
BlockFi Review
"Minted Millennials is reader supported. When you click on links through this site, we may earn an affiliate commission."
In this
What is BlockFi ?
BlockFi are financial disruptors with a mission to redefine banking. The
BlockFi is a platform for people starting out in crypto and gives users the ability to buy and sell crypto. But it also has a simple method for users to earn interest on their crypto holdings within the
Additionally, the
BlockFi has to KYC all users onto their platform, however you aren’t required to have a bank account to use this app. This means the
The
One of the coolest features of the
If, like me, you want to keep accumulating your crypto, then the
Who Created BlockFi ?
BlockFi was created to provide financial services to markets with limited access to simple financial products. It was the brainchild of founders Zac Prince and Flori Marquez to provide
These two combined with the rest of the
Use BlockFi to Trade, Earn & Borrow Crypto. It also has a Crypto rewards credit card for those looking to earn crypto while they spend.
BlockFi Review – How Does BlockFi Work?
BlockFi Australia is similar my favourite Crypto platform, Celsius. The
Most people investing in Crypto will end up using lots of different crypto platforms. This is often for a couple of reasons, reducing risk across platforms, accessing different features or accessing better features.
It is important to remember in Crypto, that unless you hold the keys to your assets, then there is a risk they could be lost if the platform you are using goes down. Cold wallets are the best place to keep your assets safe and secure. That being said, these assets aren’t working for you other than price appreciation.
That is where
BlockFi users can also borrow USD against their crypto held within the app. This is a great way to access fiat while not giving up your crypto holding. Another great feature is the crypto rewards credit card. This is available in the US, and a waitlist for Australians can be found here.
This

BlockFi Review- BlockFi Features
See below for some of the awesome features that the
- Wallet
- Trading Account
- Crypto Backed Loans
- Interest Account
- Personalised Yield
BlockFi Review – Wallet
For any cryptocurrency exchange to function correctly users must be provided a wallet to hold assets in. The interesting thing here though, is that exchanges like Celsius and Coinspot provide just one wallet option. The
The
The
Importantly, there are no minimum account balance requirements for this

Trading
It is not very often that you will come across cryptocurrency platforms that will provide users the option to trade crypto and also earn crypto.
The
BlockFi doesn’t provide many options for Crypto trading, as its primary objective is around lending crypto and providing crypto yield. So this is something to consider, if you are wanting a larger variety of cryptocurrencies, consider using platforms like Swyftx or Coinspot.
However, if you are keen on generating interest on your more common cryptocurrencies like Bitcoin and Ethereum. While still making a few trades on crypto like MATIC and ADA, then
You can buy crypto instantly through
Crypto Backed Loans
BlockFi offers users the ability to utilise crypto backed loans within the app. A crypto backed loan is where you provide your crypto as collateral against the USD you borrow. For a
What LTV means is that you can only borrow up to 50% of the value of the crypto you put forward as collateral. So if you put 1BTC as collateral and it was $50,000 you would be able to borrow a maximum of $25,000.
Crypto prices fluctuate a lot, so it’s possible that if the price drops your LTV becomes higher. This means you don’t have enough crypto to cover the collateral.
At 65% you will receive an email suggesting some action is taken. At 70% you enter margin call territory,
With the risk of margin calls, why would you want to even consider a crypto backed loan? The main reason is that in the long term you truly believe the asset price will appreciate. Therefore if you need USD but don’t want to sell crypto and run the risk of missing out on holding the asset. Then a crypto backed loan is a potential option to solve this.
As with any loan there is a lot of risk involved, so make sure you are okay to consider something like this. The loans are funded the same business day as when the assets are received and there are no fees for paying the loan off early.

Interest Account
One of the awesome things about crypto is the high interest rates you can receive from either staking or lending out your crypto. It dwarfs what you would receive by leaving money in your bank. That’s why interest accounts have become so popular in crypto.
The
The rewards accumulate daily and are paid out monthly on the last business day of the month. This is a great way to have your crypto accumulating for you while you wait for the value to increase.
One thing to note here though, is that there is some risk through lending out your crypto.
One great option with the
Another really cool feature about
Celsius is a great platform to earn weekly yield on your crypto. It also enables you to buy, sell, swap, transfer and borrow crypto too.
Personalised Yield
BlockFi crypto also offers users the ability of personalised yield. However, this is only extended to High Net Worth of family office style clients. If this is you though, you have a range of options to get better rates. This is applicable for anyone with over $3million in assets.
You can negotiate and earn custom interest rates on the assets you lend to
While some of us can only aspire to get to this level! It makes sense from a business point of view that

