Blockchain.com: do not buy any Crypto (especially Algorand)

[newalias]

Hi all,

this is about Blockchain.com, a trusted wallet and service provider in crypto world. However, I am not able to access my funds and they do not answer me for days (ticket number 1598198). And there is some shady sort of off-chain transactions involved.

Lets start from the beginning. A few weeks ago, Algorand (ALGO) appeared in Blockchain.com web wallet as currency. I wanted to buy some Algorand, so I did this with my credit card via the Blockchain.com web app. Everything looked fine, the Algorand was deposited in my Blockchain.com wallet.

Nowadays, the worth of Algorand has grown, so I wanted to sell my holdings. However, there is just no action possible. You cannot send Algorand, you cannot request it and finally you cannot swap it. So, the implementation of Algorand in Blockchain.com web wallet is limited to showing its logo, name and allowing to buy it...

I then tried to find the BIP derivation path to my Algorand holdings, but that was not possible. I now know why: I did another, low-valued test buy transaction. The funds appeared in my Blockchain.com wallet, but there was no move of these funds on-chain in Algorand network.

So, I currently have absolutely no possibility to access my buyed and paid Algorand. The support is not answering me for days.

This is a big warning to everyone trying to buy crypto via Blockchain.com! They do no play fair!

In a few days, I will proceed with a charge back at my credit card bank. Furthermore, I will sue Blockchain.com for the difference of current rate and rate I buyed for.

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[nutildah]

I agree with you its not cool that they would sell something without you being able to do anything with it, but they have had this blog post up since Jun 30th:

https://support.blockchain.com/hc/en-us/articles/360045226412-What-can-I-do-with-ALGO-

When you buy ALGO via Buy Crypto, your purchase is settled in your custodial Trading Wallet balance, securely stored for you by Blockchain.com. At this time, we don’t support withdrawing ALGO from the Trading Wallet, although this functionality will be coming soon. Likewise, we’re working hard on bringing Sell Crypto to all of our users who have bought crypto through their Blockchain.com Wallet, including for ALGO.

I don't understand the point of selling something if they can't support it. Not a good maneuver on their part. But legally speaking, they would probably just point out this blog post to you. The fact that it still can't be withdrawn over 2 weeks after they added it as a purchase option is borderline negligent and that should have been implemented from the start.

Your best bet is to just wait until they enable the withdraw option, withdraw your coins, and then never use them again. If I were you, I'd also be pissed and probably wouldn't support them any more either.

[newalias]

Thank you for this very interesting information 

But legally speaking, they would probably just point out this blog post to you.

This blog post was never known to me. There was no checkbox like "I know, that I cannot transact my buyed value, according to this blog post (link)" or similar. So they cannot just point me out a blog post somewhere on the web.

However, in this blog post, also this is stated (last paragraph):

At this time the Blockchain.com Wallet only supports transacting with ALGO. Validating and voting on blocks and other staking activities are currently not supported, but are planned to be in the future.

Where is the transacting support? Does it only mean buying and sending Blockchain.com money for nothing?

These are retards.

[KarlyObaks]

Did you try sending to another algorand wallet?

[newalias]

Did you try sending to another algorand wallet?

No, they introduced "Sell Crypto" to their platform.

So I sold Algorand for Euros (no other possibility), it is also custodian. Then I buyed Bitcoin and was pissed off as I got custodian Bitcoin. So I thought I payed their high fees two times for having another custodian shit. But for custodian Bitcoin, you can send them to your Blockchain.com main wallet.

So I sent they custodian Bitcoins to my real Bitcoin wallet and then sent them away from these retards.

I paid two time fees, but I wanted to hold ALGO, but not in a custodian manner as they forced me to without prior notification.

Stay away from buying Crypto on Blockchain.com!