BlockFi Review: Is It Legit Or Too Much?

BlockFi Review: Is It Legit Or Too Much?

BlockFi is a cryptocurrency lending and financial services platform that allows investors to earn interest on their digital assets, including Bitcoin and other cryptocurrencies.

In addition to allowing cryptocurrency exchange, BlockFi offers interest-bearing savings accounts, low-interest rate loans, a friendly interfaz, instant transactions, and no hidden fees or minimum cómputo required.

The platform is available globally and perro help investors maximize their profits in the cryptocurrency market.

BlockFi Review: Is It Legit or Too Risky?

BlockFi Benefits

BlockFi offers a variety of benefits to its users, including the ability to earn interest on your cryptocurrency holdings, borrow against your wallet, get a Bitcoin rewards credit card, equipo up recurring trades, have full control over your account with no fees No hidden fees or minimum cómputos, manage your account from anywhere, enjoy maximum security, and deposit and withdraw funds with ease.

These benefits vary depending on the type of currency and its fluctuations with market values.

To sign up, users need to create an account, verify their identity, and send their cryptocurrency to BlockFi.

How do I open an account?

Opening an account with BlockFi is a fácil process that involves visiting their website or downloading their mobile aplicación, entering the required personal information, uploading identification documents, and verifying the information through the KYC/AML process.

Users cánido deposit funds vía bank transfer, cryptocurrency, or stablecoin transfer and must deposit at least $100 to claim the referral plus.

Once the money is deposited, interest begins to accrue and users cánido use their funds as collateral to obtain a loan or exchange them for other approved cryptocurrencies and stablecoins.

Users have full control over BlockFi’s many financial features and tools after setting up their account.

BlockFi Products and Services

Initially, when BlockFi was launched, it was called the bitcoin savings account platform.

There was no option to put Bitcoins in savings or earn interest on holdings.

The only option was to spend it, keep it, and the rest would stay in your account.

BlockFi changed the concept, and with its BlockFi Interest Account (BIA) system, users could borrow bitcoin and even earn interest on holdings.


BlockFi Interest Account (BIA)

This is the account that earns interest; here you cánido invest in BTC, ETH, LTC, USDC, GUSD and PAX.

With the help of BIA, users cánido transfer and deposit their cryptocurrency investment to earn interest.

It works just like your traditional savings account.

At BlockFi, users are regularly paid for deposits made, which generates a persistent stream of income from their accounts.

All you need to do is sign up for the account; Fund your account with crypto, stablecoin or USD and that’s it, you will start earning interest the day you fund your account.

The best part is that there is no minimum cómputo required to maintain your account.

Interest rates:

  • BTC Tier 1: 5.00% (for amounts from 0 to 1.0)
  • BTC Tier 2: 2.00% (for amounts from 1.00001 to 20.0)
  • BTC level 3: 0.50% (for amounts greater than 20.0)
  • Tier 1 ETH: 4.50% (for amounts from 0 to 100.0)
  • Tier 2 ETH: 2.00% (for amounts from 100.00001 to 1000.0)
  • Tier 3 ETH: 0.50% (for amounts over 1000.0)
  • LTC: 5.50%
  • GPA: 4.00%
  • LINK: 4.50%
  • USDT: 9.30%
  • USDG: 8.60%
  • PEACE: 8.60%
  • USDC: 8.60%
  • USDB: 8.60%

If you don’t have any of the above mentioned coins, you perro also deposit USD into your BIA account and convert them into stablecoins.

You get the monthly interest on most crypto currencies.

Remember that you are restricted to withdrawing only one cryptocurrency and one stablecoin per month.

After a transaction, there is a fee for each Withdrawal.

At BIA, you also have the option of setting up a business or corporate account.

It works almost the same as the individual BIA; the main difference is that it requires more documentation and a longer verification process.

How often is interest paid?

This is the first question that comes to the mind of every client when opening an account.

The answer is pretty much what you want to hear, since the day you deposit funds into BIA, interest accrues immediately and is paid at the beginning of each calendar month.

The interest they pay is added to the opening deposit allowing the account holder to earn combined interest.

