BlockFi Review (2022 Update): Everything You Wanted To Know!

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Updated: December 17

By: Scam Risk - Expert Reviewer

BlockFi Review

BlockFi provides a cryptocurrency exchange where you can purchase Bitcoin (BTC) and other digital currencies. This platform also offers a crypto credit card and crypto-backed loans. Therefore, it provides a wide range of services.

Unfortunately, one of its greatest products, interest-bearing cryptocurrency accounts, is no longer accessible to investors in the United States. Read our BlockFi review to get a full picture of what it offers.

This BlockFi Review has been thoroughly researched with information and testimonials that are available online to anyone in the public. Any conclusions drawn by myself are opinions.

Table of Contents

Pros: What I Liked

  • Great customer service
  • You can borrow against your crypto assets
  • Rewards credit card
The Good

Cons: What I Didn't Like

  • Limited cryptocurrencies
  • Not beginner-friendly
  • Withdrawal fees
The Bad

You probably discovered BlockFi for the same reason you might have come across any other financial newsletter, crypto trading service, or investment program:

Because you want more money in less time.

And chances are, you want to quickly multiply the money you do have (as opposed to waiting months or even years to see a decent ROI).

This is a really exciting promise, and it’s probably why the financial publishing and training industry is worth billions of dollars.

The problem is, because the idea of doubling, tripling, or 10X-ing your money in a few minutes to a few days is so enticing, there are a ton of shady characters in this space.

But, putting that aside, let’s say every investing guru and “trading expert” on the internet had the best of intentions.

Even with proprietary algorithms, a room full of supercomputers, and a team of rocket scientists, most of these experts would be lucky to get it right 20% of the time.

Now sure, we’re talking about asymmetric bets here, so theoretically the winners should more than make up for the losers.

But in order to make that happen, you can NEVER miss a trade. With a 20% success rate (speaking optimistically), one missed winner could turn a profitable month into a loser.

That’s a lot of pressure and a lot of stress (not to mention a lot of losing) with not much certainty.

But what if there was a way you could build a passive income stream that’s actually passive?

An income stream that doesn’t require:

  • Constantly monitoring your phone for buy/sell alerts
  • Obsessively watching charts and movement
  • The emotional roller coaster and angst of hoping one winner can cover the last 8 losses
  • Gambler’s odds (20% chance of success is worse than the odds of winning at Blackjack)

An income stream that brings in consistent revenues every single month (from a couple thousand dollars to well over $10,000)?

An income stream you could actually build in your spare time, and grow as large or as small as you want to, without having to spend hours a day monitoring charts, trades, and alerts?


If that sounds like something you’d be interested in, check out Digital Real Estate. 

However, if you’d still like to know more about BlockFi, keep reading.

What Is BlockFi?

What Is BlockFi

BlockFi is a cryptocurrency custodian that enables users to borrow money in USD in exchange for their coins. Flori Marquez and Zac Prince founded it. BlockFi was established in August 2017 and is headquartered in Jersey City, New Jersey. The company has secured $158.7 million in Series C funding.

They are in the early stages of this industry, and everyone is working together to expand the market and make it available worldwide. They are fortunate to be in a situation where their company is fast expanding since cryptocurrency is gaining pace and importance right now.

What Does BlockFi Offer?

What Does BlockFi Offer

BlockFi allows you to gain interest on BTC and borrow USD against it. BlockFi also allows you to exchange bitcoins. They now trade a limited range of cryptocurrencies, including BTC, ETH, LTC, USDC, and GUSD. If you want to trade crypto assets, this is the place to go.

BlockFi Wallet

Users may purchase, sell, trade, and keep cryptocurrencies and stablecoins using the newly introduced BlockFi Wallet. You may also utilize the wallet to save crypto earnings from your BlockFi Rewards Credit Card.

Just keep in mind that assets maintained in the BlockFi Wallet will not yield you any interest. You must keep your tokens in a BlockFi Interest Account to earn interest.

Crypto Loans

Crypto Loans

BlockFi offers borrowing USD against your deposited bitcoin or other cryptocurrency assets. The loan amount must be at least $10,000. The loan-to-value (LTV) ratio is 50%. That implies you’ll have to put up 50% of your coins as collateral.

