BlockFi Review 2022 – Benefits, Drawbacks, and Important Aspects

What is Block Fi? 

Block Fi is a crypto exchange and a wallet with several financial products. These include portfolio-backed loans and interest-earning accounts. You can use USD, stablecoin, and crypto for funding your accounts. 

If you want your crypto asset to give you the best interest rate or looking forward to freeing up some cash without disposing of your crypto assets, you can avail BlockFi interest rates on loans and similar products. 

BlockFi offers financial products for which you do not have to shell out transaction fees, and there are no hidden costs that you must worry about. More about the BlockFi review, ratings, cons, and pros below. 

Block Fi review – pros and cons

The pros and cons below will help you better understand how this crypto exchange works. 

Pros of crypto lending platform

Check out the benefits that this crypto exchange and wallet provider-

1. It is based in the United States
2. It is regulated
3. Trading is instant
4. No commission fee
5. No minimum deposits for trading
6. No payment is required for monthly fees
7. It is available across the globe, except for watch-list and sanctioned countries.

Cons of the crypto lending platform

The drawbacks of the crypto exchange are as follows-

1. No custodial accounts
2. No joint accounts
3. Free withdrawals from accounts are limited
4. APY and loan rate volatility
5. Savings are not safeguarded against failure.
6. Website navigation – The loan provider’s website does not make it streamline for users to navigate through some critical information that you might gain access to. 
7. Although it offers its services to most of the states, the fact that it is offering a combination of traditional financial services coupled with cryptocurrency-related services has made it undergo tight scrutiny from many regulatory authorities. 
8. In February 2022, the Securities and Exchange Commission has said that BlockFi had agreed to shell out $100 million as a penalty for not registering its services and products properly. 50% of this penalty had to be paid to the 32 states for the settlement of the charges by the SEC. 

Areas where BlockFi has earned accolades

BlockFi review states that these are the spheres where it has become famous-

• Interest and lending loans

This crypto lending platform has earned a good name in providing traditional financial services into the digital currency world. Individuals who use the platform can earn interest on their digital currency and use it as collateral for loans. This is a service that not many crypto lenders offer. 

• Monthly withdrawals are in your control

Although the fees charged by the crypto lending platform are not very low, you can manage how much you pay as fees by limiting the number of withdrawals from your account. 

You must properly know all the information and details regarding BlockFi for your own benefits and convenience. Internet is certainly the best place for this.

Also Read: Best Penny Cryptocurrency to Invest in 2022