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Blockfi Review 2024: Are They Safe & Legit – Or a Scam?

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Crypto Exchange
Rating follows
  • Earn up to 11% interest (APY)
  • Borrowing rates as low as 4.5% (APR)
  • Trade over 20 cryptocurrencies
T&Cs apply, 18+
User Reviews

Looking for a BlockFi review you can trust? You’ve just found it. Take a look below to see what it’s really like to use this crypto investment site!

So is BlockFi legit? It sure is, and what’s best is that it offers you a great way to earn interest when you deposit cryptos here. Plus there’s even a service that’ll give you a loan backed by your crypto assets. Sounds good right? Keep reading to see what else we discovered in our BlockFi review!

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BlockFi: Pros & Cons
  • Safe crypto lending
  • Competitive interest rates
  • Trade 20+ cryptos
  • Secure crypto site
  • Few payment methods
Payment Methods
BMA - Bermuda Monetary Authority
Overall Rating
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  • Usability, Look & Feel
  • Payment Methods
  • Customer Service
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Last Updated on 02/07/2024

Security, usability, look & feel - Intuitive site and app found in our BlockFi review

BlockFi’s website is set up in a way that makes it simple for you to get straight down to business. You can hit the Get Started button at the top and once you sign up, you’ll be able to make crypto deposits with ease and then simply sit back and watch your assets gain interest.

In some ways, it’s easy to think of BlockFi as being like a crypto bank. This is because you can come here and do lots of things with your cryptos. From exchanging your assets for other kinds of cryptocurrencies to using your cryptos to take out a loan, everything is made simple and straightforward at BlockFi.

We also loved the fact that the BlockFi site even featured a handy crypto lending calculator online. This did a great job of showing you how much your crypto investment could earn in interest each year and the amount earned at the end of 10 years could be pretty impressive.

It’s definitely worth downloading the BlockFi app that is available for iOS and Android mobile devices. This offers you a streamlined version of the BlockFi site and it makes it simple to monitor your assets, contact customer support, and so on. The BlockFi site isn’t the most original piece of work that we’ve ever seen, but it definitely gets the job done.

How to invest and trade at BlockFi

So here’s a look at just how easy it is to start earning interest on your cryptocurrencies at BlockFi. First you just need to open your account which means supplying a basic amount of personal information. Bear in mind that you will be required to verify your account by providing your social security number, a valid phone number, or a valid government ID and you may even be asked to take a real-time selfie. Only those aged 18 years or more are allowed to have a BlockFi account.

Next you just have to add funds to your BlockFi account. You can do this by directly transferring USD into your account via bank or wire transfer. There is also the option to invest by linking your crypto wallet and adding your crypto or stablecoin deposits.

Once the deposits are in your BlockFi account, you can simply relax and wait for your assets to gain interest. This will be done on a daily basis and you are free to make a withdrawal at any time.

BlockFi also gives you the option of using your crypto assets as collateral for taking out a loan, or you could simply trade your cryptocurrencies for dozens of other cryptos. All of which is possible on the BlockFi crypto investment platform.


Payments - Major cryptos featured in our BlockFi review

You can make crypto deposits with over 20 different cryptocurrencies at BlockFi. These include all of the usual suspects like Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash and so on. All of your crypto deposits should go through quickly depending on blockchain activity and you shouldn’t be charged any processing fees. You also have the option of making a regular fiat currency deposit with an ACH bank transfer if you want to buy cryptocurrencies on the BlockFi exchange.

It’s a similar process for making withdrawals at BlockFi. You can get one free withdrawal per month for many cryptos like Bitcoin here, and even after that, the withdrawal fees will be negligible. Again, the withdrawal speeds will vary according to the crypto used and the level of blockchain activity, but we found that all of our withdrawals were processed in under 24 hours.

Customer service - Top support found in our BlockFi review

BlockFi has earned a good reputation for the quality of its customer support, which is something that you’ll quickly understand once you speak to one of the client service managers. What’s best is that BlockFi even features telephone customer support, which is a pretty rare feature among crypto investment sites. Just remember that this telephone support is only available between 9:30am and 8 pm weekends on Eastern Time.

