BlockFi Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- TradingView
- Few cryptocurrencies and coins, no fiat trading, staking, attractive referral program, own card with cashback, no trading commissions
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- TradingView
- Few cryptocurrencies and coins, no fiat trading, staking, attractive referral program, own card with cashback, no trading commissions
Our Evaluation of BlockFi
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
BlockFi is a high-risk cryptocurrency exchange with the TU Overall Score of 1.62 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by BlockFi clients on our website, Traders Union expert Anton Kharitonov does not recommend working with this broker, as, according to reviews, most clients are not satisfied with the broker. BlockFi ranks 186 among 173 companies featured in the TU Rating, which is based on the evaluation of 100+ criteria.
BlockFi cryptocurrency exchange favorably differs from its competitors' low entry threshold and absence of commissions on trading operations. Withdrawal fees are average on the market, and the site allows one free withdrawal per day. Staking produces annual rates of up to 8% (depending on the asset and deposit volume). You can borrow in fiat, the size of loans is limited only by the amount of cryptocurrency in your account. The exchange issues its plastic card for payments in online and offline stores. The card implies a cashback on all purchases, the cashback is in BTC. In addition to buying and selling, a quick exchange service is integrated into the trading terminal and mobile app. There are separate services for OTC and institutional trading, as well as niche corporate solutions.
Brief Look at BlockFi
The BlockFi exchange is a service for trading cryptocurrencies and tokens. Trading is done through the TradingView in-browser terminal or mobile application. There are not too many assets, yet all the most popular ones, including Bitcoin (₿), Litecoin (Ł), Ethereum (Ξ), LINK, and BAT. Funds can be deposited to the site in U.S. dollars, but you can't trade in fiat. There is no minimum deposit. The crypto exchange offers several investment solutions, including staking. There is an OTC trading service and a lending service that allow you to borrow in U.S. dollars, secured by cryptocurrency. The exchange has a profitable referral program with high payouts and an affiliate program for active traders. BlockFi does not charge any fees for trades, and commissions are charged only for withdrawals.
- the most popular cryptocurrencies and coins;
- may deposit in US dollars;
- profitable passive investing (staking);
- fiat loan service;
- no minimum deposit;
- no fees for trading operations;
- referral program with bonuses;
- application for mobile trading;
- high stability of work;
- up-to-date security system;
- VISA credit card with BTC cashback.
- few cryptocurrencies overall for trading;
- no demo accounts.
TU Expert Advice
Financial expert and analyst at Traders Union
BlockFi is an American cryptocurrency exchange that was founded in 2017. At the moment it has offices in the USA (New Jersey), Poland, and Argentina. The platform operates within the framework of the American financial legislation, and there is an active license and registration with the tax authorities.
During testing, no technical vulnerabilities were revealed. No cases of tax evasion, fraud, or defaults were found. The user feedback does not contain complaints about critical problems or shortcomings of the platform.
The exchange has a standard trading terminal in the browser and an application for mobile trading. There are trading and quick exchange services and a separate service for OTC and institutional trading. The exchange offers several specialized business solutions.
The company does not charge any trading or exchange fees, there are commissions only for withdrawals. Staking is also offered for passive income with a rate of up to 8% per annum and monthly payments. The company issues its credit card with the ability to pay in offline and online stores.
From other opportunities, we will notice the presence of the loan service, referral with single mutual payments at a rate of $10, and a partner program that allows active traders to receive additional bonuses. To summarize, we can say that the exchange is suitable for traders of all levels, as well as for investors who are focused on passive income.
BlockFi Summary
| 💻 Trading platform: | TradingView browser platform |
|---|---|
| 📊 Accounts: | Standard |
| 💰 Account currency: | Cryptos, USD |
| 💵 Replenishment / Withdrawal: | Bank cards and accounts, electronic and cryptocurrencies |
| 🚀 Minimum deposit: | No |
| ⚖️ Leverage: | No |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Commission: | Market |
| 🔧 Instruments: | Cryptos, USD |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Not indicated |
| ⭐ Trading features: | Few cryptocurrencies and coins, no fiat trading, staking, attractive referral program, own card with cashback, no trading commissions |
| 🎁 Contests and bonuses: | Yes, Traders Union rebates |
To become a BlockFi exchange client you have to register and pass the simple procedure of personal data confirmation (verification). Further, the exchange does not set the minimum deposit, the client after successful verification makes as much money as he sees fit. Pay attention that there are minimum limits for transactions, and also minimum limits on transfers. There is no leverage on the site, that is, customers have the opportunity to trade only with their funds. Technical support can be contacted in three ways — via the website, by e-mail, or by phone. The table below shows the main trading conditions of the exchange.
