HardBlock bitcoin service review
Buy and sell bitcoin simply and easily.
|Product Name||HardBlock Bitcoin Service|
|Trading Fee||Fees vary|
|Deposit Fees||Fees vary|
|Withdrawal Fees||Fees vary|
What is HardBlock and how does it work?
HardBlock is simply a service that buys and sells bitcoin (BTC) assets. It’s designed to be a quick, safe, simple and reliable way to trade bitcoin as desired. It doesn’t trade any altcoins – just bitcoin.
The buying and selling processes are slightly different from most platforms.
Essentially, all you have to do is create an account and then put AUD or bitcoin into it. Whenever you buy or sell, the profits or purchases go to that account. You can move your dollars or bitcoin in and out of the account, and it’s almost entirely free.
- To buy. Create an account, get verified and HardBlock can sell you bitcoin. Verification only needs to be done once, and usually takes about 2 days. Actually making a purchase can typically be done the same or next day. You will need to deposit funds into your account. These funds can then be used to buy bitcoin.
- To sell. You can use the HardBlock QuickSell service to sell bitcoin without creating an account or signing in, or you can deposit bitcoin for selling into your account.
It works a lot like trading bitcoin peer-to-peer on an exchange, except HardBlock goes between the buyers and sellers to keep things running smoothly and efficiently.
What are the fees?
There are no fees involved. HardBlock’s revenue comes from the spread between bitcoin buying and selling.
The exception is if you deposit funds into your account and then withdraw those funds without buying any bitcoin. In this case HardBlock will charge a fee of up to $50, based on the amount deposited and withdrawn.
For a sense of the value you’ll get for your money, you’ll have to look at the HardBlock’s prices for buying and selling, and compare those to the prices you’ll find elsewhere, factoring in any fees that other providers might have.
Who can use HardBlock?
Anyone aged 18+ who can transfer money or bitcoin to HardBlock can use the service. However, because it’s an Australian company, you’ll typically need to have an Australian bank account for it to be worthwhile, and you’ll usually be paid for your bitcoin in Australian dollars.
It may be usable worldwide, but might only be worthwhile if you want AUD for your bitcoin, or if you’re buying bitcoin in Australia.
What are the payment and transfer methods?
Depositing dollars into your account can be done through bank transfers. HardBlock doesn’t accept cash deposits, or any method other than POLi bank transfers.
HardBlock doesn’t charge any fees for any transfers, with the exception of withdrawals made if you haven’t bought any bitcoin.
Other than that, the only fees involved may be those charged by third parties, such as banks, for processing transfers.
How long does it take to buy and sell?
The first time you use HardBlock to buy bitcoin, you’ll need to verify your account before you can get started. This usually takes a couple of days. Once you’re verified, you can expect the bitcoin to arrive in your wallet within a day of transferring funds and making a purchase.
If you want to sell bitcoin, you don’t need to create an account or verify your identity. This can instead be done with the QuickSell service. It usually takes 3 days to receive your cash after selling bitcoin for the first time.
For subsequent selling, it usually takes 1 working day to receive your money.
Are there transfer limits?
You’ll find a deposit limit on your account initially. To raise this limit you can deposit funds, and the limit will be raised to the next level. Whenever you’ve deposited funds up to the transfer limit, the limit will be raised again.
Do I need a wallet to use HardBlock?
Your account at HardBlock acts like a wallet, so you don’t necessarily need your own. However, you may want to get your own in order to withdraw bitcoin from your account.
Privacy and security features
Like many exchanges, HardBlock holds most of the bitcoin it’s been entrusted with, such as the bitcoin in your account, in an offline “cold” wallet. This means it’s almost impossible for the assets to be stolen electronically.
Instead, the main hazard might be someone logging into your account without permission and emptying it.
HardBlock protects against this with Trulioo support, similar to the kind that some government agencies and many other businesses use to protect confidential information. It also offers two-factor authentication (2FA) logins for an extra level of security.
You will need to provide some identification and personal information to buy bitcoin. This is standard, and a requirement of Australian law.
HardBlock is a registered Australian business (ABN 82 759 501 160). It’s an active presence in Adelaide’s bitcoin scene and the owners can be reached on social media. This suggests that it’s a reputable service, and not a scam.
You can reach HardBlock customer service through email, or contact the development team of two on social media, with the details provided on the About page.
Pros and cons
- Extremely simple to use
- Can be used for quick buying and selling after the first time
- May lack some of the features you’re interested in
- The buy and sell prices may not be as competitive as you’ll find elsewhere
How to start
Once you have done your due diligence and have decided to be a buyer, you can simply visit the site to get started. You don’t even have to create an account to sell bitcoin.
If you’re interested in buying, or will be using HardBlock frequently, then the first step is probably to create an account and verify your identity.