Contributor, Benzinga
June 3, 2022
Overall Rating:
securely through BlockFi's website

Maybe you think cryptocurrency is the future, or perhaps you were swept up in the initial waves of Bitcoin. BlockFi may be your next step if you’re ready to evolve as a crypto investor.

Whether you’re a native crypto user or curious enough to start investing, BlockFi seeks to bring institutional-grade financial products to crypto markets that often face restricted access. It strives to bring clients low-cost, simple applications designed to maximize the potential of crypto assets. Learn more in our BlockFi review.

Best For
  • Crypto native clients
  • Crypto curious clients
  • Mostly fee-free platform
  • Market-best interest rates
  • Earn interest, trade and borrow from a centralized hub using the BlockFi app
  • Mostly restricted to those with a base knowledge of cryptocurrency
  • No dedicated relationship with an investment advisor, so best for those who have a solid handle on crypto trading

BlockFi Ratings at a Glance

Disclosure: ²Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts

Overview of BlockFi

BlockFi’s mission is to empower its clients to earn interest, borrow cash and trade crypto from the most trusted financial service providers in the industry. And there are several ways that BlockFi paces itself ahead of similar services. 

It’s an independently-owned lender, but BlockFi clients benefit from backing by financial giants like Fidelity and SoFi. This means a roster of products mirroring those you’d find at a large corporate bank are available to you on BlockFi. Where BlockFi differs from traditional banks, however, is how it issues loans. Cryptocurrency loans are collateralized by digital assets, ensuring the loan will be paid back in the case of a default. Investors are willing to put up this collateral to leverage their cryptocurrency investments or take out cash without selling their digital assets.

The platform goes the extra mile to protect its clients by adhering to U.S. law and financial regulations. It stays independent to provide the best rates but works with well-established institutions to ensure your crypto assets consistently perform at optimal levels.

It’s diversified approach means your assets are safe. Because they're secured by a large amount of collateral, BlockFi guarantees you can always easily access your funds.

Products Offered

BlockFi Interest Account

Probably the easiest way to earn passive income with your cryptocurrency right now, the BlockFi Interest Account (BIA) allows you to earn interest on your digital assets. The interest is floating, but it beats traditional savings accounts by far. Depending on the cryptocurrency you fund your account with, you can expect to earn between 3% to 7.5% annually. Remember, however, your actual return will be much different. Since the interest is paid in the cryptocurrency you fund your account with, your returns will largely be determined by the price fluctuation of the cryptocurrency you hold.

Interest rates rise up to 7.5% where applicable across a range of cryptocurrencies, including BTC, ETH, LTC, LINK, PAX, and more.

This account is free to use with no minimum balance requirements. Open an account in 3 simple steps: Enter your information and fund your account with crypto or stablecoins (a type of cryptocurrency tethered to an asset marker like the U.S. dollar). Start earning monthly compounded interest in the cryptocurrency of your choice (Bitcoin, Ether or Stablecoins).

Also, you can use BlockFi’s useful interest calculator for an idea of how much you’ll earn on a given cryptocurrency balance in your BIA within a certain period of time. Both your assets and data are under lock and key with BlockFi, so you can invest with peace of mind. Here's an example of how BlockFi can benefit you:

  • If you deposit $10,000 in stablecoin on BlockFi, you can earn around $900 per year with very little risk.
  • When you let that compound over 5 years without adding to your principal balance, that $10,000 will turn become over $15,000, netting you an average of $1,000 in passive income per year!

Trading Account

BlockFi Trading lets you trade amongst your various digital assets right within the BlockFi interface. This is a seamless trading experience that allows you to continue to earn interest on your assets during the process. 

To trade, select the currency you want to receive and pay with. You’ll enter the amount you’re looking to purchase and hit swap, trading your fiat currency (this is the term for government-issued money not secured or valued by an asset like gold) for a cryptocurrency.

Features include:

  • No fees. Trade without hidden fees. The price you see for a trade is what you pay.
  • Flexibility. Trade and exchange major popular cryptocurrencies.
  • Quick, streamlined trading. Get started the instant your trading account is funded with crypto, and earn interest as you complete trades.
  • No minimum lock up periods. you can withdraw your funds at any time, mitigating the risk of losing money in the volatile cryptocurrency markets.

Crypto-Backed Loans

Another great BlockFi feature is the relaxed liquidity of your crypto assets through its crypto-backed Loans. Instead of offloading your Bitcoin for cash, borrow up to 50% of the value of your crypto from BlockFi. Plus, you won't have to pay taxes on your crypto holdings so long as you pay your loan back!

This loan is borrowed against your crypto balance at rates as low as 4.5%. Your rate and collateral size requirement will vary depending on the amount of the loan and which cryptocurrency you’ll use to back the loan.