Bitcoin Reward Credit Card
I need to preface this section with a warning around credit cards. If not used appropriately they can cause serious financial harm. I love using credit cards to take advantage of the points and offers they provide. But I always ensure I have paid off my card each month so I never accrue any interest. Make sure you are in a position to do this before looking into credit cards.
The
There is no annual fee for the
I just love the idea of getting a digital currency as a reward, rather than frequent flyer points. Mainly because crypto has the potential to appreciate, whereas frequent flyer points often remain fixed or get devalued. So it is really cool that this card will soon allow Australians to earn Bitcoin rewards.
The card is currently live in the US, and there is a waitlist for Australians. Eitherway, you can check out more on the

BlockFi Review- Education
As many of my frequent readers will know I am quite fond of platforms that provide great educational content for their users. I even think it’s borderline irresponsible for platforms to provide a service and not provide educational content.
That being said, I am impressed by the sheer quantity of content that is available on the
After reviewing the
BlockFi Review- Fees
As with all my other crypto reviews, fees play a big part in assessing the platform, so let’s look at the
The
Assets such as Ethereum, Uniswap and PAXG will incur fees for withdrawals, with no free withdrawal provided. This is likely due to the high cost of gas fees for these networks. Again, you can see the relevant fees in the image below.
BlockFi doesn’t charge any fees on deposits for your digital assets. Additionally it doesn’t charge any monthly fees or require a minimum account balance either. Another fee that you may incur is if you go for a Crypto backed loan with
- Cointelli | Crypto tax reports you can trust, ready in minutes
- Koinly — Free Crypto Tax Software
- Cryptocurrency Tax Software: TokenTax

Cointelli, automated USA compliant crypto tax reports. API integration to crypto exchanges, wallets, blockchains & services for a flat $49USD fee.
We earn a commission when you sign up to Cointelli, at no cost to you.
Crypto tax portfolio tracker that provides automated Country specific compliant tax reports and integration for your accountant to file your tax return.
We earn a commission when you sign up to Koinly, at no extra cost to you.

Token Tax is a premium Cryptocurrency Tax Software, that provides country specific compliant Crypto Tax reports.
We earn a commission if you make a purchase, at no additional cost to you.
BlockFi Review- FAQ’s
Hopefully you are enjoying this
Can I use BlockFi in Australia?
Yes,
Can I Trust BlockFI ?
BlockFi utilises Gemini as the custodian of their assets. As a custodian of assets, Gemini doesn’t have insurance for assets like a traditional bank does. However, they ensure that the majority of assets are kept in cold wallets and have a 1:1 ratio.
What Crypto Does BlockFi Support?
BlockFi is quite limited in the digital assets you can use. However it does provide interest in some of the more popular digital assets like Bitcoin & Ethereum. Other assets it supports are; LTC, PAXG, UNI, DAI, LINK, ALGO, BCH & DOGE. It also includes USD – based stablecoins such as; USDC, USDT, USDP and BUSD.
Can I Lose Money Using BlockFI ?
As with any other investment platform, you can lose money if the asset depreciates in value. Similarly with a bank, when you lend money to them that does come with a risk.
How Does BlockFi Make Money?
BlockFi makes money in multiple ways. Through interest from lending assets out, crypto mining, from spreads on investments and through institutional trading. It will also be making money on people not paying their crypto backed loans on time or interest on credit cards.
Is BlockFi A Wallet?
BlockFi provides a ‘Hot Wallet’ service to its users. This means their wallet is connected to the internet. If users want assets to be completely safe, then they should look into cold wallet solutions.
Pros & Cons
Pros:
- Crypto rewards credit card
- Crypto backed loans
- Earn interest on your crypto, including BTC & ETH
- No bank account required
Cons:
- Limited choice for digital assets
- Crypto rewards credit card isn’t available in Australia yet
- Can’t earn interest on fiat

Alternatives To BlockFi
While the
Celsius is a great alternative to
Another alternative to
Is BlockFi Worth It?
If you are still reading my
Given the atrocity happening in the world currently, having a crypto wallet is a great way to ensure you have access to assets. These assets can’t be frozen or re-called by Government intervention. This is the initial thesis of Crypto and it still holds true today. Therefore
If you pay for a lot of your bills on a credit card already, and don’t fly much. Then the Bitcoin rewards credit card is definitely worth it. I can’t wait to get my hands on this card and start earning Bitcoin for my daily spending.
With no minimum account balance and no monthly fees for holding an account. It is definitely worth signing up for
Use BlockFi to Trade, Earn & Borrow Crypto. It also has a Crypto rewards credit card for those looking to earn crypto while they spend.
BlockFi Review- Conclusion
If you want to live in a world where you don’t have to rely on traditional banks to earn interest and access your assets, then
BlockFi has limited crypto trading functionality as that isn’t the goal of the platform. Although you still can trade using
This
Sign Up Here
If after reading this