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Home Platforms BlockFi
BlockFi reviews
Review Score
76%
6,242 Reviews
Platform Age
5 Years
HQ Country
United States
Max BTC Savings Rate
3%
APY

Average rating of 76% based on 6,242 reviews.

Founded 5 years ago in 2017.

Headquartered in the United States.

Bitcoin (BTC) savings rates up to 3% APY.

Go to BlockFi earnings calculator

Average rating of 76% based on 6,242 reviews.

Founded 5 years ago in 2017.

Headquartered in the United States.

Bitcoin (BTC) savings rates up to 3% APY.

Go to BlockFi earnings calculator

Reviewed by Yunis
7 April 2021 (Updated 28 September 2022)

BlockFi Review, Pros & Cons and Features

DeFinda Score™

An impartial, objective analysis of BlockFi's features to help you compare platforms. Read our full analysis.
Savings Rates
6.9
Loan Rates
7.5
Established
5.1
Reviews
7.6
Risk Management
6
Withdrawals
4
Coverage
2.7
Support
10

BlockFi is a cryptocurrency platform that offers savings accounts, loans, and some exchange services. BlockFi offers savings rates up to 15% APY, with no hidden fees and instant access to your funds. Customers can access crypto secured loans at rates as low as 4.5% APR, with no credit checks required.

BlockFi is a U.S.-based leading crypto lending company. The platform was founded in 2017 by Flori Marquez and Zac Prince. BlockFi has raised a total of $508.7M in funding, making it one of the most highly funded crypto platforms. Fidelity, SoFi, and Coinbase Ventures are among the investors. BlockFi has 1M+ verified clients from more than 50 countries. The company is managing over $10B in assets with 350 global institutions.

BlockFi offers both a web app and mobile apps for their platform. Both apps are very simple to use and easy to navigate. Users can deposit fiat and cryptocurrencies into an online wallet, buy and sell cryptocurrencies, move funds into interest-bearing savings accounts, or use the funds as collateral against a loan. Apps are available worldwide except in sanctioned countries.

BlockFi's exchange services don't have minimum requirements or trading fees. Users can deposit any size of deposit and start trading instantly. Crypto exchange services are commission-free but of course exclude small spread rates. The platform currently supports BTC, ETH, LTC, PAX, PAXG, LINK, DAI, BAT, UNI along with stable coins such as USDT, BUSD, GUSD, USDC. The company is offering sign-up and first trade bonuses up to $250.

BlockFi is offering the world's first bitcoin reward Credit Card with 1.5% back in bitcoin on every purchase with no annual fee and no foreign transaction fees. Since the BlockFi Rewards Visa® Signature Credit Card is launched in August 2021 as the first of its kind and already reached $2 billion in annualised spending. The company also announced a partnership with bitcoin mining company Blockstream to invest in bitcoin mining in order to diversify their revenue stream.

Pros

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

Cons

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

DeFinda Score™

Savings Rates

6.9

BlockFi has some of the best instant access saving rates for Tether (8.75%), USD Coin (8.5%), Cardano (10%) and 1 more cryptocurrency, however BlockFi also has some of the worst instant access saving rates for Ethereum (3.5%), Binance USD (7.5%), Solana (5%) and several other cryptocurrencies

Loan Rates

7.5

BlockFi has some of the best loan rates secured against Bitcoin (4.5%), Ethereum (4.5%), Litecoin (4.5%) and 1 more cryptocurrency.

Note that loans are complex products with rates varying by collateral and LTV. For a full comparison visit our loans page.

Established

5.1

BlockFi was founded in 2017 which makes it 5 years old. That's still quite young as the oldest crypto platforms are 11 years old.

BlockFi has approximately 505,700 employees. That makes it one of the smaller crypto platforms by number of employees.

BlockFi has a total of approximately 15 billion USD of assets under management. BlockFi has one of the largest asset bases of all the crypto platforms. The biggest crypto platforms are managing up to 21 billion USD of assets.

Reviews

7.6

BlockFi has an average expert rating of 78% based on 42 expert reviews, and an average user rating of 76% based on 6,200 user reviews. BlockFi has over 200 reviews on Trustpilot, with an average user rating of 68%. Expert reviews include Hedge With Crypto (94%), Benzinga (100%), Jean Galea (90%) and Crypto Vantage (100%).

