Crossing my fingers
BlockFi has been great for earning interest on crypto and mostly easy to use regarding buying and trading crypto. Unfortunately, my funds are stuck in BlockFi limbo while this Chapter 11 restructuring is figured out. I would not suggest anyone download or use this app until things get straightened out or you will have a horrible first-impression regarding this platform, and I wish BlockFi (and us as customers) the best of luck in all this.
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Awful Crypto Service
I purchased several hundred dollars of Bitcoins through Blockfi. It took five days for my funds to clear my bank. Finally, Blockfi indicated that my Bitcoins were available to withdraw. I attempted to send my Bitcoins to an external address. I then received a message from Blockfi that there would be another five day hold for my Bitcoins to be transferred to my external address. Here’s what’s not good Blockfi does not have any stable coins to park your founds while your assets are held-up. Now my crypto is losing value as I wait for my assets to be unfrozen. Another issue, a company that is doing well financially is not going to hold on to your property like a starving person guarding bread crumbs. My bank cleaned the transaction with Blockfi; therefore, until my crypto hits my external wallet I consider my bitcoin stolen.
If you value your money stay far away from this service.
If you value your money stay far away from this service.
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RIP-OFF
AVOID this company at all cost. Might sound pretty on paper but they really just trick you into handing them money so they can charge you to get it back, and charge you to move it. They manipulate prices, they deceive you, and quite literally - rob you. Whatever “interest” you accumulate will be swallowed up by 40x’s that amount in fees. It’s all about them - not you. They want to sound nice on review responses like they actually care but it’s just a charade - there’s a reason why they are getting bought out by FTX and it’s not bc the business is so great. I regret giving them .01 cent and moreover regret sending them business from my family and friends. I will NEVER recommend a snake of a platform like this again - they should be ashamed of themselves for taking advantage of people the way they do. It’s disgusting.
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Response from developer
Thank you for reaching out and leaving a review. We are sorry to hear about your experience and would be happy to discuss this further with you. When you have a chance, please contact our Client Services team at blockfi_reviews@blockfi.com - our team would welcome an opportunity to address all your concerns and feedback in detail.
I hope they make it through these tough times.
I started using BlockFi at the beginning of 2021. It seemed like a trustworthy business that allowed you to earn interest on crypto. In early 2022 they took away the ability to fund the interest account due to new regulations and are now in the process of rolling out another type of yield earning account. The founders are transparent and continuously share important updates on Twitter and Reddit. It will be interesting to see whether the business survives the current bear market in which two big players have already been wiped out (Luna and 3AC). I’m debating pulling my funds out of BlockFi because of all the FUD I’m seeing online, but I believe their actions and company values will prevent a massive liquidation event or other catastrophic loss from occurring.
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Response from developer
Hi, We are sorry to hear about your experience and would be happy to discuss this further with you. When you have a chance, please contact our Client Services team at blockfi_reviews@blockfi.com - our team would welcome an opportunity to address all your concerns and feedback in detail. Thank you.
Customer Support Help
I sent a coin that wasn’t supported by the BlockFi wallet. For a while I thought that money was gone and never to be seen again. From help with the BlockFi team, my coin was returned to my previous wallet!! Thank you to the team for working hard on correcting my mistake, I really appreciate it!
Side note, unfortunate that they APY feature is locked to previous accounts. Hopefully legal can work to get this feature added back to the app.
Other than that, it’s a user friendly platform to store certain coins.
Side note, unfortunate that they APY feature is locked to previous accounts. Hopefully legal can work to get this feature added back to the app.
Other than that, it’s a user friendly platform to store certain coins.
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Hidden Price(s) To Users
Obviously an awesome service they’re providing users. Appreciate what it must’ve taken to pave the way for this and the lawsuit.
However! The interest I earned over the last year and the sign up bonus are gone due to the huge difference in price they give you when selling crypto on their exchange vs what it’s actually valued at, and/or the high fees to withdraw your crypto to another wallet.
Also, I lost a substantial amount of time having to reverse engineer the math to find out how they’re getting their money since it’s not transparent at all.
However! The interest I earned over the last year and the sign up bonus are gone due to the huge difference in price they give you when selling crypto on their exchange vs what it’s actually valued at, and/or the high fees to withdraw your crypto to another wallet.
Also, I lost a substantial amount of time having to reverse engineer the math to find out how they’re getting their money since it’s not transparent at all.
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Keeps logging me out…
I want to keep this review strictly related to the actual app. Not sure if there was a recent update or something, but I keep getting logged out, which is a pain in the you know what, because you can’t login directly through the app interface and I also have two factor authentication set up. Before I was just able to use my Face ID to login. Over the next few months I’ll be removing funds from Blockfi anyways because overall, as the interest has decreased so much and the functionality of the app is just nonexistent with this login issue. Hopefully they can figure it out.
