BlockFi Reviews

by Andbfbiskdbdjks

As another user stated, the concept of this app is great. Love the fact you can earn interest by them lending out your crypto (from what I understand) However, I’m frustrated there’s no way to track portfolio growth overtime. And since they lend out your crypto, you can’t connect it to a 3rd party app like Delta or Crypto pro to track it either. It’s annoying and time consuming to enter in each trade individually just to see a simple graph of my earnings. I’m continually taking screenshots of it because I can’t remember what the price of my portfolio was last time I checked. this app also doesn’t even show graphs of the crypto itself. It’s unbelievable that I have to leave BlockFi and open up Coinbase in order to look at a simple real time graph of the crypto. I’m considering switching back and just saying screw the interest just because of these two things alone. It’s such a simple fix and I don’t understand why they wouldn’t have these features.

Edit:
Also, withdrawing is a pain. I hate BlockFi and am moving back over to Coinbase. I sent over the minimum amount allowed to make sure the wallet addresses were correct, which took a day to confirm. Went to withdraw the rest and now it’s trying to charge me .02 ETH (~$40) to transfer. You only get 1 free transfer per month. BlockFi is terrible and I wouldn’t recommend to anyone. In fact, I would discourage other from using it.

by Heydre3

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. this app 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 this app! 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!!

by Nidhimodh

I love that this app has deep interest rates but crypto as an assets market is a fast paced market. But this app has antiquated and even questionable behavior put in place
1. Transferring crypto into this app 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 this app 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, this app 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 this app completely.

by @iamrexdaking

I wanted to find out if this had a specific token that I was interested in. I downloaded it and it provided maybe 7-8 tokens on the dashboard. So I started to look and see if I can find the token I wanted, but there was no search option. I happened to click on one of the tokens to get a snapshot of its current volume and stats, and it said in order to purchase I needed to make a deposit? BlockFi is NOT user friendly. I can’t see a snapshot of a particular token without making a deposit. There’s no search option. I don’t know how many tokens are available on BlockFi if I can’t find them. I will remove and try another platform. Please let me know when the changes are made.

by Saucy No 1

I have now tried adding the small amount of $5,000 to test BlockFi. I did the same in Gemini. This second app isn’t known to be quick by anyone’s standards. I added these amounts on the same and from the same account. Gemini took about a week to process. Block Fi has taken far longer. They passed their promised to me time and then told me they now request me to verify it is actually me. This is taking even longer! BlockFi would get a 1* if it didn’t earn the interest while the money was taking forever to transfer. Google review required also. No help from the bot or team that is supposed to help you. My earlier amount and this amount equalled $5,400 when I transferred the crypto. It is now $4,800, but why would they care?

by Cryptoamateur

I love this app. The issue though is that it lacks basic features that other apps provide.
One of the other reviewers mentioned that you don’t have graphs to see the change overtime for their investment which I completely agree. I would like to see that too. Another feature that I would want to see is the average buying price for each of my investments and how I am doing overall (something like what gemini offers). Please make the necessary changes to BlockFi for making it easy for your users. Would love to see this app grow and do better than this🤗

by Swsvindland

The wallet was a nice feature to add but… having to transfer in and out of it just to add cryptos to my interest account is a pain. I should be able to just click but btc on the interest account screen and it works.

FYI the UI should be able to handle this even if the backend requires it go to the wallet first. Just call the add to wallet endpoint. Then once that’s done call the transfer to interest endpoint. I shouldn’t have to do it manually.

by Tyler6358

I really like the concept of this app. 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 BlockFi 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.

by Jtr02a

Overall, this app is an ok app, and I’m excited to get my this app Credit Card. One frustration is that it seems at least once per day I have to re-login and use my Authenticator App. I get doing this periodically (around 1x/mo per device) but daily is just annoying. As a side note, push notification to the Microsoft Authenticator App (like Office 365 and others do) would be a welcome improvement for all this authentication needed.

I do like the fact that is shows “Accrued Interest” and “Total Interest Paid” in USD (my Voyager App only shows the amounts of paid interest in qty of the crypto and doesn’t have a simple USD-equivalent summary).

