BlockFi Reviews 212

One free withdrawal on any crypto and stable coin in a month. Great company. So far so good (1+year so far)!

Initially I had a bad experience during the withdrawal process. There was a large fee in relation to my withdrawal however I was contacted by Ben from BlockFi and I was credited back nearly my whole fee and we got round the issue. Will be using in the future.

They provide the best services of any trading platform.
5% interest on my Ether. Cheap loans, no trading fees, lots more. They have my trust and more.

Blockfi are bloody crooks
Very Slow withdrawals, takes days
High fees
Low rates paid on crypto

I've used BlockFi for nearly a month now, and I've had two attempts of withdrawal, the first one was free and relatively smooth, the fund hits my wallet within 48 hours. However the second attempt was a disaster, I submitted the withdrawal request on 25th July, received the identify verification email and done it, two days later, the request was still in pending status, then I raised a ticket through their AI customer service bot and received one email from their CS team on 29th saying I was randomly picked for additional verification for my withdrawal, so I have to do the verification once more which I completed as well. It's 30th today and my request is still in pending status and I have no idea when this will be sorted. By the way, the second withdrawal is not free, BlockFi charged 10usd for this which is unacceptable IMO based on my experience.

I have been a BlockFi client for some time now and overall my experience has been positive. However the withdrawal process in transferring (USDT) to my wallet address takes about two business days. In the world of crypto this is exceptionally slow. If I wanted to wait two days+ to move my assets around I'd walk into a bank.
Every other exchange I've used has completed withdrawals within 3 hours or less, why so slow BlockFi?

The official line is "it's for my protection", well if I wanted this level of hand-holding I'd of stayed within traditional finance.

US state authorities have opened a new front in the regulatory crackdown on the cryptocurrency business, taking aim at BlockFi, a company that has raised $14.7bn by offering interest-bearing crypto accounts.

In recent days Texas, New Jersey and Alabama have alleged the accounts amounted to an unregistered offering of securities. New Jersey ordered the company to stop offering the product from July 29, and the other US states threatened to take similar steps unless BlockFi could dissuade them.

“Our rules are simple: if you sell securities in New Jersey, you need to comply with New Jersey’s securities laws,” Andrew Bruck, the state’s acting attorney-general, said on Tuesday. “No one gets a free pass simply because they’re operating in the fast-evolving cryptocurrency market.”

New Jersey-based BlockFi said in a tweet its interest-bearing account “is not a security” and believed it was “lawful and appropriate for crypto market participants”. It added: “We remain steadfast in our commitment to fight for consumers’ rights to earn interest on their crypto assets.”

The regulatory flurry at the state level was particularly significant because it came as national authorities in Washington have been scrambling to formulate rules for cryptocurrencies.

There are real bipartisan concerns about investor protection

Alexis Goldstein, Open Markets Institute
Political observers noted that until July 16, the New Jersey attorney-general’s office had been headed by Gurbir Grewal, who has left the elected post to run the enforcement division of the Securities and Exchange Commission, making him a key figure in the emerging federal response to crypto.

The other intriguing aspect of the BlockFi clampdown was that it involved states on either side of the US political divide. New Jersey is a blue state. Alabama and Texas are red. Bipartisanship on cryptocurrencies, at least on some level, seemed a possibility.

“It is an unusual group of states,” said Alexis Goldstein, director of financial policy at the Open Markets Institute in Washington, adding: “There are real bipartisan concerns about investor protection.”

BlockFi received a $3bn valuation in March from investors including Bain Capital Ventures and Tiger Global Management and is reportedly seeking funds at a valuation as high as almost $4.8bn. The company said in March it was on track to produce more than $500m in yearly revenue.

The state regulators said BlockFi offered an “attractive” annual interest rate — of up to 8.6 per cent, according to the Texas filing — in return for deposits of cryptocurrencies such as bitcoin and ethereum in its BlockFi Interest Account, or BIA. As of March 31, the deposits amounted to “the equivalent of $14.7bn”, according to the New Jersey authorities.

BlockFi “then pools these cryptocurrencies together to fund its lending operations and proprietary trading”, the New Jersey filing said. It added that “BlockFi is free to use those assets as it sees fit, including commingling cryptocurrency with those of other BIA investors”.

Love it but really sad about the coin choice being so low, really would like to have my cardano in Blockfi.

Passively earning interest on my crypto and my USD backed stablecoin is such a game-changer. The app is easy to use and every time I've had a question, response has been quick and painless. Excited to start earning Bitcoin on my BlockFi credit card!

BlockFi is a great company, with an amazingly driven team. Love being a client and earning interest with them.

Makes it so easy!
BlockFi makes the entire crypto experience so easy! From the simplicity of the platform, the clarity of the dashboards and the easy of moving money in and out, it's great. Can't beat the rates too.

I downloaded BlockFi a few weeks ago. The KYC process was a bit cumbersome, but otherwise has been a great experience to buy crypto and earn a high yeild.

BlockFi is the most secure platform out there! Excellent client service as well.

Reliable platform that houses my crypto assets. Interest building and lots of opportunities to grow my portfolio!

Top notch customer service - so happy with BlockFi!

My interactions with block 5 customer service have been top-notch. I'll questions answered and resolved in a timely manner.

Handled all my questions effectively and efficiently.

I really like this program and what it does! Keep up the great work!

Holding stablecoin here for the interest rate is superior than any local financial institution