BTC, ETH, and LTC are examples of coins that may be utilized. The loan term is 12 months, and the interest rate is 4.5%. There may also be origination costs. To get more information, you can contact customer service BlockFi.

Because cryptocurrencies are so volatile, you might easily go below the 50% LTV. When the LTV hits 70% (a trigger event), BlockFi will notify you that extra collateral is required to reduce the LTV to 50%.

BlockFi Bitcoin Rewards Visa Credit Card

Crypto Rewards Card

BlockFi has introduced the Bitcoin Rewards Visa Credit Card. The BlockFi Visa, like cash-back credit cards, will earn you Bitcoin rewards!

The crypto rewards credit card is meant to earn 1.5% in Bitcoin on all card purchases with no annual charge, and then you may receive 2% back after spending $30,000 in a year. Furthermore, BlockFi cardholders may now earn up to 10% back in cryptocurrency rewards at hundreds of retailers! That’s a fantastic bargain that puts it ahead of the majority of other Bitcoin rewards packages.

BlockFi Interest Account (BIA)

BlockFi Interest Account

BlockFI Interest Accounts (BIA) are no longer available to new U.S. customers, persons or entities residing in the United States. Existing customers who are U.S. citizens or are based in the U.S. will not be able to transfer new assets to their BIAs. The BIAs, apparently, have not been registered under the Securities Act of 1933 and should not be sold or offered in U.S., to United States persons, for the account or benefit of a United States person, or in any country where such offer would be illegal.

The BlockFi Interest Account is the name of the interest-bearing account. Interest may be earned in BTC, ETH, LTC, USDC, GUSD, and PAX. There will not be a need for a minimum balance.

This account is exclusively accessible to non-US residents and is provided by BlockFi International, a subsidiary of BlockFi (Bermuda).

BlockFi Fees

BlockFi Fees

BlockFi does not charge cryptocurrency trading commissions. It instead charges a margin based on the asset’s price. The margin is typically approximately 1%. However, it may be greater if liquidity for that coin is low.

Withdrawing cash from your BlockFi account to your bank account incurs costs. These costs are, as of this writing:

  • BTC: 0.00075 BTC
  • LTC: 0.001 LTC
  • Stablecoins: 50 USD
  • ETH: 0.015 ETH
  • LINK: 2 LINK
  • PAXG: 0.035 PAXG
  • UNI: 2.5 UNI
  • BAT: 60 BAT

Users may make one free withdrawal every month using BTC, LTC, stablecoins, and crypto holdings. However, because of increasing gas costs, BlockFi stated on December 1, 2021, that it would no longer allow free withdrawals for Ethereum blockchain digital assets (ETH, LINK, PAXG, UNI, and BAT).

Is BlockFi A Scam?

So, is BlockFi a scam? Not technically. You can make money with it, but it’s definitely not as easy as the company makes it sound.

Again, with any kind of financial product (especially trading), you’re taking on a lot of risk.

Sure, you could hit it big and retire in Italy, but chances are you need the stomach and financial cushion to weather tons of losses before you get there…and it may never happen.

Most of the big gains numbers these companies use in their marketing (“xyz grew by 4,112% in 3 months” or “this option made 324% in just 2 days”) are cherry-picked.

They don’t tell you about the 10 100% losers that came before.

In other words, if you invested $100 into 11 recommendations, you’d lose $1,000, and make back $324…so you’d still be out almost $700.

Most people don’t have the fortitude to stick it out through 3 straight months of losers in the hopes of landing one big winner.

What if, instead, you took those same 3 months, invested just a couple hours a day (in your spare time), and your reward was a $500 to $2,000 payment that came in every single month?

And what if you actually didn’t need to wait 3 months? What if you could get started today and have your first payment in a week?

And what if you could double it next week?

Well, that’s the power of Digital Real Estate

It’s a true lifestyle business.

Your laptop and an internet connection is all you need.

