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BlockFi Credit Card Review
Reviews 261
BlockFi
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BlockFi
BlockFi
Average
Reviews 261
Michael Graw
Jul. 03, 2022
2 min read
Michael Graw
BlockFi summary
BlockFi is a cryptocurrency exchange and wallet service launched in 2017. The company recently introduced a Bitcoin rewards credit card that offers an unlimited 1.5% back in Bitcoin on every purchase. New users also get a 2% rewards boost for the first 90 days, so you can earn 3.5% back, or up to $100, in Bitcoin. The BlockFi Rewards Credit Card has no annual fee and no foreign transaction fees. Plus, it won’t impact your credit to apply.
Pros
  • Unlimited 1.5% back in Bitcoin
  • 2% rewards boost for first 90 days
  • Extra 2% APY in Bitcoin on your stablecoin holdings
Cons
  • Must have a BlockFi Interest Account to apply
  • Requires excellent (700+) credit score

BlockFi at a glance

4.0
Editorial score

Fees

No annual fee, has other fees
4.0

Eligibility (credit score)

Doesn't cover bad credit
4.0

Security

Has encryption software, not FDIC insured
3.0

Customer service

Multiple communication options, wide range of hours
4.0

Online experience

Excellent site and app with detailed FAQs, help center, and transparency of rates and features
5.0

BlockFi BlockFi Apply Now

Overview

BlockFi is a cryptocurrency exchange and wallet service that recently partnered with Visa to launch the first Bitcoin rewards credit card. The BlockFi Rewards Credit Card offers an unlimited 1.5% back in Bitcoin on every purchase, plus 0.25% back in Bitcoin on cryptocurrency trades made through BlockFi (up to $500 per month). The card also offers a 2% APY boost on any stablecoins you hold in a BlockFi Interest Account (up to $200 per year).

To apply for the BlockFi credit card, you must already have a BlockFi Interest Account. Bitcoin rewards are deposited into your account and can then earn additional interest. The BlockFi credit card doesn’t have an annual fee, and you can be pre-approved for the card without impacting your credit score.

Suitable For?

The BlockFi Rewards Credit Card is suitable for existing BlockFi customers who want to earn Bitcoin from everyday spending. The card operates much like a traditional rewards card, except that your rewards are in Bitcoin instead of cash or airline miles. Bitcoin rewards are automatically deposited into your BlockFi Interest Account, so you can earn interest on your Bitcoin rewards—something that simply isn’t possible with airline miles.

The BlockFi card also benefits existing BlockFi users because it includes 0.25% back in Bitcoin for cryptocurrency trades made through BlockFi and a 2% APY boost on stablecoin holdings in your BlockFi Interest Account.

Interest Rates & Fees

The BlockFi Rewards Credit Card doesn’t have an annual fee or foreign transaction fees. It has a variable interest rate from 11.74% - 21.74% APR.

Annual FeeForeign Transaction FeeAPR
$0$011.74% - 21.74%

Rewards & Cashback

The BlockFi credit card offers rewards in Bitcoin instead of cash. You get an unlimited 1.5% back in Bitcoin on all qualifying purchases, plus an additional 2% back for your first 90 days (up to $100 in Bitcoin). You also get 0.25% back in Bitcoin for cryptocurrency trades made through BlockFi (up to $500 per month) and a 2% APY boost on stablecoin holdings in your BlockFi Interest Account (up to $200 per year). Bitcoin rewards are deposited into your BlockFi Interest Account at the end of each month.

The Application Process

BlockFi only recently launched the Rewards Credit Card, so you’ll need to sign up to the waitlist before you can apply. Once you make it to the front of the waitlist, you’ll receive an email inviting you to apply.

You can be pre-approved for the BlockFi Rewards Credit Card with a soft credit check which won’t impact your credit score. You must have good to excellent credit to qualify—BlockFi requires a minimum credit score of 700 or better in most cases. Once you’re pre-approved, you will need to go through a hard credit check to formally apply for the card.

Help & Support

BlockFi offers customer support by phone and email. The company also has an online help center where you can find answers to common questions about the Rewards Credit Card.

Phone call hours: 9:30 AM - 5 PM (ET) Monday - Friday

Security

BlockFi uses SSL (secure socket layer) encryption to protect your application information and online account. Your credit card is secured with an EMV chip and backed by Visa’s Zero Liability Policy, so you’re never responsible for fraudulent transactions made using your credit card.

