Yay or nay?

Discover what the internet is saying about BlockFi.

Upgraded Reviews scanned the web to find out what real users are saying about BlockFi.

See the highlights below and decide for yourself!

Pros and Cons

Table of contents

✅ Pros

There is no minimum length of time required for you to hold funds in your account.
Review Pros
Withdrawals generally happen within 2 business days.
No ICO tokens are required.
BlockFi offers 3 collateral level options.
It offers simple and easy registration.
It is simple and easy to use.
BlockFi allows users to receive interest payments in the supported crypto asset of their choice.
It has backing from some of crypto’s largest investors.
Very competitive compounding interest rates are offered.
It is backed by some of the brightest minds in the crypto world.
BlockFi crypto interest accounts earn monthly compounding interest on their account balances.
Investors can earn higher than average APY rates on Bitcoin, Ethereum, and GUSD balances with the BlockFi interest account.
The BlockFi interest account is available in most countries.
There are no penalties for early withdrawals and access to a free withdrawal each month.
Gemini (a trusted and regulated exchange) is the platform’s custodian of crypto funds.
It is simple and easy to use platform.
It is a regulated financial provider.
There is no need to use or stake native currencies to get higher interest rates.
It is backed by some of the biggest crypto investors.
It has simple to use UI.
Users who store their crypto in a BlockFi Interest Account receive one free withdrawal per month.
It has competitive interest rates with flexible, transparent terms.
Lenders can earn compound interest.
It has cold-wallet storage.
BlockFi is very accessible as it’s available for the majority of individuals and businesses worldwide.
BlockFi now offers a feature allowing users to seamlessly trade between BTC, ETH, LTC, USDC, PAX, and GUSD on the platform at zero cost.
You can take a significant loan without a credit inquiry, eligible for tax benefits.
You can access USD liquidity without the tax and opportunity costs of cashing out your crypto holdings.
It is created by reputable team with highly regarded US based investors.
BlockFi has an extensive help center where users can search for answers to the problems they are having.
There is also no minimum balance in order to begin earning interest on this platform.
It has easy on boarding.
Users get one free withdrawal per month.
It is backed by world-class partners.
The majority of reports state that the BlockFi support team is quick and helpful with addressing the issues faced by users.
It keeps cryptocurrency deposits secure.
They have announced users will no longer be subject to early withdrawal penalties which means you’ll be free to withdraw your funds at anytime of the month without taking a hit.
It has high interest rates.
It offers insured wallets by AON and stored by Gemini which is regulated in NYC, United States.
Loan is eligible for US tax benefits.
BlockFi’s lending and interest account features are intuitive and easy to use regardless of technical knowledge.
It has Gemini as custodian.
There are no minimums to start earning interest on your crypto.
At 6.5% APR, BlockFi offers the cheapest crypto loans on the market.
You can earn compound interest on crypto deposits and make your money work for you, boosting passive income.
Large loans are available.
There are no minimum or maximum deposits.
It is available worldwide, outside of sanctioned or watchlisted countries.
Loan approval is provided without traditional credit checks.
Low-cost fiat loans are offered.
Users can choose the cryptocurrency in which they earn their interest.
It offers fast liquidity without cashing out of cryptos.
BlockFi offers monthly compounding interest unlike Celsius and remains one of the most attractive aspects of their service.
It has very competitive interest rates.
For ETH, BlockFi accounts no longer have caps so you’re entire balance will earn 4.5% whether that’s 1 ETH or 10000 ETH.
You can earn interest on Bitcoin and Ether deposits.
It is available worldwide.
It enables its users to compound the earned interest.
You are allowed 1 free withdrawal per month.
Some users are able to earn more than 8% interest on their crypto asset holdings.
Mobile app is also available.
It allows users to earn competitive compound interest rates on their cryptocurrency (currently BTC, ETH, and GUSD).
The BlockFi Interest Accounts no longer require a minimum balance to be eligible to earn interest.
The leadership team has many years of experience in traditional financing and blockchain development.
There is no ICO.
Integrated exchange platform makes it easier for users to manage their crypto holdings.
BlockFi uses Gemini Custody, a reputable and insured industry custodian, to maintain and secure company account balances.
KYC and loan application process is very straightforward.

❌ Cons

Like fiat currency banks, BlockFi is centralized, has limited operating hours and operates on marginal lending.
Users are required to submit identity documentation and pass a standard KYC procedure in order to use the BlockFi interest account.
Interest rates do vary based on deposit size.
There is only one free withdrawal per month with a 0.0025 BTC withdrawal fee after that.
Interest rate is not fixed.
It has monthly compounding interest instead of weekly.
BlockFi has the ability to adjust their rates freely at their own discretion.
All balances over this limit will earn a lower rate of 3.2% interest.
It is a centralized service.
It can take up to 7 days to receive your funds upon withdrawal request.
Interest rates and tiers are not fixed.
Withdrawal process is manual.
BlockFi is not insured in the traditional sense.
You must pass KYC to earn Interest.
BlockFi interest account balances are not insured.
Only 3 cryptocurrencies are supported (BTC, ETH and LTC).
There are withdrawal fees for more than one withdrawal a month, and small withdrawals can be delayed.
BlockFi launched in 2019 and is hence still a very young company.
Each withdrawal is charged a flat fee, with the exception of one free withdrawal per month.
They only offer BIAs for BTC, ETH, LTC, PAX and GUSD, USDC.
Variable interest rate is a disadvantage.
Instant fund withdrawal is not available.
It has a fractional reserve business model.
Only a few cryptocurrencies are supported: BTC, ETH, LTC, PAX, GUSD, USDC.
Minimum loan amount is $10,000.

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