Blocktrades Exchange Review

/Blocktrades Exchange Review

Blocktrades Exchange Review 2018-05-22T15:44:18+00:00
Blocktrades Exchange Review

Full Blocktrades Review

Quick inner navigation:

  1. What is Blocktrades?
  2. Is Blocktrades safe?
  3. Limitations of Amounts to Trade
  4. How To Use Blocktrades
  5. Payment Methods on Blocktrades
  6. Available Cryptocurrencies on Blocktrades
  7. Blocktrades Fee

Blocktrades US is a registered international company situated in Cayman’s Islands. The company which was founded by Dan Notestein began operations in 2015. Blocktrades facilitates the trading and transfer of various digital assets.

What is Blocktrades?

Blocktrades.us is a cryptocurrency exchange. It provides a fast and direct way of trading steem for popular cryptocurrencies and other altcoins. Blocktrades brings together traders on an exchange where they optimize trading opportunities.

The company offers an over-the-counter (OTC) market. Here, traders have control of prices on the cryptocurrencies that they are exchanging. It is important to note that virtual exchanges have fewer regulations and control over the block trades on an OTC market.

The US-based company extends consulting services to businesses as well as OEM software. The Original Equipment Manufacturer software is a useful tool for interaction with blockchain based technologies. In addition to that, it’s on this platform where you exchange your Steem tokens for cryptocurrencies such as Bitcoin, Litecoin, Ether and other altcoins.

Whereas Blocktrades international is a widely accepted company for cryptocurrency exchange, it prohibits its operations to specific geographical locations. The following are some of the regions within which Blocktrades’ services are unavailable; New York, North Korea, Iraq, Cuba, Syria, Somalia and Sudan among others. If you trade on the platform from any of the regions within the company’s prohibited belt, Blocktrades reserves the right to remit your funds to a charity.

Available Cryptocurrencies on Blocktrades

Blocktrades exchange floats various digital assets for traders to choose from. Here is a list of the coins that Blocktrades offers:

Limitations of Amounts to Trade

Blocktrades provides one of the simplest and fastest ways of settling trade transactions involving the purchase and sale of cryptocurrencies. The amount of trade for each cryptocurrency, however, is limited depending on the coin. In the event you exceed the recommended trade limit, Blocktrades has the discretion to complete your transaction at a later time or carry out a refund. The reason is that the exchange may not have sufficient cryptocurrency to complete your request immediately.

Payment Methods on Blocktrades

The exchange utilizes SteemConnect and Manual Transfer Systems to settle block trades payments. The SteemConnect method of payment is efficient. It eradicates common mistakes committed by traders while making payments on the platform.

SteemConnect rules out the deposit memo information which usually accompanies the transfer of Steem and Steem Dollars from traders’ wallets to the Blocktrades. With this method, all the information and details required to effect Steem transfer are laid out on the webpage. A client will only need to log in to the web page and confirm the purchase transaction.

However, the SteemConnect method of payment is only valid for SteemConnect account holders since they have full control of their accounts. In that regard, transfer of Steem from different exchanges requires the trader to use the Manual Transfer System. The Manual Transfer System complies with a payment method that uses deposit memo information.

Blocktrades Fee

Blocktrades charges a fee for transactions carried out on the exchange. Fees charged depend on the paired currencies. The volatility of prices and other factors which affect the currency stability is primarily at play. However, it is essential to make the right kind of investment decisions. With that, there may be no loss since when the price of your coin of choice goes up, the reward will surpass the cost.

Blocktrades Verification

Blocktrades does not require any checks to trade. On the contrary, you just enter your address on the webpage and straight away execute your transactions.

You may not need an account to transact on Blocktrades. Nevertheless, signing up for one might be a good idea. It aids in keeping a log of your cryptocurrency transactions. The exchange has an in-built Steemit Operating System. The interface will allow you to buy or sell your crypto-coins swiftly via Blocktrades.

Is Blocktrades safe?

Based on reviews made on Blocktrades, there is an overwhelming assertion of trust and positivity towards the exchange.

  • Safety and Speed

It is worth noting that Blocktrades is voted one of the safest and quickest exchanges to trade Steem directly from a client’s Steemit account page.

  • Customer Support

Many comments refer to the company’s platform as efficient. In spite of the fact that there is customer support mechanism in place, users maintain that operations on the platform work out fine. Therefore there might be no need for customer care attention.

  • Communication

Blocktrades’ interface is user-friendly and straightforward such that it is almost a walkover even for newbies. If you are looking out for a site that offers pretty easy convertibility services for altcoins, then, Blocktrades is the place.

How To Use Blocktrades

Consider a scenario where you have Steem Dollars (SBDs) and would like to exchange them for BTCs.  Here is a guide on how to proceed with the transaction.

  • Go to Blocktrades’ Website.

As soon as the webpage opens up, select the quick trade option. You will see the send file folder. Hit the file and pick steem Dollars, the currency you are selling. Adjacent to that is the receive button in which you select the BTC.

  • Go to the receive address folder

Here, you will paste your BTC wallet address, the destination for your purchased Bitcoins. Then, click on the get deposit address tab. Deposit memo information will pop up on the deposit address slot.

  • Open a new tab in your browser

Access your Steemit Wallet through the new tab. Select the Steem option and click on the transfer button. A new window bearing transfer account details in a memo will be displayed.

  • Enter address

Enter ‘blocktrades’ as the address, followed by the memo received earlier. Feed this information into the appropriate box from where you will click to send some SBDs you want to exchange for BTCs.

  • Submit the details

Once you have double-checked and ensured that everything is fine, click on the submit button. The transaction will take place between 2 and 30 minutes.

There you are, you will receive an amount of BTCs equivalent to the SBDs sold.

Final thoughts

Blocktrades.us offers its members a convenient trading platform. The company allows investors to trade in various cryptocurrencies on its OTC market. Blocktrades fees vary depending on the selected currency pairs.

As a player on Blocktrades, note that you have the sole responsibility for the safety of your coins. The company does not necessarily require you to open an account to trade.

With the reasonable rates that the exchange floats for traders, it rules out the intermediaries between transactions. It, therefore, enables businesspeople to reap full benefits of their deals.

Anyone from newbies to high rollers can easily navigate Blocktrades’ user-friendly and straightforward interface. The instructions for effecting an exchange transaction are quite simple to understand and easy to apply.

On the negative side, Blocktrades is charging relatively high fees compared to popular exchanges. Also, the prices of cryptocurrencies on Blocktrades are highly volatile with sudden and quick changes.

Like any other investment, fact-finding is a preliminary step that investors need to take before subscribing to any investment. Blocktrades is an equal investment opportunity even though it sets limits on the maximum amount of transaction one can carry out.

Hopefully, the above information will be helpful and form a sound basis for your understanding and decision making. For more information, check out our website.

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