Blockchain Wallet Review: Is It the Only Wallet You Need?

With a growing number of individuals relying on on-chain crypto services, the need for a well-rounded and secure decentralized wallet has never been greater. Blockchain Wallet is a crypto wallet app featuring self-custody storage and a built-in exchange. This Blockchain Wallet review explores the app’s core offerings, benefits, and drawbacks.

Is Blockchain Wallet right for you? The award-winning crypto storage platform has created 91 million wallets and serves over 200 countries. Let’s see if it’s the only wallet that you need.

Our Verdict on Blockchain Wallet

Based on our Blockchain Wallet review, the crypto wallet app excels in certain aspects but lacks in others. For instance, Blockchain Wallet offers both custodial and self-custody wallet options, making it a versatile platform for storing crypto assets. It can be accessed via a mobile app or desktop browser and employs several security measures like two-factor authentication and biometrics.

Furthermore, the wallet provides additional token services, such as crypto-earning rewards, seamless cryptocurrency swaps, and NFT compatibility.

These features make Blockchain Wallet a good option for some, but its drawbacks can impact the overall user experience. High upper limits on crypto withdrawal fees, KYC requirements for the exchange wallet, and limited customer support are potential deal breakers for specific users.

Privacy-focused users who want greater DeFi access and want to avoid high maximum withdrawal fees should consider alternatives to Blockchain Wallet, which we’ll mention later in this review.

What Is Blockchain Wallet?

Blockchain Wallet is the digital wallet application of Blockchain.com, or simply Blockchain. Founded in 2011, it’s one of the largest cryptocurrency financial services startups and has raised $600 million through multiple funding rounds.

In addition to the wallet app, the Blockchain features a crypto exchange that can be accessed from the wallet platform. Blockchain.com also provides various decentralized solutions for businesses, including a payment service, institutional crypto trading, and data API.

Based on a Bloomberg report, the company has a $14 billion valuation and is currently helmed by CEO and co-founder Peter Smith. The platform has 37 million verified users and has facilitated a third of all Bitcoin network transactions with over a decade in operations.

Users can easily set up a Blockchain Wallet account through a desktop browser, but for full-feature access, the crypto wallet app can be downloaded on iOS and Android devices.

What Type of Wallet Is Blockchain Wallet?

Blockchain Wallet gives users access to both a custodial wallet and a non-custodial wallet in one app upon creating an account. Here’s a summary of the two types of crypto storage available on the wallet app:

• Exchange Wallet: This is the custodial wallet and the standard crypto storage option on Blockchain Wallet. Users must complete KYC verification to deposit, withdraw, and trade cryptocurrencies.
• DeFi Wallet: A self-custody wallet that users can access after creating an account. It features a 12-word recovery phrase, the only way to back up your crypto wallet.

Users can toggle between the exchange and DeFi wallets on the Blockchain Wallet platform. The custodial option allows users to store fiat currencies, including US dollars (USD), euros (EUR), British pounds (GBP), and Nigerian nairas (NGN). It can also connect to Blockchain’s crypto exchange for the simple buying and selling of tokens.

On the other hand, the DeFi wallet can access various Web3 apps through the WalletConnect protocol. It also features an easy-to-access decentralized exchange (DEX) for on-chain token swaps across 8 networks.

Supported Tokens & Blockchains

Blockchain Wallet’s cryptocurrency support varies depending on whether you use the standard exchange wallet or the DeFi wallet, with the latter supporting more tokens.

According to the Blockchain support page, the exchange wallet supports over 60 cryptocurrencies, including the following:

• Bitcoin (BTC)
• Ether (ETH)
• Bitcoin Cash (BCH)
• Stellar lumens (XLM)
• Litecoin (LTC)
• Polkadot (DOT)
• Dogecoin (DOGE)
• Algorand (ALGO)
• Solana (SOL)
• NEAR Protocol (NEAR)

On the other hand, the DeFi wallet supports over 1,000 more tokens, including the best altcoins and most ERC-20 tokens. Regarding blockchain connectivity, the app supports the following networks:

• Bitcoin
• Ethereum
• Bitcoin Cash
• Stellar
• Stacks
• BNB Chain
• Solana
• Polygon
• Base
• Optimism
• Avalanche C-Chain
• Arbitrum

Note that the DeFi wallet supports some blockchain networks only on the Blockchain Wallet mobile app, with support for the desktop web wallet to be added in the future.

