BlockFi is one of the crypto online platform that allow for borrowing and loaning broker for making interest in investing into their platform. You don’t need to sell your crypto in order to earn money, you can give loan and earn some interest. The company is only 5 years into crypto business, it was established in the year 2017. In addition to borrowing and loaning service Blockfi allow their user to trade cryptocurrencies for traders/investors. But right now there was a limited number of crypto that you can trade on blockfi platform the available coins including:
· BTC
· ETH
· LTC
· USDC
· GUSD.
BlockFi Pros and Cons
Pros:
- High yield on cryptocurrency deposits
- Ability to borrow against your crypto assets to get cash
- No minimums or monthly fees
- No Minimum deposit and balance
- zero maintenance fee
- earn up to 8% interest (or more) on crypto savings
- Crypto assets secured by Gemini Trust Company
- Crypto-backed loans up to 50% of holdings
- Available to US based user
Cons:
- Not regulated broker only partnering with Gemini US based regulation
- Very few crypto supported
- Fees are 1% (or higher) per trade
- Crypto loans charge high interest rate
- Savings aren't protected against bank failure
BlockFi Account Types
The blockfi interest-bearing account is called the BlockFi Interest Account (BIA). You can earn interest in BTC, ETH, LTC, USDC, GUSD, and PAX if you own such crypto with blockfi. With this type of account there is no minimum balance required for opening.
Below are the list of interest rate of blockfi.
- BTC Tier 1: 4.50% (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: 5.00% (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: 2.50% (for amounts of 0 to 100)
- LINK Tier 2: 0.20% (for amounts of 100 to 500)
- LINK Tier 3: 0.1% (for amounts over 500)
- LTC Tier 1: 3.50% (for amounts of 0 to 20)
- LTC Tier 2: 1.00% (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)
- USDT Tier 1: 9.25% (for amounts of 0 to 20,000)
- USDT Tier 2: 8.25% (for amounts over 20,000)
- USDC Tier 1: 8.75% (for amounts of 0 to 20,000)
- USDC Tier 2: 7.75% (for amounts over 20,000)
- GUSD Tier 1: 8.75% (for amounts of 0 to 20,000)
- GUSD Tier 2: 7.75% (for amounts over 20,000)
- BUSD Tier 1: 8.75% (for amounts of 0 to 20,000)
- BUSD Tier 2: 7.75% (for amounts over 20,000)
- PAX Tier 1: 8.75% (for amounts of 0 to 20,000)
- PAX Tier 2: 7.75% (for amounts over 20,000)
- DAI Tier 1: 8.75% (for amounts of 0 to 20,000)
- DAI Tier 2: 7.75% (for amounts over 20,000)
The blockfi user with BIA accounts get their Interest paid out monthly with the following coins
· Bitcoin
· Ether
· Litecoin
· USD Coin
· Gemini Dollar.
BlockFi Crypto Loans
BlockFi allows their user to borrow USD against their available coins on deposition on their platform. The minimum loan amount is $5,000. The LTV (loan-to-value) ratio is 50%. That means 50% of your coins will need to be put up as collateral.
The Coins that can be used including:
· BTC
· ETH
· LTC.
And the loan duration is year (12) months
and the interest rate works out to 4.5%. Origination fees may also apply.
With the blockfi crypto loan you can’t run out of 50% loan-to-value. When the
loan-to-value reaches 70% this is (called a trigger event), you will get a
notification message from BlockFi remains you that you must put up more
collateral to bring the loan-to-value back down to 50%.
BlockFi Wallet
With the blockfi wallet you can buy, sell and hold some cryptocurrencies of your choice available in their platform. Is important to know that you can’t earn anything for holding any crypto in your blockfi wallet. But you can keep your reward earned cryptos in your wallet. To earn some interest your coins must be keep in (BIA) BlockFi Interest Account.
BlockFi Bitcoin Rewards Visa Credit Card
BlockFi have their own Visa credit card you can earn bitcoin reward for using their visa card.
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.
If you’re interesting check and open your BlockFi Visa Credit card Here
BlockFi Fees and Commission
BlockFi allow free one withdrawal per mouth with BTC, LTC and stable coins and zero free with ethereum based token in 2022 and charge some fees as a commission for withdrawal in their platform for the following coins which 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
Below are the based etherium token available in BlockFi platform.
· ETH
· LINK
· PAXG
· UNI
· BAT
BlockFi does not charge a transaction fee but does collect a spread, which is around 1% (or more, depending on market conditions). It does offer free fiat deposits via ACH and wire transfers.
Below are some others BlockFi fees:
|
Payment Method |
BlockFi Fee |
|
Bank Account Deposit |
Free |
|
USD Wallet |
Free |
|
Debit/Credit card |
N/A |
|
ACH Transfer |
Free |
|
Wire Transfer |
Free |
|
Crypto Conversion |
1% spread (or more) |
|
Purchases |
1% spread (or more) |
|
Trades |
1% spread (or more) |
BlockFi Bonus
BlockFi offer some bonus for new customer who sign up and deposit fund into their account start from $15 to $250 depending on your deposit amount. The $15 bonus requires a minimum deposit of $100. And minimum deposit of $100,000 earned you $250 bonus in blockfi platform.
BlockFi Security
BlockFi offers several security features to help their user keep holdings safely. All crypto assets are stored with the Gemini Trust Company, with most of them in offline cold storage. Users can also set up two-factor authentication (2FA) and whitelisting for user crypto withdrawals for an extra layer of protection.
Here are a few of the security features BlockFi offers:
- Whitelisting approved addresses. Users can create an approved address “allow list,” which lets you specify which wallet addresses can withdraw cryptocurrency.
- Two-factor authentication (2FA). BlockFi offers two-factor authentication (2FA) via the Google Authenticator app. This helps secure account logins.
- PII verification. This exchange runs advanced algorithms to detect anomalies in user accounts, especially around user withdrawals. Unusual account activity can trigger a “PII Verification,” which requires resubmitting user identification data before being able to withdraw funds.
- Biometric access. BlockFi mobile app users can enable biometric access (such as Face ID) to secure the app further.
Customer Service
· Phone Number: 646-779-9688 available Monday-Friday at 9:30AM-5PM ET
· Email:support@blockfi.com
How to Open BlockFi Account
Step 1. Go to the BlockFi website. you can receive up
to $15 on your deposit as a sign-up bonus, with a minimum deposit of $100
hold it within 30 days
Step 2. Go to the “Earn Interest” option in the homepage slider, or “Get Started” in the menu.
Step 3. Enter your email and make a password to create your account.
Step 4. Enter the verification code sent to that email.
Step 5. Once logged in, select “Deposit” to verify your identity and make your first deposit.
Step 6. Enter your personal information for verification (part 1)
Step 7. Upload a form of ID such as a passport, driver’s license, or ID card and wait to be approved.
RISK DISCLAIMERS
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Risk Warning: Trading CFDs on leverage involves significant risk of loss to your capital.
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