The rates are a little lower yield than Voyager (especially with holding VGX) and the number of crypto supported could definitely be improved. The fee to transfer out crypto if you only do one per month is free which is great, but if you need more than one transfer the $40 Fee even looks high compared to the high fees Voyager charges for transfer out - so it depends on the situation. For my this app Account I pretty much just hold (for that reason among others).

Hopefully we continue to see improvements in BlockFi .

by Mattgladys09

this app you are great. You have demonstrated your ability to be a great business, but your app is less than enjoyable. BlockFi has improved since my last review, but I have a new complaint. I recently got the new credit card and absolutely love it. I am pumped to get sats back on my purchases. My first and biggest complaint is the payment portal. To pay my credit card I have to login to BlockFi > open the CC window> click make payment> login in via web portal> chose payment method via bank> schedule the payment. This workflow is slow and cumbersome. The fact that I cannot make payments within BlockFi is frustrating and having to login a second time exacerbates the frustration. Why can’t we use plaid to link our bank and make payments within BlockFi ? This process must change. I love you let’s grow together.

by Yokeyodel

I like this app. 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 this app 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 BlockFi .

by Futbol_phil

Yea, I am not understanding the bad reviews. Personally, I love BlockFi and this app in general. BlockFi is clean and easy to use in my opinion. It doesn’t overcrowd your screen and it allows you to get what you need done. If there was any suggestions I would give, it would be the ability to see the performance over time for the account in terms of coins. I currently have to log my transaction into Blockfolio to get that information. If this app were to add that within BlockFi , it would be a game changer.

Nonetheless, if you are looking to earn interest on the coins you are holding longterm you need to tap into this app. Keep being great yall!

by ETBrownJr

Join to see how it was and deposit $400, off the go they froze my account when I tried to send $100 to bityard to trade do you the fact I ACH money in. Don’t do that if you want to be liquid right away, had to wait a few days to get my money. Also you cannot transfer to coinbase or any other app while waiting for ACH to clear, you have to do a wire to your bank to get your money right away. You can only transfer money out using the stable coin Gemini and the fees are moderate to trade from one coin to another. Also they only have about 10 coins, hopefully they get SHIB and DOGE soon. Might I say customer service is amazing though! LETS GO BRANDON!

by TapDemon!

BlockFi has been improving a lot recently with expanding its capability. The one thing this app 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, this app is much better and quicker! I have never had any issues withdrawing from this app as well. They also are very transparent with ongoing public fintech concerns. Also they are better than Nexo.

by Jon Brovda

I love this app so much. I use BlockFi every day to earn interest on my bitcoin. The security is great (2fa, whitelisting addresses). They have a dedicated client service team for active clients who respond to support tickets within minutes and I think they are the only crypto company with a phone number you can call and actually speak to someone. I even took out a loan against my bitcoin to buy season tickets for the new york mets. They wired the money to my bank account the same day I took the loan out. Top notch service

by Icehcky8

Significant improvement to app. this app has been a great product. A lot of the past reviews, mine included, were fairly negative due to issues with the old app (which may account for the low rating). Updating my review since BlockFi was revamped a few months ago. Sign in process is 100x better. Instead of 3 log in screens every time you open BlockFi , it now remembers the user and can log in with biometrics (e.g., FaceID). Tabs at the bottom are also notably more clear/user-friendly.

by Corywalker

BlockFi is very simple and user friendly. It’s easy to quickly view your accrued interest, paid interest, and full transaction history. It’s also easy to swap between currencies because the fees are included in the list price and you don’t have to bother with limit orders or cancellation terms. I don’t think the this app app is intended to be a trading platform; it’s a savings account for crypto that you can easily control and transact with through BlockFi . If you want sophisticated trading tools, there are other platforms for that, but most (or possibly all) of those do not pay interest on holdings.

Also, BlocFi’s security and customer service are second to none. They have all the security features, including 2fa and white listing. Large withdrawals also trigger additional verification, which is comforting when sending a large balance to a different wallet address.