Blockchain Wallet Offerings & Crypto Services

Blockchain Wallet’s tools and offerings enable better crypto management, more earning opportunities, and DeFi connectivity. Let’s go through the wallet app’s top features and services.

Token Swaps and DEX

Wallet holders can exchange tokens through a centralized platform or on-chain through the app’s built-in DEX. Here are the two ways to use Blockchain Wallet’s crypto-to-crypto swapping service:

• DEX Swapping: The DeFi Wallet allows individuals to use the integrated decentralized exchange for peer-to-peer crypto swaps in the app. Blockchain’s DEX supports cross-chain swaps on 8 networks, including Ethereum, Solana, and Polygon.
• Exchange Wallet Swap: The custodial wallet offers faster crypto swaps and no network fees for fully verified accounts.

The standard custodial wallet limits swap orders to $200,000 daily and the exchange rates are based on real-time system updates. The transaction is executed based on the prevailing exchange rate at the moment of confirmation.

Meme Coin Watchlist

One of Blockchain Wallet’s latest features is its meme coin watchlist, Memezone. The platform lets users explore the best meme coins that Blockchain listed, including Dogecoin (DOGE), Floki (FLOKI), Shiba Inu (SHIB), and Mog Coin (MOG).

Additionally, users can vote for the next meme token they’d like to see listed on the Blockchain Wallet app. While this feature is simply a collection of popular meme coins that users can trade, it allows them to invest in speculative tokens with high-risk, high-reward crypto opportunities.

Crypto Staking and Earning Rewards

Blockchain Wallet users can earn interest on crypto holdings through passive rewards, staking rewards, and active rewards. These products are available on the standard exchange wallet. We’ve outlined these three crypto-earning features below:

• Passive Rewards: Earn up to 10% annual rewards from 15 tokens, available for all verified users. Earnings are compounded daily, with payments made monthly.
• Staking Rewards: Only available for Ethereum, users can stake the cryptocurrency with 2.4% annual rewards, varying depending on network traffic. Rewards are paid daily.
• Active Rewards: Users can earn up to 8% annual rewards on their Bitcoin for forecasting its future price. Payments are made weekly.

Not all crypto rewards will be available depending on the user’s location and verification status. The eligibility criteria for each crypto earnings product are on the Blockchain.com Earn page.

News Dashboard

The DeFi wallet interface features a news aggregator with the latest insights and reports in the cryptocurrency market. It showcases articles from the top crypto media publications like Bitcoin Magazine, Decrypt, and CoinDesk. Access to the latest updates in the crypto world will help Blockchain Wallet users gain an edge when making time-sensitive token investments.

Is Blockchain Wallet Safe?

Blockchain Wallet is one of the most widely used crypto wallets and uses industry-leading security measures to protect user funds and data. For custodial wallet accounts, the company employs offline, cold storage solutions safeguarded with multi-signature security. Furthermore, private keys are stored in Hardware Security Modules (HSMs) to prevent data breaches and unauthorized access.

A key feature of Blockchain Wallet’s non-custodial security is its client-side private key management system. This allows users to retain complete control over their crypto assets with encrypted access to their private keys via the 12-word backup keyphrase. The platform does not track users’ non-custodial wallet funds, retaining user privacy.

In addition to these high-security features, Blockchain holds various global licenses and certifications that reflect the platform’s commitment to regulatory compliance. Recognized accreditations include the following:

• ISO 27001 certification
• A-LIGN SOC 2 compliance
• CryptoCurrency Security Standard (CCSS) Level 3 compliance
• PCI DSS compliance

Blockchain Wallet Fees

The platform’s cost structure is the next important topic in our Blockchain Wallet review, as we cover both the custodial and self-custodial wallet fees.

Exchange Wallet Fees

Since the custodial exchange wallet stores both fiat and crypto, we’ll explain the fees associated with transferring both types of currency. Blockchain Wallet does not charge any fees for depositing cryptocurrencies. However, the platform deducts a 1.4% fee for NGN bank deposits.

