BlockFi offers a range of products, including cryptocurrency trading, a crypto wallet, lending, a rewards credit card and BlockFi Personalized Yield for high-net-worth individuals with at least $3 million in U.S.-equivalent crypto assets.
BlockFi’s Personalized Yield product is tailored specifically to the user’s goals. According to a January 2022 update, “additional terms may include discounts to trading spreads” for these VIP users.
Then there’s the BlockFi Interest Account (BIA). Unfortunately, this product has ceased accepting new U.S. customers or assets as of Feb. 14, 2022, per rulings from the SEC.
BlockFi is a cryptocurrency trading platform with reasonable fees. Users can trade individual coins and scores of currency pairs. Pairs trading is exchanging one coin for another, like Bitcoin/Litecoin (BTC/LTC).
Similar to traditional banking, BlockFi customers can set up automated cryptocurrency purchases. Immediate execution is aggregated from several exchanges through the BlockFi Wallet, and the actual price is shown immediately without add-on fees.
BlockFi also offers tax-loss harvesting, an investment strategy that offsets taxable gains with 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 out by BlockFi.
In most cases, external cryptocurrency can be transferred into the BlockFi Wallet and assets held within the wallet can be transferred out. But there are some limitations to this feature for certain cryptocurrencies for U.S. customers.
Assets that fall under the latter category include Dogecoin (DOGE), Bitcoin Cash (BCH) and Algorand (ALGO). These cryptos can’t be withdrawn from or funded from a personal wallet.
Like other margin loans, a BlockFi Loan uses your cryptocurrency assets as collateral while you receive U.S. 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 collateral cryptocurrency is returned to you.
BlockFi crypt-backed loans “do not require any 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 returns up to 3.5% back 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 annually, the rate goes up to 2% in crypto rewards for purchases.
Another benefit of the card is the lack of international transactions or annual membership fees.
BlockFi Personalized Yield
Any current or prospective client with a minimum of $3 million in loaned crypto assets on the platform is eligible for the premium services of the BlockFi Personalized Yield product.
These products are personalized to fit each client’s goals. Prospective clients receive high-level onboarding and a designated client relationship manager.
Clients of BlockFi Personalized Yield receive discounted trading costs, negotiated crypto interest rates on margin borrowing, and can lend their crypto to BlockFi to earn additional returns. To apply, eligible clients 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 opportunity to have their crypto assets passively managed. 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 might 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 segregates help topics based on product categories, making it easy to uncover detailed answers to your questions. There’s also a search feature for specific queries.
The company offers a YouTube Channel, BlockFi Live. There is a range of topics from general-interest crypto videos, interviews, and how-to-use the platform tutorials.