BlockFi Review 2022 | $250 Bonus To Start Investing In Crypto

BlockFi BlockFi is a cryptocurrency exchange and platform that offers a crypto wallet, crypto trade, crypto-backed loans, and a crypto rewards credit card. Non-US customers can besides open a BlockFi Interest Account and earn interest on their assets.
Another advantage of BlockFi is that you can borrow against your coins. alternatively of selling them when you need funds, you can take out a lend. This avoids having to sell into a down market. In this article, we ’ ll go over how BlockFi is able to offer lend services while allowing you to earn interest on deposits. Bonus Offer:  proper now, if you open a BlockFi make a qualify deposit of $ 100 or more, you can get a $ 250 bonus ! Check out BlockFi here >>

BlockFi logo Quick Summary

  • Crypto wallet and trading account for limited currencies
  • Borrow against your cryptocurrencies instead of selling them.
  • Interest account for non-US persons only

OPEN AN ACCOUNT

BlockFi Details
Product Name BlockFi
Min Deposit $ 0
APY up to 7.00 %
Monthly Fees $ 0
Promotions Up to $ 250

Who Is BlockFi?

BlockFi is a cryptocurrency custodian that allows its customers to take out USD loans against their cryptocurrencies. Its founders are Flori Marquez and Zac Prince. BlockFi was founded in August 2017 and is based in Jersey City, New Jersey. The company has raised $ 158.7 million up to a Series C.

“ We are in identical early innings in this sector, and everyone is working together to increase the size of the market and make it accessible around the globe, ” Prince said to Crunchbase. “ We are lucky to be in a position where our clientele is growing quickly as cryptocurrency has momentum and relevance veracious now. ”

What Do They Offer?

BlockFi allows you to earn sake on your cryptocurrency and take out USD loans against it american samoa well. You can besides trade cryptocurrencies on BlockFi. They presently offer a specify number of cryptocurrencies for trade, which include BTC, ETH, LTC, USDC, and GUSD.

BlockFi Wallet

With the recently-launched BlockFi Wallet, users can buy, sell, trade, and hold cryptocurrencies and stablecoins. You can besides use the wallet to store the crypto rewards that you earn from your BlockFi Rewards Credit Card. equitable know that you won’t earn any interest for assets that are held inside the BlockFi Wallet. To earn interest, your tokens must be held inside a BlockFi Interest Account.

Crypto Loans

BlockFi allows you to borrow USD against your coins on lodge. The minimal loan sum is $ 10,000. The LTV ( loan-to-value ) proportion is 50 %. That means 50 % of your coins will need to be put up as collateral. Coins that can be used include BTC, ETH, or LTC. The loanword duration is 12 months and the interest rate works out to 4.5 %. initiation fees may besides apply.

As cryptocurrencies are very explosive, you can cursorily fall outside of the 50 % LTV. When the LTV reaches 70 % ( called a gun trigger event ), BlockFi will send a telling that you must put up more collateral to bring the LTV back down to 50 % .

BlockFi Bitcoin Rewards Visa Credit Card

BlockFi launched a Bitcoin Rewards Visa Credit Card. exchangeable to cash-back credit cards, the BlockFi Visa will earn you rewards in Bitcoin ! The calling card is set to earn 1.5 % rewards rate in Bitcoin on all card purchases with no annual fee. Plus, you ‘ll earn 3.5 % back in Bitcoin during your first three months with the menu. That ‘s a reasonably sweet deal that puts it ahead of most other Bitcoin rewards products. You can open a BlockFi Bitcoin Credit Card here. See how the BlockFi Bitcoin Rewards Visa Credit Card compares to other crypto-rewards citation cards here.

BlockFi Interest Account (BIA)

Note:  “ BlockFI Interest Account ( BIA ) are nobelium long offered to new clients who are U.S. Persons or persons located in the United States. Existing clients that are U.S. persons or located in the United States will be unable to transfer fresh assets to their BIAs. The BIAs have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States, to U.S. persons, for the account or benefit of a U.S. person or in any jurisdiction in which such offer would be prohibited. ”
The interest-bearing bill is called the BlockFi Interest Account. You can earn interest in BTC, ETH, LTC, USDC, GUSD, and PAX. A minimal balance is not required. This account is alone available to non-US persons, and is offered through BlockFi ‘s auxiliary, BlockFi International ( Bermuda ).
BlockFi Interest Rates
here are BlockFi ‘s current matter to rates. note, they have been dropping systematically for the last few months :