Most Blockchain custodial wallet fees apply for withdrawals, charging the following amounts for fiat withdrawals:

• SEPA: 0.50 EUR fixed fee per transaction
• Wire Transfer (USD): 16 USD fixed fee

Blockchain Wallet does not provide exact fees for crypto withdrawals. Instead, the platform lists the maximum withdrawal fee possible per token. See the table below for the upper limit withdrawal fees for popular cryptocurrencies.

It’s important to note that while these fees are high, they represent the maximum possible withdrawal fees. Transactions are usually below the maximum amounts listed based on real-time market data.

DeFi Wallet Fees

All transactions in and out of the Blockchain Wallet self-custody storage include network fees, which vary depending on the blockchain used and the current network traffic. The DeFi wallet automatically calculates the optimal fee for completing a crypto transfer.

Blockchain Wallet users can customize the allowed slippage per transaction when swapping tokens, sending cryptocurrencies, or exchanging coins on the DEX. The slippage represents the maximum percent of the price the user is willing to pay for the exchange. Below are the slippage options:

• 0.2% (Minimum)
• 0.5% (Optimal)
• 1% (Faster)
• 3% (Maximum)

User Experience on Blockchain Wallet App

With a simple user interface and straightforward setup process, the crypto wallet is marketed as easy for beginners with advanced crypto features. Our Blockchain Wallet review and evaluation found that using the DeFi wallet is particularly frictionless as users can instantly deposit and withdraw tokens without going through additional KYC verification steps.

However, Blockchain Wallet reviews from other users have reported several problems and critical issues when using the crypto wallet app. As per the Trustpilot Blockchain Wallet review page, the platform has a 1.9 out of 5 stars rating from over 6,500 reviews. Here are the most common problems that we found based on the most recent and relevant comments:

• High cryptocurrency fees when transferring within the app
• Lack of online support responsiveness
• KYC verification issues on mobile
• Transfer and withdrawal problems

While the reported issues show users having trouble with the Blockchain Wallet app, the platform extends its support for these problems in its customer service center. Here, individuals can ask questions in the live AI agent chat or submit a request on the support page.

How to Create a Blockchain Wallet Account

Now that we’ve covered Blockchain Wallet’s offerings, fees, and user experience, let’s explain how to register on the platform and create a wallet to manage your crypto holdings. For our Blockchain Wallet review, we’ll show you how to get started using a desktop browser. Follow these five simple steps to create an account.

1. Sign Up on the Blockchain Wallet Site

First, go to the Blockchain.com site and click ‘Sign Up.’ Enter your email address and a secure password on the registration page.

Once completed, the platform will send a verification email to confirm the account creation. Click on the link in the verification email to authorize your device and log in to your account.

2. Enable 2FA

After logging in, go to the Security page on the settings menu of your Blockchain Wallet account. Click ‘Enable’ on the two-factor authentication (2FA) page and choose one of the 2FA options: text message, authenticator app, or a security key device.

Follow the instructions for activating your chosen 2FA method. For text messages, provide a phone number. With the authenticator app, scan the QR code and enter the OTP. For the security key, insert your device and give the browser permission to complete the key 2FA.

3. Backup Your Recovery Phrase

Find your 12-word recovery key phrase on the same Security page. Click ‘Backup’ and then ‘View Recovery Phrase.’ Write down the 12-word phrase that the platform shows in the exact order that it appears.

We recommend storing the recovery phrase offline and somewhere safe. Never share your recovery keyphrase with anyone.

4. Verify Account (Optional)

Those who only want to use the DeFi wallet can skip this step. Otherwise, here’s how to KYC verify your Blockchain Wallet account to use the custodial exchange wallet features.

Click ‘Verify your identity’ and ‘Get started’ to fill in the KYC pop-up. Enter your full name, date of birth, complete address, and nationality, and upload a valid government ID (passport, driver’s license, or national ID). Follow the rest of the instructions to complete verification.

5. Add Crypto Funds

To add crypto funds to your DeFi Wallet, click ‘Deposit’ and select a cryptocurrency. A QR code and wallet address will appear, which you can use to transfer crypto funds to your wallet.