Risk Management

6

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).

Withdrawals

4

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.

Coverage

2.7

BlockFi supports 23 different cryptocurrencies and 2 fiat currencies. Key supported cryptocurrencies include Bitcoin, Ethereum, Tether, USD Coin, Binance USD and Cardano. BlockFi support for fiat currencies includes US Dollars and Euros. The biggest crypto platforms offer support for over 250 different cryptocurrencies.

Support for a larger number of cryptocurrencies is helpful if you are looking for trading opportunities, but may be less important if your priority is long term investment in one of the major cryptos.

Support

10

BlockFi offers 24 hour support by email, phone and online chat.

BlockFi Reviews

BlockFi has good reviews overall, however some issues do repeatedly appear in the user reviews.

On the positive side, many people felt that customer support was fast and friendly and people found the app easy to use. BlockFi even offer phone support, which is rare amongst crypto platforms.

The biggest complaint by far across the reviews is about slow withdrawals and high withdrawal fees. Withdrawals can typically take a total of 2 days to be processed. In the era of high-speed crypto, this can feel like a lifetime. Also the volatility of crypto investing means there can be times when users urgently need access to their funds, so having to wait several days can be a big problem. On top of this BlockFi have high withdrawal fees, such as $50 USD withdrawal fee for stablecoins. Unsurprisingly many users find this excessive.

Whilst most people don’t like the slow withdrawal speeds, there are some users who see this as an advantage as they like the reassurance that it makes it harder for a fraudster to access their money.

Based on a total of 6,242 reviews across the web for BlockFi we gave the platform an overall rating of 76%.

BlockFi Rating
76%
Based on 6,242 reviews
Leave a Review for BlockFi
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BlockFi YouTube Reviews

BlockFi Promo Codes & Vouchers

Get $250 Free BTC

When you deposit $100,000
CodeClick to Reveal Code

Get $100 Free BTC

When you deposit $75,000
CodeClick to Reveal Code

Get $75 Free BTC

When you deposit $40,000
CodeClick to Reveal Code

Get $40 Free BTC

When you deposit $20,000
CodeClick to Reveal Code

Get $20 Free BTC

When you deposit $1,500
CodeClick to Reveal Code

Get $15 Free BTC

When you deposit $100
CodeClick to Reveal Code

1.5% Cashback On Card Purchases

When you take out a BlockFi Card

$250 Joining Bonus

When you take out a BlockFi Card

3.5% Bitcoin Rewards On Purchases in Months 4 to 6 (Max $100 in Bitcoin)

When you take out a BlockFi Card

0.25% Back in Bitcoin On All Eligible Trades (Max $500 / Month)

When you take out a BlockFi Card

BlockFi Savings Accounts

Savings Account Highlights

BlockFi offers various saving accounts with different cryptocurrencies, stablecoins, and fiat currencies. Interest begins accruing the day after the account is funded and accrues on a daily basis. Interest is paid out on a monthly basis at the end of each month.

Interest compounds monthly. This means, interest paid at the end of the month is added to the principal, and next month, interest will accrue on the original principal plus interest earned.

The interest rates payable on deposits vary from 1% APY to 15% APY, depending on the type of crypto, stablecoin, or currency. Many of BlockFi’s savings accounts have tiered interest rates. This means that a higher headline rate applies to small deposits, and the rate gradually reduces for larger deposits.

Interest is paid in the same currency as deposited by default, but clients also have the flexibility to have interest paid in a different currency of their choice.

You can withdraw your funds at any time from your savings accounts back to your BlockFi crypto wallet. From there you can then make a withdrawal request to transfer your crypto to a different platform or hardware wallet. Note that withdrawal requests on BlockFi are slow compared to most platforms.

BlockFi provides saving accounts not only for individuals but also for businesses or corporates. Opening a business or corporate saving account requires more documentation and a longer verification process. Both individual and corporate saving accounts function the same.

Blockfi Saving accounts are available worldwide except in some sanctioned or watchlist countries. Unfortunately, savings accounts are not currently available in the United States.

You can calculate your potential earnings on BlockFi using our BlockFi interest rate calculator.

