The Blockfi.com is an interest-bearing account, which provides market-leading yields to crypto investors who store their Bitcoin, Ether, and Gemini Dollar (GUSD) at BlockFi. BlockFi clients can securely store their Bitcoin, Ether, and Gemini Dollar (GUSD) at BlockFi and receive interest paid monthly in cryptocurrency. Yes, interest earned in the BIA compounds monthly. This means that if you earn interest in Month 1, your next interest payment will be calculated off of your new total balance (old balance + interest payment from Month.
|Currency Accept||BTC, ETH and GUSD|
|Withdraw Fee||0.0025 BTC or 0.0015 ETH|
How To Start With Blockfi.com
To start trading with Blockfi.com,Indian residents first have to sign up for an account by following the steps below.
Step 1. Click on the “Login/Signup” link on the top right hand corner of the Blockfi.com website.
Step 2. In the form, fill in your first name, last name, mobile number, email ID and password.
Step 3. If you have a referral code, enter the code while creating your account.
Step 4. Submit the form and wait for an activation email to be sent to you.
Step 5. Click on the “confirm email” link in the activation email.
Step 6. After your account is activated, you’ll be sent a 6 digit one time password (OTP), which you have to enter after logging into your Blockfi.com account.
How Does BlockFi Work?
Users can either deposit cryptocurrencies into an interest account, or use them as collateral for a USD loan. The interest account pays a variable interest rate of around 6% annually, (which compounds monthly) with returns paid out in Bitcoin or Ethereum. With regards to the loan account, it’s important to note that as BlockFi provides secured loans backed by users’ cryptocurrency holdings; they can legally keep the funds held as collateral if an individual defaults, or stops paying back the loan.
This works in a similar way to a bank giving a client a mortgage and using the property as collateral, in the event that the borrower stops paying off the loan, the bank can repossess the property. With BlockFi, once an individual has been approved for a loan, their assets are transferred to a wallet controlled by Gemini, and remain there until the loan is paid off.
Crypto Interest Account
Crypto Backed Loans
As an investor with significant crypto holdings,
How and how often is interest paid out?
The interest earned in your Blockfi will be paid out at the beginning of every month. BIA account holders will be able to access a history of their interest payments and view their total balance on their BlockFi dashboard. Interest is paid in the client’s deposited currency, meaning Bitcoin will earn Bitcoin and Ether will earn Ether.
Yes! Two-factor authentication (2FA) is the industry standard for securing your online accounts. Once enabled, 2FA adds a second layer of protection to your BlockFi account. When you login, you’ll be prompted to input your password and a verification code generated by authenticator app. You can setup 2FA on your BlockFi account using the Google Authenticator app, available on Android and iOS mobile devices.
Once enabled, you will only be able to log in to your BlockFi account with a code generated by the app. This code regenerates every 30 seconds. As a precaution, BlockFi strongly recommends that clients write down and store their authenticator token code in a safe and accessible place. They urge all account holders to enable 2FA on their accounts. While they strive to ensure that no unwanted activity occurs, BlockFi is not responsible for any unauthorized users that may access your account.
Blockfi.com offer one free withdrawal per client per month. After that, custodian Gemini passes on a withdrawal fee of either 0.0025 BTC or 0.0015 ETH.
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