FAQ

Can I have multiple card users on a single BlockFi account?

At this time, BlockFi only allows one credit card per BlockFi account.

Do I need a BlockFi account to get the credit card?

Yes, you will need to have an active BlockFi account to qualify for the BlockFi Rewards Credit Card. However, you don’t need to have a BlockFi account to join the waitlist.

How do I redeem Bitcoin rewards?

Bitcoin rewards are transferred to your credit card rewards account each month. From there, you can transfer them to your BlockFi Interest Account or an external Bitcoin wallet.

BlockFi BlockFi Apply Now

Conclusion

The BlockFi Rewards Credit Card is the first credit card to offer Bitcoin as a reward for spending on everyday purchases. The card has no annual fee and offers an unlimited 1.5% back in Bitcoin on all qualifying purchases. You must have a BlockFi account and a credit score of 700 or higher in order to qualify for the card.

Methodology

This review was completed using information from the BlockFi website and card documentation.

This review was prepared by BestMoney.com in their personal capacity. The opinions expressed in this product review are the author’s/company’s own and do not reflect the view of BlockFi.

Michael Graw
Written by
Michael Graw
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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See what some costumers are saying about BlockFi
BlockFi
Average
Reviews 261
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Excellent
52%
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15%
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6%
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7%
Bad
20%
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rubio
13 days ago
Corri come se la tua vita dipendesse da…
Corri come se la tua vita dipendesse da questo perché posso affermare categoricamente che è una truffa nonostante le valutazioni elevate e le molte recensioni positive che vedi qui. IL LORO INTERESSE PRINCIPALE È DI FARVI ASCIUGARE E LASCIARVI IN BANCA. QUANDO CERCHI DI CONTATTARLO PER AIUTO, TI IGNORERANNO O VEDRANNO SE POSSONO OTTENERE PIÙ SOLDI DA TE. IO ERO NELLA STESSA SITUAZIONE A GENNAIO dell'anno scorso, OLTRE 90.000 EURO ERANO IN POSSESSO FINO A GLóbalFundretrival net, È INTERVENUTO E HA FATTO L'OPPORTUNITÀ DI ESTRARRE.
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richardsejnaatgmail.com
16 days ago
Blockfi is bankrupt they only reversed…
Blockfi is bankrupt they only reversed 80% of my assets with Brute statitistics . com Look them up and get your assets reteieved
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cody d
a month ago
Blockfi was a scam they advertised a…
Blockfi was a scam they advertised a service that obtained people’s crypto then filed Bankruptcy. Many people lost money.
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philip caddick
2 months ago
Public Company and insured USD not a guarantee
I invested my money with them because they were a public traded company and subject to rigorous standards. Also, USD was insured. However, Blockfi stole 2BTC 2ETH and 20k in cash. How can established companies just run off with everyone's money? they were very profitable. Bankruptcy in this case is more like legally stealing money, hopefully, max+neil+li+lung g0++0+gl3 srch was at my rescue in helping me pull out my funds. Grateful!
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laura machete
2 months ago
Hanno preso tutti i miei fondi
Hanno preso tutti i miei fondi. Ho una brutta esperienza con te. Hanno violato tutti i miei fondi e mi hanno lasciato senza niente, quasi 60.000 euro in criptovalute, lasciandomi senza niente. grazie a glóbalfûndrètrival. nèt per sistemare tutto e restituire i miei soldi.
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lorenzo
2 months ago
Hanno guadagnato quasi £ 300.000 e mi…
Hanno guadagnato quasi £ 300.000 e mi hanno chiuso. Sentivo che tutto era perduto e sono stato condannato finché mia nipote non mi ha detto di combatterli segnalando la mia situazione a un rinomato specialista di recupero "TR;UTH AS:set Re;Trie val" e ho recuperato i miei soldi. Hanno fatto un lavoro fantastico nel trovare queste persone e hanno recuperato quasi tutti i miei soldi e i truffatori sono disposti a pagare € 30.000 in più come risarcimento per il mio tempo perso.
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melinda
2 months ago
Questo piattaforma non è accettabile ha…
Questo piattaforma non è accettabile ha preso tutto quello che avevo e non mi ha lasciato nulla Ho contattato l'assistenza ma non ho ricevuto nulla in cambio un amico ha dovuto presentarmi a W ORl dre trie VALF unD ne-T Ho riferito cosa mi hanno fatto e mi hanno restituito i soldi grazie per loro ero salvo da tante cose
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native king of spades
3 months ago
Scumbags
Scumbags, froze my 20K worth of ETH and BTC hope you get what you deserve.
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patrick reines
3 months ago
BlockFi Pisses Your Money Away
BlockFi uses arcane nuances in their agreements to rip off customers. I've discovered the BlockFi charge card is all of a sudden, not a BlockFi product. That is, BlockFi can freeze my crypto balances (code for stealing them?) but still insist I pay them for purchases charged to the BlockFi card. At a minimum, they should apply my crypto balance to my card payment. DO NOT do business with this dishonest firm that has mismanaged its finances and will make you pay for their recklessness.
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grey ferguson
3 months ago
I tried to add money to my blockfi
I tried to add money to my blockfi It says us are not allowed to use this and fund acct
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denrilwor
5 months ago
Stuck in limbo.
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.
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dave kluger
5 months ago
Got Ripped off by Block Fi Credit Card Company
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
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patrick perfetto
6 months ago
Honestly I was with blockfi for 4 years…
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.
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emma felch
8 months ago
They are hiding they’re illiquid
