In the rapidly evolving world of cryptocurrency, BLOX is known for its commitment to user safety and reliability. If you are considering starting to trade through BLOX, it’s understandable that you’d want to hear about others’ experiences and assess the platform’s reliability. This article provides an in-depth review of BLOX with respect to its reliability and security.
Security First at BLOX
Closed System for Extra Security
BLOX has implemented a closed system where cryptocurrencies cannot be sent to external wallets. This significantly reduces the risk of loss or theft of cryptos.
Linked Bank Account Feature
Users can only make withdrawals to the bank account linked to the BLOX account. This prevents fraudulent transactions, even in the event of unauthorized access to your account.
The Reliability of BLOX
Trust from Users
With over 600,000 users, it’s clear that BLOX is a platform that has gained the community’s trust.
Experience of the Founders
The founders of BLOX, who are also behind BTC Direct, bring a wealth of experience and expertise in the cryptocurrency sector.
Official Registrations
Registration with De Nederlandsche Bank since 2020 and licenses in other European countries confirm BLOX’s commitment to legal compliance and user safety.
What Do BLOX Customers Say?
Customers praise BLOX for its quick and helpful service. The many positive reviews on Trustpilot show that customers are very satisfied with the service they receive at BLOX, where the customer clearly comes first with their questions and concerns.
BLOX’s helpdesk is repeatedly praised for their quick response time. “The helpdesk responds super fast and comes with direct, concise solutions!”, says one customer. Another describes the service as “very clear, helpful, and friendly”. BLOX is also commended for how they “efficiently and quickly” resolve issues.
The commitment and willingness of the BLOX team to assist customers are highly emphasized. Even complex issues are resolved satisfactorily, as shared by one customer: “Despite an inexplicable event, the team remained in contact and searched diligently for a solution.”
BLOX is also a pleasant place for less experienced customers and older users. They offer clear explanations and support via email and phone. A 62-year-old customer praised the “decent and useful explanation” he received over the phone.
Points of Criticism
An increasing number of customers express their dissatisfaction with BLOX’s operations. Several negative reviews on Trustpilot indicate that users accuse BLOX of unilaterally removing certain coins from the platform.
For example, BLOX recently decided to remove Terra Luna Classic without clear reasoning. Customers were forced to sell their coins at a loss and also had to pay commission. Several reviewers label this as “deception” and “fraud”. Another complainant states that BLOX puts coins on ‘hold’ or stops trading when the price rises too quickly, preventing customers from taking advantage.
Furthermore, users complain about the high transaction fees of 1% for both purchases and sales. This would amount to a loss of a full 2% per transaction. BLOX is also accused of adjusting the exchange rate during sales, which can cost customers hundreds of euros. A reviewer even refers to them as “thieves”. Several customers indicate that for these reasons, they seek refuge with other platforms, such as Binance.
Frequently Asked Questions about BLOX
Is BLOX Free?
BLOX is free to download and use. However, transaction fees are charged, but these are transparent and communicated clearly in advance.
Safety of Coins
Coins are stored in ‘cold storage’, meaning they are kept offline and secure, away from potential online threats.
Reliability of BLOX
BLOX is a registered company with De Nederlandsche Bank (DNB) and cooperates with one of the ‘Big Four’ accounting firms. This emphasizes the platform’s reliability and professionalism.