If you want to convert fiat to crypto, use your verified account and go back to the standard exchange wallet if needed. Click ‘Buy,’ select the crypto you’d like to purchase, enter the amount, and select one of the fiat payment options. Follow the prompts to complete your purchase.

Blockchain Wallet Customer Support

Users can address any issues they encounter on the Blockchain Wallet app through the platform’s customer support features. For real-time concerns, individuals can talk to an AI agent through live chat support, which gives instant replies and an article link that can help solve the problem.

Sometimes, the AI agent chat is insufficient, and users must contact the Blockchain Wallet support team. In this case, individuals can fill out a form that best matches their situation, and a support ticket will be generated and escalated to the team.

Additionally, the Blockchain Wallet support center features educational articles and guides on using various platform offerings, from token deposits to crypto-earning products. This section also provides frequently asked questions for users to get the most relevant information.

Is Blockchain Wallet the Best Crypto Wallet?

Blockchain.com is one of the world’s most established crypto service providers, with over a decade of industry experience. However, the Blockchain Wallet platform has some notable drawbacks. With steep maximum withdrawal fees, KYC verification requirements, and limited customer support, users can find better options than the centralized plus decentralized wallet hybrid.

A good alternative to consider is Best Wallet, a user-friendly, non-custodial wallet that does not require ID verification or KYC. It’s a multi-chain wallet that supports over 60 networks, cross-chain swaps, and a cost-effective fee structure. Best Wallet also features a staking aggregator for the most optimal staking rewards, a crypto launchpad for upcoming tokens, and an iGaming dashboard for online crypto casinos and sports betting.

One of the most significant advantages of Best Wallet over Blockchain Wallet is that its users can benefit from the Best Wallet Token (BEST) wallet native coin. BEST Token holders get various perks and privileges, including reduced transaction fees, higher staking rewards, and token governance. Users can buy BEST Tokens now at the lowest available price through the Best Wallet Token presale.

Furthermore, Best Wallet’s support center has a collection of guides for its features, including setting up, crypto transfers, wallet management, and security tips. The in-app support system also allows users to create support requests to be addressed by the platform’s service team.

Final Thoughts

Blockchain Wallet is a versatile crypto wallet solution with self-custody and custodial crypto management options. This makes it suitable for new users who need the basic crypto deposit and withdrawal features, but it can also be utilized by experienced individuals to access DeFi apps. However, Blockchain Wallet falls short regarding withdrawal fees and requires ID verification, which may put off privacy-focused users.

Best Wallet is a more user-friendly alternative with no KYC requirements while maintaining top-level security. The non-custodial wallet offers many DeFi features, including multi-chain support, fast DEX swaps, and easy crypto onramping.

While Blockchain Wallet is a good hybrid wallet option, Best Wallet delivers a fully decentralized experience with high security and fewer restrictions.

Blockchain Wallet

7.2

Fees

7.0/10

Ease of use

8.0/10

Support

6.5/10

Reputation

7.0/10

Supported Chains

7.5/10

Pros

• Custodial and non-custodial options
• Thousands of tokens supported on DeFi wallet
• 2FA and biometric authentication for security

Cons

• Steep maximum crypto withdrawal fees
• KYC required for custodial wallet features
• Limited support services
• Custodial wallet lacks token support

FAQs

References

1. Blockchain.com – Financial Details (Crunchbase)
2. Blockchain.com Raises New Funding at $14 Billion Valuation (Bloomberg)
3. What cryptocurrencies and networks are supported for transacting in the Blockchain.com Wallet? (Blockchain.com Support)
4. Blockchain.com | Earn up to 10% on your crypto (Blockchain.com)
5. Bitcoin Magazine | Bitcoin News, Analysis & Insights (Bitcoin Magazine)
6. Multi-Signature Wallets: Definition and Use Cases (Investopedia)
7. Blockchain Reviews | Read Customer Service Reviews of blockchain.com (Trustpilot)

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Jose Rafael Aquino is a Filipino writer and entrepreneur that specializes in finance, technology, cryptocurrency, and sports. Versed in the startup tech space, he has written for websites such as The GUIDON, TradingPlatforms, StockApps, and BuyShares. Read More

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