A review of BlockFi for lenders and borrowers

What is BlockFi?

  • Bitcoin
  • Ethereum
  • Litecoin
  • USD stablecoins.
  • BlockFi Interest Accounts (BIA)
  • Crypto-backed loans
  • Trading

How does BlockFi work?

Done smartly, borrowing capital from BlockFi could yield serious dividends
Done smartly, borrowing capital from BlockFi could yield serious dividends (source: icospotters.com)

BlockFi loans for borrowers

  • For 200% LTV: 9.75% with a 2% origination fee
  • For 350% LTV: 7.9% with a 2% origination fee
  • For 500% LTV: 4.5% with a 2% origination fee
  • Fast and easy process: BlockFi loan decisions are made in less than 24 hours.
  • BlockFi loans do not impact credit scores.
  • You need a large amount of collateral to access their best rates.
  • Limited collateral types are available.

Investing with BlockFi

  • Bitcoin users can earn up to 6% annual interest on deposits under 5 BTC, and 3.2% on any BTC amount above the 5 BTC threshold.
  • Ethereum users can earn up to 4.5% in annual interest on deposits under 500 ETH, and then 0.5% on amounts over that 500 ETH threshold.
  • Litecoin users can earn up to 5% in annual interest on all deposits.
  • All interest compounds every month.
  • No minimum balance is needed to begin earning interest.
  • High fees: At 0.0025 BTC and 0.0015 ETH respectively, BlockFi’s withdrawal fees are quite high.
  • Elongated monthly payouts: Interest is paid on the 1st business day of every month as opposed to daily or weekly payouts offered by others.
  • Lower value withdrawal times: All withdrawals under 0.056ETH and 0.003BTC may take up to 30 days to process.
  • No USD investment options are available on BlockFi at this time.

Trading

Is BlockFi safe?

Is BlockFi legit?

BlockFi is a great tool for short term crypto investments
BlockFi is a great tool for short term crypto investments (source: pxhere.com)

Should I use BlockFi?

Borrow against 70+ cryptos and earn up to 9% on BTC, BNB, and ETH with MyConstant

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Peer-to-peer lending built on peer-to-peer technology. Refer & Earn $10 myconstant.com/referral | Website myconstant.com

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MyConstant

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Peer-to-peer lending built on peer-to-peer technology. Refer & Earn $10 myconstant.com/referral | Website myconstant.com

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