BlockFi Review

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1 Minute Review

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. You own Bitcoin now. You’re the friend who fills in the blanks when conversation turns to cryptocurrency, and you devour crypto literacy content like it's your job (and maybe it is). BlockFi’s platform can help take your crypto assets to the next level.
  • Crypto fringe clients. If you’ve dabbled in buying alternative assets like crypto or know enough to be interested, BlockFi can help you take the next step.
  • Crypto curious clients. If you’re both intrigued by bitcoin and the type of person who obsessively learns everything you can about things you’re new to, BlockFi’s crypto asset platform might be the entry point you’re looking for.


  • 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
securely through BlockFi's website

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 crypto. 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. 

BlockFi 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 are secured by a large amount of collateral, BlockFi guarantees you can always easily access your funds.

Products Offered

BlockFi Interest Account

The BlockFi Interest Account (BIA) allows you to maximize your cryptocurrency balance. Watch your coffers grow by depositing your crypto in your BlockFi Interest Account as your balance both appreciates in value and earns you interest. BlockFi offers 8.6% on stablecoins and up to 6% on BTC.

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 stablecoin (a type of cryptocurrency tethered to an asset marker like the U.S. dollar). Start earning monthly interest in your account in the cryptocurrency of your choice (Bitcoin, Ether or Stablecoin).

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 up to $860 per year.
  • 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 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.

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 quick cash, borrow up to 50% of the value of your crypto from BlockFi. 

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.

Use these loans to expand and diversify your portfolio by using your funds to invest in more crypto assets. The returns you see may outweigh what you pay in interest, so this can be a smart strategy to build your wealth while decreasing your risk and optimizing growth.

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

Coming Soon: Bitcoin Rewards Credit Card

Join the waitlist now for early adopter access to the 1st credit card with a Bitcoin rewards program. Coming soon from BlockFi, the Bitcoin Rewards Credit Card will earn you 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’s release is slated for 2021 and will be rolled out to U.S. residents in a limited number of states. 

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 Crypto-Backed Loans. Y

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.

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 find your way. 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.