BlockFi is a crypto-trading platform that works similarly to a bank account. With BlockFi, there are no hidden fees and no minimum balances with its interest-earning account.
BlockFi allows you to earn interest on cryptocurrencies that you own, use crypto as collateral for a loan, or trade currencies including Bitcoin, Ethereum, Litecoin and several stablecoins.
Additionally, new investors can earn a sign-up bonus worth up to $250 when opening a new BlockFi Interest Account.
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To better understand BlockFi’s services, here’s a brief walkthrough of the cryptocurrency trading platform.
No promo code needed to qualify for this BlockFi promo.
In this article
- BlockFi Bonus
- Referral Bonuses
- How BlockFi Works
- BlockFi Interest Account
- Crypto Loans
- Crypto Trading
- Bitcoin Rewards Credit Card
- Open an Account
BlockFi Bonus
BlockFi offers promotions and sign-up bonuses for new accounts throughout the year for new and existing clients. These limited-time offers include new deposit bonuses, trading volume bonuses and referral bonuses. No referral code is needed for the BlockFi promo when using this link to open an eligible account.
First-Time Trader Offer
Fund your Block Interest Account (BIA) for the first time to earn a one-time Bitcoin bonus of up to $250.
| Tier | Deposit Amount (New Money) | BTC Payout |
| Tier 1 | $100 – $1499 | $15 |
| Tier 2 | $1,500 – $19,999 | $20 |
| Tier 3 | $20,000 – $39,999 | $40 |
| Tier 4 | $40,000 – $79,999 | $75 |
| Tier 5 | $75,000 – $99,999 | $150 |
| Tier 6 | $100,000 or more | $250 |
(Slickdeals updates rates periodically. These are accurate as of November 2021)
The BlockFi Interest Account lets you earn monthly interest payments in the asset-type that you deposit. Learn more about these interest-earning accounts below.
BlockFi Bonus Fine Print
New clients qualify for a sign-up bonus of up to $250 when they open a new Interest Account using this referral link and then fund their accounts during the current promotional period. When you do so, you are eligible to receive a Bitcoin bonus between $15 – $250 in Bitcoin (BTC), depending on your investment tier.
The current promotional period is defined as the current calendar month (November 2021), ending at 23:59:59 UTC on the last day of the month.
Please note, this must be your first deposit. Additionally, you must maintain a minimum $25 crypto balance through the 14th of the month for two-and-a-half months from the month of account opening in order to remain eligible.
Example: If you open an Interest Account in May 2021, then you’ll need to maintain the minimum account balance until August 14, 2021.
Eligible BTC payouts occur on the 15th of every month on a rolling basis. If the 15th falls on a weekend, then the bonus payout will occur by the end of the next business day.
There is a maximum of one bitcoin bonus per client. This offer is not valid in conjunction with any other current or past BlockFi promos, and the promo code on the account will be used to determine promo eligibility for new accounts. Trading qualifications are dependent upon geographical or regulatory restrictions. Terms subject to change.
Referral Bonus
Once you’ve become a BlockFi customer, you are eligible for its referral bonus program. For every person who signs up using your BlockFi referral code and deposits $100 or more into their BlockFi Interest Account, you and that friend will each earn $10 in BTC.
After five referrals, you’ll start earning a $20 BTC bonus for any additional referrals. Your referred friends will continue to earn $10 BTC bonuses after their qualifying deposits.
You can obtain a BlockFi referral code, as well as a referral link, by visiting the Refer-a-Friend landing page. Similarly, new promotions and past promotions are listed here on the promotions page.
How BlockFi Works
BlockFi is a financial services company that provides deposit accounts, loans and trading for several of the most popular cryptocurrencies. Unlike many crypto wallets, BlockFi pays interest on cryptocurrency balances you store in an Interest Account.
You can unlock the equity in your cryptocurrency holdings without selling by using your crypto as collateral for a loan, similar to how you would use a home for a mortgage or car for an auto loan.
BlockFi trading makes it possible to turn your dollars into crypto and back.
While BlockFi has a shorter list of supported currencies (also called coins) than some competitors, it has backing from firms including Fidelity, Coinbase Ventures, SoFi, Akuna Capital and Winklevoss Capital.
Types of Accounts
BlockFi offers several consumer products as well as institutional investment services.
BlockFi Interest Accounts
If you have cash deposited in a savings account at the largest traditional banks in the United States, you’ll probably earn an interest rate of around 0.01%. You can earn as much as 860 times more with a rate of 8.6% .
