BlockFi Reviews 212

I tried to add money to my blockfi
It says us are not allowed to use this and fund acct

In Sep-2021, I started the process of creating an account. However, I've changed my mind but cannot delete the account or cancel the account creation stage. So I'm stuck in a sort of limbo.

I used block fi for Crypto and then got a credit card. The CC company allows over $1000 in fraudulent charges to go through on the same day and I did not catch it because I did not look at my bill close enough, Today I saw these charges and called them and they said I could only dispute the new ones, the ones that were 96 days old, were past the 90-day limit and would not help me. They suck don't even use this company. - I did contact the Credit Card Company and they said the same thing. What is so messed up is that they allowed $1049.00 in charges to come though in a. 10 min period and never once contacted me. Yes I screwed up and missed the 90 day window but the fact that they even allow that many charges, there was I think 8-10 charges that same time period and not block is why they are a scam. Chase would never allow that to happen

Honestly I was with blockfi for 4 years in the beginning it was great. Their interest rates dropped, and then origination fees rose, and there trading price compared to other exchanges is extremely low when you sell and extremely high when you buy. They don’t care about the customer, I am thinking about hiring an attorney to look into things with my loan and their rates. BEWARE!! Read other reviews!! Other exchanges offer a much better experience, and blockfi is extremely dishonest with your money. After referring hundreds of people in the beginning I regret doing it now. They are under investigation for their practices, and if your reading this pull your money out of their exchange. Such a waste of time and money!!! USE another platform.
I recently just closed my credit card and account with them, one of the best feelings. DO NOT USE THEM!!! It is a bait and switch company and they are on their way out.

They are hiding they’re illiquid. I've already got my money out and this is my advice:
Be smart, do not risk your whole bag for a few days of 5% APY. Withdraw your crypto TODAY, because they’re practically locking them until Tuesday when it will likely be too late or they’ll come up with another excuse to keep them.

I’m grateful for the asset backed loan the company. They provided me liquidity when I needed it but the automatic liquidation of assets if the LtV ever rises above 80% with no option to appeal is ridiculous.

Monday I got my notice of margin call and immediately started to add more collateral to my loan to prevent liquidation. I called customer support and submitted a ticket for help. Told customer support that collateral was on the way but couldn’t get funds into my account fast enough.

My LtV was above 80% for maybe an hour and the bot liquidated half of my assets. I knew the risk but I can’t accept the automatic liquidation when I had collateral on the way.

Edit: Why does BlockFi not have an appeal's process? I made several purchases and contacted a customer rep every day to inform them I had the collateral to prevent liquidation but processing delays prevented me from making that transfer before the automated partial liquidation?

Having used BlockFi since late 2018 I wanted to give an honest review. I recently withdrew my money from the interest account because of choppy waters. They got me my money in two or three days as they always do. Coming from Coinbase I was used to being treated like crap and waiting a long time to hear back from support on issues. After opening an account with BlockFi I never waited again and staff was always professional to me the many times I had reached out for issues over the years. They operate with high integrity and for me have made other exchanges obsolete because they run circles around them and their model puts others to shame. I am thankful I created an account with them and will continue to give them all of my business moving forward. They have earned trust with me and I wanted to share my experience so those that were wondering. I give 5 star as they are a fantastic company!

In November of 2021 BlockFi "froze" my account and I have not had access to this day. They do not respond to ANY requests for info. and went as far as blocking my phone. Guess my funds are gone forever. Do not just walk away from this company... RUN ! Update 6-7-22, I'm now told to contact customer service, I tried again, and they still block my incoming calls... it's a scam, never mind there high fees the main way they generate income is by taking permanent possession of your money.