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Best For Consumers
The SEC and state actions against BlockFi are disposable. This company has immaculate customer service and an incredible product offering. Market rates for consumer savings accounts are between 0.01% and 0.60% APY, whereas BlockFi offered 8.25% - 9.00% APY, never charged me any fees and was a joy to work with. Some bad actor like Wells Fargo has an entire department dedicated to opening fake accounts on behalf of its clients, charges lower income people MORE money to keep THEIR OWN MONEY in a Wells Fargo bank account. And yet BlockFi is who gets all the scrutiny? Absurd and disposable. State AGs and the SEC should be ashamed of themselves!!!
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Blockfi: They have taken away interest accounts! More to read!
Not only have they taken away interest accounts, but they literally steal so much of your money whenever you make a withdrawal. For example: I wanted to withdraw my ETH to another wallet so I could trade with the funds. BUT, My balance was below their min threshold. So I added the $15 bucks worth of ETH or whatever it was it get it above the min withdrawal amount. BLOCKFI then took aprox HALF in "Fees!!!"
What a joke! In 2022 there are so many better options out there, that you shouldn't even consider BLOCKFI! I thought I would be one of those Diamond Hands investors and not touch my coins. But things to happen, and you never know when you may need to withdraw.
DO YOU REALLY WANT TO GIVE HALF OF IT BACK TO THE EXCHANGE?
I'd give them zero stars if I could! Let the Govt continue to fine them!!
What a joke! In 2022 there are so many better options out there, that you shouldn't even consider BLOCKFI! I thought I would be one of those Diamond Hands investors and not touch my coins. But things to happen, and you never know when you may need to withdraw.
DO YOU REALLY WANT TO GIVE HALF OF IT BACK TO THE EXCHANGE?
I'd give them zero stars if I could! Let the Govt continue to fine them!!
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Response from developer
Hi, We are sorry to hear about your experience and would be happy to discuss this further with you. When you have a chance, please contact our Client Services team at blockfi_reviews@blockfi.com - our team would welcome an opportunity to address all your concerns and feedback in detail. Thank you.
BlockFi App
The BlockFi iOS app has an easy to navigate UI, with a logical layout that enables quick transfers between the interest bearing account and wallet. It’s a clean dashboard without useless tickers and other clutter chopping it up. You can see your interest accrued and paid. It’s very stable and I’ve yet to experience any issues with it in 6 months of frequent use. It’s a solid product and I highly recommend it.
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Used to be a fan, until taxes
I was one of the biggest fans of blockfi until I did my taxes and started to notice transactions that were not marked to have a maker and taker fee began to show different numbers than they should have. Checking the transactions on the blockchain proved that they were skimming off the top last year and never really said anything about those fees when you trade on their platform. I won't be holding my funds with them again, added they take a long time to process withdrawals or solve system issues. Did I mention that if you accidentally overdraft even by 5 dollars? They make you wait almost a week and sell your crypto instead of letting you solve it with stable coins? Yep. Never again.
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Great and quick customer service
I cant tell you how many times i’ve used crypto trading platforms and they take 24+ to reply to a simple email inquiry, i had a trading question and Martin (my customer service rep) walked me through the steps and i was done in less than 5 minutes. Overall great app and great customer service
Great App
I love this app, I’ve had it for almost a year now and I have only had one issue. My bank account has problems linking to my BlockFi account and will take a few tries to link up. It is only a minor issue, other than that I recommend this app to anyone interested in making long term investments. The interest payments are great.
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Good app, confusing features
I like Blockfi. My only issue is the wallet thing. Why do I have to go through an extra step to move my crypto into my other account? I don’t know anyone who wants to use Blockfi for a “regular wallet.” Especially a “regular wallet” that has restrictions and delays on when you can and can’t move your own assets/money. I get not being able to instantly pull lent crypto, but stuff that’s in my own personal wallet and should technically be in my control? Maybe I’m just failing to see why I would use this wallet over any other wallet.
That being said everything else seems to be pretty good. I haven’t had any other gripes with the app.
That being said everything else seems to be pretty good. I haven’t had any other gripes with the app.
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Kevin is the GOAT!!
Was very skeptical about this app at first deposited funds and immediately was locked out the following day luckily it was because my security verification of my identity was off and flagged for fraud. However Kevin made it all right we even discussed the future of crypto and mining. As well as Coinbase the top app secretly stealing biometrics without user consent he addressed all my concerns was very patient friendly and most of all helpful thank you so much bro! Good luck mining aswell to you :) will update with any issues or things I like about this app if need be.