BlockFi Interest Accounts (BIA) offers compound interest and pays you in the same cryptocurrency you deposit. BlockFi uses your deposits for its collateralized loans similar to how banks lend out deposits to earn money. Here’s a snapshot of current rates as of this writing:
| Currency / Coin | Interest Rate (APY) |
| BTC (Tier 1: up to to 0.10 coins) | 4.50% |
| BTC (Tier 2: 0.10 to 0.35 coins) | 1.00% |
| BTC (Tier 3: more than 0.35 coins) | 0.10% |
| ETH (Tier 1: up to 1.50 coins) | 5.00% |
| ETH (Tier 2: 1.50 to 50 coins) | 1.50% |
| ETH (Tier 3: more than 50 coins) | 0.25% |
| LTC (Tier 1: up to 20 coins) | 4.75% |
| LTC (Tier 2: 20 to 100 coins) | 1.00% |
| LTC (Tier 3: more than 100 coins) | 0.10% |
| LINK (Tier 1: up to 100 coins) | 3.50% |
| LINK (Tier 2: 100 to 500 coins) | 0.50% |
| LINK (Tier 3: more than 500 coins) | 0.10% |
| USDC (Tier 1: up to 40,000 coins) | 9.00% |
| USDC (Tier 1: more than 40,000 coins) | 8.00% |
| GUSD (Tier 1: up to 40,000 coins) | 9.00% |
| GUSD (Tier 2: more than 40,000 coins) | 8.00% |
| PAX (Tier 1: up to 40,000 coins) | 9.00% |
| PAX (Tier 2: more than 40,000 coins) | 8.00% |
| PAXG (Tier 1: up to 1.5 coins) | 3.25% |
| PAXG (Tier 2: 1.5 to 5 coins) | 0.20% |
| PAXG (Tier 3: more than 5 coins) | 0.10% |
| USDT (Tier 1: up to 40,000 coins) | 9.50% |
| USDT (Tier 2: more than 40,000 coins) | 8.50% |
| BUSD (Tier 1: up to 40,000 coins) | 9.00% |
| BUSD (Tier 2: more than 40,000 coins) | 8.00% |
| DAI (Tier 1: up to 40,000 coins) | 9.00% |
| DAI (Tier 2: more than 40,000 coins) | 8.00% |
| UNI (Tier 1: up to 100 coins) | 3.25% |
| UNI (Tier 2: 100 to 500 coins) | 0.20% |
| UNI (Tier 3: more than 500 coins) | 0.10% |
| BAT (Tier 1: up to 4,000 coins) | 3.25% |
| BAT (Tier 2: 4,000 to 20,000 coins) | 0.20% |
| BAT (Tier 3: more than 20,000 coins) | 0.10% |
Source: Rates (Slickdeals updates rates periodically. These are accurate as of November 2021)
Crypto Loans
You can use Bitcoin, Ether or Litecoin balances as collateral for a crypto-backed loan in U.S. dollars. Loans start at $5,000. BlockFi offers loans with a loan-to-value (LTV) ratio of up to 50%, which means you have to put down collateral worth at least half of what you borrow.
Crypto-backed loans come with an origination fee of 2%. Interest rates are driven by the LTV:
| LTV Ratio | Interest Rate | Origination Fee |
| 50% | 9.75% | 2% |
| 35% | 7.9% | 2% |
| 20% | 4.5% | 2% |
Source: Rates (Slickdeals updates rates periodically. These are accurate as of November 2021)
Crypto Trading
BlockFi offers a variety of wealth management tools designed just for cryptoinvestors.
BlockFi doesn’t charge any fees for cryptocurrency trades. Any costs are built into the currency price.
When withdrawing, there are fees and limits that apply to each coin. Here are the fees for withdrawals:
| Currency | Withdrawal Limit | Fees |
| BTC | 100 per 7 days | 0.0075 BTC |
| ETH | 5,000 per 7 days | 0.02 ETH |
| LINK | 65,000 per 7 days | 0.95 LINK |
| LTC | 10,000 per 7 days | 0.0025 LTC |
| Stablecoins | 1 million per 7 days | $10 USD |
| PAXG | 500 per 7 days | 0.015 PAXG |
| UNI | 5,500 per 7 days | 1.00 UNI |
| BAT | 2 million per 7 days | 35.0 BAT |
Source: Fees (Slickdeals updates rates periodically. These are accurate as of November 2021)
Behind the scenes, this platform works with Gemini as a custodian, which means Gemini holds your coins for BlockFi on your behalf.
Bitcoin Rewards Credit Card
In early 2021, BlockFi launched the world’s first credit card that offers cryptocurrency instead of more traditional forms of credit card rewards. The BlockFi Bitcoin Rewards Credit Card offers 1.5% back on every purchase you make in the form of Bitcoin.
You’ll also earn $250 BTC bonus after you spend $3,000 in the first three months, along with 3.5% Bitcoin rewards on all purchases during the first 90 days of card ownership. This last introductory offer is capped at $100 in Bitcoin.
Each month, the rewards you earned from the previous month will be added to your BlockFi Interest Account, which offers up to 8.6% APY.
The card charges a $200 annual fee.
Instant Bank Transfers (ACH)
BlockFi users can buy and trade cryptoassets using funds from their bank account via BlockFi’s Instant Bank Transfer service. This also allows users to set up recurring buys.
Getting Started
The BlockFi getting started process takes a few minutes and there is no minimum deposit to open a new account.
Additionally, the current BlockFi promo gives you the opportunity to earn a sign-up bonus worth upwards of $250 in free Bitcoin. No promo code is needed to qualify for this bonus.
