Those who are interested in investing in cryptocurrency might want to consider using BlockFi as a way to help them get more freedom with their investments. This technology platform for financial services provides interest on any balance and a credit card that yields Bitcoin on each purchase. You can access funds without having to sell your cryptocurrency by taking out a loan against it.
BlockFi has the support of influential entities in the industry and is continuously developing its services. Are you an investor in digital currencies or considering taking the plunge? Read on to find out if BlockFi is a good fit for you.
What is BlockFi?
BlockFi is a digital currency trading platform that offers many of the same advantages as a conventional bank – interest on any amount saved, the possibility to take out a loan, and rewards when using your credit card. Zac Prince and Flori Marquez established the business in 2017 as joint creators.
Since it was first established, BlockFi has been awarded more than $100 million in equity contributions and now has oversight over a portfolio worth around $2 billion. This initiative has garnered the support of a number of noteworthy leaders in the industry, such as Akuna Capital, Consensys, Coinbase Ventures, SoFi, Valar Ventures, Winklevoss Capital, and Bain Capital Ventures.
What does BlockFi offer?
BlockFi earns a spot on the list of top cryptocurrency exchanges and provides a range of services which are mainly aimed at individuals interested in investing in digital currencies. A number of these services are akin to what banks propose, such as gaining interest, having the option to take out a loan, and being rewarded for your credit card purchases.
Buy, Sell, and Exchange Crypto
If you are just getting started with cryptocurrency, BlockFi may be a useful tool for teaching yourself how to purchase Bitcoin. It is possible to acquire, trade, or swap a small amount of digital currencies, or you can move specific cryptocurrency from a different site to your BlockFi account.
Cryptocurrencies supported by BlockFi include:
- Bitcoin (BTC)
- Binance (BUSD)
- Ethereum (ETH)
- Gemini (GUSD)
- Chainlink (LINK)
- Litecoin (LTC)
- Paxos (PAX)
- PAX Gold (PAXG)
- Tether (USDT)
- USD Coin (USDC)
Given the limited selection, Dogecoin (DOGE), Cardano (ADA), Stellar (XLM), and Polkadot (DOT) are not available on this exchange like they are on other platforms. Many cryptocurrencies do not have any physical assets to back up their value, while stablecoins are designed to have more fixed prices and are connected to an asset, such as the American dollar or gold, to hold their value.
Earn interest on your balances
Your crypto balances earn interest with BlockFi. Interest builds up each day and is given out on the first working day of the month. The amount of interest you receive depends on the type of currency you possess as well as the amount of it you have saved.
Zero trading fees
You can purchase, sell, or swap cryptocurrency possessions quickly with BlockFi Trading and not pay any type of trade fees. You can be sure that the prices you get for your trades are accurate, as the process is executed instantly. You can choose to carry out trades yourself, or set up scheduled trades to be carried out automatically.
You will only be charged a fee if you take out more than one withdrawal in a month. You can take out one cryptocurrency and one stablecoin (without any cost) in the same month. Any more money taken out will bring with it a fee that is dependent on what kind of asset it is.
Mobile app
BlockFi has created an app for both iOS and Android so you can monitor your account and place trades. Using the app, you are able to establish a new profile, transfer digital currency from alternative sources, borrow capital, and do much more. New features are regularly being added. BlockFi claims that in the near future, people will be able to conduct cryptocurrency exchanges, initiate money transfers, and access the application using facial recognition.
BlockFi Review
BlockFi is a trading platform that provides many of the same services that a bank could offer. On BlockFi, you can purchase, sell and exchange various cryptocurrency types such as Bitcoin, Binance, Ethereum and Litecoin, thus enabling you to make a profit. Furthermore, this platform also allows you to take loans.
Additionally, the platform also has good customer support. BlockFi makes it possible to carry out successful transactions in the digital currency arena. It might be beneficial for you to look into using a platform to begin investing in cryptocurrency if you have such a requirement. Look at some of the characteristics of the platform below.
