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Home Platforms Binance vs BlockFi

Compare Binance vs BlockFi

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Definda Score™

The Definda Score is an impartial, objective analysis of platform features.
Savings Rates
8.7
Loan Rates
3.5
Established
3.6
Reviews
9.4
Risk Management
2
Withdrawals
2
Coverage
10
Support
7
Savings Rates
7.3
Loan Rates
7.8
Established
5.1
Reviews
7.6
Risk Management
6
Withdrawals
4
Coverage
2.7
Support
10
Savings Rates
8.7
Savings Rates
7.3
Loan Rates
3.5
Loan Rates
7.8
Established
3.6
Established
5.1
Reviews
9.4
Reviews
7.6
Risk Management
2
Risk Management
6
Withdrawals
2
Withdrawals
4
Coverage
10
Coverage
2.7
Support
7
Support
10

Pros & Cons

tick The biggest crypto platform in the world
tick Huge array of innovative crypto related services
tick High liquidity exchange offers competitive rates
tick Low maker and taker exchange fees
tick Higher average review rating than BlockFi (94% vs 76%)
tick More reviews than BlockFi (982,908 vs 6,228 reviews)
tick Higher rating for android phone app than BlockFi (4.7 vs 3.9 stars)
tick Has fewer users than BlockFi
tick Pro exchange marketplace available on Binance but not on BlockFi
tick Peer to peer exchange available on Binance but not on BlockFi
tick Interface supports French, Bulgarian, Japanese, Greek, Arabic, Argentinian-Spanish, Latvian, Turkish, Polish, Brazilian-Portuguese, Vietnamese, Portuguese-Portuguese, Swedish, Romanian, Spanish, Simplified Chinese, Czech, Hebrew, Russian, Slovenian, Traditional Chinese, Italian, Indonesian, Mexican Spanish, Ukrainian Russian, Hindi, Chilean Spanish, Peruvian Spanish, Colombian Spanish, Filipino, Urdu and Bengali whereas BlockFi doesn't
tick Transfers in and out of savings account are instant
tick Good customer support including phone support
tick One of the only major platforms to be based in and fully regulated in the US
tick Full transparency on company location and regulation status
tick Funds immediately start earning interest daily
tick No hidden fees & no credit checks
tick Flexibility to have interest paid in the currency of your choice
tick High LTV up to 50% available on loans
tick The world's first bitcoin reward Credit Card
tick Available worldwide
tick Higher rating on Trustpilot than Binance (3.5 vs 2 stars)
tick Has less assets under management than Binance
tick Has email support but Binance doesn't
tick Has phone support but Binance doesn't
Savings Rates
tick Binance will pay interest on 2 fiat currency deposits not offered by BlockFi:
Russian Ruble (RUB)
Brazilian Real (BRL)
tick Binance will pay interest on JUST (JST) stable coin deposits whereas BlockFi does not
3 more savings rates pros ...
Savings Rates
tick BlockFi has a higher base saving rate for 3 stable coins:
Tether (USDT) (8% vs 0.5%)
USD Coin (USDC) (7.5% vs 0.928%)
Dai (DAI) (4% vs 2.2%)
More ...
tick BlockFi will pay interest on 2 stable coin deposits not offered by Binance:
3 more savings rates pros ...
Loan Rates
tick BlockFi offers loans in US Dollars (USD) fiat currency deposits whereas Binance does not
cross Headquarters location and license status unclear
cross Fiat withdrawls not available in some countries due to regulatory reasons
cross Loans appear to be only available in the US at the moment
cross Slow withdrawals and high withdrawal fees
cross Savings accounts not available to US customers
cross 2% Loan origination Fee
cross Savings interest paid out monthly
cross English language version only
cross Moderate selection of cryptocurrencies supported
cross High minimum withdrawl amount
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Withdrawals

Withdrawal Time
Withdrawal Time
24 hours
Withdrawal Score
2
Withdrawal Score
4
Withdrawals Experience

Withdrawals Experience

In order to earn interest on BlockFi you must transfer funds from your BlockFi wallet to your BlockFi Interest Account. This means that when you want to make a withdrawal from an interest account you must first transfer your funds to your BlockFi wallet and then make a withdrawal request. This adds a minor amount of inconvenience but no significant delay to the withdrawal process.

