BlockFi Review

BlockFi Review

Daniel Chan

June 10, 2022

Cryptocurrency

What is BlockFi?

BlockFi is a cryptocurrency exchange that was established in 2017 by Zac Prince and Flori Marquez as a way to access crypto assets and their related financial activities all in one place. BlockFi allows its users to purchase, sell, and trade different assets on the platform. There are more than 35 popular crypto assets that can be traded on BlockFi, including BTC, ETH, ADA, SOL, and ALGO, and some of them can be purchased and sold without any restrictions.

If you don’t want your assets to sit idle in your crypto wallet or BlockFi account, you can opt for their interest accounts, which can help you make some extra money without doing a single thing. BlockFi users can also get crypto-backed loans with minimal interest rates so that you won’t have to sell your crypto in times of need. The best thing is that BlockFi is available worldwide, including in the US and almost all of its territories. You can sign up on the exchange and access these features by simply verifying your identity.

  • Web Address: www.blockfi.com
  • Main Location: New Jersey, USA
  • Cryptocurrencies: BTC, ETH, ADA, SOL, ALGO & 15+ more
  • Fiat currencies: USD only
  • Deposit Methods: Wire transfer, ACH, Crypto
  • Deposit Fees: Free
  • Withdrawal Fees: Depends on method
  • Mobile App: Yes

My Overall Thoughts on BlockFi

In an era where you can find literally hundreds of cryptocurrency platforms on the internet, very few are actually offering value to their users. But BlockFi has set itself apart as being one of the best in the industry by making it possible for everyone to access crucial crypto activities. It’s not just a place to buy, sell, or trade crypto assets: you can use your BlockFi account as your crypto wallet, you can take loans from the platform, you can invest your money with them, and you can get better yields from large investments.

And the positives don’t end there. The beginner-friendly interface, premium customer support, massive resource center, and impressive security are a few of the other perks of being a BlockFi customer. Take a quick look below at what I consider to be the best aspects of BlockFi:

1) Easiest gateway to buy and sell crypto:  BlockFi provides the easiest gateway for their users to buy and sell crypto assets. All you have to do is fund your account and you can purchase any crypto you want without facing any hurdles. The same goes for selling, and you can receive fiat assets in return.

2) Crypto-backed loans:  Users can get crypto-backed loans on BlockFi that work on a 50% LTV system. You provide collateral to the platform, and within 24 hours, you can receive the loan. The whole process takes only a few minutes, and your request is approved quickly.

3) Impressive returns:  You can earn up to 11% APY on different assets available at BlockFi. The interest rate is calculated every single day and is paid every month. If you’re a user with a high net income, you can get even better benefits and negotiate the returns and periods to your liking.

Although BlockFi has thought of almost everything, I still think they need to work a bit on their trading interface. Also, the registration process can be troublesome due to the high number of questions asked and the mandatory verification right at the start.

Key Features and Advantages of BlockFi

BlockFi is a crypto exchange that has been built on a solid foundation. No feature or service they provide to their users is less than what the current standards of Web 3.0 require. You can easily, quickly, and efficiently purchase a number of cryptocurrencies on the platform and even trade them with the tools available on the exchange. BlockFi also allows its users to earn an interest rate on their assets and let those assets work for them.

As BlockFi supports customers from all over the world, they make it easier for a lot of different types of users to join their platform and get the best out of their services. The platform has also built its name all over the world—BlockFi currently has over 1 million users and $10 billion in assets. It is also fairly easy to get started on BlockFi—you just have to enter some of your personal details and you get access to your dashboard.

But if we’re talking about the key features and advantages of BlockFi, they would be as follows:

Negatives and Disadvantages of BlockFi

One crucial and critical thing that you should keep in mind while exploring the crypto industry is that no crypto exchange is perfect. Every platform comes with its pros and cons that you have to consider before joining it. In the case of BlockFi, there are a lot of benefits for users, but there are a few negatives, too, that you should evaluate before signing up, including:

What Services Does BlockFi Offer?

BlockFi offers pretty much everything a crypto geek would want on a crypto exchange, including a large variety of cryptocurrency assets available for sale and purchase and a robust trading platform. Users can also use BlockFi as a simple crypto wallet and store their assets in it to keep them safe.

But if you’re planning to make money on the platform, BlockFi has some solutions for that too. With 11% APY returns on standard interest accounts, you can get a great deal.  If you have a large amount of money to invest, check out their interest accounts for personalized yields. Keep reading below to learn about even more of BlockFi’s services.