I noticed that the withdrawal fee for many cryptocurrencies are about $50 USD, such as GUSD, PAX, USDT, USDC. It's free to add money but withdrawals are way too expensive. Fiat minimum withdrawal is also $10,000 which is too high and the advertising on their website does not mention all this. Not great, especially when the minimum deposit is just $100. This was not detailed very clearly when we signed up, so you need to be careful. Even free withdrawals have some form of transaction fee tied to them, even though I've not initiated any other transactions in that calendar month.

signed up with a code from a friend where we both should get 40$. He got his 40$ but i never received anything. Support cant help because they tell i did not use the right code but my friend got his bonus.
Never again

Personally, I don't think they offer DEFI services but I work standard trading on the stock exchange. DEFI earnings are much higher than forex.

60$ to withdraw ETH!?! No thanks, Ill pass. All other similar companies have like 10$ fee. Free monthly withdrawal limited to just few coins. Interest rates going only one-way down. Avoid.

Very bad.
I wanted to test the platform before starting to use it.
So I registered an account and completed identity verification right away.
I topped up my account with 1 LTC, moved it in and out between interest account and wallet balance, and submitted a withdrawal request. When I checked a pending request status, I saw that my withdrawal was scheduled for 3 days. Wow, I thought. 3 days to process a simple transaction for 1 LTC, but ok. So I left it.
In 6 days, I checked my account, and the withdrawal was still pending. I haven't received any letters from them, nothing. So I created a support request.
In a few hours, I got a reply from them that for a "security reasons" and "suspicious account activity" I needed to confirm my identity. Again.
So that's very weird. They consider depositing and then withdrawing coins on the same day as "suspicious account activity"... Looks like a scam, tbh...
Well, I have submitted an identity verification once again. We'll see if I get my coins back. I'll update my review here.

UDP: 9 days later I have finally received my coins back. Well, 9 days for $100 withdrawal that's nonsense for a crypto platform. It took them 3 more days to process the withdrawal after I submitted an identity verification once again. And only after I submitted one more support request.
Deleting, not recommended at all.

I wanted to move my funds. I confirmed my identity immediately but will take 5 days!
5 days for a withdrawal is ridiculous and practically unheard of. I've been in crypto for over 5 years and nowhere takes 5 days to allow a withdrawal. This has cost me money.

On March 21st, 2022 I Barbara D. Walker wired $143,185.64 to my blockchain and they closed my account. I’m under the impression the team did this to use my funds to invest because to this day March 30, 2022 they still have not returned my funds back into my bank account. I’ve repeatedly contacted them, they are avoiding my emails. Marcus promised my funds was forthcoming within 5 business days on March 21, 2022 and nothing has happened yet. I am waiting for my funds to be returned.

They function like a bank, holding blockchain transactions on their platforms for days in the name of “security”, and only transact on weekdays. there is no security reason to hold back a transaction on the blockchain for days. They are using your assets as collateral to make loans and the making money on them. Which is fine and how they are able to offer interest bearing accounts. However the delay is BS. They are simply trying to hold your assets for as long as possible to make $ off them. While you lose control over executing trades on your terms at price points you decide. It completely defeats the purpose of blockchain, it’s security, And your autonomy to transact. People like crypto because they are sick of traditional banks, their fees and delays. There are better options out there that don’t hold your money for days then lie about the reason.

To your response. No other platforms hold transactions for days when crypto is being sent from a wallet on their platform to other wallets on crypto platforms. It’s not about security. This is an excuse. It is likely do to the fact you need to unleverage the asset. Just be honest about it. Also be honest about the fact every material transaction requires this timeframe. Not the BS you have written, so customers know what to expect. This space and crypto in general is the public’s response to draconian annoying and expensive banking cost and processes. Making a platform operate just like the system we are all trying to break free from is the wrong direction. You are going to get crushed. Your customer experience sucks. Customer experience is Paramount

Great easy to use site, reasonable fees and rates.Great site for crypto gains.

I don't like that I present my work on DeFi and pay clients many times lower. I mean comparable to a regular commercial bank. They make money on client ignorance.

Worst UX experience yet. I've been using this service for a year, yet they have asked me to reverify my identity two more times. Withdrawals take more than a day and they have to approve them, which is ridiculous for crypto.

Last time I sent this review it got removed because I refused to prove my identity. Focus on improving customer experience, not sweeping bad reviews under the carpet!

