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HomeCryptoBlockFi Promo: New Crypto Customers Earn a $250 Bitcoin Bonus in September

BlockFi Promo: New Crypto Customers Earn a $250 Bitcoin Bonus in September

Earn a big sign-up bonus and then enjoy upwards of 8.6% APY on your account balance.

Advertiser Disclosure: At Slickdeals, we work hard to find the best deals. Some products in our articles are from partners who may provide us with compensation, but this doesn’t change our opinions.

If you are looking to get started with cryptocurrency or want to improve your cryptocurrency portfolio, you may want to know about this unique crypto-trading platform, which works more like a bank account, rather than a blockchain wallet. 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.

Here’s everything you need to know to decide if this platform is the right home for your cryptocurrency trading needs.

No promo code needed to qualify for this BlockFi promo.

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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.

TierDeposit Amount (New Money)BTC Payout
Tier 1$100 – $1499$15
Tier 2$1,500 – $1,999$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 September 2021)

The BlockFi Interest Account lets you put your crypto to work and 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 USDC, depending on your investment tier.

The current promotional period is defined as the current calendar month (June 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 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.

Refer-a-Friend Bonus

Once you’ve become a BlockFi customer, you are eligible for its referral bonus program. For every person that 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.

What Is BlockFi?

BlockFi is a financial services company that provides deposit accounts, loans and trading for several of the most popular cryptocurrencies. Unlike many crypto wallets, which simply store your digital currencies, 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.

And, of course, one of the most important services is the ability to turn your dollars into crypto and back. BlockFi trading makes that possible.

While BlockFi has a shorter list of supported currencies (also called coins) than some competitors, it is a stable and trusted player in the market with backing from well-known firms including Fidelity, Coinbase Ventures, SoFi, Akuna Capital and Winklevoss Capital (yeah, those Winklevosses). If you are worried about the safety of your cryptocurrency, this platform is definitely a trusted name in the industry.

Types of Accounts

BlockFi offers several consumer products as well as institutional investment services. For retail customers like you and me, these are the core products to know about.

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 / CoinInterest Rate (APY)
BTC (Tier 1: 0 to 1.0 coins)6.0%
BTC (Tier 2: 1 to 20 coins)2.0%
BTC (Tier 3: 20+ coins)0.5%
LINK5.5%
ETH (Tier 1: 0 to 100 coins)5.25%
ETH (Tier 2: 100 to 1,000 coins)2%
ETH (Tier 3: 1,000+ coins)0.5%
LTC6.5%
USDC8.6%
GUSD8.6%
PAX8.6%
PAXG5%
USDT9.3%
BUSD8.6%

Source: Rates (Slickdeals updates rates periodically. These are accurate as of Septmeber 2021)

If you are sitting on a big pile of crypto and are okay with taking it out of cold storage to earn interest, you can bring home a decent return at BlockFi, particularly with the stablecoins paying over 8% APY.

BlockFi clients using a BIA will earn compound interest in crypto and significantly increase their Bitcoin, Ether, Litecoin, PAX Gold, USD Coin (USDC), Gemini Dollar (GUSD) and Tether (USDT) balances over time.

Crypto Loans

If you have Bitcoin, Ether or Litecoin balances that you don’t want to liquidate, you can use those holdings 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.

This could make sense if you have a pile of Bitcoin, for example, that you don’t want to sell because you think it will go up in value and you don’t want to pay taxes on prior gains. Putting the crypto down as collateral means you don’t have to sell but can tap into the dollar-value stored up in those coins.

Crypto-backed loans come with an origination fee of 2%. Interest rates are driven by the LTV:

LTV RatioInterest RateOrigination Fee
50%9.75%2%
35%7.9%2%
20%4.5%2%

Source: Rates (Slickdeals updates rates periodically. These are accurate as of September 2021)

These rates feel a bit high, particularly at higher LTVs. However, that can also help explain how BlockFi can pay such great rates for deposits. Borrowing at 4.5% isn’t too bad, but you should carefully consider the costs before paying nearly 10% for a collateralized loan.

Crypto Trading

Buying and selling is at the core of the cryptocurrency marketplace. Whether you’re looking to earn a profit through speculative trading or buy and hold for longer-term growth, BlockFi makes it possible with wealth management tools designed just for cryptoinvestors.

BlockFi doesn’t charge any fees for cryptocurrency trades. Any costs are built into the currency price, so it could be a good idea to check prices on multiple platforms before making a trade.

When withdrawing, there are fees and limits that apply to each coin. Here are the fees for withdrawals:

CurrencyWithdrawal LimitFees
BTC 100 per 7 days0.0075 BTC
ETH5,000 per 7 days0.02 ETH
LINK65,000 per 7 days0.95 LINK
LTC10,000 per 7 days0.0025 LTC
Stablecoins 1,000,000 per 7 days$10 USD
PAXG500 per 7 days0.015 PAXG

Source: Fees (Slickdeals updates rates periodically. These are accurate as of September 2021)

Behind the scenes, this platform works with Gemini as a custodian, which means Gemini holds your coins for BlockFi on your behalf.

Want to learn more about cryptocurrency trading? Check out our eToro review to learn about this unique social crypto trading platform or head right to eToro, where you can earn a $50 bonus for referring friends.

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 four to six months from account opening.

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 only drawback is that the card charges a $200 annual fee. In other words, it may be better for Bitcoin enthusiasts than for people who are just looking to dip their toes into the water.

Security

BlockFi is a well-reputed cryptocurrency investment, lending and trading platform that works with strong and trustworthy companies behind the scenes.

From its list of well-known and respected investors to its institutional partners, BlockFi associates with companies that have good reputations, which makes the platform that much more trustworthy.

BlockFi uses extremely strong security practices that are on par with industry best practices today. Security concerns may keep you away from cryptocurrencies in general, but shouldn’t deter you from trusting BlockFi.

Is Investing in Cryptocurrencies Right for You?

Before diving in with your own new cryptocurrency account, it’s important to understand how they work and the risks involved. While there are plenty of crypto millionaires out there, many people have lost a small fortune on these digital assets as well.

Cryptocurrencies like Bitcoin are generally considered very risky and speculative assets. Therefore, you should only invest what you can afford to lose. You may end up doubling, quadrupling or more. But you could also lose it all if there’s a negative event in the crypto markets.

If you understand the risks and are still willing to invest, be sure to keep cryptocurrencies as a relatively small portion of your overall assets. Invest or trade with optimistic caution.

Getting Started

If you are sold and want to get started, head over today to sign up for an account. The process to get started takes just a few minutes and there is no minimum deposit to open a new account. Plus, if you take advantage of the current BlockFi promo, you could earn a sign-up bonus worth upwards of $250 in free Bitcoin. Additionally, no promo code is needed to qualify for this bonus.

The cryptocurrency marketplace is rapidly expanding and developing and BlockFi is a major player in the space. If you’re looking to find a “bank” for your crypto instead of just a boring digital wallet, BlockFi could be the perfect fit for you.

While we work hard on our research, we do not always provide a complete listing of all available offers from credit-card companies and banks. And because offers can change, we cannot guarantee that our information will always be up to date, so we encourage you to verify all the terms and conditions of any financial product before you apply.

Eric Rosenberg
Eric Rosenberg is a finance, travel, and technology writer in Ventura, California. He is a former bank manager and corporate finance and accounting professional who left his day job in 2016 to take his online side hustle full-time. He has in depth experience writing about banking, credit cards, investing, business, and other financial topics. When away from the keyboard, Eric enjoys exploring the world and spending time with his wife and little girls. You can connect with him at Personal Profitability or EricRosenberg.com.