9 Reasons To Buy Crypto With BlockFi Exchange

Key Takeaways

•BlockFi is an American company founded in 2017 that offers financial services to cryptocurrency investors; trading cryptocurrencies, loans, and even high-interest accounts.

•BlockFi allow you to borrow against your cryptocurrencies without selling them.

•Maximum security: its security protocol is quite strong.

What is BlockFi?

Whether we deposit BTC and earn 6% annual interest, or prefer a stablecoin earn 8.6%, BlockFi is an interesting interest-paying account option that becomes attractive to anyone with cryptocurrencies.

It allows you to earn interest while you continue to hold and thus receive the payment of the same in different currencies, either crypto or fiat. What’s better, we can deposit dollars and get interest paid in BTC in return, for example.

BlockFi is an American company founded in 2017 that offers financial services to cryptocurrency investors; trading cryptocurrencies, loans, and even high-interest accounts.

SEE ALSO: 9 Best Crypto Loan Platforms for Easy Access to Loans

Who Is Behind The Project? The BlockFi Team

Behind BlockFi is a team with a lot of experience in the traditional finance and banking sector.

They ensure that it has a long-term strategy that is based on small movements that allow them to expand in a controlled and stable way.

Its founder and CEO, is Zac Prince, an experienced entrepreneur and the leaders who have worked with a large number of technology companies.

Something that gives us peace of mind is that before founding BlockFi he worked at Orchard Platform, a broker in the online loan sector, and Zibby, a consumer loan service.

Joining him is Co-Founder and Vice President of Operations Flori Marquez, who has a wealth of experience when it comes to unconventional loan products.

She has helped, for example, build and scale a $ 125 billion investment portfolio for Bond Street, a company sold to Goldman Sachs. She was not only in charge of the operation, but also of the litigation and the lack of payments.

The former chief risk officer at BlockFi was Rene Van Kesteren. He spent more than 15 years at BAML as a managing director at Bank of America and as a derivatives trader at Caxton Associates. During all that time he was helping to build a loan platform, working on the risks and regulations.

SEE ALSO: Best 5 Crypto Credit Cards with Good Earning Rewards

How To Get Started With BlockFi?

Making an account at BlockFi is quite simple, it only takes a few minutes and the most complex process is to verify our identity.

•The first thing you do is go to the website.

•There you’ll register and follow all the steps indicated. You will have to put your real data, as well as a photo of the front and back of any document that you have (identity document, driver’s license, etc.), and take a photo with the mobile.

•Once completed, go to your profile and within this you’ll have to make a deposit. This can be done in both cryptocurrencies and dollars.

•That are paid monthly every month and that is reinvested without doing anything.

9 Reasons To Buy Crypto With BlockFi Exchange

1. The returns on interest accounts are quite interesting, especially that of Tether.

2.  It has a good offer of cryptocurrencies, covering the main ones and some alt coins.

3. Maximum security: its security protocol is quite strong.

4.  Responsive customer service.

5.  No fees for trading stablecoin or crypto.

6.  No minimum balance required to earn interest.

7.  BlockFi exchange mobile app is user friendly.

8. Deposit and withdraw money with ease.

9. BlockFi allows you to borrow against your cryptocurrencies without selling them.

Institutional Services

Little by little, BlockFi is introducing more services for institutional investors who want to take advantage of the potential of cryptocurrencies to obtain great returns. It currently provides the following services to this type of entity:

•Corporate treasury solutions: these are accounts of interest for companies with higher returns than normal, but with stricter terms and conditions.

•Financing: BlockFi offers companies the possibility to finance themselves with digital assets or USD.

•OTC Desk: users with company accounts can make use of the OTC (Over The Counter) exchange platform to carry out high-caliber operations with each other.

•BlockFi Trust: is a service that allows institutions to passively invest in cryptocurrencies such as Bitcoin, Ethereum, or Litecoin. In this way, it works as a cryptocurrency ETF marketed by BlockFi for companies, which instead of buying the cryptocurrencies buy these shares.

Security, Is It Reliable?

One of the things you should do before investing in any platform is to make sure that it is a safe place, where your savings will be secure.

The first thing you should know is that BlockFi does not store your cryptocurrencies, but they pass them to the servers of GEMINI, a high-security cryptocurrency custody company. GEMINI stores 95% of its funds in cold wallets, making it quite difficult for hackers.

In addition, BlockFi offers additional security measures to its users, such as 2-step verification, unlocking of the app by biometric data, and the list of permissions, which serves to prevent your cryptocurrencies from being sent to unknown wallet addresses.

In short, both BlockFi and GEMINI are secure platforms at the computer level.

Customer Service

One of the issues that seems most relevant to me when choosing a cryptocurrency investment platform is customer service.

In this sense, BlockFi is a company that puts enough resources so that its users do not have problems on the platform. So if you have any problems or questions while using BlockFi, you can access the Help Center or Frequently Asked Questions (FAQ) from the footer.

You can also open a help ticket in BlockFi using the live chat, which will finally pass your data on to the support team so that they can get in touch with you.

Of course, you can also get in touch with the BlockFi team through social media:

1. Twitter: https://twitter.com/blockfi

To keep abreast of the latest company developments.

2. LinkedIn: https://www.linkedin.com/company/blockfi/

To have a more professional contact with the company.

3. Facebook: https://www.facebook.com/BlockFi/

To find out about BlockFi news.

4. YouTube: https://www.youtube.com/c/BlockFi/videos

To learn more about investing in cryptocurrencies.

5. Telegram: https://t.me/joinchat/Kv7PilHo-dM7VnxNWt-yUQ

To receive news from the company.

SEE ALSO: 6 Best And Profitable Crypto Staking Platforms to Consider 

Frequently Asked Questions (FAQS)

1. Is BlockFi Safe Or Is It a Scam?

It can be said that BlockFi is safe. First, because it has Gemini as custodian of its funds, a company dedicated to this and that provides us with great security. She is responsible for 95% of the assets, which she keeps in physical wallets.

While in the second place, the remaining 5% is kept in online wallets to be able to operate and that is backed by Aon.

We can say that Gemini is a regulated and licensed service by a financial institution in New York, and complies with standards such as Deloitte SOC2 to offer its funds protection solution.

Sure, anyone could doubt BlockFi because of the high commissions it pays, but according to what we’ve been looking at, the chances of that happening are low. Anyway, to be more calm, let’s see some scenarios that could occur and how BlockFi would respond to them.

2. How Do You Protect Our Funds?

Even when the intentions of a company are correct, accidents and thefts occur, that is why other protection measures are necessary to give us security of the place to which we are entrusting our funds.

3. What Happens If Our Account Is Hacked?

Since it began operating, BlockFi has not lost any funds from its users. For this, it uses a security measure that consists of first detecting an anomaly in the account and then blocking it for a period of 1 week. This is followed by a process in which they communicate with the user through a video call in which they verify their identity.

Final Thoughts

In short, BlockFi is a cryptocurrency investment platform with a lot of potential, especially due to the great profitability offered by some of its interest accounts, reaching almost double digits for literally doing nothing.

One of the things that I liked the most about her is that she focuses on doing a few tasks, but she does them very well. Instead, other platforms try to offer every possible product, and as a result, users get mediocre service.

As points that can be improved, I would highlight the lack of very relevant cryptocurrencies such as Cardano (ADA), Polkadot (DOT), or PancakeSwap (CAKE). In addition, the commissions for withdrawal of cryptocurrencies are quite high (if you have little capital, they are fixed fees).

However, despite the fact that it is not a perfect platform, I think it is a very interesting way to get an extra profit while making HODL of your cryptocurrencies.