Easy to buy and sell crypto:  BlockFi offers their users the opportunity to buy and sell a variety of cryptocurrencies on their platform quickly and easily. The platform has even provided several payment methods, like ACH and direct transfers, that customers can use to deposit funds into their accounts.

In the world of crypto, the quick buying and selling of assets allow users to keep up with the market and make the best possible decisions for their financial situation. Wherever you are in the world, you can quickly buy or sell the crypto asset you desire and keep your portfolio current.

Due to BlockFi’s optimized platform, you won’t have to worry about waiting for hours or going through a troublesome process just to buy or sell the assets.

35+ crypto assets available on the platform:  There are more than 35 cryptocurrencies available on BlockFi, which mostly consist of popular assets with higher market cap and volume. Their list of crypto assets includes BTC, ETH, DOGE, MATIC, BCH, SOL, ALGO, and 20+ more than you can check out.

All of the crypto assets available at BlockFi can be traded on the platform, and most of them can be bought and sold quite conveniently. Having a greater number of assets to invest in allows BlockFi’s users to diversify their portfolios and distribute their equity in different assets. Not only that, but you can also lower the risk of losing your money by not putting all your eggs in one basket and instead investing in multiple worthy projects.

Safeguard your assets with the BlockFi wallet:  BlockFi is not just a crypto exchange but a secured and trusted crypto wallet that allows users to safeguard their assets at all times.

Users can keep all their assets in the BlockFi Wallet and access their funds whenever they want. BlockFi does not charge any fee for storing crypto in their wallet, nor is there any requirement of maintaining a minimum balance, which could create problems for some users. This eliminates the need to transfer funds to external wallets or other exchanges, as the BlockFi Wallet is a safe place to store your crypto assets without restrictions.

Trade assets with competitive prices:  You can also trade a handful of crypto assets on BlockFi. The platform provides a relatively simple layout for users to execute their trades and make the most out of them.

With instant trade execution, users can trade in an efficient environment with precise and accurate data, rather than dwelling on wrong or slow info that could result in lost money. Traders can also set up an automated trading system that helps them reduce volatility and repeat the trades whenever they want.

Many crypto exchanges don’t offer an automated trading option or provide instant execution of trades. But with these built-in features in BlockFi, you'll be trading like a pro.

Advanced mobile apps:  There are mobile applications available for BlockFi users who want to trade, buy, sell, and invest on the go. The BlockFi apps are available for both Android and iOS devices.

The best thing about the BlockFi apps is that they’re integrated with pretty much every feature you would find on the desktop version of the platform, so you can access your portfolio through your mobile phone and trade, purchase, sell, or invest whenever you want.

Earn up to 11% APY on your crypto:  Investors on BlockFi can earn up to 11% APY on different assets. Of course, the returns vary depending on the asset you invest with the platform.

The interest rate on BlockFi accrues daily, and it is paid to users every month. You can withdraw your profit without paying any hidden fees or going through a waiting period to access your funds. You can even get simplified tax reporting from BlockFi if you’re a US resident.

The returns offered by BlockFi are quite impressive compared to the industry standard. You can grow your portfolio much quicker with BlockFi and benefit from their offerings.

Easy-to-understand UI and layout:  BlockFi comes with a really simple UI and layout, making it possible for users to explore each and every feature of the platform without getting confused or running into trouble. Each of their services is clearly explained so users can understand the offerings, and each feature of the site has a separate section to make things simple.

Even if you’re a complete beginner in the crypto industry, you won’t have too much trouble getting started with BlockFi due to its simple layout and beginner-friendly interface.

Get crypto-backed loans:  There are crypto-backed loans available at BlockFi, which users can qualify for just by providing collateral. They’re typically approved within 24 hours. BlockFi works with the 50% loan-to-value system, and BlockFi loans have interest rates as low as 4.5%. You can also make prepayments without penalties.

With BlockFi loans, you don’t have to worry about submitting documents and statements or other hassles just to get a loan—BlockFi has made it a simple process.

Personalized yields for high-net worth clients:  BlockFi offers exclusive benefits to users with high net worth who are willing to invest their money on the platform. Investors with at least $3 million can negotiate interest rates and earn considerably more than the typical user. They’re also allowed to negotiate trading rates, choose custom durations for the loan, and get personalized support.

While almost every other crypto platform treats every type of investor the same way, BlockFi has kept some perks exclusively for the users with high net worth that could make their experience even better.

