BlockFi Description
The old ways of doing things are no longer the best. With BlockFi, you have the ability to use cryptocurrency to earn interest and borrow cash. You can also trade currencies with BlockFi. A BlockFi Interest account has no hidden fees. It offers an annual return up to 7.5% and compounding interest every month. To access cash, you don't have to sell your crypto assets. BlockFi allows you to borrow USD to meet your financial needs, whether that's for buying a house or purchasing more crypto. Keep your trading strategy fluid. Our platform lets you trade across a wide range of cryptocurrencies--and only BlockFi lets you earn interest immediately after your trade is placed. Every purchase earns you 1.5% bitcoin back. There is no better place to earn interest and trade cryptocurrencies. You also get the best BTC rewards credit card. You might be new to crypto or have been using it for years. We can help you in any way.
Open an account today to earn up to $250 in BTC!
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Likelihood to Recommend to Others1 2 3 4 5 6 7 8 9 10
Great product Date: Feb 12 2021
Summary: Overall I am very happy. A good crypto wallet that also generates interest is an enticing alternative to a traditional bank account. A lot of DeFi platforms can be sketchy, but this one seems very solid and reliable to me. Plus, I like that they use Gemini as a custodian.
Positive: I like the free transactions, competitive interest rates and the easy to use app. I have recommended this app to many friends.
Negative: The app pretty simple, I wouldn't mind a few more features like CoinBase offers.
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Likelihood to Recommend to Others1 2 3 4 5 6 7 8 9 10
BlockFi locked my account with 25,000 inside Date: Apr 11 2022
Summary: BlockFi.com locked my account with 25,000 inside, around 80 days ago, and they are not willing to process a refund. They are asking for a court order just for them to process a refund.
After seeing a bunch of info about the products BlockFi offers that seemed attractive at first glance, I decided to open an account. Within minutes the account was ready to take the money out from my bank. No photo identification required, by the way.
I started depositing money, and seemed easy compared to other services of this kind.
After a while, I thought it would be a good idea to secure some funds by processing two Crypto withdrawal requests.
I've been waiting for two days (the minimum waiting time offered for a Crypto withdrawal), but instead of processing my requests they asked me for verification via ID/Passport, photos/video using my phone..(a regular request of any CEX), but what's strange, it's that they will ask for Verification after they allow you to deposit large amounts of money, and not before, as any other service does. I wonder what would happen with your money in a strange scenario where (for some reason) you can't successfully pass the Verification.
But... that was Ok. I successfully processed the verification within minutes.
Then, surprise..... Because I had two pending withdrawal requests for two different Crypto coins, even if one of them was for a very small amount being executed just for me to understand their withdrawal process, BlockFi asked me to get Verified once again. Not a different Verification process. Just the same one I had successfully executed minutes ago.
No problem! I did it again "You're all set !".
Within minutes, I got an email notifying that my BlockFi account was locked. No explanation other than asking to read their TOS, and the following notice..... "Should you be unable to retrieve funds through your bank, you must wait 60 days from receipt of this email before requesting a manual wire withdrawal to the source bank account. Please note that we may require identity verification to process the withdrawal. Note: Any requests made to BlockFi about your account funds will be ignored until we can process a return of funds which will only be eligible after 60 days. Do not reach out to BlockFi until after this date. "
The 60 days have passed and even though I used every possible method to contact BlockFi, it doesn't seem like anyone's going to reply. (Several support tickets or by sending any kind of message using any possible form on their Help/Support pages, trying to call them using the phone number listed over their Help page, sending message via some of the previous support tickets that were used around two months ago to communicate with them..and more..
Let's not forget that a considerable amount of money is still with BlockFi, and my account is still blocked.
If that can't be called an extremely frustrating situation, I'm curious to hear another :) .
--------- UPDATE
Finally I've been contacted, being informed that they will return my money...soon.
This is definitely good news, but ... I still find myself in a "strange" situation.
Let me explain: When BlockFi locked my account they said: "At this time, we are not able to return any funds to you directly. We’d recommend that you contact your bank and request that any ACH transfers you made to your BlockFi account be canceled and reversed. Should you be unable to retrieve funds through your bank, you must wait 60 days from receipt of this email before requesting a manual wire withdrawal to the source bank account. "
I thought it would be faster to follow BlockFi's advice by asking the bank to proceed as per their instructions, but a nightmare was about to start.
Shortly after asking the bank to return transfers made by me (no scam or hack involved), they decided that something is not right, ending by closing my bank accounts. PERMANENTLY.
So BlockFi will not be able to send a Wire Transfer as it will be automatically returned.
But when they blocked my account, part of the money was in Crypto balances. I wonder what are the terms used to close my positions. Crypto coins rates have changed in the past 70 days. Maybe they will process my original withdrawal requests via crypto? Or will they accept my request to send my money to another bank account in my name? Also I wonder how they could have sent a Wire Transfer to an account that does not accept wires (if they were sent to BlockFi from a NeoBank). Not the case here, but just wonder...
--- UPDATE
BlockFi's final word is: "Any funds on the account will remain locked until BlockFi receives a court order to refund the funds"
25,000 of my money are locked and they also refuse a refund to the source bank accountPositive: Fast Registration but it's just a trick, because in fact they will ask for verification several times, but only after you have already deposited money.
Negative: Very long withdrawal time frame.
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They lie about verification and they are asking to get verify over and over again just after you deposit the funds (not before).
Support will get invisible once you have a problem. After they lock an account, the support service will just vanish.