Beyond this, you’ll see that there is a kind of live chat service, although this requires you to answer a few bot-based questions before you get through to a real human. Another option would be to contact BlockFi on its social media channels. Don’t forget that the BlockFi website features a help center and an FAQ. Both of which offer you a fast and simple way to figure out how this crypto investment resource really works.


License & security - Trustworthy site found in our BlockFi review

There’s a lot of misinformation about crypto investment sites and this is why we spend so long asking questions like, ‘Is Crypto-com safe?’. So when it comes to BlockFi, you’ll know that this is a site you can trust. It is a crypto investment resource that has a license from the Bermuda Monetary Authority – which might not sound like much, but it goes some way to assuring you that BlockFi is keen to be a legitimate financial services product. Plus it’s worth noting that BlockFi used to be licensed in dozens of US states from Alabama to Washington.

BlockFI’s crypto investment service is covered by a top-grade compliance program to ensure that your assets stay safe. You’ll also see that there’s a two-factor authentication procedure for an extra level of protection. So BlokFI can be regarded as safe.

It’s worth noting that BlockFi has over $10 billion held in assets so it should have the liquidity required to sustain any sudden moves on the markets. Plus you’ll even get simplified tax reporting to show that BlockFi is completely transparent in how it conducts its transactions.

Reputation and customer feedback – What do other kinds of BlockFi review say?

With over $700 million paid in crypto interest to over one million customers, it’s clear that BlockFi isn’t a small-time operator. Still, it’s always a good idea to do some research on any crypto investment service before you hand over your digital assets.

There are a few reviews out there that suggest that BlockFi’s customer support isn’t too good or that it takes too long to pay out. However, these are fairly common complaints and you can take a look at what happened when we asked, ‘Is HoldNaut safe?’ for a good example of this. So while there are a few grumbles about the way in which BlockFi behaves, there isn’t enough here to cause us to flag BlockFI as scam.

Cryptocurrencies - Top lending service found in our BlockFi review

The BlockFi Interest Account is the core part of what this brand is all about. Here you will deposit cryptocurrencies into the account and you can just watch your cryptos getting monthly interest.

The interest rates at the BlockFi crypto investment platform are competitive without being market-beating. We found that when you make a crypto deposit in a standard BlockFi Interest Account, it could earn you interest of up to 11% APY. What’s best is that there is no minimum balance requirement, meaning that you can invest as much or as little as you want.

You’ll see that the interest will build up on a daily basis and will be paid on a monthly basis. We realize that this might be a fairly new concept for rookie investors, but don’t worry as we’ve got a guide that has crypto lending explained in simple terms here.

Other trading – Lending and trading covered in our BlockFi review 

We should also note the fact that there is a popular BlockFi lending service at this crypto investment site. This basically means that you can make your crypto investments and then borrow money with rates that go as low as just 4.5% APR. As a result, you won’t necessarily have to sell your crypto investments to get money, as you can simply deposit your assets and receive a loan while BlockFi keeps your cryptos safe. The collateral required works out at a 50% loan to value ratio and the loans have a 12-month term.

Beyond this, you’ll find that BlockFi features a pretty good crypto exchange. It isn’t the largest crypto exchange that we’ve come across, but you can still trade over 20 cryptos here. So if you want to trade cryptos at BlockFi, you can simply make an ACH bank transfer of $20 or more direct from your bank account. From here, you can just build your portfolio by investing in everything from Bitcoin and DogeCoin to Ethereum, BitcoinCash and beyond.

Jurisdictions and limits – Most countries covered in this BlockFi review

One of the first things that you’ll see when you visit BlockFi is a large pop-up message that basically asks you to clarify that you are not using the site from the US. This is because the US is not covered in the list of BlockFi’s jurisdictions and you simply cannot use this crypto investment service if you are resident in the country.

