BLOX review

“WE ARE BLOX!” A slogan that screams. BLOX, founded in 2018, is a crypto broker from Nijmegen with an app only trading platform for iOS and Android. BLOX and its app stand for diversity, mobility and simplicity whereby zero tech experience is required. All you need is your smartphone Black phone with a couple colored apps, and in just two minutes you can own your first crypto! On this page you shall find all that is needed to know about BLOX and the app.
Can’t wait to start? Use “COINCOMPARE” as promotional code during registration and you shall receive € 5.- directly in your account.

Currently the app supports 14 crypto’s with Dogecoin (DOGE) being the latest addition to their portfolio. Among others there are Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Zcash (ZEC) and other popular ones. The design of the app is simple, user-friendly and ‘surprisingly’ build up in blocks. It gives the app a clean look and ensures a positive differentiation in compare to their competitors. The closest competitors are Coinmerce, LiteBit and Bitladon as they have their own app as well.
It is just simple buy and sell at the flick of switch. No stop-orders, bots, hard to read charts and the only trading-pair they currently support is eur vs. crypto. You shall not be overwhelmed with options, choices and buttons. We promise!
Is your brain cracking by all terms, words and definitions in the app or website and you don’t know where to start? They got you covered with their cryptopedia.

Fun fact! Did you know that BLOX is a subsidiary company of BTC Direct?

If you are more experienced and have more needs, than it is good to know that it is not possible to swap (or trade) crypto vs. crypto. It also not possible to deposit or withdraw your crypto. Defies the statement: “Not your keys, not your crypto“. But, if you are new then don’t bother thinking about depositing, withdrawing or wallet addresses of your crypto. The app shall cover all you needs to get started Yellow hand with thumbs up.

Verification and limits

To start trading you have to be verified, which is obliged by the Dutch government and the De Nederlandsche Bank (DNB) to prevent any form of criminal behavior. There are two verification levels with different asset limits:

Account and bank: max. deposit € 250.- per 24 hours.
ID (after account and bank): deposit € 10,000.- per 24 hours with a maximum of € 50,000.- per 30 days.
Act all baller and wanting to trade like a whale Blue whale shooting water? Contact BLOX for the possibilities to get a higher deposit limit.

At the moment the platform is available for residents with a valid identification document (ID, driving license or passport) from the Netherlands and Belgium. Other countries as Germany, France, Spain, and the United Kingdom will soon follow. The goal is to have BLOX available for more users within the SEPA (Single Euro Payments Area).

Creating and managing an account is completely free and is possible through e-mail and social media accounts as Facebook, LinkedIn and Google. We do not recommend to use social accounts as they are a sensitive target to hackers! Preferably, use a separate e-mail address with a unique password.

Deposit

Once the account is created you are directly able to deposit money into your account and start trading. Depositing is possible with the following payment methods: iDEAL for NL, Bancontact for BE, VISA and bank transfer (SEPA). Please note: you’re only able to deposit from a bank account in your own name. BLOX will check if they names match and that can take up to 24 hours.

Withdrawal

To withdraw euro’s (€) from your account your IBAN needs to be verified. Depending on the following questions, you need to take action:

Did you deposit with iDEAL or with a Bank Transfer? Then your IBAN is already known and linked to your account and it is possible to withdraw from your credit balance. Go to credit (‘€’ symbol), tap on ‘Withdraw euros’, fill in the amount, select IBAN and withdraw. Easy! Transaction can take up to a couple hours or 1-2 business days depending on the withdraw option.

Did you deposit with Bancontact or with VISA? Then your IBAN is not know. Transfer a minimum amount of €0.01 or more to your BLOX account to verify your IBAN. Go to credit (‘€’ symbol), tap on ‘Top up credit’, fill in the amount, select payment method, choose ‘iDEAL’ or ‘Int. Bank Transfer’ and finalize.

Wallet support

Instead of using the term wallet, they use the term vault where you can manage your purchases, sales and balances. A wallet and the vault act on functional level the same. All euro (€) deposits and purchases are stored directly into your vault, which can directly be used for trades.
As mentioned before it is not possible to deposit nor withdraw crypto. This is one of the major principle disadvantages of the BLOX app for traders and enthusiast who are known in the cryptoworld. Simply because: “Not your keys, not your crypto“. You have no control over your assets besides buying and selling via BLOX. If you are new and starting with crypto at BLOX or trade rarely, then it will not be an issue.

Start trading

As BLOX is a mobile and tablet app only platform Black phone with a couple colored apps there is no link to a website that supports registration and trading. Therefore, use the button below to be able to download the app for iOS or Android. During the process of registering use “COINCOMPARE” as promotional code and you shall receive € 5.- directly in your account.
Free money to invest directly! Yellow orange emoji star

Take advantage of the promotion today!

Costs and prices

BLOX costs and prices are simple, hassle-free and fairly cheap. What you see, is what you pay or get during the transaction and it is already possible to start trading from € 1.-. So, if you just want try-out the app, you can use your pocket change.


Source: Giphy.com

In the app market rates, the buy and sell prices are shown. The rates (first tab) and the prices (buying, selling and vault tab) are build up as following:

Market rates shown on BLOX are without fee.
Buy, sell prices and ‘vault’ assets on BLOX are with fee.
Buy and sell prices shown on CoinCompare are with fee.

The trading fee consists of 1% and will be added over the total amount of the transaction. On the buy and sell order form you can see exactly how much crypto or euro (€) you’ll receive. So, no unexpected costs, no surprises! Although, the amount of what the 1% fee consists is not shown. Something to improve clearness if you ask us.

Depositing and withdrawing euro (€) is free on both actions except for using VISA. Then an additional fee of 1.5% is added.

When using iDEAL, Bancontact or VISA your balance will transferred the same day. With a bank transfer it could take a couple business days to process. There are no costs for depositing and withdrawing crypto in the app as it not possible to do so.

Security measurements

BLOX is fully compliant to the Dutch law and its regulations and is committed to making sure that their app shall not be used for launder money, support for terrorism, commit fraud or any other illegal activities. With the following measurements they ensure the quality of security to secure your account, personal data and crypto that is stored in your vault:

  • Login with e-mail address and personal password.
  • 2FA 6-digit (Google Authenticator or Authy app).
  • Login sessions in which to log out all sessions, if needed.

Keep in mind, in the end, you as user is the best defense against account breaching and theft!

Exchanges

BLOX is linked to several crypto exchanges to make trades functional, purchased and to sell at a competing price and to ensure that popular crypto are available for their customers. As far known BLOX is linked to Kraken and Bitstamp.

Language support

The app supports English and Dutch which is easy to switch between.
Their website supports the same languages. At the moment their contact page is only available in Dutch.

Contact

The people at BLOX are “social animals” as they say. Feel free to chat with the support team or contact one of their employees anytime if you have anything that requires superhero powers.
Tap ‘Chat with our support team’ in the app to speak with one of the employees. When contacting them within the business hours you get a direct response most of the time between:

Monday – Friday: 09:00 – 22:00
Saturday and Sunday: 12:00 – 17:00

Outside of business hours, you can leave a message in the chat or submit a request here. They’ll do their best to respond within 24 hours.

Detailed contact data can be found below under the header Sources and Social media.

Trustpilot

At CoinCompare we like to show you reviews from their customers. At the moment it is not yet possible for BLOX and we like to refer you to Trustpilot.

By Jeroen   Modified 22/07/2020

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