BLOX was founded in 2019 by BTC Direct and is mainly trying to simplify investing in crypto even further. With this app you literally only have a Buy and Sell button, that’s all. So it can (almost) not go wrong! BLOX is also registered with De Nederlandsche Bank (DNB).
You can easily pay in euros with iDEAL, credit card or Bancontact and payouts are via IBAN bank transfer.
Keep in mind that this convenience comes with a ton of limits. You cannot withdraw/send your crypto, earn interest on it or trade with it at an exchange. You also pay 1% transaction costs per transaction, this is not very high, but it can be a lot lower.
The many negative reviews from users have the reason that the app is unstable, so users can not always log in or act when they want. The app does not seem to be ready for real trading in 2021, so users cannot log in, orders are processed too late or not at all and euro deposits come through too late.
If you make a loss with the Weareblox app, because the platform is not available or you cannot log in, you bear this risk. The conditions state that BLOX does not have to provide a stable platform and no compensation is provided for this. After all, you cannot prove that you wanted to buy or sell.
Fortunately, the team is working hard to improve the app, but until then they will no longer accept new users. Company dataBLOX B.V. Wijchenseweg 102, 6538 SX Nijmegen.RegulationBLOX B.V. is registered with De Nederlandsche Bank.Aanbod55 crypto’s. Trading costs1% (click here for a four times cheaper alternative). Payment methodsiDEAL, credit card, Bancontact and bank transfer. Suitable for Beginners, who don’t want to do anything with their crypto. DealsNo.AppiOS and Android app available (app-only). ContactE-mail, live chat and social media. BLOX advantages and disadvantagesBenefitsIn 4 steps buying crypto Member stop 250 EUR trading without verification App is currently unstable Hope online complaintsBLOX alternative
BLOX is easy, but the app is very limited. In addition, trading can also be a lot cheaper at the Bitvavo exchange. At Bitvavo you pay four times less per transaction (max. 0.25%), you receive interest on your coins and you have a very stable app. In addition, the prices are real-time, the offer is more than 2x as large and you will receive answers to your questions the same day.
Take advantage of the welcome bonus and you will even trade the first 1,000 euros for free.
Welcome Bonus: €1,000 FREE trading at Bitvavo today
Pay no trading fees at Bitvavo for 7 days today. A maximum of € 1,000 of digital currency applies. What is Weareblox?
BLOX is a very handy application that you can easily download on your mobile phone. This application has many useful options that simplify trading or investing in cryptocurrencies. As mentioned before, you do not need to have any technical knowledge to use this application and this app is therefore particularly suitable for the older target group.
In addition, you do not need a wallet if you use the BLOX app. The BLOX app contains a so-called custody service that forms a secure storage for all crypto coins that you buy.
Through the BLOX application you can easily buy cryptocurrencies by depositing euros from your bank account. The app offers no less than 55 different cryptocurrencies, including Bitcoin (BTC), Chainlink (LINK) and Polkadot (DOT). Compared to the competition, this offer is not very large, but it is growing fast.
In this review we will introduce you to the BLOX app, so that at the end of this article you can decide for yourself whether you want to use the BLOX application or not. How does the BLOX app work?
You can easily download the app for your Apple or Android smartphone from the App Store. After a successful installation, you can open the app and register an account. Unfortunately, registration has been stopped for new customers.
For now, the app is therefore unusable for new users, but we expect that the registrations will be opened again in the future. Read more about why there is now a member stop.
If you already have an account, you can top up your credit via your account after logging in. This can easily be done with iDEAL, credit card or Bancontact.
You can buy crypto as follows:
The Weareblox app uses a limited system that ensures that a hacker cannot access your cryptocurrency. The system is so limited that you can’t even take your coins off yourself. This also means that you do not have access to the private keys of the wallet in which your crypto coins are stored. BLOX costs
As with other brokers, you have to pay transaction fees when you buy cryptocurrencies via the Weareblox app. Fortunately, the transaction costs with the BLOX app are not very high. The fee per order is 1% and therefore lower than with most brokers. In terms of transparency, you see with every purchase that you pay 1%, but not the amount in euros.
Although the costs are lower than with other brokers, it can be even cheaper. Four times as cheap, in fact. With Bitvavo, for example, you pay a maximum of 0.25% trading costs on each transaction. That saves a lot of unnecessary costs. In addition, Bitvavo has had a stable platform, a stable app and real-time quotes for a while now. Overview of commissions brokers in the NetherlandsBrokerBitvavo: 0.25%Coinmerce: 0.67%Bitmymoney: 1.01%Bitcoin Master: 1.12%Litebit: 1.18%+ transaction feesAnycoin Direct: 1.28%+ transaction feesSATOS: 1.77%BTC Direct: 2.01% + transaction feesHappycoins: 5.55%BLOX malfunctions and complaints
Something you as a trader would rather not have is that the platform has malfunction when you just want to start trading. Or even worse, if you have a position open and want to sell. This kind of malfunction has happened to Weareblox very often and because of this you see a lot of negative reviews appear on the internet and via social media.
After all, you expect from a crypto service that you can always log in, trade and deposit money. In addition, you also expect support when necessary. Of course, mistakes are made where people work, but at BLOX it went wrong and also very often.
For several days in a row, users could not trade on the platform and could not log in. Opened positions could not be closed or purchases/sales could not be completed. This is the minimum service you expect from a broker. A lot of people have suffered losses and they don’t take that away from BLOX with thanks.
In any case, the CEO said that a financial compensation for most people is not in it. The general terms and conditions of the app state that no stable platform needs to be delivered.
BLOX has decided to stop taking on new customers and they are now trying to develop a stable app. You can keep an eye on exactly how this works via the various BLOX review platforms or social media. Timeline BLOX malfunctions
The disruptions and complaints will continue in 2021:
- February: Introduction of member shutdown due to the ongoing malfunctions and maintenance moments. Trading during peak times impossible. No answers to support questions.
- March: Bug fixes implemented, but didn’t help. The number of people in customer service scaled up.
- April: Bugs are not yet out of the app, so the app crashes again during peak times and the app often has to go into maintenance mode.
- May: Extension of the members’ ban due to the ongoing problems. Increase the limits, so that larger orders are placed. Support response can take up to 3 business days.
- June: An outage for a small number of users.
- December: Scheduled maintenance (must be possible).
No malfunctions have yet been reported in 2022.
The team is working hard to create a stable app for its users. BLOX verification
If you want to use the Weareblox app, there are a number of steps that you must follow to register and verify your account. First you need to register an account, this is completely free (if the registration opens again).