This is something of a surprise as BlockFi used to have a real US focus, but now it has expanded its horizons. As a result, customers in a growing number of countries can come to BlockFi and enjoy international customer support that features Spanish and Mandarin language options. Most countries in the EU can access the BlockFi service, and as long as your bank supports sending USD-denominated wires via Fedwire, you should find it easy to deposit at BlockFi.

Fees – No hidden fees found in our BlockFi review 

The great news is that there are no hidden fees for adding funds to your BlockFi Interest account. BlockFi even lets you make one free crypto withdrawal each calendar month. After this, you’ll be charged a small amount for each withdrawal you make. So for Bitcoin, this could work out at 0.00075 BTC. Just remember that some cryptos like Ethereum aren’t eligible for free withdrawals.

There aren’t any sneaky fees for the interest or loan service, but you’ll find that BlockFi includes a small charge of around 1% in the margin for its trading platform. This is common at most crypto exchanges and no reason to avoid using BlockFi.

Product summary – Great findings in our BlockFi review 

BlockFi is clearly an excellent all-round crypto investing site. Whether you’re trading crypto, getting a loan or are just earning interest from your digital assets, you’ll find that BlockFi lets you do all of the above with the minimum of fuss.

It may be worth shopping around to see if any similar sites offer you better interest rates for your crypto deposits, but BlockFi may take some beating. Plus everything from the low rates on the loans to the small but effective trading platform was impressive. So be sure to sign up to BlockFi, make your crypto deposits and watch your digital assets grow!

BlockFi review FAQ

❓What are the BlockFi interest rates?

Make sure that you read our BlockFi review to see what the interest rates are like at this crypto lending site. After all, the top crypto lending platforms are renowned for serving up generous interest rates on a variety of cryptocurrency assets ranging from Bitcoin to stablecoins. Thankfully our review will let you know just how much you’ll get back from storing your digital assets at BlockFi.

💵 Is there a BlockFi credit card?

Be sure to check out our BlockFi review to see whether this is one of those crypto lending sites that has its own credit card. After all, we have found that many operators who offer decentralized crypto lending will often feature some kind of credit card that is backed by your crypto deposits. All of which could give you an even more flexible way to move your money around.

✅Is BlockFi safe?

We would never recommend that you use BlockFi unless we knew that it was a crypto lending site that you can trust. After all, we were more than happy to ask tough questions of similar sites and you can see what happened when we asked, ‘Is YouHodler safe?’ here. But read our BlockFi review to see exactly how safe this crypto investment site really is.

👀Are there any BlockFi staking options?

Alongside the likes of Ethereum margin lending, staking offers people one of the simplest ways to get a return from their cryptocurrency assets. So make sure that you read our BlockFi review to see whether you can stake your crypto assets here or whether this operator works in another way.

📱Is there a BlockFi app?

Many investors don’t want to have to use a computer to manage their crypto assets, and there has been an impressive rise in the number of crypto investment apps in recent years. So be sure to check out our BlockFi review, where we’ll see whether this brand has its own crypto investment app or whether you can only access the highest crypto lending rates from your browser window instead.

Overall conclusion - Top results in our BlockFi review

We were pleasantly surprised with the quality of the BlockFi crypto investment platform. After all, you can sign up here, deposit a few cryptocurrencies and then sit back and watch them grow in value. Plus we liked all of the other products from the loan service to the simple, yet effective, crypto exchange.

Everything else about BlockFi is as we’d expect. There are always a few question marks about relatively new crypto platforms like BlockFi, but we can see that this is a legit operator that is keen to provide customers with the highest level of trust and security.

Plus we have to admit that we were impressed with how intuitive BlockFi made the whole process of managing your digital assets. In fact our only criticism here was that BlockFi could feature a few more payment methods and some more cryptocurrencies wouldn’t go amiss. All of which means that you should probably register an account at BlockFi and see what this crypto investment site is all about!

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Crypto Exchange
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  • Earn up to 11% interest (APY)
  • Borrowing rates as low as 4.5% (APR)
  • Trade over 20 cryptocurrencies
T&Cs apply, 18+
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