Sign In
Sign Up
DeFinda Logo
Find & Compare DeFi Products
usd logo USD
Home Platforms BlockFi vs Coinloan

Compare BlockFi vs Coinloan

vs
Add / remove platforms

Definda Score™

The Definda Score is an impartial, objective analysis of platform features.
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
10
Loan Rates
10
Established
2.5
Reviews
8.9
Risk Management
8
Withdrawals
6
Coverage
2.7
Support
10
Savings Rates
7.3
Savings Rates
10
Loan Rates
7.8
Loan Rates
10
Established
5.1
Established
2.5
Reviews
7.6
Reviews
8.9
Risk Management
6
Risk Management
8
Withdrawals
4
Withdrawals
6
Coverage
2.7
Coverage
2.7
Support
10
Support
10

Pros & Cons

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 More reviews than Coinloan (6,228 vs 1,062 reviews)
tick High LTV of up to 70% available on loans
tick High savings account interest rates
tick Daily compound interest
tick All savings accounts are instant access
tick Full transparency on company location and regulation status
tick No hidden fees
tick Simple and intuitive web and phone app
tick No credit checks
tick Russian and German language versions
tick Higher average review rating than BlockFi, but based on fewer reviews (89% vs 76%)
tick Higher rating for android phone app than BlockFi (4.3 vs 3.9 stars)
tick Higher rating on Trustpilot than BlockFi (4.2 vs 3.5 stars)
tick Invests in unsecured loans but BlockFi doesn't
tick Interface supports Russian and German whereas BlockFi doesn't
Savings Rates
tick BlockFi will pay interest on Gemini Dollar (GUSD) stable coin deposits whereas Coinloan does not
tick BlockFi has a higher base saving rate for 2 crypto currencies:
Cardano (ADA) (10% vs 7.2%)
Polkadot (DOT) (15% vs 5.2%)
2 more savings rates pros ...
Savings Rates
tick Coinloan will pay interest on 3 fiat currency deposits not offered by BlockFi:
Pounds Sterling (GBP)
Euros (EUR)
Russian Ruble (RUB)
More ...
tick Coinloan has a higher base saving rate for 4 stable coins:
Tether (USDT) (10.3% vs 8%)
USD Coin (USDC) (10.3% vs 7.5%)
Dai (DAI) (10.3% vs 4%)
Pax Dollar (USDP) (10.3% vs 4%)
More ...
4 more savings rates pros ...
Loan Rates
tick BlockFi offers loans in US Dollars (USD) fiat currency deposits whereas Coinloan does not
Loan Rates
tick Coinloan offers loans in 2 fiat currency deposits not offered by BlockFi:
Pounds Sterling (GBP)
Euros (EUR)
tick Coinloan offers loans in 4 stable coin deposits not offered by BlockFi:
2 more loan rates pros ...
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
cross Withdrawls from savings account are not instant. They are processed daily at 14:00 UTC.
cross Funds must be manually moved from wallet to interest account to start earning interest
cross Savings account interest calculated daily but only paid out monthly
cross Low LTV required to get the best loan rates
cross 1% loan setup fee (0.5% if paid in CLT)
cross No loans in USD available
cross High LTV of up to 70% could put savers at risk in the event of a crypto crash
Go To Platform
Go To Platform

Withdrawals

Withdrawal Time
24 hours
Withdrawal Time
24 hours
Withdrawal Score
4
Withdrawal Score
6
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.

Withdrawals Experience

If your funds are invested in a Coinloan savings account and you want to withdraw them from the platform you must first make a withdrawal request from the savings account back to to your Coinloan wallet. These withdrawals from savings accounts are not instant. Savings account withdrawals are processed every day at 14:00 UTC. This means you could be waiting up to 24 hours for your withdrawal request to be actioned.

Once funds have been returned to your Coinloan crypto wallet you can then apply for these funds to be withdrawn from the platform altogether. These withdrawals are normally completed swiftly. In our tests they were completed in under an hour.

Fiat withdrawals from Coinloan are processed during business hours only and may take up to 24 hours to be processed. From the time of processing it could take up to 3 further business days for the funds to clear the banking system and arrive in your bank account.

