Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
What is Blockbid?
Blockbid is a secure cryptocurrency trading platform preparing for its full-scale launch in 2019. Based in Melbourne, Blockbid has registered with Australia’s regulatory financial oversight body AUSTRAC to operate as a digital currency exchange.
The platform launched live beta trading on 28 September 2018.
Though it is awaiting a full live launch, the platform will support mainstream fiat currencies and plans to offer more coins on a single platform than any other exchange. Key features highlighted by the platform include flat 0.1% trading fees, 95% of all crypto deposits stored in an offline multisig wallet and full cybersecurity insurance coverage.
Blockbid's 2017 ICO raised 3,518 ETH and the platform's beta phase began on 16 April 2018. CEO Ben Sapper, COO David Sapper and Director Gabriel Govinda head up the Blockbid team.
Which cryptocurrencies will I be able to buy/sell?
Phase one of the beta test will provide access to Blockbid's BID token and a selection of the world’s biggest cryptocurrencies:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin Gold (BTG)
- Litecoin (LTC)
- Ripple (XRP)
Phase two of the beta test has been planned to introduce several additional tokens to the platform:
- Ethereum (ETH)
- Dash (DASH)
- NEM (XEM)
- DigiByte (DGB)
- Nano (NANO)
- Bytecoin (BCN)
- Nexus (NXS)
- ICONOMI (ICN)
- Cajutel (CAJ)
- Jetcoin (JET)
- ASTRcoin (ASTR)
- Fincoin (FTB)
- Trezarcoin (TZC)
- Unify (UNIFY)
- LanaCoin (LANA)
- TajCoin (TAJ)
- I/O Coin (IOC)
- NETKO (NETKO)
- Fujicoin (FJC)
- Unitus (UIS)
- Bitether (BTR)
- Decision Token (HST)
- DNotes (NOTE)
Curious about altcoins? To find out more about them, check out our guides.
Blockbid is an Australian cryptocurrency exchange that plans to offer its services to crypto traders worldwide once launched. Watch this space for details of when the platform will launch in full and start accepting customers from around the globe.
Which payment methods will the platform offer?
The beta testing phase will see Blockbid offer support for four fiat currencies:
- Australian dollars (AUD)
- US dollars (USD)
- Euros (EUR)
- Japanese yen (JPY)
Blockbid plans to add at least three more fiat currencies in the 6-12 months following the live beta launch, including:
- New Zealand dollars (NZD)
- Hong Kong dollars (HKD)
- Great Britain pound (GBP)
However, note that there’s currently no information on the Blockbid website about which fiat deposit methods the platform will support.
Blockbid will also accept cryptocurrency deposits.
How much does it cost me to use Blockbid?
It’s also worth pointing out that during the beta test phase, there are no trading or withdrawal fees to worry about.
As Blockbid is not yet fully launched, there’s limited information available about the fees that will apply. What we do know is that the platform will feature the following:
- A flat 0.1% trading fee (note that this will be waived during the live trading beta phase)
- Cryptocurrency withdrawals will incur the standard blockchain fee for that coin
- Any international fees incurred are at the cost of the user (eg, withdrawing USD to a US bank account), with no additional fees charged by Blockbid
What are the transfer limits?
The beta phase features unlimited deposits and withdrawals (pending KYC completion), but it’s not confirmed that this will also apply once the platform has completed its full launch.
The platform plans to introduce the following limits after its full launch:
- Minimum fiat deposit is $100 AUD
- Minimum coin deposit is 0.1
Is it safe to use Blockbid?
Blockbid is designed to be compliant with the anti-money laundering (AML) and counter-terrorism financing (CTF) laws introduced by the Australian government. It has been registered by AUSTRAC to operate as a digital currency exchange. Crypto buyers who want to trade on a legitimate platform can factor this into their decision when considering whether to open an account at Blockbid.
Blockbid also has cybersecurity insurance which protects its users against loss caused by any cyber attacks. On the Blockbid website, the team also states that 95% of all crypto asset deposits with Blockbid are stored in an offline multisignature hardware vault.
You can contact the Blockbid team by filling out a form on the platform’s website or by emailing email@example.com.
Pros and cons
- Will include a wide range of coins and tokens
- Also offers fiat trading
- 95% of all crypto asset deposits stored in an offline multisignature hardware vault
- Competitive 0.1% transaction fees (plus free trading during beta phase)
- Designed to suit traders of all experience levels
- Exchange designed to be scalable up to 1 million transactions per second
- Allegedly fully covered by cybersecurity insurance
- Still being developed and tested
- Doesn’t yet have the same “runs on the board” as other exchanges
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Disclosure: At time of writing the author holds ADA, ICX, IOTA and XLM.