BlockFi Reviews 212

I used to really like this platform, but they have really gone down the hill over time. They used to be good in the beginning, but they are just getting more and more terrible now.
Their rates are far worse than what even many exchanges offer.
Their customer service takes nearly a day.
Withdrawal is a giant pain in the a** - at best you have to wait a day or two for your withdrawal to go through, and at worst you might need to wait for 10 days, if not longer!
One of the biggest benefit of cryptocurrency is speed of transaction, but not when you deal with Blockfi. Even bank withdrawals are much, much faster and simpler!
Oh and the free withdrawal option that they boast? It is available only for a selected few coins.
You are better off using a different platform. Blockfi isn't worth using any more. They seem to be on a mission to combine the worst aspects of mainstream organisations. For a crypto organisation, it is just unbelievable, how terrible they have become. Massive shame too, they had a lot of promise.
Anyway, be careful about using them.

Stay away!! We applied for a business credit card, even though we have excellent credit and we have business cards with all major banks, it took them over a month to come back with a denial. They will not even give us the reason for the denial.

Just a clarification to my review. It’s not about approval or denial. We have excellent credit with Experian and all other credit Bureau’s. It’s about the illegal process which BlockFi operated which is concerning. By law credit grantors have to state the reason for the denial, BlockFi states as per the response I received via email that they don’t have abide the the banking rules and regulations, which is illegal and concerning.

The platform and the customer service are good but the interest rates they offer are really low for crypto other than stablecoins.

BlockFi is best if, for investment purposes, you intend to use their interest account, or for buying low and selling high your crypto. If you want to transfer your crypto to another wallet outside of BlockFi, beware.

The reason why I want to transfer my crypto is because BlockFi had changed their interest account terms this month (February 2022), and is now no longer an ideal place for me to earn interest on my crypto. I've held about 5 figures amount of USDC for about a month already. I get my paycheck monthly, so I transfer part of my paycheck for USDC on BlockFi at the beginning of February. I was ok on, and planned for the 5-business day ACH hold already. Around February 7, I started attempting to transfer, almost daily, my USDC to another wallet under my control, and every time I try, my transfer is cancelled the next day. Every time I start a transfer, I've had to do identity verification, which is apparently useless, as my transfer will end up cancelled the next day anyways. I've been attempting for a week now, and the crypto has to sit in their new "wallet" account feature while "attempting" to get transferred, so for the whole week, I am not earning interest on my crypto while the crypto is waiting to get cancelled the next day.

Here's the interesting part: customer service. I called them a number of times last week, and every time, their only solutions are either to ACH transfer the funds back to my bank and use a different company to transfer my crypto, or to try to transfer the crypto again, call back if it gets cancelled again so that they can escalate my case. None of the agents can give me a definitive amount that I can safely transfer, nor give me a solution where I can verify myself further to help me transfer my crypto. So I keep trying to transfer my crypto, and it keeps getting cancelled, and my case never gets escalated.

The last customer service agent I spoke to today was particularly upsetting. He told me there is no escalation, there is no one else to talk to, and there is nothing I can do except for an ACH transfer back to my bank or keep trying and wait. He makes no attempts to help me in any way, it is just "it is what it is", and no helping me, the customer, at all. No concessions for my trouble. So I am stuck trying once more to transfer, then I will be forced to ACH transfer to my bank, which will take a couple of days. Offering to waive my fee to wire back to my bank would be nice, for my trouble, but otherwise pay the fee or wait.

They had great across the board interest rates for BTC/ETH initially but they changed to a misleading tiered approach. For example its 5% 0-1.5 ETH, 1.5% 1.5-5 ETH, 0.25% > 5 ETH. I have now withdrawn all my BTC/ETH to Nexo where I'm earning 5% for all ETH/BTC, could be up to 8% if I upgrade and store their NEXO currency. Also withdrawing from Blockfi was a pain. They pended the withdraw saying I needed to verify my ID which took a couple of business working days. Then had to wait a further 24 hours to withdraw. I actually initiated the withdrawl on a Friday so had to wit till following Tuesday. Blockfi will probably say its to protect their customers. Yeah right. Its bad slow service IMHO.

Overall the onboarding process was pretty simple. They use Plaid for banking verification, which can be problematic (although has improved over time). Yields are good on stablecoins. IR is fairly responsive, albeit utterly unable to think creatively.

But, I ended up pulling my funds from BF for the following reasons:
1) OUTBOUND wallet-to-wallet transfers take up to 5 days. BF claims the delay is for security purposes. This 'friction' not only is terribly frustrating but more so just goes against the whole spirit of crypto. This became the proverbial 'final straw' for me.
2) unnecessary and long holds are placed on, both, wallet transfers of stablecoin INTO BF and for ACH transfers of USD. Again, anomlyous to the spirit of crypto.
3) only a handful of coins offered.

Net net..BlockFi operates more like a bank (without any FDIC protection) rather than a crypto company. And, we shall see how long they can support the yield.

Takes too long for interest to get paid. They lied to me about there welcome bonus, i joined so that i could spread my crypto across other cefi platforms. Welcome bonus has not been paid after 90days of being with them. Customer support is slow. I am happy to leave this company. Blockfi are a poorly executed cefi exchange. I will never recommend or ever use this platform again.

Edit - i spoke to a customer advisor that went above and beyond to fix my issue, im going to continue using blockfi for the time being as the customer advisor settled my nerves around the platform.