Minimum withdrawal amounts apply, which are around $50 USD for most cryptocurrencies, 10 EUR for SEPA fiat transfers and 5,000 EUR for fiat swift transfers. There is also a maximum daily withdrawal limit of $500k USD for all currencies. You can request for this withdrawal limit to be increased.

Go To Platform
Go To Platform

Risk

Risk Management Score
6
Risk Management Score
8
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).

Risk Management

On the technical security front, Coinloan employs the usual two factor authentication 2FA approach to account security, which makes accessing an individual account extremely difficult without also being in possession of the 2FA device. In addition to this, Coinloan have employed Blaze to undertake a third party security audit of Coinloan to check for potential vulnerabilities. Blaze were "very impressed with CoinLoan’s initial security standards", and have proposed further enhancements to the security of the platform. Coinloan do appear to be committed to maintaining a high level of technical security on their platform.

Coinloan adopt a conservative, risk adverse strategy to investing funds in order to generate yield. They state that they adopt market neutral investment strategies that do not depend on the overall price trend of the market. Such strategies would include arbitrage and spread trading. Such strategies are good news for depositors as it makes the platform less susceptible to liquidity issues, when a platform can be unable to repay to depositors because too much money is tied up in loans.

Coinloan categorically state that they do not invest in DeFi protocols as they see them as too risky and all loans are fully collateralised. This collateral can be used to repay the loan in the event of a default by the borrower. They also state they avoid futures orders and other financial products that may lead to margin calls or position liquidation.

Some crypto platforms have employed third party auditors to verify their financial reserves. This proof of reserves provides reassurance to the depositors that funds are available if they need to make a withdrawal. Coinloan do not currently provide proof of reserves.

Coinloan have provided further details on their investment strategy in a detailed blog post. The transparency displayed is reassuring.

Go To Platform
Go To Platform

Reviews

76% based on 6,228 reviews
89% based on 1,062 reviews
Go To Platform
Go To Platform