Withdrawals from your BlockFi wallet are processed the next US working day. Requests made before 00:00 UTC will be processed the next day, requests made after this time will be processed in two working days time. This means that from the time of making a withdrawal request you could typically be waiting 24 hours before the request is actioned. BlockFi claim that this delay is for security reasons as it allows time for withdrawals to be reversed if necessary.

Withdrawals are only processed on US working days. This means that if your withdrawal request was submitted during a weekend or public holiday then you could be waiting even longer to get your funds.

Some withdrawals are subject to additional fraud checks. If the withdrawal gets flagged then BlockFi may ask for further confirmation of the withdrawal.

You get one free crypto withdrawal per month, after which a withdrawal fee is charged. These withdrawal fees can be quite high, for example the withdrawal fee on most stablecoins is $50 USD.

As an additional security measure you can whitelist withdrawal addresses, which means that only those addresses can receive funds.

Overall BlockFi has adopted a very strict withdrawal process, which should provide protection against fraudulent withdrawal requests. However the long withdrawal time and high withdrawal fees have attracted many complaints from users.

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Risk

Risk Management Score
2
Risk Management Score
6
Risk Management

.

Risk Management

BlockFi implements the usual security measures to protect assets held in your crypto wallet. These assets are secure by a third party custodian, Gemini. It is likely that BlockFi has some level of insurance against loss of these assets, but we have not been able to confirm that this insurance exists or what level of cover is provided. The BlockFi app utilises two factor authentication and biometric face id. Users can enable crypto wallet address whitelisting so that funds can only be withdrawn to accounts that you have previously approved.

BlockFi provides extensive detail on its investment strategy for funds which are deposited in a BlockFi savings account. These activities including lending to retail and instutional clients. BlockFi state categorically that "they may ... lend, or invest ... assets without retaining in our possession a like amount of digital assets". This is somewhat concerning as it suggests that some loans made by BlockFi may not be fully collateralised. Full loan collateralisation is important as it means that the loan can always be repaid by using the collateral in the event of a default by the borrower. Having said this, BlockFi provides a detailed breakdown of how it manages loan risk, including its current allocations and credit risk methodology. A well managed credit risk strategy will allow BlockFi to generate higher savings rates for users.

BlockFi is very transparent on the measures it takes to ensure sufficient liquidity remains on the platform to service user withdrawl requests. It keeps 10% of client deposits readily available on hand at all times to service immediate requests. It aims to keep 50% of deposits either on hand or in loans that can be called in with in 7 days. It aims to keep 90% of deposits either on hand or in loans that can be called in within 1 year.

BlockFi does not provide a public audit of its reserves, although it does provide a snapshot of its financial assets here. Proof of reserves can provide significant reassurance to deposits as it is typically undertaken by a third party and it proves that the platform holds more assets than customer liabilities (i.e. it is in a position to be able to repay all users if necessary).

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Reviews

94% based on 982,908 reviews
76% based on 6,228 reviews
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Savings Rates

The table below compares the savings rates for Binance and BlockFi. Enter the amount you intend to deposit to get a more detailed comparison.
Fiat Currencies
BRL Brazilian Real
1% APY
1% APY
RUB Russian Ruble
2% APY
2% APY
Stable Coins
DAI Dai
2.2% APY
2.2% APY
JST JUST
2% APY
2% APY
USDC USD Coin
0.928% APY
0.928% APY
USDT Tether
0.5% - 10% APY
0.5% - 10% APY
Crypto Currencies
1.71% APY
1.71% APY
AAVE Aave
1% APY
1% APY
1% APY
1% APY
2% APY
2% APY
ADA Cardano