The table below summarises BlockFi's interest rates by currency type and tier level.

Interest Paid Out in Same Currency
Bitcoin
Deposits below 0.1 BTC
3%
APY
Deposits between 0.1 BTC and 0.5 BTC
3%
APY
Deposits above 0.5 BTC
2.5%
APY
Dogecoin
2%
APY
Gemini Dollar
Deposits below 20,000 GUSD
7%
APY
Deposits between 20,000 GUSD and 2,000,000 GUSD
7.5%
APY
Deposits above 2,000,000 GUSD
7.5%
APY
Polkadot
15%
APY
Dai
Deposits below 20,000 DAI
6%
APY
Deposits between 20,000 DAI and 2,000,000 DAI
5%
APY
Deposits above 2,000,000 DAI
4%
APY
Polygon
5%
APY
Avalanche
5%
APY
Uniswap
Deposits below 100 UNI
3%
APY
Deposits between 100 UNI and 500 UNI
2%
APY
Deposits above 500 UNI
2%
APY
Ethereum
Deposits below 1.5 ETH
3.5%
APY
Deposits between 1.5 ETH and 10 ETH
2.5%
APY
Deposits above 10 ETH
2%
APY
Chainlink
Deposits below 100 LINK
1%
APY
Deposits between 100 LINK and 500 LINK
0.2%
APY
Deposits above 500 LINK
0.1%
APY
Cosmos
7%
APY
Litecoin
Deposits below 20 LTC
2%
APY
Deposits between 20 LTC and 100 LTC
1%
APY
Deposits above 100 LTC
0.1%
APY
Algorand
2.5%
APY
Tether
Deposits below 20,000 USDT
8.75%
APY
Deposits between 20,000 USDT and 5,000,000 USDT
8%
APY
Deposits above 5,000,000 USDT
8%
APY
Bitcoin Cash
3%
APY
Filecoin
2%
APY
USD Coin
Deposits below 20,000 USDC
8.5%
APY
Deposits between 20,000 USDC and 2,000,000 USDC
7.5%
APY
Deposits above 2,000,000 USDC
7.5%
APY
Pax Dollar
Deposits below 20,000 USDP
7%
APY
Deposits between 20,000 USDP and 2,000,000 USDP
5%
APY
Deposits above 2,000,000 USDP
4%
APY
PAX Gold
Deposits below 1.5 PAXG
1%
APY
Deposits between 1.5 PAXG and 5 PAXG
0.2%
APY
Deposits above 5 PAXG
0.1%
APY
Binance USD
Deposits below 20,000 BUSD
7%
APY
Deposits between 20,000 BUSD and 2,000,000 BUSD
7.5%
APY
Deposits above 2,000,000 BUSD
7.5%
APY
Basic Attention Token
Deposits below 4,000 BAT
1%
APY
Deposits between 4,000 BAT and 20,000 BAT
0.2%
APY
Deposits above 20,000 BAT
0.1%
APY
Cardano
10%
APY
Solana
5%
APY
Interest Paid Out in Choice of Currencies
yearn.finance
3%
APY
Gala
3%
APY
Serum
3%
APY
TRON
6%
APY
SushiSwap
3%
APY
FTX Token
3%
APY
NEAR Protocol
7%
APY
Terra Classic
6%
APY
Chiliz
3%
APY
Decentraland
3%
APY
The Sandbox
3%
APY
EOS
3%
APY
Aave
3%
APY
Axie Infinity
3%
APY
BNB
3%
APY
Maker
3%
APY
The Graph
5%
APY
Fantom
3%
APY
THORChain
3%
APY
Curve DAO Token
3%
APY
Enjin Coin
3%
APY
Compound
3%
APY
1inch Network
3%
APY

BlockFi Loans

Savings Account Highlights

BlockFi offers loans secured against crypto deposits that you provide up to a maximum Loan to Value (LTV) of 50%. Applying for a loan is relatively easy, however the minimum loan size is $10,000 USD.

To get started you specify the collateral type and amount that you can provide. Then choose your loan LTV. The lower the LTV the lower your interest rate will be. Finally you choose the currency you would like to receive your loan funds in. This can be fiat currency (USD direct to your regular bank account) or cryptocurrency. No credit checks are required and personal credit score will not be affected by applying for a loan. BlockFi does ask what the intended use of the loan is though.

