What Is BlockFi, And Is It Worth It?
As more people get involved with Cryptocurrency, more apps and websites are coming out offering access to the crypto market. One website that stands out however, is BlockFi.
BlockFi is a website which allows users to buy, sell and manage up to eight types of cryptocurrencies. The list includes BTC, ETH, LTC, and PAXG, as well as USD-based stablecoins, including USDC, USDT, GUSD, and PAX.
Pros of using BlockFi:
The site has many benefits including a streamlined interface which makes it easy to use, it is mobile-friendly and offers a good referral program. Users can earn up to $20 in FREE Bitcoin for every friend they get to sign up using their referral link.
While all this sounds good, this isn’t the platform’s biggest selling point. BlockFi is becoming increasingly popular due to its shockingly high interest rates on earnings, with up to 8.6% APY.
That is more than DOUBLE your average interest rate at a traditional bank. You get to earn extra money by simply holding funds in your account.
Some other benefits worth mentioning. There is no savings account minimums, access to a Bitcoin rewards credit card and is insured by AON.
Cons of using BlockFi:
While this platform offers a plethora of benefits, there are a few areas where it lacks.
Firstly, BlockFi does not appear to be a good place for beginners. The site lacks educational resources and does not offer access to advisers.
Another disadvantage is it’s withdrawal policies, only permitting one free withdrawal per month. Any additional withdrawal after that will cost you 0.0025 Bitcoin.
Overall, BlockFi seems legit, with the pros outweighing the cons in our opinion.