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Bitter sweet
This app is what I use to buy most of my crypto because of the interest but I don’t like how it doesn’t give you at cart to show you a progression of how your portfolio is doing and the worst thing of all, whenever crypto has a big dip, and I’d like to buy more but the app always goes down till the price goes back up with is such a headache. If you just buy dollar cost average it’s good but not when you’d like to buy the dip. Also the fees are in the price when you buy crypto but they don’t tell you. Let’s say if one ETH is at $3,500, you’ll end up paying like $3,580 for one. Over all my money is still here because of the interest but idk if I’d recommend
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Great Concept Just Needs More Features
I really like the concept of BlockFi. I think some people misunderstand what their purpose is when it comes to putting money into crypto here. The platform comes off more as a bank, not an investment account. It operates as a place to store your dollars(stablecoin) and other crypto currencies and earn passive income through their great interest rates. It just feels like an investment account since currently crypto is an investment. I could be wrong, but I don’t think the intent is to have all the fancy bells and whistles when it comes to tracking the price fluctuations of crypto. I think the app does need to become more fluid and intuitive in how it presents your data, and I would also really like their to be a Bi-weekly option for recurring deposits, as that is how I and I’m guessing many others are paid from their employers. Overall, the potential of the company is great, and I really like the simple approach they’re taking when it comes to starting out in the crypto space.
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Response from developer
Hi Tyler, Thank you so much for sharing your thoughts with us. We always value and appreciate the feedback we get from our customers and will use it to help make a better experience. We would welcome an opportunity to address all your concerns in detail and ensure we answer any questions you may have. Please send us an email at blockfi_reviews@blockfi.com Looking forward to hearing from you. Thank you.
Great company! App has opportunities for growth.
The app has been improving a lot recently with expanding its capability. The one thing BlockFi does really well is the customer service, they respond quickly. Both Kris and Irina and the Twitter account all have personally helped me through several different requests. I was hesitant to trust my Bitcoin with anyone besides my self, but they have been trust worthy so far. I hope they are successful moving forward. I tried Celsius and really it’s no comparison, BlockFi is much better and quicker! I have never had any issues withdrawing from BlockFi as well. They also are very transparent with ongoing public fintech concerns. Also they are better than Nexo.
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Great interests rates but can’t use for trading
I love that BlockFi has deep interest rates but crypto as an assets market is a fast paced market. But BlockFi has antiquated and even questionable behavior put in place
1. Transferring crypto into BlockFi takes minutes but withdrawing takes 1-2 days? Why such a irresponsible behavior.
2. Doing transaction is guaranteed way of losing money. You are forced to do transactions to stablecoin or other coins. For example Bitcoin to usd conversion not possible. The worst part is that when you sell from btc to say dai you would get x amount and when you want say immediately dai to btc is x + $200. So you loose $200 per btc.
3. I understand graphs are not there and that there are very ml limited coins but the weakest part is that with all the other limitations and rather questionable behavior BlockFi fails to deliver on the “limit” setting when doing these transactions.
Due to all this, I lost worth of 1 Bitcoin and 10 ethereum today. When you want these apps to be there, BlockFi is the last one to rely on.
In my opinion this is by far the worst platform to transact crypto. Bring crypto only and only if you want to be locked down. I had a big holding but I am moving out of BlockFi completely.
1. Transferring crypto into BlockFi takes minutes but withdrawing takes 1-2 days? Why such a irresponsible behavior.
2. Doing transaction is guaranteed way of losing money. You are forced to do transactions to stablecoin or other coins. For example Bitcoin to usd conversion not possible. The worst part is that when you sell from btc to say dai you would get x amount and when you want say immediately dai to btc is x + $200. So you loose $200 per btc.
3. I understand graphs are not there and that there are very ml limited coins but the weakest part is that with all the other limitations and rather questionable behavior BlockFi fails to deliver on the “limit” setting when doing these transactions.
Due to all this, I lost worth of 1 Bitcoin and 10 ethereum today. When you want these apps to be there, BlockFi is the last one to rely on.
In my opinion this is by far the worst platform to transact crypto. Bring crypto only and only if you want to be locked down. I had a big holding but I am moving out of BlockFi completely.
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Response from developer
Hi, Thanks for the reaching out and leaving a review. We would welcome an opportunity to address all your concerns in detail and ensure we answer any questions you may have. Please send us an email at blockfi_reviews@blockfi.com Looking forward to hearing from you. Thank you.
Don’t look a gift horse in the mouth
Shocked that there’s even one negative review of BlockFi. What’s wrong with you people? The value prop for this app is that you can get 9% APY on stable coins. 9% returns for doing nothing but holding stable coins — you’d have to be an idiot not to take advantage of this or to complain that they don’t have the obscure, valueless coin you want to gamble your money away on. Just shut up and take the free returns you ungrateful losers.
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