Our BlockFi referral code is the best way for new users to start earning interest on their crypto investments.
How To Earn Your $10-$250 Bonus
When you create an account through our unique referral link and make a crypto deposit of at least $100, you’ll receive a bonus of up to $250.
|Bonus Amount||$15-$250 (depending on size of initial deposit)|
|Balance Minimum Hold Period||Balance must be at least $100 for at least 2 ½ months after deposit|
|Bonus Deposit Timing||Paid after approximately 2 ½ months|
Follow these steps to earn our BlockFi referral program bonus.
1) Use Our Referral Link to Go to Blockfi
Click or tap our referral link.
This will take you to an offer details page.
2) Choose “Get Started”
On the offer details page, choose “Get Started”.
This will take you to the sign up page.
3) Create an Account
On the sign up page, the referral code will be automatically filled.
Enter your name, email address, and create a password to open an account.
4) Verify Your Email
BlockFi will request that you verify your email to continue account setup.
5) Continue Account Setup
Answer questions about your crypto trading plans and personal information to complete account setup.
6) Wait for BlockFi to Review Your Application
BlockFi reviews all applications. They say that approval usually comes within 1-2 business days.
However, approval can sometimes happen within a matter of minutes.
7) Deposit At Least $100 in Your New BlockFi Account
To complete the sign up process, BlockFi will offer the option to link a bank account through the third-party verification service Plaid.
Once you link a bank account, you can deposit funds via ACH transfer.
You can also make deposits via wire transfer, or through a crypto transfer.
The size of your potential bonus will depend on your initial deposit.
|Deposit Amount||Referral Bonus Amount|
|$100 to $1,499||$15|
|$1,500 to $19,999||$20|
|$20,000 to $39,999||$40|
|$40,000 to $74,999||$75|
|$75,000 to $99,999||$100|
|$100,000 or more||$250|
8) Maintain Your Balance to Receive a Bonus Worth $15-$250
BlockFi says that to qualify for the bonus at the level you want, the balance must be maintained “through the 14th of the month at 23:59:59 UTC two and a half months from the month of eligibility”.
I’ll discuss this requirement in further detail below.
Referral Program Conditions
You only need to fulfill a few simple conditions in order to receive a referral bonus.
First, users are only eligible if they’re making their first ever deposit into a BlockFi Interest Account — existing and past users won’t be able to earn the bonus.
Our offer also can’t be combined with other BlockFi promotions.
The amount of the bonus will depend on how much you deposit, and whether you maintain that balance, based on the table above.
Even if you keep an average balance of thousands of dollars, letting your balance fall below $100 will immediately nullify your referral offer. If you want the larger bonuses, you much maintain the larger deposit amounts.
Users must maintain a crypto balance of at least $100 “through the 14th of the month at 23:59:59 UTC two and a half months from the month of eligibility”.
Finally, the BlockFi website notes that users must “fund their account during the promotion period,” which is described as the “current calendar month ending at 23:59:59 UTC on the last day of the month.”
While this section is somewhat unclear, it’s a good idea to make your initial deposit before the end of the month in which you opened your account.
These conditions are confusing and also require maintaining the minimum balance for quite a long time. To make sure you get the bonus, here’s what I’d suggest:
- Make your deposit in stablecoin. This will minimize fluctuations that could cause your balance to drop below the minimum amount.
- Leave your deposit in for at least three months, to account for any oddities in BlockFi’s confusing requirements.
How BlockFi Works
BlockFi is an innovative platform that allows users to both earn interest on their cryptocurrency balances as well as borrow against their cryptocurrency balances.
BlockFi Interest Accounts are a unique way to generate reliable interest while investing in cryptocurrencies.
After transferring USD or your local currency, you’ll be able to buy an equivalent amount of one of BlockFi’s three supported stablecoins: GUSD (Gemini dollar), USDC (USD Coin), or USDP (a.k.a. Pax Dollar).
In turn, those coins can be used to trade between a variety of popular cryptocurrencies including BTC (Bitcoin), ETH (Ethereum), LTC (Litecoin), PAXG (Pax Gold), and USDT (Tether) along with the stablecoins mentioned above.
|BlockFi Supported Stablecoins||Other Tradeable Cryptocurrencies|
|GUSD (Gemini dollar)||BTC (Bitcoin)|
|USDC (USD Coin)||ETH (Ethereum)|
|USDP (a.k.a. Pax Dollar)||LTC (Litecoin)|
|PAXG (Pax Gold)|
Users can make one free crypto withdrawal and one free stablecoin withdrawal per month before paying a withdrawal fee, which varies depending on the coin you’re withdrawing.
Additionally, BlockFi gives investors the opportunity to earn interest each month on top of any gains from their holdings.
However, these rates drop substantially for larger investments, so you should keep an eye on your balance in order to maximize your interest payments.
Check the table below for more information about BlockFi’s interest rates.
|Loan-to-Value Ratio||Interest Rate||Origination Fee|
With BlockFi, investors can also use their existing crypto investments as collateral to access funding through secured loans.
This enables you to access additional funds without selling your funds.
Interest rates for these funds are based on the size of the loan relative to the size of your investment.
This figure is called a loan-to-value (LTV) ratio.
If you have $10,000 invested, for example, you’ll pay less in interest for a $2,000 loan (20 percent LTV) than you would for a $5,000 loan (50 percent LTV).
Regardless of your interest rate, you will also be charged an origination fee worth 2 percent of the loan.
