We take a critical and systematic look at the offer of the Australian crypto exchange Blockbid and share our experiences with the platform: Can Blockbid convince us in the test? Does the offer stand out against other platforms? How cheap or expensive are the Blockbid fees? What can the support do? How does Blockbid prevent fraud? And can the Blockbid alternatives do more? Here you can find out everything you need to know to be able to decide for or against Blockbid with a clear conscience.
What is Blockbid?
Blockbid is a platform for trading and buying cryptocurrencies and originates from Australia. The Blockbid CEO is David Sapper. Sapper believes that the era of cryptocurrencies has just begun. His platform aims to include more coins in its offering than any other platform. In this way, Blockbid aims to address the biggest problems of trading cryptocurrencies: Until now, investors have had to use many different platforms because they cannot buy certain coins everywhere. This is supposed to change with Blockbid.
Blockbid is also supposed to accept a variety of fiat currencies as a means of payment. At the moment, all of this is still pie in the sky, because Blockbid is still in beta. Nevertheless, some of Blockbid’s functions are already available, so you can already use this platform to a limited extent.
Blockbid distributes its own crypto token that allows you to save the platform’s fees: Each token is currently equivalent to a fee discount of over 100% on a trade opened with Blockbid. The token is based on Ethereum’s ERC-20 standard and is called BID.
Blockbid advantages and disadvantages
Blockbid advertises itself with a whole list of promises. Security and convenience are at the top of the list. Blockbid states that it wants to secure 95 percent of all customer funds on offline wallets in order to prevent the loss of these funds through a hack. In addition, the broker has comprehensive insurance cover.
Furthermore, Blockbid wants to free its customers from having to use a multitude of different platforms for trading by building up a particularly wide range of different coins. Of course, these should then also be able to be purchased with different fiat currencies. And Blockbid also wants to create high standards on the fee side by charging particularly low trading fees. Trading is even supposed to be particularly fast: Up to 1 million transactions per second should be possible.
Blockbid: Trading platform in beta stage
Whether Blockbid can keep these great promises remains to be seen. Because Blockbid is currently still in development. Nevertheless, the platform can already be used for some things. A handful of currency pairs on the Australian dollar and two currency pairs with bitcoin are currently supported. However, customers from UK are currently still denied access to the service.
- Buy and trade Bitcoin, Ether, Litecoin and many other cryptocurrencies with Blockbid
- Blockbid aims to support a variety of fiat currencies
- High security thanks to storage of 95% of assets on offline wallets
- Very high scalability / fast transaction speed
- Blockbid offer still in beta stage
- Currently, only currency pairs with the Australian Dollar (AUD) are supported (as well as two currency pairs with Bitcoin)
- Currently no service for customers from UK
- No Blockbid Broker Services / Trading Options
- Support at the moment only via contact form
The layout of the site is still very rudimentary at the moment, but you can still find your way around quite easily.
Blockbid Review – the offer
Buy and trade Bitcoin, Ether and other cryptos with Blockbid: Blockbid promises to set up a very broad offering in the future. At the moment, however, only very few cryptocurrencies are available for purchase here. Payments can only be made with the Australian dollar. Two currency pairs with bitcoin are also already served. We list them below and link to our guide texts on the respective coin.
Blockbid currency pairs
- BCH/AUD (Bitcoin Cash)
- BID/AUD (Blockbid)
- BTC/AUD (Bitcoin)
- ETH/AUD (Ethereum)
- LTC/AUD (Litecoin)
- TUSD/AUD (Tether)
- XRP/AUD (Ripple)
- ENJ/AUD (Enjin Coin)
- GNT/AUD (Golem)
- PPT/AUD (Populous)
- BNT/AUD (Bancor)
- HOT/AUD (HOT Token)
- FUN/AUD (Funfair)
- OMG/AUD (OmiseGo)
- POWR/AUD (Power Ledger)
- KIN/AUD (Kin)
- HST/AUD (Decision Token)
- ZRX/AUD (0x)
- POLY/AUD (Polymath)
- STORJ/AUD (Storj)
- FRG/AUD (Bread)
- TUSD/BTC (Tether/Bitcoin)
- ETH/BTC (Ethereum/Bitcoin)
Customers from UK are currently still denied the Blockbid service. You can find a suitable Blockbid alternative in our test winner broker eToro. The broker offers CFDs on cryptocurrencies, for example, but other financial instruments such as forex are also available here. In addition, you can also buy Bitcoin & Co. directly on eToro. Learn more about the advantages of the SOCIAL TRADING PLATFORM here.
