Crypto Apex


BlockFi Review

What Is BlockFi And How To Get Started?

Cryptocurrency refers to a realm filled with dynamism. Every minute, something eventful keeps happening. Innovations are always, as though, waiting to take place. That said, have you heard of BlockFi? No.

Well, BlockFi is a Cryptocurrency platform that offers Crypto wallets, Crypto trading, Crypto-backed loans, and Crypto rewards credit cards. Besides, non-US customers can have a separate interest account and earn interest.

The most spectacular feature is you can borrow loans against your Crypto holdings. No need to sell your funds to get money; just take out a loan.

This article delves into what is BlockFi, the benefits of BlockFi, Cryptocurrencies at BlockFi, how to use BlockFi, lending at BlockFi, make a profit at BlockFi, and more.
Let’s dive in.

What Is BlockFi?

Founded in August 2017 by Flori Marquez and Zac Prince, BlockFi is a Cryptocurrency custodian that lets customers take USD loans against their Crypto holdings. Based out of New Jersey, BlockFi has raised 158.7M USD up to Series C.

What Do They Offer?

BlockFi lets you earn interest on your Cryptocurrencies and borrow USD loans against your Crypto assets.

In addition, you may also trade Cryptocurrencies on BlockFi, including BTC, ETH, LTC, USDC, and GUSD. There are multiple benefits of BlockFi. Let’s check it out.

BlockFi Wallet

With its recently launched wallet, users can buy, sell, hold and trade Cryptocurrencies and stablecoins. Besides, you can use the wallet to store Crypto rewards that you earn from BlockFi credit card rewards. A point worth mentioning is that you won’t earn interest for assets in the BlockFi wallet.

However, you can earn interest if your tokens are inside a BlockFi Interest Account and make a profit at BlockFi.

Crypto Loans

BlockFi lets you take USD loans against your Crypto coins on deposit. The minimum loan amount is 10000 USD. With an LTV (loan-to-value) ratio of 50%, BlockFi requires you to put 50% of your Crypto coins as collateral. Lending at BlockFi is so convenient!

Cryptocurrencies at BlockFi include BTC, ETH, and LTC. The loan duration offered is 12 months at an interest rate of 4.5%. Besides, some origination fees may also apply.

The interesting feature is that you will very soon fall outside of the 50% LTV range due to the volatile nature of Cryptocurrencies. Once your LTV reaches 70%, BlockFi triggers a notification stating that you need to put more collateral to bring the LTV down to 50%.

Blockchain Bitcoin Rewards Visa Credit Card

Similar to cash-back credit cards, the BlockFi Visa will earn you Bitcoin rewards! You can earn rewards at the rate of 1.5% in Bitcoin on all card purchases with no annual fee. Later, you will receive 2% back once your annual spend reaches $30000.

Not just that, you can earn up to 10% back in Crypto rewards at various top-notch brands!

Open a BlockFi Bitcoin Credit Card here.

BlockFi Interest Account (BIA)

BlockFi operates using a separate interest-bearing account known as BlockFi Interest Account (BIA), with no need for a minimum balance. You can earn interest in BTC, ETH, LTC, USDC, GUSD, and PAX. Lending at BlockFi is an absolute breeze!

The account is only available to non-US individuals, and it operates through BlockFi’s subsidiary, BlockFi International (Bermuda).

BlockFi interest rates

Below BlockFi’s current interest rates. They charge different rates for US clients and International clients. International clients earn higher.

