BlockFi is a cryptocurrency exchange that allows investor to earn up to 8% annually on their cryptocurrencies. That’s over 8X the best savings account rates. Another advantage of BlockFi is that investors can borrow against their coins. Instead of selling them when they need funds, they can take out a loan. This avoids having to sell into a down market.

BlockFi was founded by Flori Marquez and Zac Prince in August 2017. It is currently based in Jersey City, New Jersey.

Image result for Blockfi Logo
Minimum trade$20 for cash-to-crypto; $1.50 for crypto-to-crypto.
Trading and transaction feesSpread of about 1%, but no transaction fee.
Number of cryptocurrenciesUp to 12.
Crypto-to-crypto trading pairsUp to 66.
Website transparencySome key information is difficult to find or unavailable on BlockFi’s website.
Can use your own digital wallet?Yes.

Product TypeCryptocurrency savings accounts, loans, and trading
Min Deposit$0
Min Balance RequirementsNone
Interest Rate On DepositsUp to 9.50%
Maintenance FeesNone
Deposit Fees$10 minimum fee for incoming wires
Withdrawal FeesBTC: 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BTC, LTC, and stablecoins can be withdrawn once per month for free.
Withdrawal Limits$5,000 per wire withdrawal
Withdrawal Minimums0.003 BTC; 0.056 ETH
ACH IntegrationYes, will connect with any bank that uses Plaid (about 9,600 U.S. banks)
Transfer Speed1-5 business days
InsuranceDigital asset insurance provided by Gemini protecting against against the loss of cryptocurrency related to security breaches, fraudulent transfers, or employee theft.
SecurityMajority of assets kept in cold storageAll “hot wallet” storage servers have a security rating of FIPS 140-2 Level 3 or higher.SOC 2 Type 1 security compliant
Mobile App AvailabilityiOS and Android
Customer Service Phone Number1-646-779–9688
Customer Service Email[email protected]

Interest and lending: BlockFi has made its name trying to extend traditional financial services into the world of cryptocurrency. People who use its platform can earn interest on their bitcoin or use it as collateral for loans — a service that many competitors do not offer. Customers can earn up to 4.5% APY on their Bitcoin, depending on how much they are holding on the platform.

Free monthly withdrawal: Though BlockFi’s withdrawal fees aren’t the lowest we’ve seen, you can avoid them by limiting the frequency with which you withdraw. The platform offers one free crypto withdrawal and one free stablecoin withdrawal each calendar month.

Also, BlockFi provides a Bitcoin Rewards Visa Credit Card. Similar to cash-back credit cards, the BlockFi Visa will earn the rewards in Bitcoin! The 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 card. That’s a pretty sweet deal that puts it ahead of most other Bitcoin rewards products.

NOTE: BlockFi makes it so easy to buy/sell crypto and get loans! Join BlockFi now to get a bonus when you fund your account! Click the link below to get referral bonus.

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