BlockFi Australia Review
Summary: This is a comprehensive review of the cryptocurrency lending and borrowing platform, BlockFi. We take a close look at its supported features, security measures, fees schedule and available assets.
Yes, BlockFi is available to use in Australia, it has offices in both Sydney and Melbourne and offers its services to all Australian residents. It services over a million Australian investors and is one of the most popular lending protocols.
The BlockFi protocol offers Australian investors a range of crypto products such as a cryptocurrency lending and borrowing platform that allows users to obtain access to funds without the use of a bank.
In addition to cash loans and interest-bearing accounts, BlockFi also offers a credit card and a service called BlockFi Prime. The BlockFi credit card allows users to spend their cryptocurrency without having to convert it into fiat currency first. BlockFi Prime is a subscription service that provides access to exclusive investment opportunities, research, and customer support.
BlockFi is a regulated financial services company with a license to operate in the United States, Europe, and Australia. BlockFi has implemented industry-leading security measures to protect users’ assets, and all user data is stored offline in air-gapped cold storage wallets. It is regulated at both the state and federal level in the USA.
There are no fees for creating an account or holding cryptocurrency on BlockFi. There are also no deposit fees but there is a pretty large flat fee of $25AUD per withdrawal. There are fees associated with taking out a loan or using the BlockFi credit card. For loans, there is a 4% origination fee and a 1% monthly servicing fee. For the BlockFi credit card, there is a 3% foreign transaction fee.
You can refer to the photo below for a breakdown of BlockFi’s fee schedule.
BlockFi offers competitive interest rates on both its USD-denominated interest-bearing account and its cryptocurrency-backed loans. Interest rates on the BlockFi account vary depending on the amount deposited but are currently around 8%. Loan interest rates start at 4.5%, and can be lower if the loan is collateralised with a higher-value asset.
For a the full list of available interest rates, you can visit the BlockFi Crypto Interest Rates page.
The BlockFi credit card allows users to spend their cryptocurrency without having to convert it into fiat currency first. BlockFi credit card holders will earn 1.5% back on all purchases and the rewards are given in the users choice of cryptocurrency. Allowing users to easily accumulate digital assets through their credit cards.
BlockFi Prime is a subscription service that provides access to exclusive investment opportunities, research, and customer support.
The platform also supports a mobile version on both iOS and Android. For apple users, you can download this app on iPhone and iPad. It is rated 3.3 stars out of 900 reviews on the Australian app store. On the Google Play store it is rated 3.7 stars from 5K reviews.
BlockFi is a useful platform that provides good security and is considered a safe cryptocurrency lending protocol. It has an easy-to-use UI and straightforward functionality, offers low fees and has high yields on multiple cryptocurrencies.
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