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.
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will mcdonald
8 months ago
Be Cautious ⚠️ With Blockfi
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?
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graham dougherty
8 months ago
An honest BlockFi review
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!
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jack n
8 months ago
All gone... Still gone
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.
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passerby
8 months ago
VERY expensive withdrawal
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 $100. This was not detailed very clearly when we signed up, so you need to be careful. Even free withdrawals have some form of transaction fee tied to them, even though I've not initiated any other transactions in that calendar month.
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david k
8 months ago
not very trustworthy
signed up with a code from a friend where we both should get 40$. 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
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romain coubard
9 months ago
This is not a service in decentralized finance.
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.
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michela
9 months ago
Non ho ricevuto il bonus di benvenuto…
Non ho ricevuto il bonus di benvenuto di 40 $ dopo la mia iscrizione a febbraio. Il supporto sostiene di non poter far nulla dato la promozione è scaduta. All'iscrizione avevo controllato più volte che tutto fosse inserito correttamente, per cui trovo davvero scorretto l'accaduto.
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donato gorgoni
9 months ago
Non c'è nessuna serietà
Non c'è nessuna serietà, non ti danno i bonus inventando delle scuse e quando fai prelievo devi aspettare dei giorni sperando che ti arrivano, peggio di una banca. Ho visto molti che sono rimasti incastrati con somme grosse, diffidate di questi.
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tahir
9 months ago
Reliable but also lies.
I have traded, withdrawn, and invested many times. I didn't have any problems. I also received my reference awards. However, even though they say they don't take commission, a lot of commission is paid when buying and selling. When we try to convert 150USDT to USDC, it gives 147USDC. Supposedly, they don't take commissions.
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carlos
10 months ago
Cuidado al depositar tus criptomonedas, pueden estafar y quedarse con ellas
Puse el código de una billetera mía de blockfi (de diferente moneda, pero existente en la plataforma) desde binance para enviar una criptomoneda. Al no coincidir, la transferencia se realizó, pero no me llegó nada a mi cuenta. Contacté con el servicio técnico y se desentendieron diciendo que el dinero se había perdido por la red... Realmente las criptomonedas deben estar en mi billetera pero no puedo acceder a ellas. Desde el soporte técnico de block fi existe la opción de ofrecerme el código de mi billetera para poder acceder a ella y recuperar las criptomonedas, pero según ellos dicen que "esa opción no se encuentra dentro de su hoja de ruta..." Realmente son unos estafadores.
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jon
10 months ago
Avoid
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.
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сергей музычук
10 months ago
Very bad
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.
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stephen wells
10 months ago
If you want to withdraw funds it takes 5 days! AVOID.
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.
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barbara deloris walker
10 months ago
Waiting for my refunds…
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.
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michael timony
10 months ago
They function like a bank
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
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crypto lover
10 months ago
Great easy to use site
Great easy to use site, reasonable fees and rates.Great site for crypto gains.
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piotr skowron
10 months ago
They make money on client ignorance.
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.
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mickey
10 months ago
Worst UX experience yet
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.
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gregory
10 months ago
BlockFi locked my account, and a considerable amount of money
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
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hossain
a year ago
Rates are bad, customer service takes ages, withdrawal takes days
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.
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mike
a year ago
Stay away!
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.
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brant
a year ago
Feel it’s a safe place to hold.
As of now this is the only place I feel safe holding my crypto where I do not have control of my keys. I use the interest account, and enjoy the rates even if some say are low because I feel blockfi provides the best security, plus I don’t have a significant amount in holdings so I do get the better rate
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jose antonio moray
a year ago
Interest rates aren't worth it
The platform and the customer service are good but the interest rates they offer are really low for crypto other than stablecoins.
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roland
a year ago
Simply superb
Simply superb. Amazing platform
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ed s
a year ago
Terrible experience trying to withdraw crypto
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.
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steve
a year ago
Misleading and Bad Service
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.
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andrew w
a year ago
BlockFi is more of a bank than a crypto company - weigh your needs carefully before signing up
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.