  • BTC Tier 1: 3.00% (for amounts of 0 to 0.10)
  • BTC Tier 2: 1.00% (for amounts of 0.10 to 0.35)
  • BTC Tier 3: 0.10% (for amounts over 0.35)
  • ETH Tier 1: 3.00% (for amounts of 0 to 1.5)
  • ETH Tier 2: 1.50% (for amounts of 1.5 to 5)
  • ETH Tier 3: 0.25% (for amounts over 5)
  • LINK Tier 1: 3.00% (for amounts of 0 to 100)
  • LINK Tier 2: 0.50% (for amounts of 100 to 500)
  • LINK Tier 3: 0.10% (for amounts over 500)
  • LTC Tier 1: 3.75% (for amounts of 0 to 20)
  • LTC Tier 2: 1.25% (for amounts of 20 to 100)
  • LTC Tier 3: 0.10% (for amounts over 100)
  • PAXG Tier 1: 3.25% (for amounts of 0 to 1.5)
  • PAXG Tier 2: 0.20% (for amounts of 1.5 to 5)
  • PAXG Tier 3: 0.10% (for amounts over 5)
  • USDC Tier 1: 7.00% (for amounts of 0 to 20,000)
  • USDC Tier 2: 5.00% (for amounts of 20,000 to 5,000,000)
  • USDC Tier 3: 4.00% (for amounts over 5,000,000)
  • GUSD Tier 1: 7.00% (for amounts of 0 to 20,000)
  • GUSD Tier 2: 5.00% (for amounts over 20,000)
  • GUSD Tier 3: 4.00% (for amounts over 5,000,000)
  • BUSD Tier 1: 7.00% (for amounts of 0 to 20,000)
  • BUSD Tier 2: 5.00% (for amounts of 20,000 to 5,000,000)
  • BUSD Tier 3: 4.00% (for amounts over 5,000,000)
  • PAX Tier 1: 7.00% (for amounts of 20,000 to 5,000,000)
  • PAX Tier 2: 5.00% (for amounts over 20,000)
  • PAX Tier 3: 4.00% (for amounts over 5,000,000)
  • DAI Tier 1: 7.00% (for amounts of 0 to 20,000)
  • DAI Tier 2: 5.00% (for amounts of 20,000 to 5,000,000)
  • DAI Tier 3: 4.00% (for amounts over 5,000,000)

If you don ’ t own any of the above coins, you can buy crypto immediately using ACH bank transfers. Or you can set up recurring buys for automatic investing.

Interest in your BIA is paid out monthly in Bitcoin, Ether, Litecoin, USD Coin, or Gemini Dollar. You get to choose which coin interest is paid in. The benefit of choosing the payout coin is that you can diversify your portfolio across diverse coins.

Are There Any Fees?

Yes, there are fees for withdrawing currency from your BlockFi account. As of compose, these fees are :

  • BTC: 0.00075 BTC
  • LTC: 0.001 LTC
  • Stablecoins: 50 USD
  • ETH: 0.015 ETH
  • LINK: 2 LINK
  • PAXG: 0.035 PAXG
  • UNI: 2.5 UNI
  • BAT: 60 BAT 

With BTC, LTC, and stablecoins, users can make one unblock withdrawal per calendar month. But on December 1, 2021, BlockFi announced that it was nobelium longer offering free withdrawals for Ethereum blockchain tokens ( ETH, LINK, PAXG, UNI, and BAT ) ascribable to rising accelerator costs.

How Does BlockFi Compare?

BlockFi ‘s concern rates are competitive, but other platforms offer higher APYs for some coins. For exemplar, Celsius is presently paying 10.02 % on USDT while BlockFi only pays up to 9.5 %. Celsius besides never charges coitus interruptus fees. however, realize that BlockFi is presently not available for US-based persons. As a consequence, other companies may be a better choice.
It should besides be noted that to earn sake with BlockFi or Celsius, you ‘ll need to deposit and loanword out your digital assets. But other platforms like Nexo allow you to merely deposit cash to earn sake and all of the crypto lending takes position in the background. If you’re new to the crypto space, that kind of simplicity may be appealing .

header nexo logo Celsius Network Logo (new)
Rating
APY On
USDC/USDT
Up to 7.00%  (On USDC) Up to 12.00%  (On USDC) Up to 17.00% (On USDC or USDT)
APY On BTC Up to 3.00% Up to 8.00% Up to 5.00%
Minimum Balance $0 $0 $0
FDIC-Insured
Available In US

OPEN ACCOUNT

READ THE REVIEW

READ THE REVIEW

BlockFi Bonus Offer

BlockFi runs diverse bonus offers from time to time. They are presently offering the following : New clients to BlockFi can receive up to a $250 Bitcoin (BTC) bonus when they make qualifying deposits within the foremost 30 days of opening. This offer has no expiration date. You can get started with this bonus for just $ 100 ! Open an account here >>

How Do I Open An Account?

