Are you looking to dive into the world of cryptocurrency trading on BLOX? Creating an account is as simple as following four straightforward steps, and you’ll be ready to start trading in no time. Here’s a guide to help you through the process, step by step.
What Do I Need to Get Started with BLOX?
To begin using BLOX, you will need to download the official BLOX app, which is available in the Apple App Store or the Google Play Store. Just follow the welcome screens until you reach the main menu.
Can I Use BLOX on Multiple Devices?
Yes, BLOX is designed to be multi-device friendly. You can trade your favorite cryptocurrencies seamlessly using BLOX on both your mobile phone and tablet, ensuring you never miss an opportunity no matter where you are.
How to Create a New Account on BLOX?
Step 1: Open the App and Initiate Account Creation
Once you’ve installed the BLOX app, begin by tapping on ‘Create new account’. You will give permission for the app to open your web browser to continue the process.
Step 2: Enter Your Details
Next, enter the required information and tap on ‘Create account’. You will then receive an email at the address you provided.
Step 3: Follow the Email Instructions
The email will guide you through the next steps, which are self-explanatory. Once you complete these steps, you will have successfully created your BLOX account.
Don’t Worry If You Forget Your Password
Forgetting your password is not an issue. BLOX simplifies the recovery process with a ‘forgot password’ feature, allowing you to regain access to your account within minutes.
How to Start Trading Crypto on BLOX?
What’s the Initial Deposit Limit on BLOX?
After creating your account, you can deposit up to 250 EUR to start trading. If you wish to deposit more, you will need to verify your identity.
How to Verify My Identity on BLOX?
To deposit more than the initial limit, go to Settings > My Information > Confirm My Identity. Following identity verification will allow you to increase your deposit limit and continue trading on the platform.
How to Deposit Euros into Your BLOX Account?
Replenishing your euro balance in the BLOX app is a critical step to start buying and selling cryptocurrencies. Below you will find a simple guide on how to deposit euros into your account.
Step-by-Step Instructions for Depositing Euros
The process to deposit euros into your BLOX account is straightforward. Follow the instructions in the app to top up your balance.
Navigate to Your Vault and Tap on Balance
Begin by navigating to your Vault within the BLOX app and select the ‘Balance’ option.
Tap on Deposit
Next, choose the ‘Deposit’ option to initiate the process.
Enter the Amount You Wish to Spend
Determine the amount you want to deposit and enter it within the app.
Tap on To Payment Methods
After entering the amount, select ‘To payment methods’ to proceed.
Choose the Payment Method
Choose your preferred payment method, such as iDEAL, and continue.
Complete the Payment
Complete your payment following the instructions for the chosen payment method.
Done!
Once your payment is complete, the amount will be displayed in your Vault.
Different Payment Methods and Processing Time
iDEAL or Credit Card
When paying with iDEAL or credit card, the amount is usually reflected in your Vault almost immediately.
SEPA Bank Transfer
A SEPA bank transfer will be processed within 1-3 business days, so please take this time frame into account. Note that transactions over the weekend and on holidays are often not processed by banks.
For ABN Amro and bunq accounts, the money is often credited within 10 seconds, but this only applies to amounts under €15,000.
For other Dutch banks such as Rabobank, ING, Triodos Bank, ASN Bank, SNS Bank, RegioBank, Van Lanschot Bankiers, and Knab, you can expect the deposit within 1-2 business days.
Are There Any Extra Costs Associated With These Payment Methods?
For iDEAL and SEPA bank transfers, we do not charge any additional fees. However, when using a credit card, a surcharge of 1.5% is applied. This surcharge is clearly stated before you carry out the payment.
Restrictions on Payment Methods
Please note: we do not accept prepaid credit cards.
Other Questions Regarding Depositing Euros on BLOX
Can I Pay from a Joint or Business Account?
BLOX allows payments to be made from both joint and business accounts. Make sure you check the requirements for such transactions.
How Long Does It Take Before My Vault Is Replenished?
Deposits Are Checked Within 24 Hours
Nearly all accounts are checked within 24 hours after the deposit. Upon approval, you will always receive a confirmation by email.
