jonbiss
New member
BlockFi offers a cryptocurrency exchange, interest-bearing accounts, and low-interest-rate loans worldwide. There are no transaction fees on trades, and you won't have to worry about hidden fees or minimum balances. Read our BlockFi review for an overview of the company's trading, saving, and lending options and costs.
Avoid selling your crypto when you need cash. BlockFi lets you borrow funds in USD against your crypto assets with interest rates as low as 4.5%.
Borrowing instead of selling means you don't have to report capital gains, which could save you money in taxes. Plus, the interest could be tax deductible, reducing your tax bill even further.
Note: One risk of borrowing this way is that you could lose your collateral -- your crypto assets -- if crypto prices drop. It would mean you no longer have enough value in your interest account to support your loan balance.
It's not yet available, but you can join the waitlist to apply when cards start shipping in spring 2021. Applications are subject to credit approval. Early applicants will have extra opportunities to earn even more bitcoin with the card.
BlockFi hasn't relied on an ICO (investor offering) or utility tokens for funding. Instead, it pays a stable interest rate by earning through its lending products.
Full BlockFi review
This cryptocurrency platform is a good fit for: Beginner and intermediate cryptocurrency investors who want to bridge the gap between traditional finance and crypto.Pros
- U.S.-based and regulated
- Instant trades
- No commission fee
- No monthly fees or minimum deposits
- Available worldwide, except sanctioned or watch-listed countries
Cons
- No joint or custodial accounts
- Limited free withdrawals from interest accounts
- APY and loan rate volatility
- Savings aren't protected against bank failure
Top perks
Earn interest on your holdings
- With a BlockFi Interest Account, you can earn between 3% and 8.6% compounding interest on your cryptocurrency holdings. The account has no hidden fees and no minimum balance requirement.
- The interest rate varies by currency type and fluctuates with market values. Interest accrues daily and is added to your account monthly -- so you'll earn interest on your interest each month. The Interest Payment Flex option lets you choose the currency your interest is paid in.
- U.S. investors will get a 1099 from BlockFi at the end of each year stating how much interest they received. International customers are responsible for managing their own tax liability.
Borrow against your portfolio
Avoid selling your crypto when you need cash. BlockFi lets you borrow funds in USD against your crypto assets with interest rates as low as 4.5%.
Borrowing instead of selling means you don't have to report capital gains, which could save you money in taxes. Plus, the interest could be tax deductible, reducing your tax bill even further.
Note: One risk of borrowing this way is that you could lose your collateral -- your crypto assets -- if crypto prices drop. It would mean you no longer have enough value in your interest account to support your loan balance.
Rewards credit card
BlockFi is the first company to launch a Bitcoin rewards credit card, a Visa credit card that earns 1.5% back in bitcoin on every purchase. Your Bitcoin rewards will be added to your BlockFi Interest Account, so it earns interest right away.It's not yet available, but you can join the waitlist to apply when cards start shipping in spring 2021. Applications are subject to credit approval. Early applicants will have extra opportunities to earn even more bitcoin with the card.
U.S.-based and regulated firm
BlockFi is one of few crypto exchanges based in the United States. Its custodian, Gemini, is regulated by the New York State Department of Financial Services.BlockFi hasn't relied on an ICO (investor offering) or utility tokens for funding. Instead, it pays a stable interest rate by earning through its lending products.