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russell
a year ago
Feels like a bank account
I have been a Blockfi user for a long time and only came to appreciate it even more as I tried some other platform in the space where I had a traumatic experience (Ledn). This is what you can expect with Blockfi: - top notch support: fast and friendly - monthly interest, paid out without issue - 1 free withdrawal - good banking integration, just deposit USD, gets converted 1:1 to stable coins and generate interest I have never had a single issue here.
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jonathan jones
a year ago
Blockfi experiance
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.
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haris škulj
a year ago
Great app
Great app, easy KYC registration and identification, easy trade, great interest for holding crypto, worth the investment.
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jen p
a month ago
BlockFi ended our long search for a…
Edit: We spoke to soon. BlockFi later filed Bankruptcy and kept our money and coin. ------------------------ 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.
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cristian silva
a year ago
CODE
CODE: f5210426
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marco
a year ago
Piattaforma per rendita
Buona piattaforma dove mettere a rendita i propri token, da monitorare gli APY nel tempo Al momento come bonus di benvenuto viene dato 10$ in BTC a fronte di 100$ di valore depositato (es. BTC) Il riscatto avviene il 2° venerdi del mese Altro di nota: 1 prelievo gratuito/mese Referral di iscrizione blockfi. com/? ref= c0497f12
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stephanie ho
a year ago
Great customer service: Quick and precise to enquiries
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.
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jeff h.
a year ago
Not as bad as people make them sound
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).
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leo nardo
a year ago
Blockfi stole my money. Don't use it
Deposited 1500€ 2 months ago via wire. Never arrived
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jon bernthal
a year ago
The site is good for long time…
The site is good for long time investment.Great for holding my assets
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tyler banh
a year ago
I Love BlockFi
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.
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milan
a year ago
Never ever use BlockFi for anything
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".
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klaus burm
a year ago
I am a customer for over a year now.
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.
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gg
a year ago
Absolutely awful company
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.
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josepth
a year ago
You really do everything possilbe to…
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.
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danny brooks
a year ago
Use to be great but Blockfi keep…
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.
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torasada bungonokami
a year ago
Great so far
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.
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vm
a year ago
Good interest, limited/slow withdrawal
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.
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ruud
a year ago
Be very careful if your money is dear to you
If you are not willing to spend more than a certain amount, you will lose all your money. They do not allow withdrawals less than a pretty high amount. They do not advertise this anywhere, but if you invest less than a certain amount they will not allow you to withdraw anything and hold your assets indefinitely. Contacting them to refund you does nothing. Hence, I just lost my money, be very careful. This is how they scam people. The fact that you cannot even close your account says enough. I contacted their support. They did not even answer my request. To clarify, you can transfer by bank any amount to them, but to withdraw the minimal amount is in the 3 figures. So unless you reach that amount, you cannot transfer your money back by bank transfer and are stuck and basically just lost your money. A request through support to transfer your money back is not even processed or replied to. When you try to transer your money back by bank transfer you get the following message: That the minimal transfer figure is a 3 figure amount. So they just hold your money indefinitely unless you spend a lot more, just to be able to transfer the full amount back. It's sickening. Hope I can warn at least some people with this review. Update after BlockFi's reply: I created already 3 tickets through their chat, they do not even process them or answer. Ticket ID's: 497451, 495517 and 495513. No answer whatsoever. International withdrawals are not a minimum of $10, but 500 times this amount, so this is also incorrect.
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fifi
a year ago
ok app
I like the app, but some bigger withdrawals are always flagged for ID verification and selfie, very annoying!!
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tony
a year ago
One free withdrawal on any crypto and…
One free withdrawal on any crypto and stable coin in a month. Great company. So far so good (1+year so far)!
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daniel w
a year ago
Great customer service.
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.
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thien h
a year ago
I've enjoyed earning interest on their…
I've enjoyed earning interest on their platform. Very clean and simple design.
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mkbombadil
a year ago
Best services of any crypto trading site.
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.
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nanda tolong
a year ago
Amazing
Blockfi is amazing
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eddie
a year ago