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Blockbid Fees & Charges
What fees do you have to pay when you use Blockbid to buy and trade cryptocurrencies? Blockbid advertises a particularly simple formula: There are 0.1 per cent fees on every trade. No matter whether you want to buy or sell cryptocurrencies. During the beta phase, however, there are no fees at all, so you can currently use the platform almost for free.
If there were not a catch: customers from UK cannot currently use the offer. This applies to currency pairs with the Australian dollar as well as those with bitcoin.
Blockbid fees: Free of charge during the beta phase
Costs would still arise in the form of mining fees, which are structured differently for the respective cryptocurrencies. These fees are incurred when using cryptocurrencies and are needed to maintain their networks. The Blockbid exchange is not responsible for these fees.
|Bid Fee||0.1 per cent|
|Ask Fee||0.1 per cent|
|Beta phase||No fees during the beta phase|
Both buying cryptocurrencies with the Australian dollar (AUD) and trading cryptos against each other (for example, Bitcoin against Ether) requires verification on Blockbid. That’s why you can’t currently use the platform for these purposes. Unless you live in one of the countries that already support Blockbid. At this point, we therefore refer you to our other crypto platform tests – and our test winner broker eToro.
Blockbid payment methods
In order to use crypto exchanges like Blockbid, one usually has to transfer money to the registered profile. Blockbid also provides for this procedure.
As long as Blockbid is in the testing stage, there are not many payment methods to choose from. This will probably change as soon as the Australian provider can publish its platform properly. Then customers from UK will probably also be able to use Blockbid.
At the moment, Blockbid only accepts fiat transfers via EFT (Electronic Funds Transfer). This corresponds to an ordinary bank transfer. In addition, users who have their main residence in one of the accepted countries also have the option of exchanging cryptocurrencies against each other. This is currently only possible with Bitcoin, and only two altcoins can be exchanged for Bitcoin: Tether and Ethereum.
You can find significantly more options for paying Bitcoin, Ether, IOTA and other cryptocurrencies at our Exchanges comparison test winner eToro. Both instant bank transfer and Paypal are accepted here.
The eToro Wallet is a useful tool for any investment. It allows you to buy Bitcoin directly from your smartphone at any time. Combined with exchanges like Blockbid, the eToro Wallet becomes a universal key that allows you to invest in almost any cryptocurrency with ease.
Blockbid licence and security
Blockbid provides partly detailed information on common security questions in the current FAQ. Is Blockbid regulated? However, the platform does not give a clear answer to this question. Blockbid states that it fully complies with the requirements of the Australian financial regulator AUSTRAC – but it remains unclear whether AUSTRAC also checks compliance. Since Blockbid does not offer CfDs, it remains completely unclear to what extent regulation of the exchange can take place at all. So it seems that this is not the case.
Is Blockbid fraud-proof? At least that’s what the marketplace claims. According to the FAQ, 95 percent of all crypto assets are stored on offline multi-signature hardware wallets. This should make them safe from hacks. Furthermore, the exchange is insured against cyberattacks. You can also increase the security of your account with the help of two-factor authentication.
How do you protect yourself against Bitit fraud?
If you buy cryptocurrencies like Bitcoin, you take on the role of the bank: You are primarily responsible for the security of your investments. You should keep your private keys and other confidential information safe at all times and not disclose them to anyone. In addition, you should take advantage of offers such as two-factor authentication wherever possible to increase the security of your accounts. Choosing a suitable wallet and keeping proper records of all your trades, data and passwords are also important.
Many exchanges – including Blockbid – allow you to conveniently store your crypto assets on your profile. For this purpose, the exchanges generate individual wallets that are connected to the platforms. But as convenient as this is, we generally advise against using this option. Because in the event of an exchange insolvency or a cyberattack, the security of your assets is by no means guaranteed. It is therefore better to always transfer the cryptocurrencies acquired on the Blockbid Exchange to your own wallet.