Other BlockFi Offers
In addition to the $250 sign-up bonus you can earn from our unique referral link, there are other ways to earn more money for your BlockFi account.
After you sign up for a BlockFi account, you can continue earning more rewards by referring other users to the platform.
Every time one of your referrals signs up and puts at least $100 into a BlockFi Interest Account, both of you will receive $10 in Bitcoin.
While each new referral will continue to receive $10, your bonus will increase to $20 starting on the sixth referral.
BlockFi members can earn even more referral benefits if they have a BlockFi Rewards Credit Card (more on that below).
f you refer a user to BlockFi and you already have their credit card, both you and the referral will receive a $40 Bitcoin bonus instead of the usual $10 or $20.
BlockFi Rewards Credit Card
The BlockFi Rewards Visa Signature Credit Card allows crypto enthusiasts to earn Bitcoin rewards on their credit card spending.
Cardholders get an unlimited 1.5 percent back on all purchases based on the current value of Bitcoin.
Furthermore, the BlockFi card comes with an introductory offer that raises the cash-back rate to 3.5 percent for up to 90 days or $5,000 in spending.
Users also receive a few other unique perks such as two percent back on all purchases after the first $50,000 in spending per year, plus an additional $30 Bitcoin referral bonus on top of the usual referral rewards.
BlockFi cardholders who use the platform for crypto trading will get 0.25 percent back on all eligible trades up to a limit of $500 per month.
However, it’s worth mentioning that the card doesn’t support business accounts, and it isn’t currently available to residents of New York State.
You should also keep in mind that you’ll need to open a BlockFi Interest Account in order to apply for a BlockFi Rewards credit card.
BlockFi users only receive one free crypto withdrawal and one free stablecoin withdrawal per month, so there are some restrictions on how you can move your rewards between accounts.
Unlike some other rewards cards, the BlockFi Rewards Visa Signature doesn’t come with any annual fee or any foreign transaction fee.
Related: Best Cash Back Credit Cards
Simply select the cryptocurrency you want to receive rewards in, and they’ll show up in your account on the second Friday of the following month.
The BlockFi credit card quickly became one of the most popular crypto products on the market, with BlockFi expecting more than $2 billion in total annualized spending on over 50,000 BlockFi Rewards Visa Signature cards.
They’ve also reported that the average BlockFi cardholder is on track to spend above $30,000 per year, far more than the corresponding figures for other major credit card companies like Visa, MasterCard, and Amex.
Can I Trust BlockFi?
Trading cryptocurrencies is inherently risky, but BlockFi is a reputable provider. According to their terms of service, “BlockFi is registered with the US Department of Treasury Financial Crimes Enforcement Network (FinCEN) as a money services business (MSB).”
Furthermore, BlockFi relies on Gemini as an institutional custodian. Gemini is a major crypto exchange and registered trust company in New York, where it undergoes regular bank exams.
While BlockFi can’t protect you from the risks of investing in cryptocurrencies, you can at least trust them to take care of your money.
Related: Best Crypto Interest Accounts of 2022
History of BlockFi
BlockFi was founded in 2017 to offer consumers the experience and amenities of a traditional financial institution while breaking down barriers to investing in cryptocurrencies.
It’s supported by a number of prominent institutions including Fidelity, SoFi, and Coinbase.
The platform recently made waves when it filed an application with the SEC for a Bitcoin ETF that would enable investors to gain exposure to Bitcoin while trading on the New York Stock Exchange.
Zac Prince, the founder of BlockFi, has an International Business degree from Texas State University.
Before creating BlockFi, he was involved with a number of tech startups including Admeld, an ad tech company that was acquired by Google in 2011.
Where Is BlockFi Available?
Residents of most US states can access BlockFi’s services, but there are some exceptions you should be aware of.
BlockFi Interest Accounts, for example, are available in all US states and territories except Kentucky and New York.
Their US Product Availability page offers more information about the available services in each state:
- Consumer Loans: Available in all states and territories except Iowa, Idaho, Kentucky, Louisiana, Mississippi, Montana, Nevada, South Dakota, and Vermont
- Business Loans: Available in all states and territories except Guam, Kentucky, North Dakota, Nevada, South Dakota, and Vermont
- Fiat Wire/ACH Transfers: Available in all states and territories except Delaware, Guam, Iowa, Kentucky, Louisiana, Maine, Mississippi, North Dakota, New Mexico, Nevada, New York, South Dakota, Vermont, and West Virginia
- BTC/ETH/LTC/PAXG/DAI/LINK/UNI/BAT Trading Pairs: Available in all states and territories except Kentucky, New Mexico, Nevada, New York, Vermont, and West Virginia
- Stablecoin Trading Pairs: Available in all states and territories except Arkansas, Iowa, Kentucky, Louisiana, Maine, Mississippi, North Dakota, New Mexico, Nevada, New York, Vermont, and West Virginia
Unfortunately, details about availability outside the United States are a little less clear. One page on their site simply states “The BlockFi Interest Account is available worldwide, with a few exceptions. For example, due to legal restrictions, BIA is not available to users located in sanctioned or watchlist countries. The BIA is available in most US states.”
Your BlockFi Experience
If you use our BlockFi referral link, and sign up for the service. I’d love to hear how it goes. Let us know about your experience with BlockFi in the comments to help crypto investors like yourself make the right choice.
$100 for 2½ months
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