Exchange Review

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.

By 
Austin Barwick
 on  
August 13, 2022

BlockFi is a financial services company that offers loans and interest-bearing accounts to cryptocurrency investors. BlockFi allows users to collateralise their digital assets to receive cash loans, and also offers an interest-bearing account denominated in US dollars which pays monthly interest on deposited cryptocurrency. BlockFi has operations in the United States, Europe, and Australia.

BlockFi Review

Table of Contents

Can I use BlockFi in Australia?

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.

Available features on BlockFi

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 Home Page
BlockFi Home Page

Is BlockFi a safe platform to use?

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. 

BlockFi Fees

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 Fees Schedule
BlockFi Fees Schedule

Interest Rates on BlockFi

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.

BlockFi Crypto Interest Rates
BlockFi Crypto Interest Rates

What is the BlockFi credit card and BlockFi Prime?

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.

BlockFi Mobile App

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 App iPhone Screenshot
BlockFi App iPhone Screenshot

Final Verdict

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.

Visit BlockFi

Author Bio

Austin is a NFT and Metaverse maniac - with over 20% of his portfolio invested into the space. He is our resident multi-chain NFT expert.

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