BlockFi Loan
Did you know that BlockFi grants loans to investors? Well, this crypto exchange platform does. BlockFi loans use the cryptocurrencies of investors as collateral. The investors are given the loan by having US dollars sent directly to their bank accounts.
BlockFi’s loan enables investors to receive capital without having to liquidate their crypto assets. Additionally, it is quick since it does not necessitate a credit examination. You can receive money on the same day you present your security. When a lender is paid back, the digital currency that was used as security is given back.
BlockFi Rewards Credit Card
BlockFi gives you the opportunity to make money from cryptocurrency in alternative ways, not just the typical trading and exchange techniques. The card has neither a yearly cost nor a fee for usage outside of the country. In addition to this, the card grants you entry to activities like traveling, dining, wine tasting, sporting events, buying, and much more.
With this card, you’ll be able to receive 1.5% of your purchase in cryptocurrency. Monthly payments are given to your BlockFi account as an incentive for using cryptocurrency. This card is accessible if you are a single investor based in America. Therefore, you need to set up a trading account before you can apply for the card.
BlockFi App
The BlockFi application, which was developed by the crypto exchange platform, offers users a mobile function that enables them to buy and sell digital currencies. This app allows you to purchase, market, and trade Bitcoin, Ethereum, and other digital crypto assets.
You can also use the BlockFi app to keep your cryptocurrency secure and organized through your digital wallet on your phone. Consequently, if you don’t have this mobile application on your gadget, you could be lacking out on the benefit and effectiveness of trading digital currencies from your mobile phone. This heading will provide instructions on how to install the app on your phone if you haven’t done so already.
How To Install the BlockFi App on Android
Below are the instructions to get the BlockFi app on your Android device.
- Connect your Android to the internet.
- On your Android, locate an app launcher app downloader and click on it. You can consider using Google Play Store or other app launcher app downloaders.
- On the search bar, enter “BlockFi app” to search for it.
- When you find the BlockFi app, click on it to open it.
- Then enter the “Install” button to download it and wait for a while till it finishes downloading.
Once you have completed that, you should be able to install the application on your Android device.
How to Install the BlockFi App on iOS
Outlined below are the instructions to download the BlockFi app on your iOS device.
- Connect your iOS to the internet.
- Locate an iOS downloader iOS launcher and open it when you find it.
- On the search bar, enter “BlockFi app” to search for it and click on it when you find it.
- Enter the “Install” button to download the app. Wait for a while till it finishes downloading.
If you follow the directions given here, you will be able to get the BlockFi application onto your iPhone.
BlockFi Wallet
When using BlockFi to buy and sell cryptocurrencies, the wallet allows you to keep track of your digital currency. Using BlockFi’s wallet, you can purchase, trade, and swap digital currencies for no cost.
This wallet can be employed to trade in addition to swapping stablecoins. Furthermore, the BlockFi wallet holds your digital keys. When you open an account with a crypto exchange platform, you will be provided with both your personal and public keys.
Furthermore, any cryptocurrency rewards obtained by Signiture Visa holders from BlockFi Rewards will be kept in the wallet. In order to acquire this wallet, one must first create an account on this cryptocurrency trading website. After that, your wallet and account will be connected and created.
BlockFi Sign Up
Creating an account is an essential step if you desire to take advantage of the features of this platform. Upon signing up with BlockFi, an account wallet will be provided for managing and keeping records of your cryptocurrency investments. By signing up for a BlockFi account, you get the chance to benefit from the credit card rewards. This next section will provide you with instructions on how to register for an account if you do not already have one.
How to Sign Up for an Account on BlockFi
It is quite simple to join BlockFi’s exchange platform, and the process can be completed in a matter of minutes. Are you just starting out in cryptocurrency trading and need some assistance registering for an account on this exchange? Here are some pointers to help you get started with setting up a BlockFi trading account:
- Navigate the website at https://app.blockfi.com/signup .
