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BlockFi is a cryptocurrency exchange platform that enable users to buy and sell cryptocurrencies. The platform is one of the largest exchanges worldwide, with over 1 million verified clients and over 250 institutions using it. In addition to cryptocurrency trading, the platform also offers users the opportunity to earn interest on their cryptocurrenceis, via its interest account or credit card.
- Referral bonus – get a $10 bonus for each friend you refer who completes a purchase of at least $100 worth of cryptocurrency on their account.
- Get up to 3.5% cashback – the platform offers the world’s first Bitcoin credit card, which offers up to 3.5% cashback on all purchases made with it.
- Low interest rate for borrowing – you can borrow money at interest rates from as low as 4.5% APR so you don’t have to sell your crypto to get cash.
- High interest rates – the platform offers interest rates of up to 9.5% APY for users who deposit their crypto into the BlockFi Interest Account.
- Limited free withdrawals – you only get 1 free withdrawal per calendar month. After that, the platform charges a 0.00075 BTC fee on withdrawals.
- Cannot withdraw fresh funds immediately – if you fund your account with a bank transfer, you must wait at least 5 days before you can withdraw.
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Compare to Other Investment Apps
Invest in real estate properties with a $10 minimum initial investment
Historical annual return varies from 8.8% to 12.4% (2019 – 9.47%)
Low annual fees: advisory – 0.15%; management fee – 0.85%
Manage your portfolio of stocks, ETFs, and crypto investments – all in one place
Over 5000 stocks and ETFs to choose from (dividend stocks available)
Follow other investors, see their portfolios, and exchange ideas
How Does BlockFi Work?
How Much Can You Earn With BlockFi?
Your earnings on BlockFi will ultimately depend on various factors, such as the state of the market and your buy and sell price. You can potentially earn up to 50% interest or more on your cryptocurrency investments. For example, if you had invested in Bitcoin stocks at the start of 2021, you would have earned a 48.5% return on your investments.
Nonetheless, remember that like with all investments, there are risks involved, and there is the potential for you to lose money on your investments.
BlockFi Reviews: is BlockFi Legit?
|Review Website||BlockFi Reviews|
|Trustpilot||3.6 out of 5 stars|
|Apple App Store||3.3 out of 5 stars|
|Google Play Store||3.9 out of 5 stars|
Who is BlockFi Best for?
At the same time, experienced investors can also benefit from using the platform. BlockFi features exclusive benefits for high net-worth clients.
Some of these benefits include:
- Negotiable crypto interest rates
- Fiat borrowing
- Trading costs
- And many more
BlockFi Fees: How Much Does it Cost to Invest With BlockFi?
BlockFi Features: What Does BlockFi Offer?
BlockFi Interest Account
Apart from being a crypto marketplace, BlockFi also offers the BlockFi Interest Account. This feature enables users to earn interest on the cryptocurrency they deposit into the account. Using the BlockFi Interest Account will allow you to make up to 11% returns on your investment per annum.
The interest rates that you can earn with this account will fluctuate depending on market conditions and the type of cryptocurrency you invest in.
|0 – 0.10 BTC||4%|
|0 – 1.5 ETH||4%|
The interest you earn on this account will accrue daily, and you will receive it monthly. The platform does not charge any fees to use this feature, and there are also no minimum balances.
BlockFi also offers Crypto Loans that enable you to borrow USD against your cryptocurrency. To take a crypto loan, you can deposit BTC, ETH, LTC, or PAXG as collateral.
BlockFi Personalized Yield
Some of the benefits you can enjoy include:
- Negotiated rates
- Custom trading spreads
- Personalized support
- And many more
BlockFi Bonus Offers & Promotions
There are relatively few requirements for you to start investing with BlockFi. The platform has no minimum deposit or balance amounts, and it also does not charge any maintenance fees.
It is free to download and start buying cryptocurrencies with BlockFi.
