BlockFi Reviews: Trustworthy Crypto Platform to Use in 2021?


In the recent decade, we have seen the rise of cryptocurrencies as an alternative asset with real utility that has captivated many investors and developers. With the rise of crypto, we have also seen several successful companies that have crafted a space for themselves in the market.

This is the case with Blockfi, a company described as “the future of finance,” which allows you to take out collateralized loans and earn interest on your crypto.

As stated on the official website, BlockFi is a way for individuals and institutions to invest and hold cryptocurrencies and generate income in so doing. For those of you who are either interested in getting started or are questioning the entirety of its existence, you’ve come to the right place.

The following review will unveil everything there is to know about BlockFi, from how to open a Blockfi account, to the products and services offered and the different options/;” available.

What is BlockFi?

Founded in 2017 by Zac Prince and Flori Marquez, BlockFi is a fintech-focused digital assets platform that aims to redefine conventional financial services. In other words, BlockFi exists to provide credit services to markets and people who are confined to limited options. To put things into perspective, not everyone has access to a savings account, and BlockFi wants this to become an issue of the past.

What supposedly allows BlockFi to stand out compared to other cryptocurrency platforms is that all of their products match market-leading rates. Moreover, this company proclaims to be the only independent lender with legit, credible backing. Now that the general idea behind BlockFi has been covered let’s cut to the chase and go over the products and services.

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What products and services are offered through BlockFi?

As far as products and services go, BlockFi carries quite the variety. Starting with the products, individuals can choose from:

BlockFi Interest Account (BIA)

With the BlockFi Interest Account (BIA), cryptocurrency holdings can earn up to 8.6% APY. As of April 2021, individuals can earn 6% APY on Bitcoin, 8.6% APY on stablecoins (GUSD, PAX, USDC, BUSD), 5% APY on PAXG, 5.25% APY on Ethereum, 5.5% on LINK, 9.3% APY on USDT and 6.5% on Litecoin.

Once an account has been set up and cryptocurrencies have been deposited, interests will be accrued and paid out at the beginning of every month. The compounding effect will increase the annual yield for every individual account holder.

Having said that, all BIA holders will get one free crypto withdrawal and one free, stable withdrawal per calendar month. Generally speaking, withdrawals can be made as pleased. Of course, this would imply incurring withdrawal fees. For instance, the withdrawal limit for 100 BTC per 7-day period is 0.00075 BTC. Similarly, for ETH Holders, 5,000 ETH per 7-day period would give rise to 0.02 ETH in fees. For the complete list of fees, visit here.

BlockFi Trading Account

BlockFi Trading is a suitable account for anyone wanting to buy, sell, or exchange various cryptocurrencies. Like the BIA account, the trading account also allows one to earn interest. The team behind this company provided the following example to ensure that everyone is on board with how this account works:

“If you deposit 1 BTC on December 1st and convert BTC to ETH on the 15th, you will earn ~ 14 days’ worth of BTC interest and ~ 16 days’ worth of ETH interest when you receive your interest payment on Jan 1!”

BlockFi Crypto-Backed Loans

BlockFi currently offers USD loans collateralized by crypto assets. Specifically, individuals will have to give BlockFi their respective cryptocurrency holdings as a security for the loan requested. The process is deemed fairly easy, as all that is required of individuals is to apply for a loan, wait up to 24 hours, and within two minutes of arriving at a decision, the loan will be funded in USD, GUSD, or USDC. The amount will appear directly into one’s bank account or crypto wallet.

This is not to say that BlockFi will give money to just about anyone. In fact, the interest rates on a loan will be calculated based on the loan amount, credit history, and location. Fees will also be broken down on a report compiled by the team and the amount of crypto needed as collateral. Once the offer has been reviewed and individuals decide to accept it, BlockFi’s custodian, Gemini Trust, will take it from there.

This is clearly a desirable way to get a loan, seeing that individuals are asked quick and to-the-point questions, can get the loan on hand much quicker, and above all, no one will be forced to sell their holdings earlier than expected. It is important to note that BlockFi affirms that they do not pull hard or soft checks on an individual’s credit, leaving credit scores unaffected.

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Soon-Approaching BlockFi Rewards Credit Card

BlockFi Rewards Credit Card is the only Bitcoin rewards card ever to exist. It is currently not available; however, there is a waitlist for anyone to reserve a spot. As this is being written, it seems like only 235,259 cards will be distributed at the beginning.

Once approved, a credit limit in USD will be provided with an instant 1.5% cashback in BTC on every transaction. The rewards will then be transferred to BIA monthly. The benefit of such a card is that it can be used anywhere Visa is accepted (both online and in-person). Who can forget the sleek design made in metal as opposed to out-of-date plastic!

Here are some of the features of the BlockFi Rewards Credit Card worth going over:

  • $250 in BTC as a signup bonus for purchases/spending worth $3000 within the first 3 months
  • 3.5% BTC rewards on all purchases in 4 to 6 months of card ownership (maximum reward of $100)
  • 2% extra APY on the average daily stablecoin balance, paid in BTC (maximum reward of $200)
  • 0.25% back in BTC on all eligible trades (maximum reward of $500 per month)
  • $30 in BTC for every client referral (on top of Refer-A-Friend program)

Now that the products are covered, let’s turn our attention to the services and others that are accessible:

Institutional Services

As the name suggests, institutional services are specifically for market makers, investment funds, or crypto businesses. Through this service, institutions can expect customizable lending and borrowing terms for cryptocurrencies, stablecoins, and even US dollars.

Given that BlockFi aims to “bridge the gap between trading crypto by funds or market makers and their need for backward compatibility to the world of traditional securities,” the team made sure to have lending inventories (all enterprise-grade regulatory compliant) available.

All in all, this service is led by a billionaire entrepreneur and venture capitalist, Peter Thiel’s Valar Ventures as well as Susquehanna (a global quantitative trading firm), Akuna Capital (trading firm specializing in data-driven solutions and automation), and CMT Digital (a crypto-asset trading desk) among others.

BlockFi Partner Program

By becoming a partner at BlockFi, commissions can be earned for every qualified referral. Unlike most affiliate programs that provide very little support, the team at BlockFi is willing to, for the qualified candidates, provide comprehensive training and ongoing support, partner-only offers, and promotions, all while supporting each partner with their respective track earnings.

At the time of writing, the earning potential is 0.5% on all deposits made within one’s network. For every qualified referral, the maximum commission one can earn is $1000. These payments will be made directly to a bank account or via PayPal. Finally, no cap has been placed on how many referrals one brings to the table.

Refer-A-Friend

If affiliate marketing isn’t the route one wishes to take, BlockFi’s Refer-A-Friend is another way to generate income. For every person who signs up using a provided referral code and deposits $100 or more into a BIA, the referrer and the friend will earn $10 in BTC.

This can be done by signing into the BlockFi dashboard, clicking on the “Refer A Friend” button on the top right corner, and having friends register for an account through the provided URL. The perks only get better with more referrals. For instance, after five referrals, every referral will get a $20 BTC bonus, with friends who sign up earning $10 BTC.

BlockFi Mobile App

The BlockFi Mobile App is no different from the official website, except that the former promotes convenience. Everything from the BIA to borrowing cash and referring friends can be done using a cellular device (iOS and Android compatible).

What are the features of BlockFi?

Regarding BlockFi features, everyone should know that this company is:

U.S.-based and Regulated

BlockFi is supposedly one of a few retail-focused, interest-earning platforms based in America and complies with the country’s…



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