BLOX review (2024): is this a reliable crypto broker?
BLOX is a crypto application that allows you to trade in over 35 different cryptocurrencies. BLOX aims to make crypto trading as simple as possible. In this comprehensive review, I investigate whether BLOX has succeeded in making crypto accessible to the public.
Note: BLOX is only available in the Netherland, Spain and Belgium. If you live in Europe you could try Bitvavo (which is a lot cheaper) or Binance (which offers more features).
BLOX in brief
BLOX is a mobile application from the well-known BTC Direct, which has been around since 2013. BLOX stands out for its user-friendliness and allows you to quickly trade in the most well-known cryptocurrencies. With transaction fees of 1%, BLOX is pricier than Bitvavo (0.25%) and Binance (0.075%), but it does offer €10 in free cryptocurrency to every user. This makes it definitely worth opening an account with this provider. Use the button below to receive your free €10:
Use code to receive €10 in free cryptocurrency!
| Founded in: | 2018 |
| Minimum deposit: | €1 |
| iDEAL: | Yes |
| Fees: | 1% |
| Staking: | No |
| Regulator: | Dutch National Bank (DNB) |
| Deposit & withdraw crypto: | No |
| Platforms | Mobile platform |
How to open an account with BLOX?
Opening an account with BLOX is easy:
- Click here to directly download the BLOX mobile application
- Use code <X> to receive €10 in free cryptocurrency
- Enter your personal information; your name, email address, and password
- Indicate how much experience you have with investing
- Confirm the source of your deposits (e.g. your income)
After opening an account, it is recommended that you set up 2FA (two-factor authentication) to prevent malicious parties from stealing your cryptocurrencies.
How does the BLOX platform work? Quick guide
A positive point within my BLOX review is the user-friendliness of the application. You can find all the functions you need in 4 different tabs.
Prices
Under the prices tab, you can buy and sell cryptocurrencies. Select the cryptocurrency whose current price you want to consult, and you will immediately see how the price has developed. You can buy a cryptocurrency for as little as €1 with BLOX.
Buying cryptocurrencies with BLOX is simple:
- Click on the cryptocurrency you would like to buy
- Then press the Buy button
- Enter the amount for which you would like to buy crypto and press Continue
- Then Confirm the purchase
Vault
Curious about how your crypto investments are performing? In the vault, you can immediately see whether you make a profit or a loss.
Earn
Do you know any friends who are interested in crypto? You can give them €10 worth of crypto for free! In addition, you will receive 20% of all trading fees they make.
Settings
Under the last tab, you can change your password and contact customer service.
Deposit money at BLOX
You can deposit money at BLOX using all the usual payment methods, such as:
- iDEAL
- Bank transfer
- Bancontact for Belgium
- Credit card (Visa and Mastercard)
Depositing (and withdrawing) funds at BLOX is almost always free. Only when you deposit money with your credit card they charge 1.5% in fees. Depositing money at BLOX is quick and easy, which makes it a good choice in this review.
Offer of cryptocurrencies
You can also see from the selection that BLOX focuses primarily on the novice investor. At BLOX, you can only invest in the most well-known cryptocurrencies. At the time of writing, you can trade 37 different cryptocurrencies at BLOX. Examples of cryptocurrencies that you can buy and sell at BLOX are: Bitcoin, Ethereum, Binance Coin, Solana, and Ripple.
I find the selection of cryptocurrencies a bit limited, but this is because I also like to invest in lesser-known altcoins. If a large selection is important to you, Binance can be a good choice.
Don’t expect any special extra features. At BLOX, you cannot speculate on falling prices or follow other investors as you can at eToro. It is also not possible to earn extra returns through staking. It’s safer, but less interesting.
What are the costs at BLOX?
Your return is largely determined by the costs you pay: at BLOX, you pay a standard cost percentage of 1% on your transactions. This cost percentage is lower than some other Dutch providers, but certainly not the lowest on the market.
For example, at Bitvavo, you pay a maximum of 0.25%, and at Binance, around 0.125%! If costs are critical to you, it’s better to choose another provider.
The Bitcoin price can also differ from broker to broker. Keep in mind that this can cause your costs to be higher or lower than expected.
How reliable is BLOX?
Registration & regulation
BLOX is registered under the brand name BTC Direct with the Dutch Central Bank. This is a good sign: BLOX complies with Dutch rules and regulations.
Another positive sign for the reliability of BLOX is that the parent company has been around since 2013. This means that the broker has been active for almost 10 years without any unpleasant hacks.
The BLOX wallet
BLOX stores all cryptocurrencies in a central wallet. Unlike some other brokers, you cannot deposit or withdraw cryptocurrencies. This offers the advantage that you do not have to protect a wallet yourself. A clear disadvantage is the lack of control, as BLOX is technically the owner of the cryptocurrencies.
When it comes to security, BLOX seems to be doing well. Most of the cryptocurrencies are stored on so-called cold wallets. Cold wallets are not connected to the internet, which makes them more difficult to hack. Moreover, there are sufficient security protocols to prevent the cryptocurrencies from being stolen.
However, for crypto investors who consider control to be crucial, BLOX is not an option. You remain fully dependent on the company’s security.
Stability & outages
Recently, BLOX has not always built up a good reputation for stability. They have had several outages, resulting in users losing money. As a user, it is important to be able to sell your cryptocurrencies quickly, especially when strong market movements occur. It seems that BLOX has improved its stability & accessibility in 2023.
Conclusion: Is BLOX a good crypto exchange?
BLOX is not the best crypto exchange, but I don’t think BLOX is trying to be the best either. This crypto app mainly focuses on novice investors who want to invest in Bitcoins and other cryptocurrencies with little knowledge. BLOX does little wrong for this target group, and with the free €10 in crypto, it can be attractive to open an account:
Use code to receive free €10 in crypto!
Frequently Asked Questions about BLOX
Personally, I would never consider investing in crypto to be safe, as drops in value of tens of percent occur regularly. Fortunately, BLOX promises to protect your funds as much as possible. They do this by storing your cryptocurrencies offline. Additionally, BLOX is registered with DNB, which is normally a positive sign for safety.
BLOX is currently only available as a mobile application. If you want to invest in cryptocurrencies on your desktop, you can try the software from the parent company BTC Direct.
Creating an account with BLOX is completely free. As a new user, you even receive €10 in free crypto from this crypto exchange! Trading cryptocurrencies on BLOX is not free: you pay 1% in transaction fees.
There are no difficult conditions to receive €10 in free crypto: you only need to open an account, and that’s it! However, you can only use the promotion once, and you must enter the code when creating an account.
The BLOX application is currently available in Dutch, English, and Spanish. Users from all over Europe can open an account with BLOX.