BlockFi Payout Terms and Options
|Withdrawal Limit (1 Free Withdrawal Per Month)||Fee for Each Withdrawal After the First|
|BTC||100 BTC per 7-day period||0.0025 BTC|
|LTC||10,000 LTC per 7-day period||0.0015 ETH|
|GUSD, USDC, BUSD, PAX, DAI, USDT||1,000,000 per 7-day period||0.0025 LTC|
However, note that some crypto stocks are not eligible for free withdrawals, so be sure to check your BlockFi dashboard to see how much withdrawal fees you will need to pay.
BlockFi Risks: is BlockFi Safe to Invest with?
Nonetheless, there are always general risks when investing your money. You may lose money if the cryptocurrency you invest in goes down in value.
How Does BlockFi Protect Your Money?
What Are the BlockFi Pros & Cons?
- You will need to pay withdrawal fees after your first withdrawal each month
- The platform does not have the most favorable spread rates
How Good is BlockFi Support and Knowledge Base?
BlockFi offers multiple options for users to contact customer support if they face any issues with their accounts. The platform has a live chatbot that you can use if you have any questions. Alternatively, you can also contact customer support via email, live chat, or over the phone.
|Support Option||Response Time|
|Creating a Support Ticket||Get a response via email within a few hours|
|Live Chat||9:00 PM EST – 8:00 PM EST every day|
|Phone Call||Monday – Friday from 9:30 AM EST – 8 PM EST|
The platform also has a comprehensive knowledge base you can refer to if you have any questions about BlockFi’s products or services.
BlockFi Review Verdict: is BlockFi Worth It?
BlockFi can be worth your time if you are looking for a way to earn money by investing in Bitcoin stocks or other crypto assets. Depending on the cryptocurrency that you purchase, you could potentially earn up to 50% or more in investment returns per year.
The company also takes many precautions to protect your assets. It works with Gemini to ensure that it has enough assets on hand for users to withdraw.
As with all investments, note that there are always risks to investing money.
How to Sign Up With BlockFi?
Signing up for BlockFi and opening your interest account is a straightforward and effortless process.
Here are the steps that you can take to sign up with BlockFi:
- Click the ‘Get Started’ button on the BlockFi website to create an account using your email address and phone number.
- You will then need to verify your email address.
- After verifying your account, you must verify your identity before you can make a deposit.
- You can complete the verification process by uploading documents, such as an ID card, passport, or driver’s license.
- Once you have verified your account, you can then deposit money into your account and start buying crypto stocks.
Sites Like BlockFi
|Service Fees||1% spreads||No fees||Starting from 0.5% per trade||25% spot trading fee|
|Best For||Beginner traders||Frequent withdrawals and deposits||Widest range of cryptocurrencies||High APY|
BlockFi vs. Nexo
Nexo is one of the best alternatives to BlockFi, and both platforms offer users a way to earn interest on your crypto investments.
However, unlike Coinbase which offers up to 11% interest rates, the highest rate that Nexo offers is only 8%. Both platforms have their benefits, and you can try out both platforms to find one that works for you.
BlockFi vs. Coinbase
Coinbase is a great crypto marketplace that you can join if you are looking for altcoins to buy. The platform features over 4500 cryptocurrencies that you can buy and sell, enabling you to invest in cryptocurrencies that BlockFi may not even have.
In addition, Coinbase also has a low minimum deposit amount of just $2, making it a great alternative crypto platform to BlockFi.
BlockFi vs. Binance
Like BlockFi, Binance is also one of the best platforms that you can join to buy and sell cryptocurrencies. You can earn an APY of up to 35% when you invest in cryptocurrencies on Binance.
However, note that Binance has a high minimum deposit amount of $50. Thus, if you are just a beginner looking for a way to get into crypto trading with a low commitment, BlockFi may be the better option.
Other Sites Like BlockFi
Alternative Investment Sites
What is BlockFi?
Can I Trust BlockFI?
BlockFi is a legitimate company with millions of users worldwide and you can trust the platform.
Is it Smart to Use BlockFi?
If you want to invest in cryptocurrencies over the long term, it is smart to use BlockFi as the platform will protect your assets.
Is BlockFi Better than Coinbase?
Both BlockFi and Coinbase have their pros and cons, and they cater to different markets. You can try out both platforms to see which one works best for you.