arose from a rush of new users. The result of the congestion was that users could no longer log in or set transactions. The trading platform was down. This led to enormous frustration among users of the crypto trading platform, which meant that BLOX’s customer service could not handle the flood of complaints, questions and requests. The provider from Nijmegen came very close to being ruined by its own success. That they have learned from it is beyond dispute, but what has been done to avoid the problem in the future? According to an article from their blog, among other things, the following:
For now, it appears that the congestion issues have been resolved and the app is functioning properly.
Overall, we are satisfied with BLOX. Depositing credit is fast and buying and selling is flawless. The app design is simple, user-friendly and built in blocks. It gives the app a clean look and provides a positive differentiation compared to their competitors. Closest competitors are Coinmerce, Bitvavo, LiteBit and Bitladon, as they also have their own app.
Compared to the aforementioned competitors, there is no denying that the options are somewhat lacking. That’s also their approach, but when you gain a little more experience you notice that the app falls short because of this. In particular, the ability to withdraw and deposit crypto is a miss. Also, the transaction fees of 1% are a bit on the high side and the offerings are also not extensive when you compare it to competitors like Bitvavo and Binance. It therefore depends on what your trading intentions are. Is cost your highest priority? Then you better go to e.g. Bitvavo. Is simplicity and service your highest priority? Then this provider is a good choice.
It may happen that not everything is to your liking. Is this due to expectations or is the platform faulty? With our experience and that of users, who have shared it on Trustpilot, among others, we have also been able to verify whether the platform is reliable. Due to the setbacks on platform, many customers suggest that BLOX is a scam. Those who check the platform and the people behind it know without a doubt that this is not the case. It should be clear that this broker from Nijmegen operates with the right intentions, namely to simplify trading in crypto and keep it accessible. Therefore, despite the setbacks and flaws we give this broker 4 stars!
BLOX makes trading crypto child's play! The app is easy to use, but somewhat limited for the experienced trader
With all our experience and research work and having summed it all up in this BLOX review, we have also listed the pros and cons of this provider:
CONGRATULATIONS! You’ve read the BLOX review all the way through. Have you not yet created an account through this review? Since the trading platform is only supported via mobile and tablet, there is no link to a website for registration or to trade. Therefore, use the button below for the option to download the app for iOS or Android. After the registration process you have the option to enter the voucher code ‘COINCOMPARE‘ in settings. You will immediately receive 10 euros in your account. Free money to invest immediately! Check our voucher code page for detailed instructions.
Under the conditions that you don’t have an account yet and get fully verified, you will get 10 euro start credit with the code COINCOMPARE. This voucher can be redeemed in the settings in the app after registration.
BLOX uses the order books of well-known exchanges like Kraken and Bitstamp. Because they do not manage their own order books, the provider is a broker and not an exchange.
For buying and selling crypto coins and tokens they charge a transaction fee of 1%. When you want to confirm your transaction, the fees are displayed on the screen.
BLOX B.V. is a Dutch company located in Nijmegen and registered with the Chamber of Commerce under 71663533. BLOX operates under one roof together with BTC Direct which fall under the same owners.
BLOX B.V. has a successful registration with De Nederlandsche Bank N.V. (DNB) as a provider of crypto services. This registration allows them to legally operate on Dutch soil.
The Nijmegen-based provider operates with the right intentions of making crypto trading as simple and accessible as possible. In the past, the trading platform has come under great pressure due to the success of a flood of new customers. As a result, BLOX’s capacity has been greatly increased, making it better and more reliable.
It is not possible at BLOX to have your crypto staked and earn interest on it. If that is a requirement of a trading platform you would be better off using Bitvavo or Coinmerce, among others.
BLOX wants to keep the platform simple and approachable. Purely for trading crypto. Because of this, withdrawing and depositing crypto is not supported and therefore also no airdrops.