In the article linked here, we have summarised and examined in more detail how you can effectively protect yourself against fraud, what the scams of the scammers are and which cases have caused a furore in recent years.
Blockbid Customer Service, Contact & Support
Good customer support is actually irreplaceable for any platform on which you invest your hard-earned money in cryptocurrencies. Because if there are any problems, you want to be in good hands, reach the support quickly and receive competent help. So what is Blockbid’s support like?
We search in vain for a live chat option at Blockbid. There is also no telephone number that we could use to contact Blockbid Support. Only one option is available at the moment: A ticket system that can be used equivalent to a contact form.
Blockbid also offers an extensive FAQ where we can get answers to most of our questions. However, the FAQ is not available in German. As things stand, knowledge of English is still a prerequisite here. It will probably take some time until Blockbid has properly expanded its support programme. The homepage does not tell us what concrete plans there are here.
Buy Coins with Blockbid
Customers from UK cannot currently buy cryptocurrencies via Blockbid. Nevertheless, you can already register and view the offer of the Blockbid crypto exchange. We’ll show you how to do that here.
Step 1: The registration
To be able to buy Bitcoin on Blockbid, for example, you first have to register. This is no big deal: you will be asked for an email address and a password, and then you can start. You can find the Blockbid registration here.
After you have entered your initial details and confirmed your registration, you will receive an activation link by email. Use this link and your profile is ready for use. Now the Blockbid login works via the login mask.
The Blockbid App
Blockbid is in a very early stage of development, in which many features intended for the platform are not yet available. There is currently no Blockbid app for mobile devices such as smartphones and tablets. It is not foreseeable that this will change in the medium term. This is because platforms that do not offer trading options usually do not have apps. Apps are primarily of interest to traders who want to react to trends and price movements independent of time and place. When buying cryptocurrencies directly, however, the little helpers are less relevant.
The fact that there is no Blockbid app therefore has no influence on our evaluation of the crypto exchange. A regular Blockbid registration is fully sufficient to use the services of the crypto marketplace. Whether Blockbid expects its own app in the future is still unclear at this point.
Conclusion – the Blockbid rating
For our Blockbid review, we registered on the exchange and found out what options the platform offers for trading and directly buying cryptocurrencies. We also systematically checked the support and fee model and looked at what Blockbid has to offer in terms of security. Time for the conclusion:
The Blockbid exchange promises to be a great marketplace if it can deliver on its promises. At the moment, the platform is far from that. In the beta stage, it is not available to customers from UK. They can register on Blockbid, but neither trade cryptocurrencies nor buy Bitcoin & Co. directly. One day, this will all be completely different: Then Blockbid wants to have the largest offer on the market. Whether the platform can achieve this remains to be seen.
In terms of security, Blockbid can score points in our test: This is because 95% of all crypto assets are held offline here. In addition, Blockbid has, according to its own information, comprehensively insured itself against cyberattacks. And it complies with the regulations of the Australian Financial Services Authority of its own accord – even if the authority presumably does not yet control the offer, this is a laudable claim and more than many other exchanges have to offer. Standards such as 2FA are also already an integral part of the Blockbid beta version.
Our Blockbid Test: The Evaluation
There are deductions for Blockbid in the rating for support. At the moment, there is very little here apart from a rudimentary contact form. We did find answers to many of our questions in a comprehensive FAQ. Nevertheless, we sorely miss a live chat option, telephone number or email address that would make it easier for us to contact support. Whether and when Blockbid will follow up on this cannot be said at the moment.
Blockbid again scores plus points in our evaluation for its fee model. It is as clear as it is inexpensive. The site is also already clearly designed and comparatively easy to use. Because Blockbid is still in the beta stage, we are only able to give a preliminary assessment. Here, Blockbid achieves a rating of 2 out of 5 points, even against the background of its unavailability. Blockbid is not a broker and therefore does not offer CfDs. We recommend a Blockbid alternative such as eToro, where you can both buy cryptocurrencies and trade them using CfDs.
Did you like our Blockbid review? Our Blockbid review is part of our big series on the best exchanges on the net. For a good alternative to the Blockbid login, read our review of the online broker eToro. Are you wondering if cryptocurrencies are still worth it in 2019? Or do you want to learn more about cryptocurrencies? Then you can find our overview pieces on the most important coins here.