BlockFi is the best other than…
I like BlockFi the best of all the crypto yield institutions. Only 4 stars due to their rates being super low.
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alexis mata
a year ago
Soy adulto mayor y es una plataforma…
Soy adulto mayor y es una plataforma sencilla de usar. Me gusta ver los intereses que gano cada mes y los estados que reflejan mi posición en general. Espero que en el momento de que necesite el dinero, no me pongan obstáculos. Saludos desde Costa Rica.
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badshah hussain
2 years ago
Blockfi are bloody crooks
Blockfi are bloody crooks Very Slow withdrawals, takes days High fees Low rates paid on crypto
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dh
2 years ago
Terrible withdrawal experience.
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.
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chris allen
2 years ago
Slow Withdrawal Process
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.
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dav
2 years ago
US state authorities have opened a new…
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”.
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mike araujo
2 years ago
Love it but really sad about the coin…
Love it but really sad about the coin choice being so low, really would like to have my cardano in Blockfi.
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jorge burgos
2 years ago
Friendly and easy to use
Friendly and simple interface that makes it very easy to start with crypto
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samantha sometimes
2 years ago
Love being able to earn interest on my crypto!
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!
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frank esteves
2 years ago
BlockFi is a great company
BlockFi is a great company, with an amazingly driven team. Love being a client and earning interest with them.
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customer nj
2 years ago
Makes it so easy
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.
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erin
2 years ago
I downloaded BlockFi a few weeks ago
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.
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michael bronson
2 years ago
BlockFi is the GOAT
BlockFi is the most secure platform out there! Excellent client service as well.
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shayne mullen
2 years ago
Amazing platform!
Amazing platform!
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yuting zhao
2 years ago
easy to use and safe.
easy to use and safe.
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andrew loh
2 years ago
Reliable platform that houses my crypto…
Reliable platform that houses my crypto assets. Interest building and lots of opportunities to grow my portfolio!
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nicole
2 years ago
Top notch customer service
Top notch customer service - so happy with BlockFi!
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jeff
2 years ago
My interactions with block 5 customer…
My interactions with block 5 customer service have been top-notch. I'll questions answered and resolved in a timely manner.
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norman
2 years ago
Did very well are we going to have a…
Did very well are we going to have a transfer anytime soon
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pieter
2 years ago
Very helpful and quick response
Very helpful and quick response.
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jason
2 years ago
Handled all my questions effectively…
Handled all my questions effectively and efficiently.
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danilo
2 years ago
Excelent!!!
Excelent!!!
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elizabeth
2 years ago
Después de muchos intentos no pude…
Después de muchos intentos no pude verificar mi cuenta.
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carson
2 years ago
Nice program!
I really like this program and what it does! Keep up the great work!
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noah
2 years ago
Thumbs up
Holding stablecoin here for the interest rate is superior than any local financial institution
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lucian
2 years ago
I am very happy with the overall…
I am very happy with the overall experience so far. Transition was smooth, bonuses and interests are being paid exactly as they are advertised. Customer support responds super fast and accurate. The only downside is that interest rates are being decreased monthly. If this situation continues there might be other more profitable options to keep your coins.
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pal
2 years ago
Great service
Great service, fast, friendly, efficient. Couldn't be more satisfied.
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daryl
2 years ago
Have been trying for over a month to…
Have been trying for over a month to set up my business account so I can use BlockFi. It has been very slow frustrating process. Still waiting! I guess I will just have to use other services to invest in the crypto space.
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guy
2 years ago
problem with an entry
problem with an entry, worked with me to resolve it.
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c sharpe
2 years ago
Very helpful & friendly
Very helpful & friendly, thanks again, its a pity KYC is such a pain. I see your on boarding new crypto, good move, best of luck, regards C
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kp
2 years ago
Was really helpful
Was really helpful
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ibuy91410
2 years ago
Quick response and problem solved…
Quick response and problem solved within a day
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joan
2 years ago
It works smooth
It works smooth, nice, fast and safe.
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customer
2 years ago
Support has been great.
Support has been great. Transfers in and out of blockfi have been effortless, though required the necessary steps. Shame they had to lower the interest rates over the last few months, but everything else seems top notch.