BlockFi Review: All You Need to Know
Today we are going to talk about BlockFi, a crypto trading platform that offers various services, from loans to additional features that can help each client get ahead in the crypto game. You’re going to love it…
What is BlockFi?
You might have heard about cryptocurrency, and you are looking for an opening to be a crypto investor. There are so many platforms for this, but BlockFi is one of the best for a newbie looking into joining crypto trading. In this short BlockFi review, we give an overview of what it takes to open an account (free, by the way) and the trading options available. But what is BlockFi?
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BlockFi is a cryptocurrency trading platform that offers its clients various services, including loans with one of the most competitive interest rates available in the market. To get this great offer, one has to open an account with BlockFi through a simple process that takes a few minutes.
Cryptocurrency trading is an under-tapped and confusing market, but with a BlockFi account, you don’t have to be a tech guru to start trading and earn up to 8.6% interest gained per year (APY) with your crypto savings.
Disclosure: This is a free article that contains affiliate links. If you make a purchase through one of these links, I may receive a small commission at no extra cost to you.
What Do They Offer?
1. Crypto Interest Account
Opening a crypto interest account on BlockFi is free, and there are no hidden fees and no minimum balance requirement.
More good news; your interest in your balances accrues daily, and with rates of up to 8.6%, it is one of the best cryptocurrency platforms to open an account with. For comparison, banks don’t even give an APY greater than 1% for most savings accounts. With this account, you earn interest daily and interest compounded monthly.
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2. Crypto Loans
With a BlockFi account, one can get low-interest loans at rates as low as 4.5%. It allows you to borrow against your crypto assets and what this essentially means is that instead of offloading your savings, you can borrow up to 50% against your savings. You can use these funds to trade and grow your portfolio. The good news is that you get immediate access to these loans without any prepayment and the funds are disbursed quickly after the loan is approved.
3. Trading Account
After setting up a BlockFi account and funding it, you can buy and sell any major cryptocurrencies and stable coins available on the platform. With a trading account, you can automatically buy cryptocurrencies at your preferred frequency, be it daily, weekly, or monthly without the need to spend long hours trading actively with your interest account.
There are no hidden fees, all major cryptocurrencies are available for trade, and it also offers a streamlined trading experience as soon as you fund your account. The cryptocurrencies available for trading include BTC, ETH, PAXG, LTC, and USD-based stablecoins including, USDT, GUSD, and USDC.
4. BlockFi Bitcoin Credit Card Waitlist
BlockFi offers access to funds through credit in Bitcoin instead of the traditional fiat like a brick-and-mortar bank. It is currently taking pre-orders for Bitcoin credit cards.
Clients who are approved for the card will receive a 3.5% Bitcoin rewards rate for the first 90 days. In addition, there will be a new rewards tier: cardholders will earn 2% back in Bitcoin on every dollar spent over $50,000 annually.
What Are The BlockFi Interest Rates?
You can earn interest in BTC, USDC, ETH, PAX, LTC, and GUSD depending on the amount of money in your BlockFi Interest Account (BIA). This interest-bearing account does not require a minimum balance and the interest is paid out at the beginning of every month. The current interest rates are as follows:
- BTC (Tier 1): 0 – 0.5 BTC (5.0%)
- BTC (Tier 2 ): >0.5 – to 20.0 BTC (2.0%)
- BTC (Tier 3): > 20 BTC and above (0.5%)
- LTC: >0 (5.5%)
- ETH (Tier 1): 0-15 ETH (4.50%)
- ETH (Tier 2): >15 – 1000 ETH (2.0%)
- ETH (Tier 3): >1000 ETH and above (0.5%)
- LINK: 4.5%
- PAXG: 4%
- PAX: 8.6%
- USDC: 8.6%
- USDT: 9.3%
- GUSD: 8.6%
- BUSD: 8.6%
Does BlockFi Charge Any Withdrawal Fees?
As a BIA account holder, you can withdraw your funds any time with one free crypto withdrawal and one free stablecoin withdrawal per calendar month. Any subsequent withdrawals attract the following fees:
- BTC — 100BTC per 7-day period @ 0.0075 BTC
- LTC — 10K LTC per 7-day period @ 0.0025 LTC
- ETH — 5K ETH per 7-day period @ 0.02 ETH
- LINK — 65K LINK per 7-day period @ 0.95 LINK
- PAXG — 500 PAXG per 7-day period @0.015 PAXG
- Stablecoins — 1M per 7-day period @ 0.25 USD
Are My Funds Safe With BlockFi?
Depositing funds in BlockFi is not as safe as depositing money at a bank. BlockFi, or rather its custodian, Gemini, does take measures to protect its clients’ funds. The majority of funds are kept in cold storage offline. Another security measure is that its client funds are placed ahead of any equity or employee funds in the event of a loss.
Sign Up Bonuses
BlockFi is currently offering the following bonus:
New clients to BlockFi will receive up to a $250 Bitcoin (BTC) bonus when they sign up and make qualifying deposits (as little as $25) within the first 30 days of opening. This offer has no expiration date.
How to Sign Up
Opening a BlockFi account takes only 3 simple steps.
- Sign up for an account
- Fund your account with USD, crypto, or stablecoins
- Start earning interest
You can download the BlockFi app on the Apple app store or Google play store or sign up here. Fund your account and start earning interest. This also enables you to trade, get loans, and early access to BlocFi Credit Cards.
The following are some of the benefits of opening an account with BlockFi:
- Free platform
- Easy to use
- Great interest rates
- S.-based and regulated
- Instant trades
- No commission fee or hidden fees
- No monthly fees or minimum deposit requirement
- Available on the Apple AppStore and Google play store
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Opening a BlockFi account and using the platform is relatively easy. It is a great platform for a beginner or intermediate cryptocurrency investor and has a high interest rate on savings and it offers loans with low interest rate. You can also open a personal or business account. In addition, your assets are safe as it is backed up by a large amount of collateral and regulated by U.S authorities. This also ensures easy access to your funds. Because of these and other benefits available on the platform, we recommend opening up an account with BlockFi.