Note: BlockFi filed for Chapter 11 bankruptcy on November 28, 2022. We strongly recommend against using their services.
BlockFi is a crypto-asset lending firm based in New York that provides loans in US dollars against Bitcoin and other cryptocurrency assets. It has a few unique features not found on other platforms, such as its BlockFi Interest Accounts and BlockFi Bitcoin Rewards Credit Cards.
BlockFi has a referral program in place to benefit its clients: by using the referral code YOREOYSTER (or the link), you will receive a bonus ranging from $15 to $250 worth of BTC. You will also receive your referral code, which you can use to invite friends and earn an additional $10 worth of BTC after they fund their account.
How To Use Your BlockFi Referral Code
BlockFi has a referral program for new traders. When you sign up with BlockFi using the referral code YOREOYSTER, you can receive a bonus starting at $15 and going as high as $250 worth of BTC – this will depend on the amount you deposit.
- Deposit $100-$1,499, earn $15 BTC.
- Deposit $1,500-$19,999, earn $20 BTC.
- Deposits $20,000-$39,999, earn $40 BTC.
- Deposit $75,000-$99,999, earn $150 BTC.
- Deposit $100,000+, earn $250 BTC.
To use the promo code:
- Visit BlockFi’s page. Click on the Get Started button.Â
- Enter your email and create a password. (important: you have to use the referral code PARTNER250 before continuing the sign-up process – you will not be able to use it after you create your account, and you will miss out on the bonus).
- Fill in some basic information.
- Verify your identity and fund your account.
What Is BlockFi?
BlockFi is a crypto-asset lending company based in New York City. It offers loans in the form of dollars against Bitcoin and other cryptocurrency assets and the ability to take cryptocurrencies with a higher interest rate than usual.
The firm was established in 2017 to mimic banks in the cryptocurrency industry, with the eventual goal of providing cryptocurrency-denominated credit cards. Starting in January 2018, it began lending fiat cash against cryptocurrency collateral.
What Coins Does BlockFi Offer?
BlockFi currently supports ten cryptocurrencies, 6 of which are altcoins and 4 stablecoins. Bitcoin (BTC), Paxos Standard (PAX), Ethereum (ETH), PAX Gold (PAXG), Litecoin (LTC), Chainlink (LINK), USD Coin (USDC), Tether (USDT), Gemini Dollar (GUSD), Binance USD (BUSD).
Related: If you want to learn more about blockchain technology, cryptocurrencies, maincoins and altcoins, you can take an online course like DeFi Pro. It'll change the way you look at crypto.
BlockFi Features
Some of BlockFi’s best features include:
- High-Interest Rates On Your Crypto Holdings; you can earn up to 8.6% interest.
- No minimum balance and no hidden fees.
- BlockFi Bitcoin Reward Credit Card pays 1.5% cashback in BTC and automatically adds it to your BlockFi account
- Recurring Purchases Feature; you can set up cryptocurrency purchases on a daily, weekly, or monthly basis.
You can read more about BlockFi’s features in our full BlockFi review.
BlockFi Fees
For trading on their exchange, BlockFi does not charge transaction fees. However. You’ll pay withdrawal costs once you exceed the free withdrawal you’re given every month, and you’ll also have to pay origination fees and interest on cryptocurrency-backed loans you borrow through the platform.
How To Sign Up With BlockFi
#1 Visit BlockFi‘s page. Click on the Get Started button.Â
#2 Fill in some basic information. (important: you have to use the referral code PARTNER250 before continuing – you will not be able to use it after you create your account, and you will miss out on the bonus).
#3 Fill in your address – keep in mind they are required to ask these questions, you can click on the Why do we need this information section for more details.
#4 Enter your phone number – you will receive a verification code to your phone.
#5 Answer how many transactions you will make each month; this won’t affect your account in any way; it’s just so they can improve their service for heavy traders.
#6 The last step is to verify your identity using an ID document (passport, driver’s license, ID card) and fund your account.
BlockFi’s Referral Program
After creating your BlockFi account, you will find your referral link in your profile in the Referral section. You and your referee will receive $10 worth of BTC; the only catch is that your referee has to fund their account with at least $100 and hold these funds for 30 days. With your referral code, you can:
- Share your code via text, email, or your social media audience.
- Once a referee signs up and funds their account for $100, both will receive $10 worth of BTC credited to each of your wallets.
- There’s no limit to how many people you can invite.
Is BlockFi Safe?
No, BlockFi is not a secure cryptocurrency exchange to use. Not because it was hacked, like Netcoins, but because it filed for Chapter 11 bankruptcy on November 28, 2022, and is currently insolvent. We strongly recommend against using BlockFi. This shows how important it is always to choose an exchange that has insurance, like CoinSmart, Bitbuy or my #1-best-rated exchange, Kraken.
Introducing Kraken: Our #1-Rated Crypto Exchange In Canada
Solid Option
|
Total Fees: ~3.2% |
★★★★ Rated 4.0/5 |
VirgoCX doesn't charge any trading fees, deposit fees or withdrawal fees—yet its extremely high spreads make it one of the more expensive crypto exchanges in Canada. Those spreads are generally around 3.2%, which means you pay 20x the fees as you would trading with Kraken, which is absurd.
Aside from the high fees, though, VirgoCX is a great exchange. Its trading platform and mobile app are intuitive and easy to use (even for beginners), it supports 50+ cryptocurrencies, and it offers 24/7 customer support via live chat and email, plus an extensive FAQ section on its site.
VirgoCX covers the first $6 in mining fees on crypto withdrawals, which means you generally won't pay anything to withdraw crypto. For security, VirgoCX maintains a 95% cold storage policy and requires 2-factor authentication on all accounts.
As a new VirgoCX user, you'll receive a $20 bonus upon funding your account with $100 or more.
If working with an easy to use platform is important to you, VirgoCX is a solid choice.
Features
- Supports 50+ cryptocurrencies
- Free fiat deposits and withdrawals
- Free deposits and withdrawals on most cryptocurrencies
- 24/7 support available via live chat and email
- User-friendly for both beginners and more advanced traders
- 95% cold storage policy
- Regulated by FINTRAC
Cost
- Trading Fees: 0%
- Spreads: 2% – 3.5%
- Fiat Deposit Fee: 0%
- Fiat Withdrawal Fee: 0%
Signup Bonus
$20 when you deposit $100
Best For
Crypto investors who choose not to sign up with Kraken.
Although VirgoCX is great, it does have its weaknesses. Wealthsimple Crypto, for example, is much more user-friendly, but it's a lot more expensive and has bad customer service. Almost the same can be said about Newton and Shakepay.
In Summary
BlockFi is a crypto-asset lending firm based in New York that provides loans in US dollars against Bitcoin and other cryptocurrency assets. It has a few unique features not found on other platforms, such as its BlockFi Interest Accounts and BlockFi Bitcoin Rewards Credit Cards.
BlockFi has a referral program in place to benefit its clients: by using the referral code PARTNER250 (or the link), you will receive a bonus ranging from $15 to $250 worth of BTC. You will also receive your referral code, which you can use to invite friends and earn an additional $10 worth of BTC after they fund their account.
Note: BlockFi filed for Chapter 11 bankruptcy on November 28, 2022. We strongly recommend against using their services.