Once your loan application is complete, BlockFi will aim to provide your loan funds on the same day as you provide the collateral. However, it can sometimes take up to 1 to 2 days for BlockFi to process the loan application.

Every loan attracts a 2% origination fee which is payable upfront. Loan interest payments fall due every month with the first payment falling due 1 month after the loan is started. Payments can be made by regular bank transfer or using stablecoins.

All loans are opened for a standard 12 month term, however you can pay off your loan in full at any time without penalty.

In the US the availability of the BlockFi loans product varies state by state. You can find further details here.

It is worth noting that any crypto that you are using as collateral for the loan will not be eligible for earning yield in a savings account.

Use our handy BlockFi loan calculator below to calculate how much you could borrow.

3 matching loan accounts found
Loyalty Level Setup Fee LTV Rate
Base
2%
2%
UP TO
20%
4.5%
APR
Base
2%
2%
UP TO
35%
7.9%
APR
Base
2%
2%
UP TO
50%
9.75%
APR

BlockFi Fees & Limits

BlockFi has no hidden fees and no minimum balance requirement. It is completely free to deposit funds. Customers have one free withdrawal for cryptos and stablecoins.

BlockFi charges 2% origination fee on loans given.

BlockFi doesn't charge any commission on trades on its exchanges but the spread between buy and sell prices can be up to 1.5% difference.

Fees
Exchange fees 0% exchange fees
Fiat deposit fee tick Free
Fiat withdrawal fee tick Free
Crypto deposit fee tick Free
Crypto withdrawal fee Varies by currency - approx $10 USD per withdrawl
Limits
Savings 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 Varies by currency - min approx $100 USD, max approx $1,000,000 USD every 7 days
Savings fiat account withdrawal limit Varies by currency - approx $1,000,000 USD every 7 days
Loan fiat account withdrawal limit Varies by currency - approx $1,000,000 USD every 7 days
Number of free crypto withdrawals per month 1

BlockFi Countries

Whilst BlockFI is a US based it does have some restrictions in terms of products that it can offer to users in the United States. These restrictions vary state by state. Generally speaking savings products are not available to US users.

BlockFi's supports the following languages: English.

BlockFi's services are available in all countries EXCEPT:

Russia

BlockFi Scams, Frauds, Hacks and Blunders

7 Feb 2022
BlockFi is actively checking whether deposited crypto has passed through a coin mixing service. If they believe the funds have then they may freeze your account. Even if you haven't used a coin mixing service it is possible that the person that you acquired the coins from did.
14 May 2021
BlockFi ran a promotion to earn bonus payments in USD stablecoins. BlockFi mistakenly made the payments in Bitcoin instead of stablecoins with some users receiving upto 700 bitcoin. Once the mistake was spotted BlockFi started suspending withdrawls from the platform and bullying users to repay the Bitcoin within 2 hours. It is concerning that the platform does not have safety measures in place to prevent his sort of mistake.
19 May 2020
One of BlockFi's employees had the sim card in their phone swapped out by a hacker. This compromised a number of user's personal information and account activity. No funds were lost.

BlockFi Debit Cards

BlockFi Card logo
BlockFi Card logo
VISA logo Credit Plastic Waiting List
VISA logo Credit Plastic Waiting List
1.5% Cashback Paid in Bitcoin logo BTC
  • $250 joining bonus
  • 3.5% bitcoin rewards on purchases in months 4 to 6 (max $100 in bitcoin)
  • 2% APY on your average stablecoin balance, paid in bitcoin, up to $200
  • 0.25% back in bitcoin on all eligible trades (max $500 / month)
  • No monthly fee. $200USD Annual fee.
1.5%
Cashback
Paid in Bitcoin logo BTC
Apply