He mentioned they were working on changes that would compliment the platform. Everyone deserves a second chance. I hope one day i can change the rating to 5 but for now i will change to 3 and after the improvements are issues have been settled, i can and will adjust.

Edit: We spoke to soon. BlockFi later filed Bankruptcy and kept our money and coin.
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BlockFi ended our long search for a good cryptocurrency firm, which offers reasonable customer support and now realize BlockFi is best.

The search turned serious fast what with stunning news both the CFO and CRO of Celsius.Network arrested by Police in Israel on fraud, money laundering and sex charges. The Celsius CEO Alex M is alleged to have close ties to the 2 top officials well before they were hired by Celsius Network, making clients like myself disturbed and worried.

After opening new accounts (very small and low funds) we discovered support was deplorable at 7 of the major crypto exchanges. One exchange took longer than 4-mos to respond to tickets. Others were also bad with no phone support (but BlockFi does).

The other exchanges also seemed to hide the idendity of the CEO and officers, even the address of some exchanges was not easy to find. It's most welcome how BlockFi is so open, with their top-12 executives named and pictured on Blockfi.com site.

IMO, it's worth it to deal with a reliable place who cares so much for customer support and worth a little lower APY or possibly higher fees and not a lot of coins to trade, which shortage of coins is a significant negative issue, which BlockFi can deal with by hopefully offering more.

P.S. As far as I know the BlockFi bitcoin rewards CREDIT card is the only one out there. It's suprising the major credit card firms do not offer such a card and crypto exchanges only offer debit cards when credit cards have nice advantages vs debit.

Got an instant and precise response to my enquiry regarding the BlockFi credit card. Basically the best and most responsive customer service I have ever encountered.

BlockFi gets a lot of flack for slow withdrawals, uncompetitive rates, and large trading spreads, but in my experience: the pros outweigh the cons. First off, just don't use them for trading, use an exchange for that. Second, don't earn interest all in one coin, earn in kind, else you will pay a 1% fee to BlockFi. Third, their slow withdrawals are something of a feature because they invest a lot into identity protection and security. BlockFi has responsive customer support and even a phone number you can call during business hours. I don't like their tiered rate system, but they work fine smaller quantities of coins. Are they perfect? Definitely not, but I trust BlockFi and it seems very unlikely they will ghost you and run off with your coins, which is a real risk at other, smaller platforms. (Been a customer since April 2019).

Deposited 1500€ 2 months ago via wire. Never arrived

The site is good for long time investment.Great for holding my assets

I love BlockFi. It's the perfect place for me to hold my crypto investments and personal savings. I'm literally earning more money for doing things that I would've done anyways without the existence of BlockFi.

I can't stop talking about my BlockFi interest account and credit card to my family and friends. I know they're sick of my ish by now. I've referred 8 people in the 3.5 months I've had my account open. The financial results speak for themselves.

Never ever use BlockFi for anything. Crypto withdrawal takes more than a day, which is insane and it looks shady. When you ask why does it takes so long, they'll slap you with "it's to protect our clients" and "it's just a process".

I am a customer for over a year now.
I would use your Plattform much more if you would allow:

To place limit buy/sell orders

To actually make it possible to identify the performance/average buying price of coins bought with you.

Other than that I am fine with you except the high spreads and withdrawal fees but ok.

Absolutely awful company. Today, BlockFi informed users that they would no longer offer free withdrawals on the Ethereum ecosystem. BlockFi intentionally did this right before the thanksgiving holiday, with only 7 days to go before this change goes into effect. Customers who have already used their one free withdrawal this month are essentially blindsided, and their crypto is now trapped, unable to be moved without fees. This intentional disrespect of the customer shows what a scummy company they are. They might as well be saying "F you" to the little guys who have made a hundred bucks in interest this year. Now ETH withdrawals will cost over 60$ USD, which is 3X the average current ETH gas fee cost of 20$ USD. Do not use this company. They are exploitative, money-hungry, and don't give a damn about their customers.

You really do everything possilbe to stop people withdrawing from your ecosystem, that is shady a shady practice. very annoying. I withdraw some BTC, first it says it will take 2 days, then i get an email asking me to verify my passport and everything, just delaying it even more...

UPDATE, ill change the review for now to see if things go smoothly now.

Use to be great but Blockfi keeps Lowering their rates to the point that it wasn’t worth the risk. I moved to Nexo and have been happy with their consistent rates.

The best part of Blockfi is their customer service and the ability to speak to someone directly. After my initial review I received a call and they do truly care about their customers. I am holding out hope for better rates in the future.

I'm a customer since August, 2021. I've had great experience so far. Their support team is very good. They're very responsive, courteous and competent. I appreciate getting free withdrawal privileges each month. Also, no-loss & no-fee stablecoin exchange is great. Sure, no platform is perfect, BlockFi does have its pros and cons. Not being able to withdraw on weekends might be a big caveat to some, for example. But to me, benefits far outweighs the drawbacks.

Pros: Good interest rates, no need to purchase special token for higher returns, insurance, ACH transfers.
Cons: Limited free withdrawal (one), delay in withdrawal (12+ business hours), watch minimum withdrawal requirements.

Know the limitations, and Block Fi is a good place hold coin. I would like to see up to 3 free withdrawals per month, they could even make it a function of the amount deposited.