This process is simple and all you have to do is provide information like your Name, Age, and Location of residence, together with an ID document. I’ve also been wondering myself, thank you. I’m sharing how I received; US$10 in BTC signup + deposit. enables anyone to put their crypto to work by lending it to BlockFi at a fixed annual rate. However, BlockFi requires a user’s full name, email, phone number, and address in order to begin using their product suite. I didn’t know about the data leak... that actually sucks bad, New comments cannot be posted and votes cannot be cast, More posts from the CryptoCurrency community. This is not how crypto should be. Does Celsius support Binance Chain (BEP-2)? To be fully compliant, BlockFi requires all users opening an interest account to verify their identity. In short, BlockFi enables you to earn interest on your crypto, and also to obtain USD without having to sell your crypto through a collateralized loan. You must find tons of extra great (not just good) reasons in order to get some out of it. Last they reported they had about $650M in deposits.... am sure insurance doesnt even come close. 2. BlockFi is one of the first companies to bring traditional financial services to the cryptocurrency space. So now I have like 1-2 dollars worth in 5 coins and I can’t even withdraw them. Here you will have to enter the amount you want to borrow, select your margin cryptocurrency of choice, and also answer some compliance-related questions. It's not a scam. Example: If you pick 20% LTV and want to loan $10,000, then you will have to deposit $2,000 worth of BTC, ETH or LTC as collateral. About 1% higher than the mainstream exchanges, but convenient. Please note that it may take up to 3 days for your loan application to get approved after you submit it. BlockFi solves this problem by enabling you to obtain fiat money without having to sell your cryptocurrencies. What are the Celsius Tokens (CEL) used for? BlockFi Review: A User's Guide. BlockFi is based in New York, USA and retains a business address at 201 Montgomery Street, Second Floor, Suite 263, Jersey City, New Jersey 07302.. Eric Rosenberg. After your loan application got approved, the final step is to deposit the required margin / collateral needed. Actual interest rates vary and depend on the loan amount, your credit history, and your location. I love it when very useful info comes in! ... Facebook Twitter Reddit Share via Email. Can anyone convince me of otherwise? Fees vary based on the funding method going up to 3.99% when you use a debit card to buy. The crypto interest account enables anyone to put their crypto to work by lending it to BlockFi at a fixed annual rate. Crypto lender BlockFi has launched its bitcoin trust with an annual fee that falls 0.25% below what industry-leader Grayscale Bitcoin Trust (GBTC) charges investors. most likely scam. After you did so and hit continue, you will receive a verification email which you need to confirm before your account can be approved. If you choose the 50% LTV option and use Bitcoin as collateral, that means that you would have to add more collateral to your loan if Bitcoin dropped by approximately 50%. To do so, head over to the sign-up page and type in your email and your desired password. Source: BlockFi Fees. BlockFi is paying interest on over $50M worth of crypto and is backed by reputable industry players. At launch, BlockFi limited their services by requiring asset minimums. Press J to jump to the feed. BlockFi Crypto-Backed Loans Pascal Thellmann is an algorithmic trader mostly focused on market making. - Hack was unfortunate, withdrawal processing takes 2-3 days and in the case of stable coins, the fine print says they can take (30?) They are distributed monthly and used to weight your vote on polls. 6 hours Bitcoin Dump Saw Exchange Inflow Jump Over 1,000%, Whale Address Sells 2,700 Coins, F2pool Hawks 3,633 BTC Bitcoin.com 6 hours Charlie Munger Talks Bitcoin, SPACs And GameStop Mania: ‘It Must End Badly, But I Don’t Know When’ Benzinga 7 hours 177-Year-Old Swiss Bank Adds Bitcoin, Ethereum Trading Reddit 7 hours Me and my Ether…. See below for a step-by-step guide. Institutional investors back BlockFi and also has its loans secured by Gemini, a New York trust company regulated by the New York Department of Financial Services, so it is among the most regulated and compliant lenders on this list. BlockFi stores most of its customers funds in cold storage, so the risk of your holdings getting compromised is low. The official source for CryptoCurrency News, Discussion & Analysis. Good luck. The loan application process is simple and only takes a few minutes, here’s a step-by-step guide. I have a wallet with them (received xlm when there was a sort of promotional distribution). But I recommend using Celsius Network instead! Celsius is a platform that offers Interest On Bitcoin and other major cryptocurrencies. No one really talking about it anymore. Find all information about BlockFi | Type, Country, API, Fees, Social & Trends | 1100+ Exchanges listed on Blockspot.io - Also like that they (Blockfi) did not launch their own stable coin - very little risk of some regulator coming years after the fact and saying it is a security, imposing a fine etc. > blockfi or celsius reddit. At the time of this review, BlockFi offers a crypto interest account and crypto collateralized loans. If you pick 20% LTV and want to loan $10,000, then you will have to deposit $2,000 worth of BTC, ETH or LTC as collateral. US$10 in CEL promo + deposit. Moons reward posters, commenters, and moderators for their contributions to the subreddit. It's not worth it. Before obtaining a loan on BlockFi, the company needs to do a quick background check first. Exactly. BlockFi currently pays an annual interest of 6.2%. Like a couple weeks ago!?!?! BlockFi pays out interest in the same currency you've deposited right? Currency Withdrawal Limit Fees*** BTC: 100 per 7-day period: 0.0025 BTC: ETH: 5,000 per 7-day period: 0.0015 ETH: LTC: 10,000 per 7-day period: 0.0025 LTC: Stablecoins The crypto collateralized loans service enables anyone to borrow USD (or other fiat currencies) against their cryptocurrency holdings. There are other alternatives to BlockFi if you want to check them out (https://gocryptowise.com/blog/best-crypto-lending-platforms/). So this results in a total APR (Annual Percentage Rate) of approximately 6.5%. The cool thing with Nexo is that since they pay daily, I was able to see an interest deposit already (of around 8 cents!). We write in-depth trading guides, valuable exchange reviews, and share priceless trading tips from top crypto traders. I can transfer money from bank to bank with ZERO USD in fees.. It’s ridiculous and it will start to take notice. Blockfi is legit. In this BlockFi review, we will be analyzing the pros and cons of this lending platform to help you find out if it’s a good fit for you. TLDR what would be the most cost effective way to DCA cryptos and then have it end up in BlockFi, just buy directly no? Even the price of bitcoin and other cryptocurrencies has grown significantly since BIA’s launch in March. I dont trust the internet to hold my crypto anymore. I dont know anything about them, but have seen occasional reports of wallet trouble etc. The main reason why many don’t want to sell their cryptocurrency holdings to buy things is because they fear to miss out on a potential massive up move. days... - Best thing I can say, is spread your risk among 2-3 players or more. Just completed my registration and the only step left would be to send some crypto there. After you submitted all the required information, the final step is to deposit Bitcoin or Ether into your interest account. Zac Prince, CEO and Co-founder at BlockFi, a fast-growing digital assets platform, notes that with just …