BTC Tier 1 3.2% Amount – 0.1 to 0.10
BTC Tier 2 2% 0.10 to 0.35
BTC Tier 3 2% Above 0.35
ETH Tier 1 3.5% 0 to 1.5
ETH Tier 2 2% 1.5 to 5
ETH Tier 3 2% Above 5
LINK Tier 1 1.0% 0 to 100
LINK Tier 2 0.2% 100 to 500
LINK Tier 3 0.00% Above 500
LTC Tier 1 2% 0 to 20
LTC Tier 2 1% 20 to 100
LTC Tier 3 0% Above 100
PAXG Tier 1 1% 0 to 1.5
PAXG Tier 2 0% 1.5 to 5
PAXG Tier 3 0% Above 5
USDC Tier 1 7.5% 0 to 20000
USDC Tier 2 6% 20000 to 5,000,000
USDC Tier 3 6% Above 5,000,000
GUSD Tier 1 7.5% 0 to 20000
GUSD Tier 2 6% Above 20000
GUSD Tier 3 6% Above 5,000,000
BUSD Tier 1 7.5% 0 to 20000
BUSD Tier 2 6% 20000 to 5,000,000
BUSD Tier 3 6% Above 5,000,000
PAX Tier 1 7.5% 20000 to 5,000,000
PAX Tier 2 6% Above 20000
PAX Tier 3 6% Above 5,000,000
DAI Tier 1 6% 0 to 20000
DAI Tier 2 4% 20000 to 5,000,000
DAI Tier 3 3.5% Above 5,000,000
USDT Tier 1 (non-US) 8.75% 0 to 20000
USDT Tier 2 (non-US) 7.5% 20000 to 5,000,000
USDT Tier 3 (non-US) 7.5% Above 5,000,000

While there are several Cryptocurrencies at BlockFi including BTC, LTC, USDC, and ETH to choose from, you can select the coin you wish the interest to be paid in. Thus, you enjoy the privilege of diversifying your portfolio by choosing a coin of your preference.

In case you don’t have any of the coins from the list mentioned, you can buy Cryptos using ACH bank transfers. Additionally, you could opt for recurring buys for automatic investing.

Does BlockFi Charge Any Fees?

Yes, you will be charged a certain amount of fees for withdrawing currency from the BlockFi account.

The fees are:

BTC 0.00075BTC
LTC 0.001LTC
Stablecoins 50USD
ETH 0.015ETH
BTC, LTC, and stablecoins’ users can make one free withdrawal per month. However, on Dec 1, 2021, BlockFi announced that it was no longer offering free withdrawals for Ethereum tokens (ETH, LINK, PAXG, UNI, BAT) due to excessive gas fees.

BlockFi Bonus Offer

BlockFi runs bonus offers periodically. New clients receive up to a $250 BTC bonus when they make qualifying deposits within the first 30 days of opening. The offer has no expiration date.

How To Open an Account With BlockFi?

It’s simple to open an account. Go to the BlockFi website and get more detailed instructions on how to use BlockFi. Upload a clear photograph of a supported identification document. BlockFi claims it takes just 10 minutes!

Once you open an account, you can easily and securely link it to your bank account and start transferring funds through ACH. The daily limit for new accounts is $500, while for established accounts is $1000. These ceilings are expected to rise over time. Your deposit may take 5 days to get cleared.

BlockFi offers secure ways to store your cryptos!

BlockFi’s custodian is Gemini. Gemini is a New York trust company regulated by the New York State Department of Financial Services (NYSDFS) and is a licensed trust. In addition, Gemini is also SOC 2 Type 1 security compliant.

Gemini takes the appropriate measures to safeguard your funds. While there are many ways, one such initiative is it stores the majority of your funds in offline or cold storage. Moreover, BlockFi affirms that client funds are given priority over those of employees or shareholders in the event of any loss.

How To Contact BlockFi?

You can contact BlockFi support by raising a ticket here. Alternatively, you may call BlockFi over the phone using 646-779-9688 from 9:30 AM to 5 PM (ET) Monday – Friday.

Closing Thoughts

BlockFi is a digital platform that helps users get Crypto-backed loans, trade Cryptocurrencies, and more.

(Update: On November 28th, 2022 BlockFi filed for Chapter 11 Bankruptcy)

*** CryptoApex advises not using BlockFi services until further notice ***

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