Some of the most successful students in this program run their entire 6-figure businesses from:

  • A camper in the middle of the woods
  • A beach chair on the water in Mexico
  • A small villa in Greece


They’re able to travel around, living their lives first, and focusing on their income second.

Because even if they stop working for an extended period of time, the money keeps coming in.

So adventure, memories, and experience are the top priority.

And they never have to worry about how to pay for the next trip, or consider asking for time off.

If this sounds more like the type of life you want to lead, just click here to find out more about Digital Real Estate.

Are There Alternatives To BlockFi?

Yes, there are plenty of other business models to choose from if you want to pursue this making money online.  Here are just a few:

What Is My Top Recommendation In Making Money Online In 2022?

Our review team has spent months researching, reviewing, and vetting dozens of business models and thousands of programs.

While there may be no “perfect business”, the research IS conclusive:

Digital Real Estate is the #1 online business model for those just starting out.

Whether you’ve never made a dollar online, or you’ve been in this space for a while but never really “made it,” Digital Real Estate is for you.


1. It’s Flexible: got an hour a day? You can do this. Ready to drop everything else and dive in full time? You can do this. Yes, the more time you put in, the faster you see results. But even with a little time each day, you can move the needle in a Digital Real Estate business.

And because this system is so flexible, you don’t have to constantly be working to make more money. It’s called PASSIVE INCOME because if you stop working, the money doesn’t.

Imagine taking 3 months off to just tour around Europe, rent a cabin in the woods to write a book, hike the Appalachian Trail, or live on the beach and surf all day.

This is only possible if you have an income stream that’s not tied to your time.

2. You Own & Control EVERYTHING: With anything in the financial markets, you own and control NOTHING. You have no say in price fluctuations, demand, or what the market will do.

Trying to beat the market is fighting against the tide. There’s just too much working against you, no matter how many supercomputers or rocket scientists are on your side.

With Digital Real Estate, you own the assets, which means you have all the power and all the control.’

3. Little To No Startup Costs: It’s possible to get into Digital Real Estate with zero dollars upfront. Because, using the strategies outlined in this program, you can get a client to pay you BEFORE spending a penny out of your own pocket…even before you do any work.

Even without getting paid in advance, you can have your first Digital Rental Property up, running, and generating profits for less than $100.

Lance Lead Gen

1. Easy To Duplicate: Ok, here’s the best part: once you have your first Digital Rental Property up and running, you can literally DOUBLE your income with a few clicks, a couple keystrokes, and a single phone call (and you don’t actually need the phone call).

Remember: each Digital Rental Property is worth $500 to $2,000 a month in semi-passive income (over 95% profit). Every time you decide to create another one and increase your income, it gets easier.

Because you have more knowledge, more experience, more results, and more momentum.

If you wanted to double your income with any kind of trading or investing, you’d have to double your initial capital OR double the average order size of your existing trades. And, guaranteed that’s a lot harder than a few clicks and a few minutes of your life.


2. Make Money Helping Real People: This part is what makes it all worth it. In the financial markets, you might be helping your family, but the impact never goes beyond you and maybe a few others.

But with Digital Real Estate, you’re actually helping people by solving your clients’ biggest problem:

Small, local businesses need more customers, and with Digital Real Estate, you are unleashing a flood of happy, paying customers for these businesses.

You make money by helping them make money.

Not a big, faceless corporation either…a small business owner who’s using that money to put food on the table for their family, start a college fund for their kids, or take care of a sick parent.

Once you see how Digital Real Estate makes a real impact in the lives of real people, you’ll sleep like a baby with a big smile on your face.


Now, the choice is yours. You could continue browsing, looking at opportunities like BlockFi which could one day make you money.

You could continue researching, never making a decision.

OR, you could take a look inside, consider what you really want, and join a program that makes your dreams a reality. At the same time, joining a community of over 2,000 successful students that are living life on their own terms thanks to Digital Real Estate.

A consistent, reliable, semi-passive stream of income that doesn’t depend on you or your time to keep producing profits.

All while genuinely helping real people who are grateful and happy to pay for it.

If this sounds more like what you want out of life (or if you just want some nice side income), click here to learn more about Digital Real Estate.

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