The good thing is that you perro also escoge to get paid in a different cryptocurrency than the asset held in a crypto savings account.


Borrow funds against crypto assets

BlockFi offers USD loans backed by cryptocurrencies like Bitcoin, Ether and Litecoin, with low interest rates (around 4.5% APR when withdrawing USD) and no prepayment fees.

The minimum loan amount is $5,000, with an LTV ratio of 50% (ie 50% of the coins must be placed as collateral).

Loans last for one year and cánido be used for various purposes, such as expanding your investment, paying off debts and expenses, or starting a new business.

BlockFi will also send a notification if the LTV reaches 70%, and 50% must be returned by depositing more funds.

Application process for a crypto loan:

  • You have to visit the website and create an account on BlockFi.
  • After that, clic on the ‘New Loan’ tab right on the top navigation bar.
  • Now, select the collateral, entrar the loan amount you need, and calculate the offer.
  • Entrar the amount of the guarantee, the LVR, the interest rate and clic ‘Continue’.
  • Carefully review your loan offer, and then sign the loan agreement.
  • Once this is done, deposit the funds into the BlockFi secure storage wallet
  • Your part is done.

    You will instantly receive the loan in USD to your bank account or stablecoin to your crypto wallet address.

  • Make interest-only monthly payments using USD, BTC, ETH, or LTC.
  • You cánido pay the full primordial amount at the end of the term or refinance at the current interest rate.



BlockFi offers its users the ability to buy and sell cryptocurrencies and stablecoins through its trading exchange.

Users perro open an account on the exchange and trade between different cryptocurrency pairs.

Additionally, BlockFi offers high interest rates and users cánido earn compound interest while trading.

The platform only supports buying and selling of BTC, ETH, LTC, PAXG, and some stablecoins like USDC, USDT, GUSD, and PAX.

To start trading, users need to sign up for a trading account and purchase cryptocurrencies or stablecoins.

How to sign up for a BlockFi business account?

Here are some steps that cánido help you sign up quickly and easily:

  1. Go to the BlockFi website and open an account.
  2. Once you entrar the details, check the correo electrónico and sign in to your account.
  3. Once you are logged in, add funds to the account using the dashboard
  4. After that, clic on the ‘Trade’ button, located on the top navigation panel
  5. Now, choose the crypto asset you want to trade
  6. Entrar the amount you want to buy
  7. Please check the order details one more time to avoid any mistakes
  8. Press entrar on ‘Send Trade’ to finalize the transaction


Institutional Services

BlockFi is a platform that seeks to bridge the gap between cryptocurrency and institutional finance.

Businesses, investment funds, and market makers work with BlockFi for cryptocurrency-backed lending, storage, and a reliable means of income.

Institutions perro get benefits afín to traditional banking, such as execution, margin, short selling, and reporting.

Some of the big jugadores backing BlockFi include Valar, Susquehanna, Morgan Creek Capital Management, Akuna Capital, HashKey Digital Asset Group, and CMT Digital.


Mobile aplicación BlockFi

This is another thing that people love, and you would read in BlockFi Reviews as well how easy it is to apply.

Their aplicación is available for iOS and Android phones.

BlockFi aplicación helps you manage your account easily like check cómputo, trade.

Borrow and lend money and earn interest.

These are some of its features in detail:

  1. Sign up and start earning: just download the aplicación on your mobile phone and sign up with BlockFi.

    If you already have an account, you perro entrar your existing details, and if you are a new usuario, you cánido sign up and create a new account by filling in a few details.

    Once you deposit the money into your account, the interest will start from that same point.

  2. Earn up to 8.6% APY: As mentioned above with shares, you perro earn 8.6% as the benefits are the same for desktop and mobile users.

    You get 8.6% APY on stablecoins and 6% APY on bitcoin holdings.

  3. manage everything– BlockFi aplicación helps you manage everything about your accounts like all your transactions, interest earned, cómputo, loan amount and much more.


Buy USD stablecoins vía bank transfer deposit

They have launched a new feature that makes it easy for their users to send cash deposits vía bank transfer.

