BlockFi

BlockFi is regarded as the most accessible platform for buying, selling, and earning cryptocurrencies. Learn about its working, payment methods, and security features that make BlockFi so popular.

BlockFi Overview

BlockFi is a popular platform used by investors to buy and sell cryptocurrencies while earning interest. There are no transaction fees or hidden charges on trades. It is a beginner-friendly platform that offers a cryptocurrency exchange, interest-bearing accounts, and low-interest-rate loans. In the case of the BlockFi Interest Account, investors can get up to 9.5% APY on their crypto holdings.

How Many Cryptocurrencies Are Available To Trade?

Currently, BlockFi allows users to trade six trending cryptocurrencies and four USD-backed stable coins.

  • Cryptocurrency supported in BlockFi
  • Bitcoin (BTC)
  • Litecoin (LTC)
  • LINK (LINK)
  • PAX Gold (PAXG)
  • Paxos Standard (PAX)
  • Ethereum (ETH)

Stablecoins supported in BlockFi

  • Binance USD (BUSD)
  • USD Coin (USDC)
  • Tether (USDT)
  • Gemini Dollar (GUSD)

Payment Methods Supported By The Exchange

There are different ways deposits and withdrawals work with BlockFi. Here you need to check the various payment methods that are available for investors.

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  • Funding Methods: BlockFi has not set minimum or maximum deposit limits for the investors. The users can use any cryptocurrency that is supported or use USD to directly fund their accounts.
  • Digital Wallets: After the approval of the BlockFi account, you need to find the interest account tab in the dashboard. On the desired crypto, users have to click on the deposit button and find their unique wallet. To get wallet addresses, those who have mobile wallets will be required to scan their QR code to confirm that they have received the correct wallet address to start sending crypto.
  • Bank Account: Investors can add bank account using Plaid, a popular online service that links to various banking accounts for deposits and withdrawals. While using Plaid, investors are required to sign up/login into their bank account by providing their credentials and entering the code they receive in their mobile device for authentication.

After logging in to the financial institution, they will need to link their account. Alternatively, traders can fund their account through wire transfer after quoting their unique ID of BlockFi account in the payment reference.

BlockFi Fees 

Block-Fi runs a commission-free exchange. One of the main benefits of investing in this platform is that you don’t need to pay in order to purchase and sell cryptocurrency.

However, BlockFi charges fees on withdrawals depending on the currency. For every currency, you will find a withdrawal limit of 7-day. While there is a withdrawal fee, you are allowed to withdraw once in any currency every month for free. After the first withdrawal, there will be a 7-day renewal period for every currency followed by which, you will be charged a fixed fee based on the type of currency.

Are My Funds Safe – What If The Exchange Gets Hacked?

BlockFi is one of the most trusted US-based crypto exchanges. The company is run within the US state and federal regulations. There are various security measures that BlockFi employs to secure the assets and funds of the investors.

  1. Optimal Biometrics For Security: The investors who use the BlockFi mobile application can enable biometrics features. They can secure their fund by protecting the app with the phone’s fingerprint sensor.
  2. Allow-Listing: This feature ensures that cryptocurrencies that are available in the BlockFi account can be sent to known addresses.. Before the addresses become activated for withdrawals, each address will have to wait for 7-days to get approved. Hence, your assets can remain protected.
  3. Two-Factor Authentication: Through the Google Authentication application, BlockFi allows all the investors to enable a two-factor authentication feature. It requires the traders to use the code generated by the Authenticator to log in successfully and access the BlockFi account.

Does It Provide A Smooth User Interface?

Following are the reasons why BlockFi provides a smooth user interface – 

  1. Quick And Easy Signup: Within a few minutes, you will be able to create an account in BlockFi. The website and mobile platform can be seamlessly accessed to check portfolios, borrow USD, and earn interest.
  2. Easy Mobile Transfers: The investors can directly transfer their funds to the BlockFi account from their crypto wallet. Without making new investments, they can diversify their portfolio. They have to select the crypto they want interest to be paid in using Interest Payment Flex.
  3. Market Expertise: BlockFi Company regularly works on compiling the changes in the market over months and years. You can stay updated with all the latest news and market changes.

Is The Exchange Available In My Country?

Although Block Interest Account is available in several countries, there are a few exceptions. For instance, it is not available for investors living on watchlists or sanctioned countries because of legal restrictions.

Here is the list of some restricted countries which are sanctioned by the US:

  • Iran
  • Cuba
  • Syria
  • North Korea
  • Venezuela
  • Turkey

Does The Exchange Provide Enough Liquidity?

Depending on the country, investors might be able to open a BlockFi Interest Account (BIA). Compared to other cryptocurrency platforms, BlockFi users can start earning interest instantly after starting the trading process. For instance, the trader who deposited 1 ETH in February and converted it to LTC on the 12th will get 11 days’ worth of ETH interest and 19 days’ worth of LTC interest when they collect their subsequent interest payments.

Final Words

There are many benefits of investing and earning cryptocurrencies on the BlockFi Platform. It offers the best rates, the most flexible structures, and the most secure environment of all cryptocurrency exchange platforms. U.S. federal and state regulations govern the company’s activities. Even though you must pay withdrawal fees, the platform allows making the first withdrawal every month for free. Hence, BlockFi is one of the top-rated cryptocurrency exchange platforms in the United States.

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