BlockFi Review 2021: Security, Fees & Special Features

The web’s most detailed BlockFi review: This digital asset exchange is regulated by the New York State Department of Financial Services (NYSDFS) and is considered to be one of the most reputable and safe places for cryptocurrency investors and traders to operate on. When crypto lending, buying, selling, and trading come together on an intuitive and seamless platform it can only mean something great. The team behind this platform has thought about everything when they created this flagship of an exchange. To learn more about this US-based crypto exchange we highly recommend that you read our full BlockFi review.

4.22/5
Excellent
Regulated by
NYSDFS
United States flag
BlockFi
Founded July 2017
Owner BlockFi Inc
Type Cryptocurrency Exchange
Fees 0%
account minimum 10$
Best for All Traders

Why BlockFi

In this section of our BlockFi review we highlight 6 special features that deserves extra attention.

Lend your cryptocurrencies to others and earn passive income by doing nothing. You are now the bank!
Lending
Lend your cryptocurrencies to others and earn passive income by doing nothing. You are now the bank!
Open an institutional account as an Asset Manager, Corporation, Liquidity Provider, or Wealth Manager.
Institutional Trading
Open an institutional account as an Asset Manager, Corporation, Liquidity Provider, or Wealth Manager.
Trade your strategies with zero trading fees. Minimize your day trading costs significantly and stay in the game.
$0 Trading Fee
Trade your strategies with zero trading fees. Minimize your day trading costs significantly and stay in the game.
Deposit your fiat currency and start trading or investing in cryptocurrencies without any blockchain transactions.
Fiat Account
Deposit your fiat currency and start trading or investing in cryptocurrencies without any blockchain transactions.
Invest capital in a system created by this trading platform. Potential to earn passive income with profit assurance.
Investment Product
Invest capital in a system created by this trading platform. Potential to earn passive income with profit assurance.
This platform has extra security features such as segregated bank accounts and investor insurance funds.
Security Of Funds
This platform has extra security features such as segregated bank accounts and investor insurance funds.

About BlockFi

BlockFi is a digital assets exchange based in the United States and is regulated by The New York State Department of Financial Services (NYSDFS). The exchange was founded back in 2017 and is considered a new platform in Tradingbrowser terms. The operating company of the exchange is called BlockFi Inc and the main office is located at 201 Montgomery St, #263, Jersey City, NJ 07302, US.

The goal behind the team of BlockFi is to offer credit services to special markets with limited access to rather standard products such as a savings account. BlockFi is designed to provide institutional quality all the way through and I could immediately tell that this exchange has a significantly higher trust factor than many other exchanges I’ve reviewed. Another important feature that sets BlockFi apart is its market-leading rates and the institutional backing from Valar Ventures, Galaxy Digital, Fidelity, and more.

Why use BlockFi

The exchange offers seamless and trustworthy solutions such as a cryptocurrency interest account with up to 7.5% APY, the options to borrow real cash against your digital assets, buy, sell, and also trade cryptocurrencies in a very safe environment. The BlockFi platform is for all traders at all levels and if you are looking for a very trusted player among American crypto exchanges, then BlockFi should be on the list of platforms to try.

Both retail and institutional traders will enjoy the platform where there are no trading fees whatsoever. The team has made great solutions for credit services and the options to earn passive income through your digital assets are great. Choose between keeping your funds in the crypto interest account to earn income or make use of the credit card that gives you 1.5% cashback in bitcoin on each purchase you make.

BlockFi also offers a great OTC market for larger traders who are looking to buy bigger blocks of bitcoin. This service is absolutely state of the art when it comes to buying larger amounts of cryptocurrencies for bigger crypto traders or investors.

Trading on BlockFi

There is no active trading interface with charts and drawing tools on BlockFi, however, there is a very intuitive instant exchange tool that lets you trade from crypto to crypto incredibly easily. If you are looking for a safe exchange to only exchange between coins for investment purposes I highly recommend that you give it a try. What makes BlockFi trading unique is the fact that there is no exchange fee on the platform and you can easily track your performance in your portfolio.