Savings Rates

The table below compares the savings rates for BlockFi and Coinloan. Enter the amount you intend to deposit to get a more detailed comparison.
Fiat Currencies
Stable Coins
DAI Dai
4% - 6% APY
4% - 6% APY
7% - 7.5% APY
7% - 7.5% APY
USDC USD Coin
7.5% - 8.5% APY
7.5% - 8.5% APY
USDP Pax Dollar
4% - 7% APY
4% - 7% APY
USDT Tether
8% - 8.75% APY
8% - 8.75% APY
Crypto Currencies
3% APY
3% APY
AAVE Aave
3% APY
3% APY
ADA Cardano
10% APY
10% APY
ALGO Algorand
2.5% APY
2.5% APY
ATOM Cosmos
7% APY
7% APY
AVAX Avalanche
5% APY
5% APY
3% APY
3% APY
0.1% - 1% APY
0.1% - 1% APY
3% APY
3% APY
BNB BNB
3% APY
3% APY
BTC Bitcoin
2.5% - 3.5% APY
2.5% - 3.5% APY
7% - 7.5% APY
7% - 7.5% APY
CHZ Chiliz
3% APY
3% APY
COMP Compound
3% APY
3% APY
3% APY
3% APY
DOGE Dogecoin
2% APY
2% APY
DOT Polkadot
15% APY
15% APY
3% APY
3% APY
EOS EOS
3% APY
3% APY
ETH Ethereum
2% - 3.5% APY
2% - 3.5% APY
FIL Filecoin
2% APY
2% APY
FTM Fantom
3% APY
3% APY
FTT FTX Token
3% APY
3% APY
GALA Gala
3% APY
3% APY
GRT The Graph
5% APY
5% APY
LINK Chainlink
0.1% - 1% APY
0.1% - 1% APY
LTC Litecoin
0.1% - 2% APY
0.1% - 2% APY
6% APY
6% APY
3% APY
3% APY
MATIC Polygon
5% APY
5% APY
MKR Maker
3% APY
3% APY
7% APY
7% APY
PAXG PAX Gold
0.1% - 1% APY
0.1% - 1% APY
RUNE THORChain
3% APY
3% APY
3% APY
3% APY
SOL Solana
5% APY
5% APY
SRM Serum
3% APY
3% APY
SUSHI SushiSwap
3% APY
3% APY
TRX TRON
6% APY
6% APY
UNI Uniswap
2% - 3% APY
2% - 3% APY
3% APY
3% APY
Loading rates ...
Fiat Currencies
EUR Euros
10.3% APY
10.3% APY
GBP Pounds Sterling
10.3% APY
10.3% APY
RUB Russian Ruble
8.3% APY
8.3% APY
Stable Coins
DAI Dai
10.3% - 12.3% APY
10.3% - 12.3% APY
TUSD TrueUSD
10.3% - 12.3% APY
10.3% - 12.3% APY
USDC USD Coin
10.3% - 12.3% APY
10.3% - 12.3% APY
USDP Pax Dollar
10.3% - 12.3% APY
10.3% - 12.3% APY
USDT Tether
10.3% - 12.3% APY
10.3% - 12.3% APY
Crypto Currencies
ADA Cardano
7.2% - 9.2% APY
7.2% - 9.2% APY
5.2% - 7.2% APY
5.2% - 7.2% APY
BNB BNB
7.2% - 9.2% APY
7.2% - 9.2% APY
BTC Bitcoin
5.2% - 7.2% APY
5.2% - 7.2% APY
10.3% - 12.3% APY
10.3% - 12.3% APY
DOT Polkadot
5.2% - 7.2% APY
5.2% - 7.2% APY
ETH Ethereum
5.2% - 7.2% APY
5.2% - 7.2% APY
LINK Chainlink
5.2% - 7.2% APY
5.2% - 7.2% APY
LTC Litecoin
5.2% - 7.2% APY
5.2% - 7.2% APY
MKR Maker
5.2% - 7.2% APY
5.2% - 7.2% APY
PAXG PAX Gold
5.2% - 7.2% APY
5.2% - 7.2% APY
SOL Solana
7.2% - 9.2% APY
7.2% - 9.2% APY
5.2% - 7.2% APY
5.2% - 7.2% APY
XLM Stellar
5.2% - 7.2% APY
5.2% - 7.2% APY
XMR Monero
3% - 5% APY
3% - 5% APY
XRP XRP
5.2% - 7.2% APY
5.2% - 7.2% APY
Loading rates ...
Go To Platform
Go To Platform

Loans Rates

The table below compares the loan rates for BlockFi and Coinloan. Enter the amount you intend to borrow to get a more detailed comparison.
Fiat Currencies
USD US Dollars
4.5% - 9.75% APR
50% LTV 4.5% - 9.75% APR
Stable Coins
Crypto Currencies
Loading rates ...
Fiat Currencies
EUR Euros
4.5% - 12% APR
70% LTV 4.5% - 12% APR
GBP Pounds Sterling
4.5% - 12% APR
70% LTV 4.5% - 12% APR
Stable Coins
TUSD TrueUSD
4.5% - 12% APR
70% LTV 4.5% - 12% APR
USDC USD Coin
4.5% - 12% APR
70% LTV 4.5% - 12% APR
USDP Pax Dollar
4.5% - 12% APR
70% LTV 4.5% - 12% APR
USDT Tether
4.5% - 12% APR
70% LTV 4.5% - 12% APR
Crypto Currencies
BTC Bitcoin
4.5% - 7.5% APR
70% LTV 4.5% - 7.5% APR
BUSD Binance USD
4.5% - 12% APR
70% LTV 4.5% - 12% APR
ETH Ethereum
4.5% - 7.5% APR
70% LTV 4.5% - 7.5% APR
LINK Chainlink
4.5% - 7.5% APR
70% LTV 4.5% - 7.5% APR
LTC Litecoin
4.5% - 7.5% APR
70% LTV 4.5% - 7.5% APR
WBTC Wrapped Bitcoin
4.5% - 7.5% APR
70% LTV 4.5% - 7.5% APR
XMR Monero
4.5% - 7.5% APR
70% LTV 4.5% - 7.5% APR
XRP XRP
4.5% - 7.5% APR
70% LTV 4.5% - 7.5% APR
Loading rates ...
Go To Platform
Go To Platform

