BlockFi Trading Signals - TU Expert review
Trading signals are one of the best trading options for beginners and for earning passive income. Novice traders can use such signals and earn a profit, while still learning. Brokers can offer various ways of receiving signals. Traders Union analysts have prepared a detailed analysis of BlockFi trading signals. You will learn what kinds of trading signals BlockFi offers and what the conditions for using them are.
Short introduction of 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.
| 💰 Account currency: | Cryptos, USD |
| 🚀 Minimum deposit: | No |
| ⚖️ Leverage: | No |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptos, USD |
| 💹 Margin Call / Stop Out: | No |
BlockFi Pros and Cons
👍 Advantages of trading with BlockFi:
•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.
👎 Disadvantages of BlockFi:
•few cryptocurrencies overall for trading;
•no demo accounts.
What are trading signals?
Trading signals are signals to enter a trade, which the broker provides to traders. They can be based both on fundamental and technical analysis.
A broker can provide signals in several ways:
-
Copy trading.
-
Email alerts.
-
Signals through a blog on the website.
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Recommendations of a personal manager, etc.
When choosing signals, it is important to take into consideration their profitability, the list of trading instruments, the conditions of their provision – fees, markup, etc.
BlockFi Trading Signals
BlockFi is one of the few cryptocurrency exchanges that does not charge trading and exchange fees. That is, all transactions are at face value, with no additional fees. There are no commissions for deposits either. The only type of fees that the site charges its clients are withdrawal fees and they depend on the asset being withdrawn:
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 | Spread (minimum value) | Withdrawal commission |
| Standard | 0.1% | Yes |
Conclusion
Based on the results of the analysis, Traders Union analysts have concluded that BlockFi does not have the best conditions for trading signals. The broker offers a limited choice of instruments, for which signals are provided, high fees and there are questions about signal profitability. Therefore, if you are planning to trade signals, it would be a good idea to consider another option.
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FAQs
How do I choose a signal provider?
Consider the profitability, the list of instruments the signals are provided for and the risk level of the strategy.
Can I reject a trading signal?
Yes, you can. However, if the signals are provided as a part of copy trading with automatic closing of positions, you need to monitor the platform.
Can I subscribe to several signal providers?
As a rule, brokers allow traders to do that. It is important to subscribe to several providers or newsletters, as it helps diversify the risks.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.