BlockFi is not just a cryptocurrency exchange, but it also offers low-interest loans and interest-bearing accounts. It doesn’t matter what sort of trade you are doing; there is no fee. There are no hidden charges, so feel free to use this platform without any tension.
BlockFi is one of few crypto exchanges in the United States. It doesn’t rely on crypto investors offering for investment. Instead, they pay a stable interest rate by earning through their products. Users can earn compound interest in cryptocurrencies.
The security provided by BlockFi is top-notch. All their currencies are stored in Gemini Trust Company, which the New York Department of Financial Services operates. Their services are available worldwide; you can access your account from anywhere and trade as you like. You have one free withdrawal every month, and there is no limit on how much you can withdraw. After that, you have to pay charges to withdraw money.
Pros
- U.S.-based and regulated
- Instant trades
- No commission fee
- No monthly fees or minimum deposits
- Available worldwide
Cons
- Limited free withdrawals from interest accounts
Highlights
- Borrow against your portfolio: If you want to get some cash but avoid selling crypto, you can borrow some money from BlockFi. That way, you can save money in taxes since you don’t have to report the capital gain of selling. Moreover, the interest you’ll pay is also deductible, that’ll save your tax even more. However, there is a risk in borrowing; you could lose the value of your crypto assets or digital assets. You might not have enough interest value in your account to support your loan balance.
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