Editor’s Note: Some offers listed in this article are no longer available.
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 and meeting promo eligibility requirements.
Slickdeals is not registered as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended, and nothing on money.slickdeals.net should be construed as advice concerning securities, the advisability of investing in, purchasing, or selling securities, or the merits of any investment adviser.
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.
BlockFi Interest Accounts (BIAs) are not insured by the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC). To learn more about this, please visit BlockFi’s regulatory development page. BlockFi is an affiliate partner of Slickdeals.
In this article
- BlockFi Bonus
- Referral Bonuses
- How BlockFi Works
- BlockFi Interest Account
- Crypto-Backed Loans
- Crypto Trading
- Bitcoin Rewards Credit Card
- Open an Account
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.
Partner Bonus Offer
Fund your BlockFi Interest Account (BIA) for the first time to earn a one-time Bitcoin bonus of up to $250. The BTC payout depends on the initial deposit amount:
- $100-$149: $15
- $1,500-$19,999: $20
- $20,000-$39,000: $40
- $40,000-$79,000: $75
- $75,000-$99,000: $150
- $100,000 or more: $250
(Slickdeals updates rates periodically. These are accurate as of October 2022)
The term BTC payout refers to the sign-up bonus for opening a new BIA account.
Once you’ve opened and funded an account using the partner links in this article and met promo eligibility requirements, your bonus will be deposited into your account as Bitcoin (BTC).
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.
How Can I Get the BlockFi Bonus?
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 BTC, depending on your investment tier.
Offer expiration: December 31, 2021
Bonus qualifications: This must be your first deposit, and you must maintain a minimum balance of $25 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.
How long to receive the bonus: 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 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.
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 BIA, 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.
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 account balance as collateral for a crypto-backed 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 950 times more with a rate of 9.5% .
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 average percentage yields (APYs) as of this writing:
- Tier 1: Up to 0.10 coins = 3.5% APY
- Tier 2: 0.10-0.35 coins = 2% APY
- Tier 3: more than 0.35 coins = 2% APY
- Tier 1: Up to 1.50 coins = 3.5% APY
- Tier 2: 1.50 to 5 coins = 2% APY
- Tier 3: more than 5 coins = 2% APY
Stablecoin (USDC, GUSD, PAX, BUSD) [US Clients]
Tier 1: 0-20,000 coins = 7.5% APY
Tier 2: 20,000 – 2,000,000 coins = 6% APY
Tier 3: more than 2,000,000 coins = 6% APY
Stablecoin (USDC, GUSD, PAX, BUSD) [Non-US Clients]
Tier 1: 0-20,000 coins = 8.5% APY
Tier 2: 20,000 – 2,000,000 coins = 7% APY
Tier 3: more than 2,000,000 coins = 7% APY
Tier 1: 0-20,000 coins = 8.75% APY
Tier 2: 20,000 – 5,000,000 coins = 7.5% APY
Tier 3: more than 5,000,000 coins = 7.5% APY
Source: Rates (Slickdeals updates rates periodically. These are accurate as of October 2022)
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 ratio (LTV) 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|
Source: Rates (Slickdeals updates rates periodically. These are accurate as of October 2022)
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.
BlockFi allows one free Stablecoin and one free crypto withdrawal each calendar month. Additional withdrawals are allowed, but you will be charged a fee. Here are the fees for withdrawals:
|BTC||100 per 7 days||0.0075 BTC|
|ETH||5,000 per 7 days||0.015 ETH|
|LINK||65,000 per 7 days||2.00 LINK|
|LTC||10,000 per 7 days||0.001 LTC|
|Stablecoins||1 million per 7 days||$50 USD|
|PAXG||500 per 7 days||0.035 PAXG|
|UNI||5,500 per 7 days||2.50 UNI|
|BAT||2 million per 7 days||60.0 BAT|
Source: Fees (Slickdeals updates rates periodically. These are accurate as of October 2022)
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.
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.
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.
You and a friend will earn $10 in BTC when they open a BlockFi Interest Account (with your referral link) and fund it with $100 or more. After your first five referrals, you will earn a $20 BTC bonus for each successful referral.
Once you’ve opened an account using your promo code and completed the all qualifying transactions, eligible bonuses will be deposited into your BlockFi Interest Account on or before the second Friday of the month. All bonuses will be paid in Stablecoin.
There is currently no limit to the number of referral bonuses you can earn, and getting more referrals is simply a matter of selecting the “Refer-A-Friend” option in your account dashboard menu.
BlockFi interest rates are tiered and vary between 0.10% APY to 9.50% APY. The specific interest rate depends on both the amount and type of crypto held. As an example, if you hold less than 40,000 USDT, you can earn 9.50% APY on your balance. However if you hold more than 40,000 USDT, then you’ll earn 8.50% APY. Refer to the table above for complete details.
While you can withdraw your funds as cash to be deposited into a bank account, only Stablecoins are eligible for this type of transaction. All other types of coins will need to be converted to a Stabelcoin before withdrawing your crypto balance as cash. BlockFi offers one free Stablecoin withdrawal and one free crypto withdrawal each calendar month. Additional withdrawals, outside of the free monthly transaction, are subject to fees that varies depending on the type of coin. To withdraw funds, simply login to your dashboard, select the “Withdraw” menu option, and follow the prompts.
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