BlockFi Key Data

Company
Legal name BlockFi Lending LLC
Year founded 2,017
Country incorporated in United States
Headquarters country United States
Decentralised tick Yes
Number of employees 505700
Number of users 225,000
Total assets under management $15,000,000,000USD
Withdrawal time in hours 24hours
Products
Savings accounts tick Yes
Loans tick Yes
Crypto to crypto exchange tick Yes
Fiat to crypto exchange tick Yes
Pro exchange marketplace cross No
Peer to peer exchange cross No
Corporate accounts tick Yes
Instantly buy crypto with fiat tick Yes
Integrated crypto wallet tick Yes
Crypto withdrawals to private wallet tick Yes
Fast account verification tick Yes
Security
Cold storage tick Yes
Cold storage custodian Gemini
Two factor authentication tick Yes
Know your customer tick Yes
Credit check cross No
Regulators Regulated in the USA
Support
24/7 support tick Yes
Email support tick Yes
Phone support tick Yes
Chat support tick Yes
Fees
Exchange fees 0% exchange fees
Fiat deposit fee Free
Fiat withdrawal fee Free
Crypto deposit fee 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 time 24 hours
Crypto withdrawal fee Varies by currency - approx $10 USD per withdrawl
Savings 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 Varies by currency - min approx $100 USD, max approx $1,000,000 USD every 7 days
Savings fiat account withdrawal limit Varies by currency - approx $1,000,000 USD every 7 days
Loan fiat account withdrawal limit Varies by currency - approx $1,000,000 USD every 7 days
Investment Strategy
DeFi products cross No
Unsecured loans tick Yes
Independent proof of reserves cross No
Key People
Flori Marquez
Co-Founder & SVP of Operations
Rene van Kesteren
Chief Risk Officer
Mahesh Paolini-Subramanya
CTO
Zac Prince
Founder & CEO
Justin Pease
VP, Engineering
Russell Smith
VP User Acquisition
David Olsson
Managing Director of Europe and Asia
Tony Lauro
CFO
Jonathan Mayers
General Counsel
David Spack
Chief Compliance Officer
Adam Healy
Chief Security Officer
Amit Cheela
SVP of Finance
Andrew Tam
SVP of Marketing
Licenses & Certifications
Alabama - Consumer Credit License
Alabama - Money Transmitter License
California - Department of Financial Protection and Innovation - Finance Lender and Broker License
Colarado - Supervised Lender’s License
Connecticut - Money Transmitter License
District of Columbia - Department of Insurance, Securities and Banking - Money Transmitter License
Florida - Money Services Business License
Georgia - Seller of Payment Instructions
Idaho - Department of Finance - Money Transmitter License
Illinois - Department of Financial and Professional Regulation - Money Transmitter License
Illinois - Department of Financial and Professional Regulation - Consumer Installment License Certif
Kansas - Office of the State Bank Commissioner - Supervised Loan License
Kansas - Office of the State Bank Commissioner - Money Transmitter License
Maryland - Consumer Loan Authorization
Maryland - Money Transmitter License
Michigan - Regulated Loan Act License
Minnesota - Department of Commerce - Regulated Loan License
Minnesota - Department of Commerce - Money Transmitter License
Missouri - Division of Finance - Small Loan License
North Carolina - Money Transmitter License
North Dakota - Money Broker License
Nebraska - Money Transmitter License
New Hampshire - Banking Department - Money Transmitter License
New Jersey - Money Transmitter License
Ohio - Consumer Installment Loan Act License
Ohio - Money Transmitter License
Oklahoma - License of Authority
Oregon - Division of Financial Regulation - Money Transmitter License
Pennsylvania - Consumer Discount Company License
Puerto Rico - Money Transmitter License
Rhode Island - Currency Transmitter License
Rhode Island - Lender License
South Carolina - Money Transmitter License
Tennessee - Industrial Loan and Thrift Certificate of Registration
Tennessee - Money Transmitter License
Texas - Money Services Business License
Utah - Department of Financial Institutions - Acknowledgment of Consumer Credit Notification
Washington - Money Transmitter License
Washington - Consumer Loan License
Bermuda Monetary Authority - Class F Digital Assets Business License

Useful Links

BlockFi Contact Details

https://blockfi.com/
support@blockfi.com
+1 646-779-9688
+1 877-204-6232
licensing@blockfi.com
BlockFi Trading LLC - 201 Montgomery St, Suite 263 Jersey City, NJ 07302
BlockFi Trading LLC - 201 Montgomery St Suite 263 Jersey City, NJ 07302

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