Last Updated: November 29, 2022
Pros:
✅ Instant cryptocurrency trading is available without commission or recurring costs.
✅ Earn a very appealing interest rate on your cryptocurrency investments.
✅ Apply for a credit card with crypto rewards or a loan backed by cryptocurrency.
✅ Based and governed by the US.
✅ There are no balance caps or minimum balance requirements.
Cons:
❌ No possibility for joint or custodial accounts.
❌ Withdrawal fees may be assessed, depending on the type of cryptocurrency.
❌ Monthly withdrawal limits vary based on the type of cryptocurrency.
❌ Loan interest rates and interest rate APYs are subject to weekly adjustments.
❌ Deposits are not covered by FDIC protection.
a) Simple and user-friendly cryptocurrency trading interface. BlockFi features a simple user interface that makes buying and selling cryptocurrency simple. You can set up repeating trades on a daily, weekly, or monthly basis if you wish to automate your investing. This is beneficial if you plan to invest in cryptocurrency using dollar-cost averaging, which is a solid strategy to control risk.
b) Provides rewards for credit cards. BlockFi was one of the first services to introduce its own cryptocurrency credit card, which allows users to earn cryptocurrency incentives on every purchase. The BlockFi Rewards Visa® Signature Credit Card has no annual fee and offers rewards of up to 2% in the cryptocurrency of your choice. The card is available for application to the BlockFi users.
c) Offers loans against crypto assets. With interest rates starting at as 4.5%, BlockFi enables you to take out loans in US dollars against your cryptocurrency holdings. Money can be transferred the same business day, and there are no fees associated with early repayment. You can offer the following forms of cryptocurrency as loan security- Bitcoin, Ethereum (ETH), Litecoin (LTC), Pax Gold (PAXG) etc. Selling your shares has disadvantages compared to a crypto-backed loan. You can avoid reporting capital gains by borrowing instead of selling, which may result in a tax reduction. You can also keep your cryptocurrency. But there is a major drawback. Remember that taking out a loan against your cryptocurrency carries risks. You’ll need to invest more in cryptocurrency if crypto prices fall to the point where your collateral is insufficient to support your loan. If not, BlockFi might sell your cryptocurrency collateral.
d) The BlockFi Interest Accounts are one of this cryptocurrency platform’s most well-liked features. With no minimum balance requirement, account members can automatically earn compound interest on any of the cryptocurrencies BlockFi offers. Regulator orders have unfortunately prevented U.S. investors from using BlockFi Interest Accounts. Users outside of the United States can still choose them.
e) Charges for withdrawals. The most annoying flaw of BlockFi is the cost the company charges for cryptocurrency withdrawals. Depending on the coin, different fees apply, some of which can be rather significant. For instance, there is a $25 cost for withdrawing stablecoins pegged to the dollar. Fees would eat away a sizable percentage of your cryptocurrency for minor withdrawals.
f) A small collection of cryptocurrencies. More than a dozen cryptocurrencies can be traded on BlockFi. This isn’t terrible, however, there are other platforms that provide a lot more. It’s also important to note that a number of the cryptocurrencies available on BlockFi are stablecoins based on the U.S. dollar. They all essentially have the same function because they are made to keep their value at $1. On BlockFi, you are able to purchase a few of the most popular cryptocurrencies. However, you would be better off using a different platform if you wanted access to a wide range of digital materials.
g) No withdrawals are allowed for some cryptocurrencies. There are three of the cryptocurrencies offered by BlockFi that do not support withdrawals. They are- Dogecoin (DOGE), Algorand (ALGO), and Bitcoin Cash (BCH). It’s problematic not to be able to withdraw your cryptocurrency. For increased protection, some investors prefer to store their cryptocurrency in their personal crypto wallets as opposed to leaving it on a platform like BlockFi. There is no explanation why one shouldn’t be allowed to withdraw one’s own crypto, even if they don’t intend to do that.
Swissborg is a reputable, cutting-edge, and award-winning cryptocurrency app that helps users navigate the cryptocurrency investing process. Additionally, SwissBorg aims to provide clarity in regard to dispersed infrastructure and unstandardized tools.
By opening a new account through the Swissborg referral link, a user may be eligible for a bonus. Users are eligible for the referral incentive if they use the referral link or referral code. Use the referral incentive by clicking here. A deposit incentive of up to €100 will be given to you.
Our link or referral code will be easy to utilize because the “Referral Code” area in your browser will already be filled in. Complete the registration process by completing the last few steps. Please be aware that your Swissborg referral code may be used with either of the two allowed mail- or mobile-based procedures. Because Swissborg has made the protection of their users’ cash and the Wealth App a top concern and has invested in strong security protocols, customers may find Swissborg particularly enticing.
Verify that you have read and understood all of the T&Cs before continuing. Before you start your trading adventure with them with joy and satisfaction, make sure you are fully aware of all the terms.
a) Instant cryptocurrency trading is available without commission or recurring costs.
b) Earn a very appealing interest rate on your cryptocurrency investments.
c) Apply for a credit card with crypto rewards or a loan backed by cryptocurrency.
d) Based and governed by the US.
e) There are no balance caps or minimum balance requirements.
You can always get 50$ deposit bonus by using this link- https://app.blockfi.com/signup/?ref=f94e999b
a) No possibility for joint or custodial accounts.
b) Withdrawal fees may be assessed, depending on the type of cryptocurrency.
c) Monthly withdrawal limits vary based on the type of cryptocurrency.
d) Loan interest rates and interest rate APYs are subject to weekly adjustment.
e) Deposits are not covered by FDIC protection.
Despite having rigorous security measures, BlockFi runs the danger of losing money during volatile market times because it provides loans secured by cryptocurrencies. Customers can exchange assets to and from the BlockFi platform using their own digital wallets with the help of BlockFi. The business claims that it takes account security seriously and has taken both financial and technological precautions. It’s crucial to remember that while some of BlockFi’s services may resemble those provided by a bank, assets housed on the platform are not covered by safeguards like FDIC insurance. BlockFi does not hold cryptocurrency funds. For this, it collaborates with custodians, with Gemini serving as its principal custodian. The majority of Gemini’s cryptocurrency is kept in cold storage, which is offline storage, and it is insured for online storage.
BlockFi now offers live telephone customer service from 9 a.m. to 6 p.m. Eastern time, Monday through Friday. The business also provides chatbot support, which it claims will assist in opening a ticket to link consumers to live support for ongoing issues.