Company

Legal name
BlockFi Lending LLC
Legal name
CoinLoan OÜ
Year founded
2017
Year founded
2017
Country incorporated in
2
Country incorporated in
77
Headquarters country
2
Headquarters country
77
Platform token
Platform token
CoinLoan
Centralised
tick Yes
Centralised
tick Yes
Number of employees
505700
Number of employees
11-50
Number of users
225,000
Number of users
Total assets under management
$15,000,000,000USD
Total assets under management
Withdrawal time in hours
24hours
Withdrawal time in hours
24hours
Go To Platform
Go To Platform

Products

Savings accounts
tick Yes
Savings accounts
tick Yes
Loans
tick Yes
Loans
tick Yes
Crypto to crypto exchange
tick Yes
Crypto to crypto exchange
tick Yes
Fiat to crypto exchange
tick Yes
Fiat to crypto exchange
tick Yes
Pro exchange marketplace
cross No
Pro exchange marketplace
cross No
Peer to peer exchange
cross No
Peer to peer exchange
cross No
Corporate accounts
tick Yes
Corporate accounts
tick Yes
Instantly buy crypto with fiat
tick Yes
Instantly buy crypto with fiat
tick Yes
Integrated crypto wallet
tick Yes
Integrated crypto wallet
tick Yes
Crypto withdrawals to private wallet
tick Yes
Crypto withdrawals to private wallet
tick Yes
Fast account verification
tick Yes
Fast account verification
tick Yes
Go To Platform
Go To Platform

Security

Insurance level
Insurance level
$100,000,000USD
Cold storage
tick Yes
Cold storage
tick Yes
Cold storage custodian
Gemini
Cold storage custodian
BitGo
Two factor authentication
tick Yes
Two factor authentication
tick Yes
Credit check
cross No
Credit check
cross No
Go To Platform
Go To Platform

Support

24/7 support
tick Yes
24/7 support
tick Yes
Email support
tick Yes
Email support
tick Yes
Phone support
tick Yes
Phone support
tick Yes
Chat support
tick Yes
Chat support
tick Yes
Go To Platform
Go To Platform

Fees

Exchange fees
0% exchange fees
Exchange fees
0% exchange fees
Fiat deposit fee
tick Free
Fiat deposit fee
tick Free
Fiat withdrawal fee
tick Free
Fiat withdrawal fee
tick Free
Crypto deposit fee
tick Free
Crypto deposit fee
tick Free
Withdrawal process
You must first withdraw from your savings account to your BlockFi crypto wallet. You can then submit a withdrawal request to remove funds from the platform altogether. Withdrawals are processed next working day
Withdrawal process
Withdrawals form savings accounts are processed daily at 14:00 UTC. Withdrawals from your crypto wallet are processed promptly, normally within an hour.
Withdrawal time
24 hours
Withdrawal time
24 hours
Crypto withdrawal fee
Varies by currency - approx $10 USD per withdrawl
Crypto withdrawal fee
tick Free
Savings crypto account withdrawal limit
Varies by currency - min approx $100 USD, max approx $1,000,000 USD every 7 days
Savings crypto account withdrawal limit
Unlimited
Loan crypto account withdrawal limit
Varies by currency - min approx $100 USD, max approx $1,000,000 USD every 7 days
Loan crypto account withdrawal limit
Unlimited
Savings fiat account withdrawal limit
Varies by currency - approx $1,000,000 USD every 7 days
Savings fiat account withdrawal limit
Unlimited
Loan fiat account withdrawal limit
Varies by currency - approx $1,000,000 USD every 7 days
Loan fiat account withdrawal limit
Unlimited
Go To Platform
Go To Platform

Investment Strategy

Liquidity pools
Liquidity pools
cross No
DeFi products
cross No
DeFi products
cross No
Unsecured loans
tick Yes
Unsecured loans
cross No
Independent proof of reserves
cross No
Independent proof of reserves
cross No
Go To Platform
Go To Platform