I have used their customer service to answer questions. They are very accessible, knowledgeable, and responsive.

by Personguy67

Was very skeptical about BlockFi 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 BlockFi if need be.

by Truemonster

The SEC and state actions against this app 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 this app 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 this app is who gets all the scrutiny? Absurd and disposable. State AGs and the SEC should be ashamed of themselves!!!

by Contract-Pretend

This is a great platform to manage wealth in a smart way. The credit card combined with interest bearing account compounds money at a nice rate. This is an A+ management team and constant improvements in the user experience is top of mind for this app. The customer service is fantastic and all withdrawals so far have been seamless. This is not an app to day trade on, this is for long term saving mindset. Can’t wait to continue to supporting this company. Keep it up this app, your have a great roadmap. I love your ideas in the recent survey about preferred credit card perks and a lot of questions that are primed for future updates (addition of new crypto), you are adding things at a nice good pace, keep it up!

by Knighted Sinner

I’m using iPhone 10s, the iOS version is 13.3.1. I have tried at least 5 times to login to my account. However, every single time when I successfully signed in and I could tell because I saw the home page loading indicator, the stack view just popped right back to the landing page. This is definitely some logic issue in the login function. Please check on the signIn signal change and fix the issue in the event handler. Thank you.

by Kingofmuzik3

I have to login every time you open BlockFi . It needs quick login features like facial recognition or stored in Apple passwords. Also, you cannot make any account changes in app.

by Joshdammit

I’m so happy you guys finally have an app, and I love the layout.

A few things:
BlockFi needs to keep me logged in. It asks me to log in every time I open BlockFi and sometimes again while I’m using it. I appreciate looking out for our security, but if you’d just implement Touch ID and Face ID, there would be no reason for frequent logins and Authenticator codes.

Thanks for all the interest you guys have paid out!

by B-nor

I am signing in and when I click log in it just brings me back to the screen that asks me to log in or sign up.

by Lt112592

Best service, products, and people in the industry. I love what this app is doing for crypto wealth management and BlockFi is a much-needed feature.

by Jrb520

Just a smooth easy to use app. Wouldn’t expect anything less from this app. Thank you.

by Nate Clem

Been excited for this drop since they mentioned they were working on an app! Great people to work with and very easy to get ahold of with quick responses. Compound interest 👌🏽

by MochiTKD

Love the service. The layout is so simple but it works. Now BlockFi , very simple to use. User friendliness is key! This is a great start. With Face ID coming out in about a month, I’m sure BlockFi will come along well overtime. I believe in this crypto wealth management company and also in BlockFi. Security is key which I know they’ll have that as a priority. Thanks this app.

by JTR042084

BlockFi is designed really nicely & works much better then using the mobile web page.

by Chris2371

I’ve been a this app customer for quite a bit of time and BlockFi is a great benefit to their platform. Very clean, modern feel and easy to navigate. Recommend to anyone for a great experience!

by Ckim198734

Compound interest on your USD and crypto. I’m happy to be a client at this app during these crazy times. I like that they are partnered with Gemini for custody and have a lot of huge names backing them. This company is on a rocket ship.

by Dmh5246

BlockFi is very intuitive and easy to navigate. Has all the features to stay updated on my crypto portfolio and watch as I earn interest! BlockFi is sleek and great job to the team for getting out an awesome product.

by Skrilla B

The team at this app has been incredible. I have been a client for 8+ months. Their crypto high yield interest account has been one of my Favorite apps and services. This is one of the best and easiest ways to buy and hold bitcoin while earning a great APY. The team is responsive and helpful and does a great job answering any and all questions

by Mo Rafiq

Been a client of this app for over 15 months and have been waiting patiently for this. Very impressed with the sleek and simplistic design. You can see everything you need summarized on the primary page.

Loving the currency click-through option where you can manage your BTC directly on the Interest Account! Looking forward to the credit card!

by Dg10is

Been waiting forever for BlockFi, does not disappoint!