BlockFi Review

BlockFi Review

BlockFi Review:
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In this BlockFi review, we will be examining whether or not BlockFi is a good Cryptocurrency Lending Platform.

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BlockFi Review 3

BlockFi: Background

BlockFi is a cryptocurrency custodian that allows its customers to take out USD loans against their cryptocurrencies. BlockFi was founded by Flori Marquez and Zac Prince in October 2017 and is based in Jersey City, New Jersey.

BlockFi: Safety

Money deposited with BlockFi is not as safe as being on deposit at a bank. BlockFi, or rather its custodian, Gemini, is not insured by the FDIC or SIPC, that being said, Gemini does take measures to protect your funds such as keeping the majority of funds in cold storage (i.e., offline). BlockFi also says that its client funds are placed ahead of any equity or employee funds in the event of a loss.

Gemini is a New York trust company regulated by the New York State Department of Financial Services (NYSDFS) and a licensed depository trust.

BlockFi: Interest Rates

Below you can check how much you can earn with your crypto deposits.

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BlockFi: Features

BlockFi provides credit services to markets with limited access to simple products like a savings account. BlockFi sets itself apart from other crypto asset service providers by pairing market-leading rates with institutional-quality benefits. The company is the only independent lender with institutional backing from investors that include Valar Ventures, Galaxy Digital, Fidelity, Akuna Capital, SoFi, and Coinbase Ventures. The BlockFi team consists of professionals with a deep bench of expertise across financial services and technology with offices in New York, New Jersey, Poland, and Argentina. Additionally, Gemini Trust Company, LLC.
With BlockFi, you can use cryptocurrency to earn interest at up to 8.6% APY, borrow cash, and trade currencies.
There are no hidden fees in a BlockFi Interest Account, just an annual return of up to 8.6% that starts accruing immediately, plus compounding interest every month.
You don’t need to sell your crypto assets just to access cash. BlockFi lets you borrow USD to meet your needs, whether that’s buying a home or acquiring more crypto.
Stay nimble with your trading strategy. Our platform lets you trade across a wide range of cryptocurrencies, and only BlockFi lets you earn interest immediately after your trade is placed.

BlockFi Review: Pros & Cons

BlockFi: Pros

  • Trustworthy company
  • No early withdrawal penalty
  • No trading fees

BlockFi: Cons

  • Mandatory KYC
  • Monthly compounding interest instead of weekly
  • Interest rates have been reduced on a regular basis and are now much lower than most alternatives

BlockFi Review: Verdict

BlockFi is definitely one of the top crypto-based loan and interest platforms.

It is backed by renowned ventures and it keeps innovating the ecosystem with new features.

The amount of control BlockFi holds over their clients’ assets, and their preference for selling and/or trading assets for profit make this a service best suited to individuals with a high aptitude for calculating risk.

Interest rates used to be very interesting but have been reduced on a regular basis and are now much lower than most of BlockFi's competition.

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  • OVERALL SCORE

    0%
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BLOCKFI VS CELSIUS NETWORK
BlockFi Review 4

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