You can visit the BlockFi web site to open an explanation. You ‘ll need to upload a gain photograph of a hold identification text file. Blockfi says that most applications are approved within minutes of ID being upload. once you open an explanation, you can securely link a bank account and transfer funds immediately via ACH. There is a day by day limit of $ 500 for new accounts, and $ 1,000 for established accounts. Both limits are expected to increase in the future .

  • Deposits will take up to 5 business days to clear .
  • Is My Money Safe?

    money deposited with BlockFi is not ampere safe as being on deposit at a bank. BlockFi, or quite its custodian, Gemini, is not insured by the FDIC or SIPC. Gemini does, however take measures to protect your funds. These measures include keeping the majority of funds in cold memory ( i.e., offline ). BlockFi besides says that its customer funds are placed ahead of any equity or employee funds in the event of a loss.

    Gemini is a New York believe company regulated by the New York State Department of Financial Services ( NYSDFS ) and a accredited depository hope. Gemini is besides SOC 2 Type 1 security compliant.

    How Do I Contact BlockFi?

    There are two ways to get in touch with BlockFi ‘s confirm team. This beginning way is by submitting a support ticket here. But unlike many cryptocurrency platforms, you can besides contact BlockFi by earphone at 646-779-9688 from 9:30 AM – 5 PM ( ET ) Monday – Friday. For a cryptocurrency company, BlockFi ‘s Trustpilot rat of 3.7/5 actually is n’t besides shabby ( By comparison, Coinbase ‘s Trustpilot evaluation is 1.6/5 ). BlockFi has a B- rate with the Better Business Bureau ( BBB ).

    Is It Worth It?

    surely, you ‘ll need a sealed appetite for risk to use a company like BlockFi. however, if you’re already trading cryptocurrencies, then you’re credibly already some with a reasonably senior high school tolerance for risk. BlockFi risks are lower than those found at many other cryptocurrency exchanges. however, their main describe : the BlockFi Interest Account, is nobelium longer available to US-persons. As such, if you’re looking to trade crypto, there might be early platforms that are well suited. however, any non-deposit ( i, non-FDIC ) or non-SiPC protected funds will always be at a higher risk of loss. besides, be careful when borrowing against your cryptocurrencies, as wide price swings could cause you to promptly violate the 50 % LTV brink. not sure that BlockFi is correct for you ? Check out our fully tilt of top crypto savings accounts to see how it compares. Or if you prefer the safety of an FDIC-insured bank report, these are our favored high-yield savings options.

    BlockFi FAQs

    Let ‘s answer a few common questions that people ask about BlockFi : Is BlockFi being shut down? No, but the company has recently received end and abstain orders from multiple department of state lawyer generals who have accused BlockFi of selling unregistered securities. Does BlockFi have its own wallet? Yes, but customers do n’t earn interest on funds held in their wallet. To earn interest, crypto holdings must be transferred into a Bitcoin Interest Account ( BIA ). Does BlockFi charge trade fees? Yes, it charges a spread which varies by coin but can go arsenic high as 1 %. Can you earn a Bitcoin bonus with BlockFi? Yes, BlockFi offers signup bonuses of $ 15 to $ 250 depending on your sediment sum. The $ 15 bonus requires a minimum lodge of $ 100. You ‘ll need to deposit at least $ 100,000 to earn the $ 250 bonus.

    BlockFi Features

    Product Type Cryptocurrency savings accounts, loans, and deal
    Min Deposit $ 0
    Min Balance Requirements none
    Interest Rate On Deposits up to 7.00 %
    Maintenance Fees none
    Deposit Fees $ 10 minimal tip for incoming wires
    Withdrawal Fees
    • BTC: 0.00075 BTC
    • LTC: 0.001 LTC
    • Stablecoins: 50 USD
    • ETH: 0.015 ETH
    • LINK: 2 LINK
    • PAXG: 0.035 PAXG
    • UNI: 2.5 UNI
    • BAT: 60 BAT

    BTC, LTC, and stablecoins can be withdrawn once per calendar month for rid

    Withdrawal Limits $ 5,000 per cable withdrawal
    Withdrawal Minimums
    • 0.003 BTC
    • 0.056 ETH
    ACH Integration Yes, will connect with any bank that uses Plaid ( about 9,600 U.S. banks )
    Transfer Speed 1-5 business days
    Insurance Digital asset insurance provided by Gemini protecting against against the loss of cryptocurrency related to security system breaches, deceitful transfers, or employee larceny .
    Security
    • Majority of assets kept in cold storage
    • All “hot wallet” storage servers have a security rating of FIPS 140-2 Level 3 or higher.
    • SOC 2 Type 1 security compliant
    Mobile App Availability io and Android
    Customer Service Phone Number 1-646-779–9688
    Customer Service Email

    accompaniment @ blockfi.com
    Promotions Up to $ 250
    beginning : https://coinselected
    Category : coin 4u

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