BlockFi Review 2022
Do we recommend BlockFi?
Since the first day we are in Love with BlockFi, and we do recommend it if you are Interested in Crypto Loans or Interest Account
- What is BlockFi?
- Is Blockfi Safe?
- Cryptocurrencies on BlockFi
- BlockFi Wallet
- Trading Account
- Crypto-Backed Loans
- BlockFi Interest Account
- BlockFi Personalized Yield
- BlockFi Card
- Trading Experience
- BlockFi Interest Rates and Fees
- BlockFi Security
- BlockFi Customer Service
- How long does it take for BlockFi to verify?
- BlockFi Customer Service Phone Number
- BlockFi vs Coinbase
- BlockFi vs Binance
- BlockFi Conclusion
Published on February 25, 2022 by btc-sites.com
What is BlockFi?
BlockFi is a US company that offers, among other things, interest on crypto. The BlockFi interest Account accepts Bitcoin, Ethereum, Litecoin, and some other Cryptocurrencies in order to earn Interest on them or use them as collateral while you earn USDC Interests. Since 2021, however, Blockfi has introduced strong limitations in the interest system. Trading is also possible on the site, but is associated with very large fees. We have taken a closer look at BlockFi and present you all the facts and features of BlockFi in this review.
Is Blockfi Safe?
Yes, BlockFi is 100% secure because the standards are extremely high and the security is one of the best. You can safely store your cryptocurrencies here while they constantly grow. BlockFi lets you borrow funds against your crypto assets so you can get a loan while continuing to hold your crypto assets. Unfortunately, the platform is not for beginners and video explanations are currently also none on the website.
Cryptocurrencies on BlockFi
BlockFi has always been cautious about adding new cryptocurrencies and therefore, as mentioned in the introduction, is limited to only a handful of coins such as Bitcoin, Ethereum, Litecoin, Uniswap, Basic Attention, Chainlink and USDC.
What is available on BlockFi?
BlockFi is not an ordinary crypto exchange but has much to offer.
The wallet on Blockfi is very good. You can easily park your crypto here and access it at any time to manage it. There are no hidden costs and no minimum that needs to be deposited!
With BlockFi Trading you can buy, sell and trade a variety of cryptoassets at recognized prices and start earning interest in crypto as soon as your trade is made.
BlockFi offers USD loans secured by your crypto assets. With a BlockFi loan, you can borrow up to 50% of the value of your crypto. You can use your crypto-backed loan to purchase a variety of different assets. Expand your portfolio or achieve your financial goals.
BlockFi Interest Account
BlockFi Profit Account (BIA) is an active account for crypto investors who invest in cryptocurrencies on BlockFi or send crypto to their BlickFI Accounts. Customers can invest in cryptocurrencies and will be rewarded monthly! Your interest begins on the last day of deposit and interest payments and ends on the first business day of each month.
BlockFi Personalized Yield
Anyone who can currently pledge at least $3 million in leveraged assets (current or prospective clients) is eligible for BlockFi's personalized returns.
Also a very big disappointment is the credit card because not every member gets this but only the members who recruit a lot of people and work their way up into a so-called list. Who then has recruited the most users qualifies for the card. This isnt a intelligent business decisions at all because other Crypto Companies like Binance sent you those Cards for free.
Trading on BlockFi is not recommended as the fees are simply excessive and unacceptable. You can decide for yourself if you want to pay 0.18% for buying and selling like on Binance or 4-5% like on BlockFi.
BlockFi Interest Rates and Fees
Unfortunately, BlockFi 2021 has started with very heavy limitations in terms of interest rates. For example, Bitcoin up to 0.10 BTC pays a full 4.5% per year and anything above that just a paltry 1%. It gets awful with assets like Chainlink and Litecoin. We therefore clearly recommend taking a look at Crypto.com and Binance in this regard. It is a pity that in the beginning they advertised that everyone can make a withdrawal without any fees so that investors who do not earn much can make a withdrawal every month. This has been abandoned and one of the largest withdrawal fees in the industry has been introduced.
Nothing can be said here. BlockFi has one of the best security in the industry. You can Whitelist addresses and have to do a complex verification system for each withdrawal.
How too open a BlockFi Interest account?
Opening an account is easy:
1 in the top right corner of the home page, you will see "Get started"
2 enter email and password
3 enter your data
4 confirm e-mail
5 verify identity
The verification process takes in most cases only a few minutes, but in very rare cases your data will need to be checked by an employee.
BlockFi Customer Service
The customer service is fantastic and will help very fast. The Homepage has an integrated Helpdesk where more common Questions with Answers are presented, but also a Live Chat with someone from the Support.
How long does it take for BlockFi to verify?
Verification takes a few minutes in most cases. In rare exceptions it can take a few days.
BlockFi Customer Service Phone Number
BlockFi US - 201 Montgomery St 263, Jersey City, NJ 07302, United States, Phone: +1 646-779-9688
BlockFi - Email: firstname.lastname@example.org or Live Chat
BlockFi vs Coinbase
BlockFi can't really compete with Coinbase because Coinbase is the measure of all things crypto. Nevertheless, BlockFi does not have to hide from Coinbase because they have a lot of products like crypto loans and interest accounts which are not available on Coinbase! In terms of fees, the two US companies do not take much because both are very expensive to buy crypto!
BlockFi vs Binance
Here it looks quite different. None of the exchanges mentioned above can compete with Binance, including BlockFi. Binance beats BlockFi by a long way on every level. Binance has 90% lower fees. Binance has the better support and is much safer than BlockFi alone in terms of experience, they also beat BlockFi.
All in all, BlockFi can be given 2 out of 5 stars. Unfortunately, it did not develop in the direction we had hoped for, but instead introduced more and more limitations as it grew too quickly and did not know what to do with all the coins, but more importantly how to pay for all these coins of interest. Maybe they should have thought of a smarter strategy before, but with the introduction of the credit card it was clear that the decision makers do not really understand what marketing! Nevertheless, BlockFi can be considered a good alternative if you live in a country where Binance is not available.
Established since: 2017