BlockFi also offers recurring cryptocurrency investments, or dollar cost averaging (DCA) in other terms. This lets you set a frequency on how often and how much crypto you want to buy over time. You can buy daily, weekly, or set a specific day in the month when you want the platform to invest for you. This saves you a lot of time and it removes many of the psychological hurdles that investing can create.

Payment methods and limits

BlockFi offers deposits in Cryptocurrencies and Bank Transfers/Wire Transfers. There is no minimum deposit limit, no minimum withdrawal limit, and the maximum withdrawal fee is as high as 100BTC for first-time traders on the platform.

Things we don’t like

I would love to see a fully integrated day trading platform on BlockFi. The security that is offered combined with a fully functional day trading system would be a blessing for many traders looking to actively trade the crypto markets. The live chat is another area of improvement as right now you get to talk to a bot. A chat with a real person would solve a lot of complex problems and questions that traders might have.

Looking past these minor pitfalls we consider BlockFi to be an outstanding cryptocurrency exchange based in the US and thanks to the regulation the credibility is increased as well. We highly recommend all our traders and investors try this exchange if you are looking for a new place to trade your assets.

Trading Fees

Products
Maker fee
Taker fee
Cryptocurrency
0 %
0 %

Products

Cryptocurrency
Cryptocurrency

Trading Platforms

Webtrader
Webtrader
Own trading platform Windows + Mac
Own trading platform Windows + Mac
Mobile App Android + Mac
Mobile App Android + Mac

Order Types

RO - Recurring Order

Devices

Smartphone
Smartphone
Web
Web
Tablet
Tablet
Desktop
Desktop

Special Features

Recurring Crypto Purchase
Quick Registration
Professional Trading Platform
High Security
Instant Deposits
Trading App
KYC
Buy Cryptocurrency
Promotions
2FA Verification
Beginner Friendly
Fast Account Verification
High Limits
New Trading Platform
Fast Withdrawals
Altcoins
Education
Earn Cryptocurrency
OTC Market
Cashback
Cryptocurrency Wallet

About the special features on BlockFi

BlockFi is a very unique digital assets portal with a big library of features offered. The main feature is the BlockFi interest account where you can earn interest up to 7.5% APY. You also have the option to borrow cash, buy, and sell cryptocurrencies. On this exchange, there are absolutely no hidden fees and no minimum deposit to get started.

BlockFi also offers crypto-backed loans for all traders and investors who are looking to earn money on their cryptocurrency savings. Simply deposit your cryptocurrency and borrow funds against your crypto assets. What’s so unique is the fact that you can continue to hold your crypto savings while borrowing cash for crypto.

Earn Crypto with BlockFi Interest Rate Account

The BlockFi Interest Account (BIA) is one of the safest and most trusted ways to earn cryptocurrencies today. Your interest is paid monthly and the platform is readily accessible for all traders. Your funds are kept safe on the exchange and they are protected through a 2fa authenticator.

It’s dead simple to get started with the BlockFi Interest Account (BIA), all you need to do is sign up, which takes less than 2 minutes, and then deposit your favorite cryptocurrency and started earning money passively.

Borrow Cash with Cryptocurrency

If you’ve ever wondered where to borrow cash with crypto, BlockFi has your answer. On this exchange, it’s possible to receive borrowed funds the same day as you sign up and you can pay back without penalties. You choose how early you want to pay back your loan. The amount you can borrow with your cryptocurrencies is almost limitless and it’s one of the fastest ways to borrow cash with crypto.

BlockFi Mobile App

If you like the desktop version you will definitely enjoy the BlockFi mobile app which has all the same features, the only difference is that you can bring it with you where ever you want and it’s a joy to use as it’s designed almost perfectly.