Many investors use these loans to expand and diversify their portfolios by using the funds to invest in other crypto assets. The returns you see may outweigh what you pay in interest, so this can be a smart strategy to build your wealth; by doing this, however, you're essentially leveraging your position, so there is increased risk involved.

As a BlockFi client, you’ll have the loan on the day BlockFi receives your collateral. You can pay back your balance as early as you’d like without facing any prepayment fees.

Bitcoin Rewards Credit Card

The wait is over! Check out the first credit card with access to Bitcoin rewards. You receive 1.5% in Bitcoin returns on your purchases. 

Anybody who signs up for the BlockFi Interest Account and funds it can get on the Bitcoin Rewards Credit Card waitlist. The card released in 2021 and is availble to individuals in every state except New York. Also, BlockFi is currently offering bonuses in BTC for funding an account or buying crypto.

The BlockFi Rewards Credit Card is not available to businesses.

Account Minimums

BlockFi doesn’t set account minimums for any of its accounts. For withdrawals, your BlockFi Interest Account may be subject to a withdrawal minimum as set by Gemini, BlockFi’s custodial agent. 

If your balance is below this minimum, your withdrawal may be subject to up to a 30-day waiting process. 

Fee Structures and Pricing

It's free to become a BlockFi member and free to open a BlockFi Interest Account. Trading is fee-less as well. Really, the only feature that will cost you any money are the interest rates on crypto-backed loans.

You’ll pay a low interest rate on what you borrow, but this could be offset by high returns if you use the loan to invest in more assets.

How to Open a BlockFi Account

Opening a BlockFi account is simple. Sign up here, fund your account with USD or crypto and start earning interest. 

From there, you can place trades, apply for crypto-backed loans and sign up for early access to the Bitcoin Rewards Credit Card.

Does BlockFi Do Business Accounts?

BlockFi does offer business accounts. Keep in mind, business accounts require more documentation than individual accounts.

Visit BlockFi's signup page online to start your business account. Once you submit your request, a member for its compliance team will reach out and communicate the next steps.

If you have an individual BlockFi account, you will need to use a different email address for your business account. You may experience a delay in business account approval because BlockFi is receiving a high volume of application. Allow up to 10 business days for review.

Ease of Use

If you’re well-versed enough in crypto and trading to see your way through, BlockFi is a breeze to use. The website is easy-to-use, and the mobile app centralizes the management of your interest account, trades and loans. 

If you need a little help navigating, you may have to do some poking around the FAQ or learning resources to get acquainted. You can also search for support in the help center, submit a ticket or get in touch with a customer service expert. 

The BlockFi mobile app is available in the Apple App Store and the Google Play store.

BlockFi Overall Rating

Whether you're a crypto expert or prepping ready to take the plunge, BlockFi brings tried-and-true financial products like interest accounts and quick access to credit to the world of crypto assets. Earn interest, trade and borrow from your smartphone with the BlockFi mobile app to stay tuned into your crypto management wherever you go.

Link up with BlockFi here to get started and take advantage of sign-up offers like a $250 Bitcoin bonus or a high-yield APY rate on the BlockFi Interest Account. 

What happens if you don't repay your BlockFi Loan?

If you default on your loan, BlockFi will sell some of your cryptocurrency you staked as collateral to repay the loan. If you don't repay your loan altogether, you'll be liable for capital gains taxes on the cryptocurrency sold by BlockFi.

Is BlockFi safe?

Yes, BlockFi is completely safe to use. That being said, not all investments on the platform are safe investments. Cryptocurrencies are inherently risky investments, and it's likely you'll see large fluctuations in cryptocurrency prices. If you're risk-averse, then you should consider lending stablecoins on BlockFi to avoid risk.

User Reviews


How do you use this product to boost your finances?

BlockFi locked my account with $25,000 inside, around 80 days ago and they are not willing to process a refund. They are asking for a court order just for them to process a refund.


How do you use this product to boost your finances?

borrowing on my assets


How do you use this product to boost your finances?

I liked BlockFi for earning interest on BitCoin, but they significantly decreased the rate with little/no warning and when I tried to move funds out I hit hurdle after hurdle and still haven't been able to transfer funds out.


How do you use this product to boost your finances?

account locked for unknown reason for a week now. Can not get meaningful reply from blockfi.

J. Peter Gregoire

How do you use this product to boost your finances?

do you offer IRA and Or 401 portfolio rollovers?

J. Peter Gregoire

How do you use this product to boost your finances?

do you offer IRA and Or 401 portfolio rollovers?

Michael Dattoli

How do you use this product to boost your finances?

gaining 8.6%

James Sergent

How do you use this product to boost your finances?

I just learned a lot about Blockfi

Tonya Sloan

How do you use this product to boost your finances?


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