What If My Vault Has Not Been Replenished After Making a Deposit?
If the amount has been deducted from your account, but your Vault in the BLOX app has not been replenished, please contact customer service for assistance.
How to Buy Crypto with BLOX?
Now that your account is ready and funded, you’re set to invest in your favorite cryptocurrencies. BLOX offers a wide range of digital currencies, including Bitcoin and many other options. This gives you the freedom to choose how you want to diversify in the exciting and dynamic world of crypto.
For those with little experience, it’s advisable to start small and observe the market. Immerse yourself in the world of crypto by reading about crypto for beginners and the most popular cryptocurrencies.
Once you know what you’re doing and are ready to buy crypto, select Bitcoin from the ‘Rates’ in the app and use the yellow buy button to make your purchase. You can start with a small amount since you don’t need to buy a whole Bitcoin; you can start from as little as 1 euro. There you go, you’ve made your first purchase. Please note that some coins are more volatile than others.
What Are the Limits for Trading on BLOX?
After creating an account, you can deposit up to 250 euros. Want to increase your deposit limit? Then you need to verify your identity. The trading limits are as follows:
Basic Account:
- Maximum of 250 EUR both in 24 hours and in 30 days.
Verified Account:
- Maximum of 25,000 EUR in 24 hours and 500,000 EUR in 30 days.
How to Set a Price Alert for Coins on BLOX?
If you want to stay informed about the value of your favorite coin, use the price alert feature of BLOX. Setting up a price alert is as follows:
- Go to the ‘Rates’ page within the app.
- Look for the coin for which you want to set a price alert.
- Select the coin and tap on the bell icon in the upper right corner.
- Enter the price at which you want to receive a notification.
- Repeat these steps to set more price alerts.
Make sure you have push notifications enabled in ‘Settings’ > ‘Notifications’ > ‘Account’ to ensure that you receive the notifications.
Trouble with Notifications?
If you’re not receiving notifications, check if the push notifications are enabled in the app settings. For help with resolving this issue, consult the link ‘I’m not receiving notifications from BLOX, how do I fix this?’ If you still experience issues, contact BLOX customer service.
How to Deposit Crypto into Your BLOX Account?
Currently, at BLOX, you cannot deposit all types of coins. Here you can find a list of available coins. If your coin is not listed, do not worry, BLOX is working hard to expand their assortment to accept more coins. If you cannot wait, it is possible to sell your coins for one of the available coins and then send it to your BLOX account. Afterward, you can easily repurchase your favorite coins.
How to Choose the Right Network When Depositing Crypto on BLOX?
It is crucial to choose the correct network when depositing crypto on BLOX. A wrong choice can result in the loss of your coins. If in doubt, it is wise to contact BLOX support at support@weareblox.com.
How Long Does It Take for My Crypto Transaction to Arrive at BLOX?
The time it takes for your coins to be visible in your vault at BLOX varies per coin and blockchain. Each coin and blockchain has its own speed for mining blocks, and BLOX applies a different number of confirmations for each coin.
What Are Confirmations?
When sending crypto to BLOX, your transaction must be checked and approved by miners and validators. Once a transaction is verified, it is added to the blockchain. Each additional block added after your transaction serves as an extra confirmation.
Can You Track Your Crypto Transaction?
Yes, you can track your transaction. BLOX provides specific instructions for each type of coin to do this.
Important Points When Depositing Crypto on BLOX
- Consider any transaction or network fees from other platforms.
- Always double-check the receiving address. Once sent, a transaction cannot be reversed.
Can I Directly Trade Cryptocurrencies Against Each Other on BLOX?
At the moment, it is not possible to directly exchange cryptocurrencies against each other with a coin swap within BLOX. If you want to exchange a coin for another, you must first sell the coin you no longer wish to hold and then purchase the new coin.
How to Withdraw Money from BLOX?
Selling cryptocurrencies on BLOX is as straightforward as purchasing them. In this guide, we’ll explain how to sell your crypto in three simple steps on the BLOX platform.
