All you need to know about Blockfi

Cryptocurrency exchanges have become an integral part of the trading business. No one today can think of investing without the support of their exchange. Through the article, we’ll learn about BlockFi, a popular crypto trading platform. 

Traders can easily trade with the exchange and have crypto loans to earn interest. It is a great crypto lending platform in the financial market for successful investments. 

So, let’s understand the services and features of BlockFi for better trading. 

BlockFi Overview

BlockFi is a US-based cryptocurrency exchange. Established in 2017, the exchange headquarters at New York City. The company's calling is to offer the best trading services and expand cryptocurrency trading. 

It is a global company with more than 1000 employees. Besides, traders can have 13 digital assets and other market products for the trade. An advanced crypto exchange with the best trading services. 

Pros and Cons

Cryptocurrency exchanges are several in the market, but Blockfi is a centralised exchange with top-notch features. As a result, traders can easily trade with the exchange and make successful trades. 

To get a brief overview, we have the pros and cons of BlockFi:

Pros:

• User-friendly crypto trading 

• Credit card rewards 

• Crypto-backed loans 

• Tools and indicators 

• Trading platform 

• Regulated 

Cons:

• Withdrawals are costly 

• Limited cryptos to trade

Trading Instruments

Financial products are the main reason why traders invest with an exchange. BlockFi offers its clients 13 digital assets and other assets to invest in. Here are the coins traders can invest with the exchange: 

• Bitcoin 

• Ethereum 

• Chainlink 

• PaxGold 

• Litecoin 

• Dai 

• Dogecoin 

• Tether 

• US dollar 

• Gemini dollar 

Trading Fees

BlockFi is a market maker and is unique from other crypto exchanges. Thus, it does not charge fees for trading coins on the platform. But it does have withdrawal fees and origination fees. 

Traders get one free withdrawal for a month. After that, suppose traders make any further withdrawals; they have to pay a fee. Other than this, it also has spread starting from 1% of the asset but varies with the coins. 

The margin loans are another factor in trading fees. When users use it, they have to pay the origination fee. Besides, the borrowers are eligible to borrow 50% of their account value. 

Its margin rate is on the basis of loan-to-value (LTV). The LTV starts from 4.5% to 9.7%. 

The table shows the charges below:

LTV rate 

Interest rate

Origination fee 

20%

4.5%

2%

35%

7.90%

2%

50%

9.75%

2%

Features of BlockFi

BlockFi is an excellent cryptocurrency exchange. Traders can access a range of services with it. For example, they can have crypto-backed loans, tools and indicators, trading platforms, and BlockFi wallets. 

Below we have some of the significant features of BlockFi: 

BlockFi Wallet

BlockFi wallet is the facility that exchange provides as default for traders. The crypto automatically stores it in the wallet for clients' safety. In addition, the wallet is a non-interest-bearing account. Thus, traders can easily buy, sell or hold their crypto. 

The coins with the BlockFi wallet are not lent and protected by the exchange services. 

Credit Card Rewards

Rewards in trading are an attraction for clients. The BlockFi credit card rewards are such a service. It returns traders up to 3.5% back on cryptocurrencies—also, upto $100 on every purchase for the first 90 days. 

Crypto Trading

Cryptocurrency trading is the primary feature of BlockFi for which it came into existence. The trading platform provides traders with various coins with reasonable fees on withdrawals. 

Users can invest in individual coins and currency pairs. In addition, traders can have automatic purchases with the BlockFi exchange. Furthermore, they can trade in coins and use the order type to minimise the risks of markets. 

BlockFi Loan

BlockFi provides traders loans like margin loans. It uses traders' cryptocurrency assets as collateral to provide the loan amount. 

The transfer is in US dollars to the trader's bank account. 

Traders can use this way to trade without selling digital coins. Also, it does not require any credit check. When the trader repays the loan to exchange, they get back the crypto. 

Conclusion

BlockFi overall is an excellent choice for crypto traders. It is beginner friendly, provides support, and offers crypto loans for trading. Traders can access the products by opening an account. 

In addition, the broker has the best trading features like a BlockFi wallet, loan, crypto trading, and credit card rewards.