Prime Services for Institutional Investors

For all institutional investors and traders, BlockFi is offering a prime service that lets you borrow or trade digital assets with both physical and synthetic exposure to the cryptocurrency market in a very safe way. Things that are offered through h the BlockFi Prime platform are real-time quotes, settlement limit via 24-hour settlement cycle, complete downloadable trade history, and an API that lets you use all these features in your own system for high-frequency traders or programming traders.

BlockFi Trust Passive Investment Product

This feature is very sought after and it lets you invest in cryptocurrencies such as bitcoin, ethereum, and litecoin via trust vehicles. The idea of the BlockFi trust is to let institutional investors effectively implement their own strategies and allocate their funds by using the shares of the Trust instead of directly buying and holding the underlying cryptocurrency. This is a great tool for investors who are looking for passive exposure to the main digital assets with less risk.

BlockFi Crypto Credit Card

This VISA credit card is one of the simplest ways to pay your bills, buy food, or withdraw cash from an ATM. The BlockFi credit card also brings an unlimited 1.5% cashback in bitcoin for every purchase you make. It has no annual fee, no foreign transaction fee, and it’s available almost everywhere in the world. All purchases over $50,000 will give you a 2% cashback in bitcoin.

With the BlockFi credit card, you can check if you are pre-approved without affecting your credit score.

Funding

Cryptocurrency
Cryptocurrency
Bank transfer
Bank transfer

Accepted Currencies

USD ($)

Limits

Max Withdrawal Limits
No limit
Min Withdrawal Limits
No limit
Min Deposit Limits
$10

Languages

United Kingdom
English

Restricted Countries

Iran, Islamic Republic of
Korea, Democratic People"s Republic of
Syrian Arab Republic
Cuba
Venezuela, Bolivarian Republic of
Turkey
Belarus
Burundi
Central African Republic
China
Democratic Republic of the Congo
Hong Kong
Iraq
Lebanon
Libya
Mali
Myanmar
Nicaragua
Russian Federation
Somalia
South Sudan
Ukraine
Yemen
Zimbabwe
Afghanistan
Comoros
Eritrea
Lesotho
Papua New Guinea
Turkmenistan

Security

Is BlockFi a regulated platform?

Yes, BlockFi is regulated in the United States by The New York Department of Financial Services (NYSDFS).

Is it safe to use BlockFi?

Yes, it is one of the most reputable and safest platforms to use for buying, selling, trading, and earning cryptocurrencies in the United States. We have no reported issues from the platform and we highly recommend it to all our traders and investors looking for a high-security cryptocurrency exchange.

Is BlockFi insured?

There is a difference between standard exchanges that keep their funds insured in a cold storage wallet and BlockFi. This exchange offers a solution to keep your funds safe in the interest account that lets you sleep at night at the same time as making passive income from your digital assets.

Support

Frequently asked questions

Read the most frequently asked questions about BlockFi. Find answers without searching the web.

The exchange offers crypto-backed loans with rates as low as 4.5% APR.

The verification time is normally done within 24 hours from the moment that you have sent in all valid documents. If your application has been pending for more than 48 hours then you should get in contact with customer support.

It works the same way as any other digital asset exchange except for the fact that all your deposited funds have the possibility to earn a passive income through the interest account. After depositing you can earn interest, take a crypto-backed loan, or exchange between cryptocurrencies to make investments.

The interest account on the exchange is very safe and it guarantees the safety of your funds. When you trade crypto to crypto the fluctuations of the market may cause a loss over time.

Yes, there is no annual fee or foreign transaction fee to use the BlockFi credit card.

Yes, you can buy, sell & trade Bitcoin, and most of all the major coins that there is to offer. Trading is instant and all your funds are being stored on the exchange.

BlockFi makes money through withdrawal fees and also the accumulative interest of all funds kept in their bank accounts.

Yes, they do have an app that is possible to download on your phone from the App Store or Google Play.

At the moment the exchange only offers one payment method and that is Bank Transfer.

The exchange processes your deposit request within 1 business day, and in most cases, you will see your funds on your account within 1-3 business days.

Yes, the platform is open for all traders and investors in the United States except the state of New York.