Sell Crypto on BLOX in 3 Steps
Step 1: Choose Your Coin
Within the BLOX app, navigate to your Vault and tap on the coin you want to sell under ‘Investments’.
Step 2: Enter Your Amount
Enter the amount you wish to sell. You can switch between euros and crypto using the ⇵ button. It’s also possible to select a percentage of your crypto to sell.
Step 3: Time to Sell!
Tap ‘Continue’. BLOX will present you with an offer. If you’re happy with the price, click on ‘Confirm sale’. Your coins will be sold, and the amount in euros will be added to your balance in your Vault. Do you want to transfer your profit to your bank account? We explain how this works in another article.
Withdrawing euros from the BLOX app requires that your IBAN is known to BLOX. Here’s a step-by-step guide for withdrawing funds, which varies depending on whether your IBAN is already registered with BLOX.
If Your IBAN is Not Yet Known
Steps to Add Your IBAN
If you have only deposited with a credit card before, BLOX does not have your IBAN on file. Follow these steps to withdraw:
- Add your IBAN via bank transfer:
- Open the BLOX app and go to your Vault.
- Tap on Balance and then ‘Deposit’.
- Enter an amount of at least 1 EUR.
- Choose ‘SEPA Bank Transfer’ as the payment method.
- Transfer the amount using the provided payment details. You will also receive an email with these details.
- The transfer processing takes 1-3 working days. Once approved, your IBAN will be linked to your account.
If Your IBAN is Already Known
How to Withdraw Euros
If you have previously deposited with iDEAL or a SEPA transfer, then your IBAN is already known to BLOX. Follow these instructions to withdraw euros:
- Withdraw from the BLOX app:
- Open the BLOX app and navigate to your Vault.
- Tap on Balance and then ‘Withdraw’.
- Enter the amount you wish to withdraw.
- Tap at the bottom on ‘Withdraw now’.
Withdrawing euros from the BLOX app requires that your IBAN is known to BLOX. Here’s a step-by-step guide for withdrawing funds, which varies depending on whether your IBAN is already registered with BLOX.
Withdrawals Only to the First Deposited Bank Account
Following the update, it is now only possible to transfer withdrawn funds to the bank account you used for your first deposit. This means all new bank accounts you add to your account can only be used for deposits.
If You Want to Withdraw to a Different Bank Account
If you need to withdraw to a different bank account than the one used for the initial deposit, you must contact BLOX customer service. They will assist you with the process.
What is the Minimum Selling Amount?
You can sell cryptocurrency on BLOX starting from 1 EUR. This minimum amount also applies to depositing money.
Free and Paid Withdrawal Options
Free Withdrawal
BLOX offers one free withdrawal every month. This means you get the opportunity to withdraw funds to your account once per calendar month without any additional costs. A free withdrawal will be available again on the first day of the following month.
If You Want to Withdraw More Than Once a Month
For each withdrawal after the free monthly withdrawal, you pay a withdrawal fee of €0.25 per transaction.
Why Can’t You Withdraw Coins from BLOX?
BLOX does not allow the sending of coins to ensure the security of your coins and minimize risks. Therefore, BLOX stores your crypto, which goes against the ethos of self-custody. If this is not a concern for you, BLOX is a viable option. But remember the principle: Not your keys, not your crypto!
How to Close Your BLOX Account
If you’re experiencing issues with your BLOX account, such as difficulties with verifying your identity or changing your email address, you should first contact customer service. They may be able to help with the problems you’re encountering.
Step-by-Step: Closing Your BLOX Account
Follow these steps in the app to close your account:
In the App:
- Go to ‘Settings’.
- Choose ‘My Data’.
- Navigate to ‘My Profile’.
- Select ‘Close My Account’.
- Confirm your choice to close the account.
What Happens to My Data After Closing My Account?
BLOX is legally required to retain certain data for a minimum period. For example, ID data must be kept for at least five years. Data related to transactions need to be retained for a minimum of seven years.
Conclusion
With this explanation, you have learned how the main features of BLOX work. With a few simple steps you can now get started with buying, selling and managing cryptocurrency yourself. Good luck and have fun trading!