BlockFi offers a range of products, including cryptocurrency trading, a crypto wallet, loans, a rewards credit card, and BlockFi Personalized Yield for high net worth individuals with at least $3 million in crypto assets. equivalents in the United States.
BlockFi’s personalized yield product is specifically tailored to the user’s goals. According to a January 2022 update, “additional terms may include trading spread discounts” for these VIP users.
Then there is the BlockFi Interest Account (BIA). Unfortunately, this product has stopped accepting new US clients or assets since February 14, 2022, in accordance with SEC rulings.
BlockFi is a cryptocurrency trading platform with reasonable fees. Users can trade individual coins and dozens of currency pairs. Pair trading involves exchanging one coin for another, such as Bitcoin/Litecoin (BTC/LTC).
Similar to traditional banking, BlockFi customers can set up automated cryptocurrency purchases. Immediate execution is aggregated from multiple exchanges through the BlockFi wallet, and the actual price is displayed immediately at no additional cost.
BlockFi also offers tax loss harvesting, an investment strategy that offsets taxable gains against losses.
The BlockFi wallet is the default storage for crypto. It is a non-interest bearing account where you can buy, sell, store and protect your crypto assets and stablecoins. Assets are protected and not lent by BlockFi.
In most cases, external cryptocurrency can be transferred to the BlockFi wallet and assets held in the wallet can be transferred. But there are some limitations to this feature for some cryptocurrencies for US customers.
Assets that fall under the latter category include Dogecoin (DOGE), Bitcoin Cash (BCH), and Algorand (ALGO). These cryptos cannot be withdrawn or funded from a personal wallet.
Like other margin loans, a BlockFi loan uses your cryptocurrency assets as collateral while you receive US dollars transferred to your bank account. It’s a useful way to access cash without selling your cryptocurrency and doesn’t require a credit check. When your loan is repaid, the secured cryptocurrency is returned to you.
BlockFi crypto loans “require no credit information” and you are approved as long as you have sufficient collateral.
BlockFi Rewards credit card
Reward credit cards are a staple among consumers. For cryptocurrency enthusiasts, the BlockFi Rewards credit card earns up to 3.5% in cryptocurrency, up to $100, on every purchase for the first 90 days.
After the promotional period, users receive 1.5% crypto rewards. And once more than $50,000 is spent each year, the rate goes up to 2% in crypto rewards for purchases.
Another advantage of the card is the absence of international transactions or annual membership fees.
BlockFi Custom Yield
Any current or potential customer with a minimum of $3 million in loaned crypto assets on the platform is eligible for the premium services of the BlockFi Custom Yield product.
These products are customized to meet each client’s goals. Potential customers receive high-level onboarding and a designated customer relationship manager.
BlockFi Residential Yield clients benefit from reduced trading fees, negotiated crypto interest rates on margin borrowing, and can lend their crypto to BlockFi for additional returns. To apply, eligible customers complete a secure qualification form.
Accredited individuals and institutional investors can invest in one of three BlockFi Trusts, Bitcoin, Ethereum or Litecoin.
Trust owners receive crypto storage and the ability to passively manage their crypto assets. The annual management fee is 1.75% and the minimum investment amount is $50,000.
These cryptocurrency trusts are risky investments and the value of the trust may deviate from the underlying value of the digital assets.
BlockFi Help and Live
Customer service available via Live Chat from 9:00 a.m. to 8:00 p.m. (EST) or by phone, Monday through Friday, from 9:30 a.m. to 8:00 p.m. (EST).
BlockFi’s Help Center separates help topics based on product categories, making it easy to find detailed answers to your questions. There is also a search function for specific queries.
The company offers a YouTube channel, BlockFi Live. There is a range of topics ranging from general interest crypto videos, interviews and tutorials on how to use the platform.