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Commissions & Fees
BTC - 0.00075 BTC;
ETH - 0.02 ETH;
LINK - 0.95 LINK;
LTC - 0.0025 LTC;
PAXG - 0.015 PAXG;
UNI - 1 UNI;
BAT - 35 BAT.
For Stablecoins, the withdrawal commission is $10. The amount of commission does not depend on the volume of withdrawal, and this is true for all assets. Note that the exchange charges another type of commission, namely for fiat credits. Regardless of the amount of credit and interest rate on it, this commission is always a fixed 2%.
| Account type | Commission (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | 0.1% | Yes |
The experts at the Traders Union compared the average commission values for several exchanges to determine how profitable the fees of a particular site are. BlockFi does not charge trading fees, unlike its many leading competitors, and this determines its advantage on this parameter in the vast majority of cases.
| Broker | Average commission | Level |
|---|---|---|
|
$0.1 | |
|
$20 | |
|
$0.1 |
Investment Programs, Available Markets, and Products of the Crypto Exchange
The crypto exchange offers a typical investment solution – staking. Its clients can provide cryptocurrency for the development of third-party blockchain projects. Projects are implemented by official partners of the exchange, which are scrupulously checked by experts, and who guarantee protection against loss of deposits.
The peculiarity of staking on BlockFi is that the client does not need to choose more profitable programs from the list. Exchange experts themselves form a pool of projects; all a client has to do is deposit money. The deposit may be made in any asset, the interest rate depends on the asset. It is also affected by the volume of the deposit.
The deposit is not withdrawn from the client's account but is frozen. These funds can not be used in trading or withdrawn. However, the deposit can be unfrozen at any time. In this case, the client will receive an interest payment at the end of the month, but it will be reduced. All payments on investment deposits are made every month.
The more funds the client invests, the higher the interest rate for him. There are milestones and an upper limit in this system. There is also a three-tiered division of the deposit with payments of different interest on each part. This is an atypical system, with all the features of which you can read in the "Interest Rates" section.
Another option for passive income on the site is to order a Visa Signature BlockFi Rewards plastic card. This card is linked to the customer's account, it allows you to make purchases in online and offline stores, and it works like a regular VISA card. The peculiarity is that 3.5% of each purchase is returned to the client's account in BTC. If the card is actively used, the exchange client receives passive income by simply making regular purchases.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
BlockFi’s affiliate program:
Note that the exchanger distinguishes between the concepts of a "referral program" and an "affiliate program". A referral program is another way to say "Bring your friend". It allows you to earn on from the trades of your invited users.
To take part in the referral program, you need to register and verify yourself. In trader’s personal cabinet, in the "Bring a friend" section, a client will have access to a referral link that he can place on any resources he wants. Each user who clicks on this link and registers on the exchange will become a referral of the link owner.
As soon as a referral makes a deposit of $100 or more to his account, the host trader will get $10. Also, the owner of the link through which referral came to the site will get $10. The number of such referrals is not limited — a client can invite as many users as he wants. Payments for referrals of the second level (i.e., those whom his referrals invited) are not available to the host trader.
A client can get an additional bonus in BTC after inviting 5 referrals. All referrals must be active, i.e., each of them has deposited at least $100 into their accounts before. Referral’s statistics and program conditions can be found in your personal account in the section labeled "Invite a friend".
As for the affiliate program, applications are sent by the client and are considered individually. They are accepted by bloggers with a solid audience, which meets the criteria of the exchange. In this case, not only the requirements are higher, so are the payments to partners.
User Satisfaction