BlockFi is a cryptocurrency exchange and platform that offers a crypto wallet, crypto trading, crypto-backed loans, and a crypto rewards credit card. So, is Blockfi worth it? Well, let's see.
Is Blockfi Worth It?
To get the answer to this question, we must know what makes BlockFi a good choice, and what are the disadvantages.
What Makes BlockFi a Good Choice
Users of BlockFi can exchange specific cryptocurrencies as well as many currency pairs. Pairs trading is exchanging one coin for another, such as Bitcoin/Litecoin (BTC/LTC).
The fee structure for the exchange is a little different. The company charges spread fees of +/- 1% on all trades in place of trading fees.
Customers of BlockFi can use the exchange's recurring trade feature to set up automated cryptocurrency purchases that are similar to those made through traditional banking.
The BlockFi Wallet makes it simple to manage your cryptocurrencies from the platform, and the BlockFi crypto rewards credit card helps you build up your digital currency account. BlockFi also offers tax tools, such as tax reporting and tax planning, to name a few.
A chatbot that provides customer service is constantly available and has the ability to open a support request if necessary. Customer service typically responds to tickets within a few hours. Additionally, customers can call BlockFi on Monday through Friday from 9:00 am to 6: 00 pm (EST).
The BlockFi help center divides support issues into different product categories, making it simple to find thorough responses to inquiries. For more specialized searches, there is a search feature as well.
The company provides a BlockFi Live YouTube channel, which features videos on a variety of subjects, including interviews and platform tutorials as well as "general interest" crypto education.
BlockFi's Disadvantages
First of all, you will need to look elsewhere if you're a US-based customer interested in trading the up to 15 cryptocurrencies offered on the site.
Additionally, while BlockFi works to become registered with the Securities and Exchange Commission, the platform does offer the interest-earning BlockFi Interest Account (BIA) abroad but is currently unavailable to new customers in the United States (SEC). BIA is still accessible outside of the United States.
Data breaches are always a concern. In 2020, BlockFi experienced a security breach when an employee's SIM card was compromised. In response, the company increased security measures and hired a new chief security officer.
As always, investors need to remember that cryptocurrency investments should only be made by those who understand and can accept the inherent risks.
Is Blockfi Worth It? What Makes BlockFi a Good Choice - Hopefully, this article can help you to get some knowledge.