- On the form displayed on your screen, provide your “Legal First Name”, “Legal Last Name”, and “Email”.
- Thereafter, you need to create a password on the “Create a Password” bar.
- Enter your “Referral Code (Optional)”. (You also need to click on the boxes below the form to agree to the terms, conditions, and policy of BlockFi).
- Tap on the “Submit”.
If you take the necessary steps outlined above carefully, you will be able to set up an account on BlockFi. Once finished, you will be given a free wallet and can start exchanging digital currencies.
Pros and cons of BlockFi
Pros
- Immediate trades at a low cost
- Earn interest on crypto balances
- Borrow up to 50% of your investments
- Credit card that earns crypto rewards
- Refer friends and both you and your friend will earn bitcoin
Cons
- Doesn’t support all cryptocurrencies
- Higher balances earn a lower interest rate
- Not available in the state of New York
- Margin calls possible on crypto loans
- Actual asset replaced by obligation to return the asset
Who can open an account with BlockFi?
BlockFi is one of the top investment apps for those interested in cryptocurrency, offering accounts both for individuals and businesses. You can also establish your account in an estate or through a self-managed IRA. At present, it is not possible to open a joint account with another person.
You cannot designate beneficiaries on accounts at present, however this information can be supplied to BlockFi who will save it in its system until they have updates that make that option available.
Anyone who wishes to open an account with BlockFi must be a minimum of 18 years old, and live in a place where the service is available. Almost every nation on the planet has access to BlockFi interest accounts. Account holders who live in the United States may be from any state, excluding New York.
BlockFi is the optimal choice for those investors who own or wish to purchase cryptocurrency and would like to gain interest for keeping their cryptographic resources in one area. Investors should also take BlockFi into account if they are looking to borrow against their possessions without needing to get rid of them and resulting in a capital gains tax responsibility. Cryptocurrency trading might be a good choice for those just starting out since it has low costs associated with it, provides returns on any left-over balances, and is ready to launch a credit card that will yield cryptocurrency when purchases are made.
How much can you earn with BlockFi?
You can generate income in three major ways by utilizing BlockFi: through the interest earned through your account, profits of the market, and by referring people.
Interest on your cryptocurrency balance
When you obtain cryptocurrency through BlockFi or move your current assets to its site, you can obtain up to 8.60% APY (as of April 19, 2021). Interest is accrued daily and paid out monthly. The amount of interest you acquire is not the same for all types of crypto and depends on the amount of crypto you possess, as dictated by layers of criteria.
Cryptocurrency returns
Investing in cryptocurrency can be unpredictable, as it is likely to experience drastic rises and falls in a brief timeframe. Some investors keep their investments for an extensive amount of time, while others purchase and dispose of them frequently. Investing in cryptocurrencies can be equated to investing in stocks, commodities, and other types of assets.
It is possible to earn money through cryptocurrency trading, however, any kind of investing is associated with potential risks with no assurance that you will turn a profit. It depends on how well the asset performs, how far you are willing to let it sit, and how much risk you are willing to take on, how much you can gain.
Referring friends
Recommending BlockFi to people you know is a great way to gain a reward. Send out your referral code and you and a person who used it and deposited $100 or higher will both get $10 in bitcoin. Once you’ve referred five people, your incentive payment will increase to $20 per person in cryptocurrency. All future referees will be given $10 in bitcoin, even if the referral award they get rises.
BlockFi accounts are the ideal choice for crypto owners or those looking to purchase cryptocurrency who would like to receive interest through having their digital assets in one spot. Investors should think about BlockFi as an option if they are looking to take out a loan based on their assets but do not want to lose them and have to pay any sort of capital gains taxation. Beginning investors may want to think about investing in cryptocurrency, as it has low fees and pays interest on balances. Additionally, cryptocurrency issuers are soon releasing a credit card with the potential to earn crypto through purchases.
Leave a Reply