BlockFi Savings

BlockFi Exchange Review

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Verdict: With a unconfirmed yet speculated spread of ~1%, some fees are a little higher than other exchanges. Whilst a few more Fiat & asset options would be nice, BlockFi offer an easy to use exchange with an acceptable amount of assets for beginner and intermediate traders. This platform is backed by some big names, including Gemini, Galaxy and Coinbase, amongst other investors. Discover more about BlockFi below.

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7/10 (Expert Score)
Product is rated as #4 in category Exchange

BlockFi exchange is available on both mobile and web, utilising Gemini's cold storage. Gemini Trust Company are one of the biggest crypto custodians, with deposits regulated by the New York Department of Financial Services; greatly increasing your security. Whilst this company did fall victim to a SIM swap hack in 2020, no funds were lost. Some fees remain higher than other exchanges. Although the exact spread is undisclosed, we've calculated it to be approx. ~1%; with further reports from other users seen online. Available nearly worldwide, this platform further offers savings accounts and crypto cards; with independent reviews on this website respectively. Learn more about BlockFi below

Fees
5.5
Supported Currencies
5.5
Reputation
7.5
Security
7
Customer Support
7.5
PROS:
  • Cold wallet storage
  • Available on both mobile and web
  • Mobile app supports both Apple/Android phones
  • Great $250 affiliate start-up bonus for you & friends
  • Same platform also offers savings accounts & crypto cards
  • Part of Gemini, one of the biggest digital currency custodians
CONS:
  • Few supported Fiat currencies
  • Once hacked, although no funds were lost
  • Less assets offered than some exchanges
  • High spread (~1%) compared to competitors

Specification: BlockFi Exchange Review

Company & Availability
Headquarters New York
Year of origin 2017
Number of users 125,000
Insurance Coverage Personally insured
Previously hacked Yes
Eligible regions , , , ,
Excluded regions Algeria, Bolivia, Ecuador, Egypt, Iran, Morocco, Nepal
KYC
Credit Check Yes
Savings Information
Withdrawal fees Variable
Features
Anonymity No
Copy Trading No
Exchange: Supported cryptocurrencies BTC, ETH, GUSD, LTC, PAX, PAXG, USDC, USDT
Social Trading No
Supported Apps Android
Exchange: Supported Fiat Currencies USD
Trading Options Margin Trading, Spot Trading
Exchange Fees & Pricing
Funding Fees No fee
Purchase options Credit card, Cryptocurrency, Debit card, Wire Transfer
Trading Fees Spread of approx. 1%
Asset protection & Insurance
Audited Deloitte
Cold Storage Yes
Company Backing Coinbase, Galaxy, Gemini
FDIC insurance No
Insured by Gemini

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