BlockFi Review
BlockFi is one of the most popular cryptocurrency exchange platforms that allows users to buy leading cryptocurrencies such as Bitcoin (BTC). BlockFi offers almost every feature that a beginner or a veteran crypto trader might need. Let’s read our BlockFi review to get better insights.
- BlockFi is a user-friendly platform with several features and services.
- Charges high withdrawal fees, and there are only a few cryptocurrencies for selection.
BlockFi Visa Card Review
BlockFi Services
BlockFi offers multiple services for its users, some of which are as follows.
BlockFi Visa Card
BlockFi Visa card is a reward credit card that enables users to earn crypto rewards on every purchase.
This visa signature credit card charges no annual fee, and users can earn up to 2% back in one of the ten leading cryptos of their choice.
BlockFi Crypto-backed Loans
BlockFi allows users to borrow funds in U.S. dollars against their cryptocurrencies as collateral. The interest rates range from 4.5% to 9.5%, with a 2% loan origination fee.
Borrowers can receive funds the same business day and repay with no pre-payment penalty.
However, if the price of collateral goes down the amount of loan, users have to deposit more crypto. Otherwise, the platform could sell the collateral.
BlockFi Interest Accounts
BlockFi interest accounts are one of its most popular services. Users can deposit cryptos on BlockFi to earn compound interest automatically, with no minimum balance requirement.
However, from February 2022, BlockFi interest accounts are no longer available for U.S. residents.
Cryptos Supported by BlockFi
BlockFi supports only a few cryptocurrencies for trading, including:
⦁ Bitcoin (BTC)
⦁ Ethereum (ETH)
⦁ Cardano (ADA)
⦁ Solana (SOL)
⦁ Dogecoin (DOGE)
⦁ Polkadot (DOT)
⦁ Polygon (MATIC)
⦁ TRON (TRX)
However, some of them are unavailable for U.S. clients such as SOL, DOT, MATIC, and TRX.
Fees On BlockFi
BlockFi does not charge a commission fee on trading. But it does charge a withdrawal fee (as shown in the following figure) when made in cryptocurrency or by a wire transfer of 1% on average.
BlockFi Security
Overall, BlockFi is a secure platform with high-security standards. It offers protection through 2-Factor Authentication and also whitelisting to restrict withdrawals to known addresses.
Closing Thoughts & Latest Updates
Overall, BlockFi is a reliable crypto platform that has been providing quality services since 2017. Also, reach out to your friends to know about their BlockFi reviews.
On November 28, 2022, BlockFi voluntarily filed a chapter 11 bankruptcy. Therefore, right now, it is not recommended to deposit funds on BlockFi.
Written By: Allen Matshalaga
Allen is a professional forex trader, blogger, and online enthusiast who spends most of his time testing and reviewing legit ways of making money online and is determined to help others succeed.