What is Blockfi.com? Have you come across it anywhere when going about your activities on the internet? If not, then you can read through to see what you can do on Blockfi.com. Here are the elements that we shall be discussing it:
- What is Blockfi.com?
- What rates apply to BlockFi Interest Accounts?
- What are the BlockFi Account application steps?
- What withdrawal rates apply to all BlockFi transactions?
- What can be said about BlockFi’s safety?
- Is BlockFi.com genuine?
- Pros and cons
Official Website URL: https://blockfi.com/
Overall Rating: (4.1 / 5)
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What is Blockfi.com about?
Blockfi.com is a fast-growing financial management platform whose main focus is on key crypto assets. This platform is owned by BlockFi, a company that saw the light of day back in 2017. The company is NYC-based. It enables its customers to manage their assets in the form of :
The same customers can also access and deal with GUSD and USDC stablecoins to achieve various purposes as we shall see as we progress with the review.
Blockfi.com’s most popular product so far is the BlockFi Interest Account that is offered to all users in nations that do not have any geo-restrictions. With such an interest account, one can accrue the benefits listed below:
- You can access the account from any point in the world, apart from the geo-restricted nations.
- You can make asset withdrawals at any time you want to do so.
- The registration process is quite easy.
- It offers maximum security for your crypto assets (they are stored with Gemini Trust Company, the company’s custodian)
- Very competitive interest rates are offered.
As a BlockFi client, you can also access crypto-backed loans.
What rates apply to BlockFi Interest Accounts?
As a BlockFi Interest Account holder, you have an advantage over the non-crypto high-interest rate account owners. Most banks will offer you an APY of roughly 1.6% to 2%. Whereas these rates may seem like they are impressive, you will change your mind when you realize that BlockFi is offering interest rates of up to 8.6%. With a huge lump sum, you can definitely make an income that will benefit you significantly in the future. Below are the actual rates that you get for your crypto assets:
- Bitcoin – You get a 5.1% APY on all Bitcoin deposits below 5BTC. Any deposits above 5BTC attract a 2.2% APY.
- Ethereum-All ETH deposits below 500 ETH attract a 3.6% APY, and those above 500 ETH attract a 0.5% APY.
- Litecoin – All LTC deposits attract a 3.8% APY.
- Gemini Dollars – You get an 8.6% APY on all the GUSD deposits that you make.
- USDC Dollars – They offer 8.6% on all the USDC deposits.
The best thing about this interest rate model is that you are paid the interest in the nominal crypto. This means that you get your interest in BTC if you had deposited BTC. This can go well for you if BTC prices go above the roof, but can also work against you if BTC prices plummet.
What are the BlockFi Account application steps?
The Signup process on BlockFi is straightforward, and one that you can get done with in just a matter of minutes. You are required to :
- Visit the official website.
- Look for the “earn interest” option (this is on the homepage slider) or “get started”.
- Enter your active email address as well as your password. You will have created your personal BlockFi account.
- You will receive a verification code through the email address that you provided.
- Log in to the account and make your first deposit right after verifying your identity.
- Proceed to give your personal details – Phase 1 of the verification process.
- Upload your identification document, such as an ID, passport, or driver’s license to complete the verification process and to have the account approved.
What withdrawal rates apply to all BlockFi transactions?
For starters, BlockFi has withdrawal limits, as shown below:
- BTC- Withdrawal limit of 100 BTC per week
- ETH- Withdrawal limit of 5000 ETH per week
- LTC- Withdrawal limit of 10000 LTC per week
- Stablecoins- Withdrawal limit of 1M Stablecoins per week.
With the above limits, the following fees apply per withdrawal:
- BTC- 0.0025 BTC per withdrawal
- ETH- 0.0025 ETH per withdrawal
- LTC – 0.0025 LTC per withdrawal
- Stablecoins- $0.25 USD per withdrawal.
Does BlockFi allow you to trade using a Blockfi.com account?
Yes. You have the freedom to profit from this account by simply going to the BlockFi Currency Trading section. This allows you to manage the crypto assets you own quite easily so that you can earn your income. The platform allows its users to trade currency pairs of:
What can be said about BlockFi’s safety?
BlockFi is 100% safe and compliant. Gemini, its primary custodial actually recently received SOC2 compliance recognition from the internationally recognized firm Deloitte. Blockfi.com’s safety can due to this be linked to Gemini, which is responsible for the storage of the assets. Gemini has structured its storage in such a way that 95% of cryptos are held in cold storage, while the rest are held in an insured hot wallet. AoN is the insurance company that insures your assets in the hot wallet.
Is BlockFi.com genuine?
I believe it is. With the very positive reviews it has gotten from customers on Trustpilot for instance, it is not hard to tell that Blocki.com is all about upholding professional standards. A (4/5) star rating is definitely one that is appealing, considering the nature of work that it handles. The mentions and detailed discussions about this company on Forbes, Bloomberg, and Cheddar reveal that it is one that is making major strides in as far as the enablement of crypto asset management is concerned.
I would, therefore, recommend anyone who is thinking about getting started with crypto assets to rely on Blockfi.com, just to ensure that their assets are in the right hands.
Pros and cons
- The platform is very easy to use
- Security is guaranteed
- Cold storage and hot storage for your cryptos
- Very impressive interest rates
- It is still making its way into the market.
We have come to the end of the review about what Blockfi.com is. I hope you obtained relevant information and that you are going to check out what it has to offer. If you have any questions or comments, leave them in the comments section and I will get back to you with.
I wish you a happy crypto-management time.