Detailed resource center:  BlockFi has a robust resource center that consists of multiple subsections targeted to different types of users and covering everything from essential details to platform how-tos. There’s even a blog available to keep users up-to-date with crypto industry news. You can also check out FAQs to get many of your questions answered directly.

Earn commissions for referrals:  Users on BlockFi can earn great commissions through referrals. BlockFi rewards their users with $10 every time they influence someone to sign up on the platform and deposit a specified amount. By using your personalized URL and spreading it among your friends and family, you could end up with a nice chunk of change. This can be another good way to earn another few bucks each month on BlockFi.

Premium customer support:  BlockFi’s customer support is impressive, efficient, and fast. The platform has introduced different quick methods to get in touch with company representatives.

Users can directly call the support team or chat with one of their agents if they want quick solutions to their problems. Or they can simply submit a request to get an answer to their query within a few hours.

An efficient and responsive customer support team goes a long way toward creating a great user experience on the platform. Customers don’t have to wait for hours or watch countless videos just to get a solution to their problem.

Things I Don't Like About BlockFi

There are a few aspects of BlockFi that could be improved in order to ensure users an easier experience:

Lengthy registration process:  The registration process at BlockFi is definitely not the smoothest or quickest. Firstly, you’ll have to provide all of your personal information, like your name, contact info, and address just to reach the point where the platform will ask you even more. You’ll have to let them know about your job and business and your purpose in joining the platform. And lastly, after providing all of that, you will have to verify your identity in order to fully access the features of the platform. This is definitely not a quick-and-easy registration where you can be finished in under a minute.

Not the most advanced trading interface:  The trading interface can be a crucial aspect for professional traders to look at before joining any exchange, due to the fact that the trading interface is what allows them to use different techniques, apply indicators, or customize charts for a better trading experience. Unfortunately, the trading interface at BlockFi is more simple than it is advanced. It’s designed keeping all types of traders in mind, and that is why it does not offer an advanced touch.

There is no doubt that the trading interface at BlockFi is fast, efficient, and accurate, but it might not be the best fit for those who are looking specifically for special tools.

BlockFi Fees

BlockFi Deposit Fee

All types of deposits at BlockFi are free of cost. The platform does not charge its users when depositing funds into their accounts, but a fee might be charged by their bank or payment processor.

BlockFi Trading Fee

BlockFi does not charge a trading fee, but instead it is included in the spread, which is around 1%.

BlockFi Fiat Withdrawal Fee

The fiat withdrawal fee at BlockFi is as below:

  • Wire transfers for domestic clients: $20
  • Wire transfers for international clients: $30
  • ACH transfers: Free

BlockFi Crypto Withdrawal Fee

A few crypto assets like BTC, LTC, USDC, and USDT that are available at BlockFi are eligible for one free withdrawal each month. This does not apply to other crypto assets on BlockFi, which are subject to fixed withdrawal fees, dependent on the coin. The platform has also set withdrawal limits for different assets that you should keep in mind when withdrawing your funds.

Pros and Cons of BlockFi

Pros
  • Buy, sell, and trade 35+ crypto assets
  • Get crypto-backed loans
  • Earn up to 11% APY on assets
  • Personalized yields for high-net worth clients
  • Premium customer support
Cons
  • Not the most advanced trading interface
  • Lengthy registration process

Summary

The way the crypto industry is developing and the way Web 3.0 is becoming popular all over the world, more and more people are getting attracted to their benefits and opportunities. But to claim your stake in such benefits, you’ll need to find a platform like BlockFi that can be your one-stop shop for all your crypto needs. You can use it as a wallet, as an exchange, or as an investment platform. Users can also trade, borrow, or buy crypto and explore a whole new world of digital currencies.

With more than 1 million clients from all over the world, BlockFi has also built trust among the community. They provide top-tier protection and transparency so that nothing is hidden from their users. In the end, if you don’t mind going through the lengthy sign-up process, BlockFi can be a great fit for your crypto needs.

Frequently Asked Questions

Can US residents register on BlockFi?

Yes, US residents can register on BlockFi and start using their services right away. But the platform has restricted US customers from using specific services like BlockFi interest accounts due to the laws and regulations of the country.

Can you trust BlockFi with your assets?

BlockFi is unquestionably a safe, trusted, and secured crypto platform that has been in the business for many years now. They provide great security, with several strategies to protect your account from hackers and breachers.

Can you earn money with BlockFi?

BlockFi provides different ways for their users to earn money. Some of those ways include using their interest accounts, opting for their personalized yields in the case of high income, and promoting their platform through referral links.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.

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