BlockFI Review 2022: Pros, Cons, and Fees Compared

BlockFI Review


Ease of Use
Cost & Fees
Crypto Coin Selection
Customer Service


BlockFI is the best crypto savings account for beginners who want to earn interest on their crypto holdings.


If you are looking to earn interest on cryptocurrencies then BlockFI is an excellent choice for beginners who are brand new to digital currencies.

BlockFI lets you store and earn yield on your crypto holdings through an excellent daily interest program that pays out at the end of every calendar month.

I joined BlockFI in April 2021 and really enjoy the platform although it does have its drawbacks. If you’re still on the fence about BlockFI then continue reading this review for my 100% honest opinion.

Best Crypto Savings Account

BlockFI is my favorite crypto interest savings account for earning 4%+ APY on BTC and other cryptocurrencies. You can apply for a loan against your crypto holdings to borrow for major purchases like a mortgage downpayment, car, or other expensive item.

We earn a commission if you make a purchase, at no additional cost to you.

Pros and Cons


  • Buy and sell 6 different cryptocurrencies including Bitcoin, Ethereum, and Litecoin
  • Accepts bank transfer, crypto transfer, and wire transfer
  • Store your crypto safely to earn yield on your crypto or stable coins
  • 1 Free withdrawal per month for Bitcoin, Litecoin, and other stablecoins
  • Earn cashback on purchases with the BlockFI Visa credit card


  • High BlockFI spreads on purchases
  • No 24/7 customer support
  • Cannot track your portfolio on crypto tracking services like
  • Low APY on Bitcoin accounts over 0.1 BTC
  • Rated-based withdrawal fees for Ethereum, Chainlink, PAXG, Uniswap, and BAT

Full BlockFI Review

BLockFI is a crypto interest savings account platform founded in 2017 to help crypto investors earn yield on their investments.

Since 2017, thousands of crypto investors use BlockFI to buy, sell, and earn interest on popular cryptocurrencies such as Bitcoin, Litecoin, Ethereum, and other stable coins.

BlockFI has over 1 million verified customers and manages over $10 billion in crypto assets.

I personally use BlockFI to earn yield on my crypto although BlockFI doesn’t pay the best crypto interest rates if you own more than 0.1 BTC. However, it’s a great platform for beginners plus you can apply for the BlockFI debit card to earn Bitcoin rewards on every purchase.


For beginners, BlockFI is a good solution but veteran crypto investors should try another platform with higher interest rates like Celsius or Voyager.

BlockFI Quick Rundown

Crypto Interest Rates4.5% to 9%
Interest Pay Out ScheduleMonthly
Crypto Loan RatesUp to 9.75% depending on LTV ratio
Total Verified Users1+ Million
Minimum Trade$20
Trading Fees (aka BlockFI Spread)~1%
# of tradable cryptocurrencies8
Mobile AppAndroid & iOs
Customer ServiceEmail support & Phone support from Monday to Friday 9:30AM to 5PM EST
FounderZac Prince

BlockFI Features

Cryptocurrency is a digital non-government asset that is traded on a blockchain.

You need a digital address to send and receive bitcoins along with a safe place to store them.

BlockFI allows you to easily buy, sell, earn interest, and borrow against your crypto holdings on one single, easy to use platform.

Cryptocurrencies Supported

BlockFI offers 8 cryptocurrencies including Bitcoin, Ethereum, Uniswap, Litecoin, Chainlink, Basic Attention TOken, Pax Gold, and Dai.

Supported Countries

The BlockFI interest account is available worldwide and in most U.S. states except New York. That includes countries like Canada, the United Kingdom, Australia, Singapore, India, the Philippines, and all of Europe.

Trading Fees and Costs

BlockFI’s fee structure is determined by a spread of around 1%. For example, if you want to buy Bitcoin at $50,000 then your purchase price will increase to $50,500 to cover the spread.

While many BlockFI users complain about the BlockFI spread, I find it’s actually much cheaper than paying Coinbase fees in comparison.

BlockFI offers 1 free withdrawal per month on certain cryptocurrencies but charges a flat rate on others.


ETH, LINK, PAXG, UNI, and BAT moved to a rate-based withdrawal fee structure and no longer support free withdrawals.

Source: Twitter

You’ll continue to get one free withdrawal per month for BTC, LTC, or stable coins (USDC, GUSD, PAX, DAI, BUSD, USDT). After using this free withdrawal, any other withdrawals will have a fee that varies by coin.

BlockFI Interest Account

The BlockFI Interest account lets you earn APY on your crypto holdings as long as you store them with BlockFI. This is a great way to earn passive income on your crypto and increase your stack without needing to add additional funds.

BlockFI rates change every month so be sure to check them on a regular basis because they do have a history of lowering interest rates since 2020.

BlockFI uses a tiered structure to determine rates and you won’t get much interest if you have a large amount of crypto.

For example, Bitcoin pays a decent 4.5% APY on Bitcoin holdings up to 0.1 BTC however the rates fall to as low as 1% past 0.1 BTC:

BlockFI is obviously trying to attract beginner investors with smaller accounts with their yield structure.

BlockFI interest is compounded monthly at the end of every calendar month and deposits it directly into your account. You have to option to earn interest in a different cryptocurrency as well. For example, you could deposit BTC but earn interest in Ethereum.

I like to diversify my crypto holdings by using multiple exchanges and wallets to reduce risk anyway. I don’t mind BlockFI’s interest rates because I keep just under 0.1 BTC to earn the highest yield.

You can do the same and deposit the rest of your Bitcoin into other crypto savings accounts to chase higher APY.


BlockFI Loans

Crypto loans are becoming more useful to borrow against your crypto to fund other purchases or buy more crypto assets without selling and creating a taxable event. Getting a Bitcoin loan is a smart way to get fiat without selling your Bitcoin.

BlockFI loan rates are as low as 4.5% APR with a $10,000 loan minimum. Most BlockFI loans require a 50% LTV so you’ll need to deposit around $20,000 in crypto for a $10,000 crypto loan.

You receive your loan the same business day and can pay it back without any penalties. This is a great choice for investors who need cash flow but don’t want to sell any crypto.


BlockFI is very secure and uses whitelisting to protect your account from unwanted withdrawals. You cannot withdrawal to any non-listed address and BlockFI prevents withdrawals on newly added addresses for 7 days.

You can also use 2FA with an authenticator app to safeguard your account. If you want to fully secure your BlockFI account then purchase a Yubikey for maximum protection.

Best Security Key for Macbook & iPhone Users
YubiKey 5C NFC - Protect Your Online Accounts with More Than a Password

Yubikey is the most effective way to protect your online accounts from hackers and takeovers. Supports popular cryptocurrencies accounts and exchanges such as Coinbase, Binance, Kraken, Gemini, BlockFI, and more. Works with Macbook & iPhone devices.

Buy Now
12/04/2022 03:05 pm GMT
Best Security Key for PC & Android Users
YubiKey 5 NFC - Protect Your Online Accounts with More Than a Password

Yubikey is the most effective way to protect your online accounts from hackers and takeovers. Works for popular cryptocurrencies accounts and exchanges such as Coinbase, Binance, Kraken, Gemini, BlockFI, and more.

Buy Now
12/04/2022 02:58 pm GMT


BlockFI isn’t perfect and crypto investors with more assets won’t find much value in the platform. However, I like BlockFI because it’s easy to use and pays interest every month on a regular basis like clockwork.


Similar Posts

Notify of
Inline Feedbacks
View all comments