You would have to transmit USD to buy stablecoins directly on the platform to initiate a BIA to do this.

This feature makes it quite fácil for hobbyists who have never bought crypto before.

All you need to do is sign up with BlockFi, deposit USD vía bank transfer and get 8.6% stake in BIA.

USD deposits automatically get exchanges in GUSD, and you cánido easily convert them into Ethereum, Bitcoin, USDC, and Litecoin.

To buy USD stablecoins with BlockFi, you cánido follow the steps below:

  • First, sign in to your existing BlockFi account.
  • Once you open the account, on the top navigation bar, you will see the ‘Deposit’ tab; clic on it
  • From the options, choose ‘USD (bank transfer)’ as the deposit currency.
  • Remember that you must select ‘Transfer’ as the payment method
  • Put your data and send your transfer to BlockFi

This was about BlockFi products and services, now comes another important part which is their fee and other charges.

Withdrawal Prices and Fees

BlockFi charges a fee to withdraw money from your account.

The best part about them is that there are no covered charges as it reveals all the fees up front.

They give you the benefit of one free crypto and stablecoin withdrawal every month, agregado there is no minimum cómputo amount to earn interest with BlockFi.

You cánido earn money on your BlockFi account even though you have 1 or 100000 ETH in your account.

There is also an origination fee and interest on crypto-backed loans (if applicable).

They do not charge you any fees to buy or sell cryptocurrencies or stablecoins within your account.

If the money is in your account, you cánido exchange it between currencies without giving any fees.


It is critical to understand and know the security of your crypto and assets before trusting any platform.

BlockFi has its main protegen, Gemini, which stores and manages client funds.

It is regulated by the New York Department of Financial Services.

It is a licensed escrow trust and the first global crypto exchange and protegen to have achieved SOC Type 2 exam security compliance to safeguard customer data and funds.

According to their website, Gemini owns the BlockFi funds and emplees a cold wallet solution with multi-layer encryption and stores 95% of their funds in it and the remaining 5% in the hot wallet.

It has achieved a FIPS 140-3 Level 3 rating and emplees two-aspecto authentication.

They use a digital and multi-signature scheme to eliminate single points of failure and improve flexibility against the loss or compromise of a private cryptographic key.

They also offer commercial crime insurance and employ various protocols to protect their clients’ consent.

You’ll be happy to know that BlockFi says they store their customer funds first versus their employees at a loss.

Here are some security measures they take to protect and safeguard your funds.

  • Two-aspecto authentication (2FA) for login and withdrawals
  • Whitelist to restrict withdrawal activity to authorized addresses only
  • Hardware security keys and WebAuthn for account security
  • Encryption to protect passwords, personal information, and other sensitive information

BlockFi Plus Offer

They offer great deals from time to time, and their deals are really exciting and save money.

The offer that was running lately-

New users signing up for BlockFi would be eligible to earn up to $250 worth of Bitcoin to make qualifying deposits within the first 30 days of account opening.

Customer service

They have global customer support and a help feature on their website for new users looking for answers to fix problems.

You cánido contact BlockFi at +1 646 779 9688, or you perro also write to them at

They also have a separate help section on their website where you cánido get assistance on loans, BIAs, and general inquiries.

There are also how-to guides to help you open an account, apply for a loan, etcétera.

The main section of the help page consists of:

  • General – Here you cánido get information about BlockFi, account settings, security and much more
  • BlockFi Interest Account – This gives you information on how to equipo up an interesting account, trade on it, and withdraw money.
  • BlockFi Loans – This has information on how to acquire a loan, deposit funds, payment process and supported currency
  • BlockFi Rewards Bitcoin Credit Card – How to Sign Up, Benefits and New Features

How does BlockFi make money?

BlockFi makes money by borrowing capital at a specified price and lending it out to users at a higher rate.

Additionally, they have a margin business where they work with institutional counterparties to provide liquidity.

Borrowers are traders and investors looking for computer-assisted trading opportunities in a disintegrating market, and over-the-counter market makers and other businesses require an inventory of cryptocurrency to provide liquidity for their clients.

