BlockFi Review 2020- Is it safe or scam know everything

blockfi review, exchange, cryptocurrency

What is blockfi.

BlockFi is a financial management platform for cryptocurrency holders that allows doing more with their digital or cryptocurrency assets like providing interest and loans. The company services clients worldwide, including 48 U.S. states, with interest-earning accounts and low-cost USD loans backed by crypto.

BlockFi is the only independent lender with institutional backing from investors that include Galaxy Digital, Susquehanna, Akuna Capital, Fidelity, Recruit Strategic Partners, ConsenSys Ventures, SoFi, Coinbase Ventures, CMT Digital and Morgan Creek Digital.

Company address.

201 Montgomery Street
Second Floor, Suite 263
Jersey City, New Jersey, 07302

What is BlockFi Interest Accounts (BIA)

BIA is an interest-bearing or crypto storing account that provides the ability to its users and crypto investors to store their crypto at Blockfi. And receive, or get paid interest every month in cryptocurrency without selling your cryptos.
In simple a word, it works like your bank account deposit money and takes interest every month.

What Blockfi Main Features.

In present Blockfi offering three fundamental features that are.
  • Cryptos Loan.
  • Trading Cryptos.
  • Blockfi Interest Account (BIA).

How to apply for a BlockFi Account?

GO to the Blockfi website to create an account and complete ID verification. Blockfi is available for all countries, but there are some exceptions. For example, because of legal restrictions Blockfi Interest Account available for the U.S. but not in New York.

What are the Rates?

The rates of BIA is different for different coins. See the annual percentage yield (APY) of all coins. You will see Tier 1 and 2 that means for Tier 1 between 0-5 Bitcoin amount you will earn 6% APY (The interest rate subjected to change)

BlockFi Review 2020 Know Every Thing How To Earn Interest On BlockFi

How much can you earn?

It totally depends on how much you have invested. Like Blockfi said, you can earn up to 8.6% APY on your cryptocurrency. For example, if you invest 10,00 USD or stable coins into Blockfi Interest Account, you may earn up to $86. And this amount you can withdrawal monthly or annually as you want.

How to withdraw funds?

  1. Follow the steps to withdraw funds.
  2. Go to the Blockfi and login to your account.
  3. Go to the dashboard and click on the interest Account option.
  4. Select the asset or coins you want to withdraw.
  5. Click on the “Withdraw” button.
  6. Enter the amount you want to withdraw and the wallet address for return.
  7. Your withdrawal will take about 24 hours for security.
  8. Be alert during the withdrawal process otherwise, BlockFi will not
  9. responsible for any typos or mistakes made entering information.

BlockFi Withdrawal Limits.

Blochfi has graceful withdrawal limits for all users and users can withdrawal a tremendous amount of earned coins. So there is no risk of money stuck for low withdrawal limits. In the Bitcoin case, users can withdrawal 100 BTC per week with respective fee rates (onetime free withdrawal per month).

BlockFi Review 2020 Know Every Thing How To Earn Interest On BlockFi

BlockFi Interest Account withdrawal fees?

Blockfi offers onetime free withdrawal per user per month after that, Blockfi charges little fees for withdrawal from its users. The fees are 0.0025 BTC or 0.0015 ETH on any amount.

On which coin you can earn interest?

Currently, to earn interest Blockfi Interest Account supporting 7 coins which are Bitcoin, Ethereum, Litecoin, GUSD, PAX, USDC, and USD as well.
BlockFi Review 2020 Know Every Thing How To Earn Interest On BlockFi

Minimums and Maximums for the BIA.

There is no minimum or maximum deposit for the BlockFi Interest Account. But if you will deposit a much moderate amount, it will take 30 days to proceed. To learn more about BlockFi rates and interest tiers, visit the rates page.

Are there risks associated with BIA?

BlockFi client funds are structured to be at the top of the capital stack, senior to BlockFi equity, and BlockFi employee capital. This means BlockFi’s business and client incentives are aligned and BlockFi would take a loss before any client would. BlockFi implements very thoughtfully risk management practices and technology to mitigate the risk, but you should not view the BlockFi Interest Account as a savings account or brokerage account with FDIC or SIPC insurance.

Go To Blockfi

BlockFi Loans.

This is another important feature of Blockfi that allows you to take the loan in USD, GUSD, USDC from your cryptos assets selling no amount of cryptos.

How can I get a loan?

  1. Create an account at Blockfi.
  2. Click on the Loan tab.
  3. Click Apply and fill out the application.
  4. You will receive a decision from our team in less than 24 hours.
  5. Review your loan offer and sign the loan agreement.
  6. Transfer collateral to BlockFi’s secure storage wallet.
  7. Receive your loan the same day in USD via a wire to your bank account or stable coin to your wallet address of choice.
  8. Make interest-only payments monthly using USD, BTC, ETH or LTC
  9. Pay off the principal in one payment at the end of the term or refinance at current rates.

What are the loan rates?

The loan of value on Blockfi is 50% that means, by using your crypto as collateral, you can unlock up to 50% of the value of your assets in USD. They fund the same-day through the wire or stable coin. BlockFi’s interest rates vary based on several variables, including location, loan size, collateral type, and LTV.
BlockFi Review 2020 Know Every Thing How To Earn Interest On BlockFi

Above as you can see, if you want to apply for a $5,000 loan then you have to deposit 1.12 amount of Bitcoin (Collateral needed amount subjected to change). To calculate your loan, click here.

Prohibited Uses.

Blockfi has some restriction that follows. If you break the rules, you may lose your money or cryptos.
BlockFi Review 2020 Know Every Thing How To Earn Interest On BlockFi

The overall Blockfi review good and running for a long time. Staking in Blockfi Interest Account seems more profitable in stable coins or USD than Bitcoin and other cryptos. The most important thing is the withdrawal amount, it's huge so there is no risk of money stuck. But there are also some questions like what if Blockfi goes down, Account hacked, Coin price fluctuated and more question that remains? You can find most of the answers, but not all.

Go To Blockfi

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