BlockFi is more of a bank than a crypto company - weigh your needs carefully before signing up Overall the onboarding process was pretty simple. They use Plaid for banking verification, which can be problematic (although has improved over time). Yields are good on stablecoins. IR is fairly responsive, albeit utterly unable to think creatively. But, I ended up pulling my funds from BF for the following reasons: 1) OUTBOUND wallet-to-wallet transfers take up to 5 days. BF claims the delay is for security purposes. This 'friction' not only is terribly frustrating but more so just goes against the whole spirit of crypto. This became the proverbial 'final straw' for me. 2) unnecessary and long holds are placed on, both, wallet transfers of stablecoin INTO BF and for ACH transfers of USD. Again, anomlyous to the spirit of crypto. 3) only a handful of coins offered. Net net..BlockFi operates more like a bank (without any FDIC protection) rather than a crypto company. And, we shall see how long they can support the yield.

They are hiding they’re illiquid They are hiding they’re illiquid. I've already got my money out and this is my advice: Be smart, do not risk your whole bag for a few days of 5% APY. Withdraw your crypto TODAY, because they’re practically locking them until Tuesday when it will likely be too late or they’ll come up with another excuse to keep them.

Stay away! Stay away!! We applied for a business credit card, even though we have excellent credit and we have business cards with all major banks, it took them over a month to come back with a denial. They will not even give us the reason for the denial. Just a clarification to my review. It’s not about approval or denial. We have excellent credit with Experian and all other credit Bureau’s. It’s about the illegal process which BlockFi operated which is concerning. By law credit grantors have to state the reason for the denial, BlockFi states as per the response I received via email that they don’t have abide the the banking rules and regulations, which is illegal and concerning.

VERY expensive withdrawal I noticed that the withdrawal fee for many cryptocurrencies are about $50 USD, such as GUSD, PAX, USDT, USDC. It's free to add money but withdrawals are way too expensive. Fiat minimum withdrawal is also $10,000 which is too high and the advertising on their website does not mention all this. Not great, especially when the minimum deposit is just $100. This was not detailed very clearly when we signed up, so you need to be careful. Even free withdrawals have some form of transaction fee tied to them, even though I've not initiated any other transactions in that calendar month.

Requires a large deposit with low APR… Requires a large deposit with low APR that was not as competitive as the other industry leaders. In the end, it still stumbled alongside the others. It trusted companies that over leveraged and that did not do it any favors.