Registrations & Regulation

Know your customer
tick Yes
Know your customer
tick Yes
Regulators
Regulated in the USA
Regulators
Regulated in Estonia
Alabama - Consumer Credit License
tick Yes
Alabama - Consumer Credit License
Alabama - Money Transmitter License
tick Yes
Alabama - Money Transmitter License
California - Department of Financial Protection and Innovation - Finance Lender and Broker License
tick Yes
California - Department of Financial Protection and Innovation - Finance Lender and Broker License
Colarado - Supervised Lender’s License
tick Yes
Colarado - Supervised Lender’s License
Connecticut - Money Transmitter License
tick Yes
Connecticut - Money Transmitter License
District of Columbia - Department of Insurance, Securities and Banking - Money Transmitter License
tick Yes
District of Columbia - Department of Insurance, Securities and Banking - Money Transmitter License
Florida - Money Services Business License
tick Yes
Florida - Money Services Business License
Georgia - Seller of Payment Instructions
tick Yes
Georgia - Seller of Payment Instructions
Idaho - Department of Finance - Money Transmitter License
tick Yes
Idaho - Department of Finance - Money Transmitter License
Illinois - Department of Financial and Professional Regulation - Money Transmitter License
tick Yes
Illinois - Department of Financial and Professional Regulation - Money Transmitter License
Illinois - Department of Financial and Professional Regulation - Consumer Installment License Certif
tick Yes
Illinois - Department of Financial and Professional Regulation - Consumer Installment License Certif
Kansas - Office of the State Bank Commissioner - Supervised Loan License
tick Yes
Kansas - Office of the State Bank Commissioner - Supervised Loan License
Kansas - Office of the State Bank Commissioner - Money Transmitter License
tick Yes
Kansas - Office of the State Bank Commissioner - Money Transmitter License
Maryland - Consumer Loan Authorization
tick Yes
Maryland - Consumer Loan Authorization
Maryland - Money Transmitter License
tick Yes
Maryland - Money Transmitter License
Michigan - Regulated Loan Act License
tick Yes
Michigan - Regulated Loan Act License
Minnesota - Department of Commerce - Regulated Loan License
tick Yes
Minnesota - Department of Commerce - Regulated Loan License
Minnesota - Department of Commerce - Money Transmitter License
tick Yes
Minnesota - Department of Commerce - Money Transmitter License
Missouri - Division of Finance - Small Loan License
tick Yes
Missouri - Division of Finance - Small Loan License
North Carolina - Money Transmitter License
tick Yes
North Carolina - Money Transmitter License
North Dakota - Money Broker License
tick Yes
North Dakota - Money Broker License
Nebraska - Money Transmitter License
tick Yes
Nebraska - Money Transmitter License
New Hampshire - Banking Department - Money Transmitter License
tick Yes
New Hampshire - Banking Department - Money Transmitter License
New Jersey - Money Transmitter License
tick Yes
New Jersey - Money Transmitter License
Ohio - Consumer Installment Loan Act License
tick Yes
Ohio - Consumer Installment Loan Act License
Ohio - Money Transmitter License
tick Yes
Ohio - Money Transmitter License
Oklahoma - License of Authority
tick Yes
Oklahoma - License of Authority
Oregon - Division of Financial Regulation - Money Transmitter License
tick Yes
Oregon - Division of Financial Regulation - Money Transmitter License
Pennsylvania - Consumer Discount Company License
tick Yes
Pennsylvania - Consumer Discount Company License
Puerto Rico - Money Transmitter License
tick Yes
Puerto Rico - Money Transmitter License
Rhode Island - Currency Transmitter License
tick Yes
Rhode Island - Currency Transmitter License
Rhode Island - Lender License
tick Yes
Rhode Island - Lender License
South Carolina - Money Transmitter License
tick Yes
South Carolina - Money Transmitter License
Tennessee - Industrial Loan and Thrift Certificate of Registration
tick Yes
Tennessee - Industrial Loan and Thrift Certificate of Registration
Tennessee - Money Transmitter License
tick Yes
Tennessee - Money Transmitter License
Texas - Money Services Business License
tick Yes
Texas - Money Services Business License
Utah - Department of Financial Institutions - Acknowledgment of Consumer Credit Notification
tick Yes
Utah - Department of Financial Institutions - Acknowledgment of Consumer Credit Notification
Washington - Money Transmitter License
tick Yes