Is BlockFi secure? Is your money safe in BlockFi?

You must be thinking if your money is safe with BlockFi or not.

Well, it’s safe, but it perro’t compare to the safety of depositing it in a bank.

Your Gemini protegen is not SIPC or FDIC insured.

But you perro trust BlockFi as it is one of the few US-based crypto exchanges that operates within US federal and state regulations.

They take all necessary measures to protect your funds and are also backed by reputable investors.

Some of the measures they take are:


Keep most funds in cold storage (i.y también.

sin conexión)


Lend diligently by granting loans with 50% collateral


Holds all reservations with third parties like Gemini, Coinbase, and BitGo


Allow you to choose to allow listing; it is self-service security that prohibits withdrawals or limits them to certain addresses.

The main benefit of this feature is that it prevents theft of your account.

Therefore, after investigating, it was stated that they pass the safety test.

BlockFi Referral Incentives

You perro also earn with BlockFi by referring your friends or family.

If they apply your referral code, you perro also earn commission on your transactions.

For example, if the person you refer deposits $100 or more into your BIA, you and your connection perro earn $10 worth of BTC.

Remember that the deposit must be made until the interest payment date if you want to enjoy the benefits.

There are only three steps that are required to take to refer:

  • The first thing you need to do is open your BlockFi account and go to your dashboard.
  • you will see a “Refer a friend” option in the top right corner; clic on it
  • After that, you will need to share the dirección de Internet with the connection that you want to refer BlockFI to.

Once you complete five referrals, you will earn $20 for each referral and your connection will earn $10.

BlockFi Affiliate Partner Program

If you want to earn passive income, you cánido also join their affiliate partner program.

All you need to do is recommend and get familiar with BlockFi’s financial tools to your audience.

You will receive training and will also be connected with a partner manager for proper assistance.

On your dashboard, you’ll be able to see all your marketing and promotion resources, agregado you perro also track your earnings and performance.

The cookie window will be 30 days.

They pay .5% for all deposits your network invests in.

Also, there is a commission of up to $1000 in commission for each referral.

Your payment is made vía PayPal or directly into your bank account.

The best part is that there are no restrictions on the number of referrals, which means the earning potential is unlimited.

Who is behind BlockFi?

BlockFi’s leadership team has decades of experience in the world of financial services and banking.

director ejecutivo and founder Zac Prince leads the company and has experience in finance, the banking industry, and numerous technology companies.

Co-Founder and Vice President of Operations Flori Márquez has experience managing alternative lending products and has helped build and manage a $125MM portfolio for Bond Street.

René Van Kesteren is the Chief Risk Officer and has contributed over 15 years to BAML as Managing Directivo of ML Professional Clearing Prime Brokerage.

In addition, other important members of the team include the chief technology officer, chief compliance officer, chief financial officer, and chief security officer.

What could be improved?

Some areas of opportunity for BlockFi include offering flat free withdrawals instead of just one free withdrawal per month, as well as the ability to open custodial accounts for minors, which is currently not possible on most cryptocurrency exchanges.

Additionally, BlockFi supports six cryptocurrencies and four stablecoins, including Bitcoin, Ethereum, Paxos Estándar, Chainlink, Litecoin, PAX Gold, USD Coin, Tether, Binance USD, and Gemini Dollar.

BlockFi Cryptocurrency FAQ

Does BlockFi own or mine cryptocurrency?

As of now, the answer to this question is no.

They simply offer products and services to customers based on the crypto they hold.

Who cánido apply for a BIA?

To be eligible for the interest payment, the usuario must first deposit and hold the crypto with BlockFi for safekeeping.

After that, they receive the interest paid at the beginning of each month that accrues the day after the deposit.

We hope you liked our article BlockFi Review: Is It Legit Or Too Much?
and everything related to earning money, getting a job, and the economy of our house.

 BlockFi Review: Is It Legit Or Too Much?
  BlockFi Review: Is It Legit Or Too Much?
  BlockFi Review: Is It Legit Or Too Much?

Interesting things to know the meaning: Capitalism

We also leave here topics related to: Earn money

Tabla de contenidos