EDIT: Appreciate your template reply but you are missing the point entirely. You are the ONLY centralized crypto product I have used to day that asks for KYC repeatedly, when it was done already! This is super painful, esp when I need to make a transaction.

Hello,

After seeing a bunch of info about the products BlockFi offers that seemed attractive at first glance, I decided to open an account. Within minutes the account was ready to take the money out from my bank. No photo identification required, by the way.
I started depositing money, and seemed easy compared to other services of this kind.

After a while, I thought it would be a good idea to secure some funds by processing two Crypto withdrawal requests.
I've been waiting for two days (the minimum waiting time offered for a Crypto withdrawal), but instead of processing my requests they asked me for verification via ID/Passport, photos/video using my phone..(a regular request of any CEX), but what's strange, it's that they will ask for Verification after they allow you to deposit large amounts of money, and not before, as any other service does. I wonder what would happen with your money in a strange scenario where (for some reason) you can't successfully pass the Verification.

But... that was Ok. I successfully processed the verification within minutes.
Then, surprise..... Because I had two pending withdrawal requests for two different Crypto coins, even if one of them was for a very small amount being executed just for me to understand their withdrawal process, BlockFi asked me to get Verified once again. Not a different Verification process. Just the same one I had successfully executed minutes ago.

No problem! I did it again "You're all set !".
Within minutes, I got an email notifying that my BlockFi account was locked. No explanation other than asking to read their TOS, and the following notice..... "Should you be unable to retrieve funds through your bank, you must wait 60 days from receipt of this email before requesting a manual wire withdrawal to the source bank account. Please note that we may require identity verification to process the withdrawal. Note: Any requests made to BlockFi about your account funds will be ignored until we can process a return of funds which will only be eligible after 60 days. Do not reach out to BlockFi until after this date. "

The 60 days have passed and even though I used every possible method to contact BlockFi, it doesn't seem like anyone's going to reply. (Several support tickets or by sending any kind of message using any possible form on their Help/Support pages, trying to call them using the phone number listed over their Help page, sending message via some of the previous support tickets that were used around two months ago to communicate with them..and more..

Let's not forget that a considerable amount of money is still with BlockFi, and my account is still blocked.

If that can't be called an extremely frustrating situation, I'm curious to hear another :) .

I'll be back here with news when ....or.... IF .... the situation will change in some way.

---------
This my reply to BlockFi's post below.

- I haven't been contacted by anyone yet - :(

--------- UPDATE

Another day without anyone contacting me. Waiting for a week. That's after a 60-day wait.

--------- UPDATE
Finally I've been contacted, being informed that they will return my money...soon.

This is definitely good news, but ... I still find myself in a "strange" situation.

Let me explain: When BlockFi locked my account they said: "At this time, we are not able to return any funds to you directly. We’d recommend that you contact your bank and request that any ACH transfers you made to your BlockFi account be canceled and reversed. Should you be unable to retrieve funds through your bank, you must wait 60 days from receipt of this email before requesting a manual wire withdrawal to the source bank account. "

I thought it would be faster to follow BlockFi's advice by asking the bank to proceed as per their instructions,but a nightmare was about to start.
Shortly after asking the bank to return transfers made by me (no scam or hack involved), they decided that something is not right, ending by closing my bank accounts. PERMANENTLY.
So BlockFi will not be able to send a Wire Transfer as it will be automatically returned.
But when they blocked my account, part of the money was in Crypto balances. I wonder what are the terms used to close my positions. Crypto coins rates have changed in the past 70 days. Maybe they will process my original withdrawal requests via crypto? Or will they accept my request to send my money to another bank account in my name? Also I wonder how they could have sent a Wire Transfer to an account that does not accept wires (if they were sent to BlockFi from a NeoBank). Not the case here, but just wonder...

--- UPDATE

BlockFi's final word is: "Any funds on the account will remain locked until BlockFi receives a court order to refund the funds"
$25,000 of my money are locked and they also refuse a refund to the source bank account