BlockFi provides wealth management products for cryptocurrency investors.
They offer loans, an interest-earning account, and a trading account.
If you own a cryptocurrency like Bitcoin and plan to keep it, we strongly recommend that you store it on BlockFi.
With BlockFi, your cryptocurrency can earn up to 7.5% APY (Annual Percentage Yield).
For Bitcoin, you can earn up to 4% APY if you store from 0 to 0.25 BTC.
Interest is paid at the beginning of each month.
For example, if you store 0.1 Bitcoin on BlockFi, you can potentially earn $720 USD over a 5-year span.
If you were to keep your cryptocurrency in a regular cryptocurrency wallet, you will not be able to earn interest on it.
In this guide, you will learn how to use BlockFi and gain interest in your cryptocurrencies.
Table of Contents:
How to use BlockFi
To use BlockFi, you need to register for an account and verify your identity.
Then, deposit your cryptocurrency (e.g., Bitcoin, Ethereum, Litecoin) on BlockFi to start earning interest.
For example, if you own cryptocurrency on Binance or Coinbase, you need to withdraw it on BlockFi.
Once you deposit your cryptocurrency on BlockFi, you will immediately start earning interest.
You don’t have to do anything else after that.
BlockFi uses a tiered interest structure based on the amount of cryptocurrency you own.
If you own less than or equal to 0.25 BTC, you will have the highest APY at 4%.
Interest accrues daily and is paid at the beginning of each month.
In addition, the interest that your earnings are composed, which increases the annual return.
1. Sign up for a BlockFi account
First, you need to sign up for a BlockFi account.
You can use this link to create an account: https://blockfi.com/?ref=ebaebea5.
Once you are on the registration page, enter your name, email and password.
Be sure to use the referral code “ebaebea5” for a sign-up bonus.
Then, select the checkboxes to accept BlockFi’s terms and policies.
To join BlockFi, you must be at least 18 years old.
Then, click “Submit” to proceed to the next step.
After clicking “Submit”, you need to provide your information.
This includes the account type, address, phone number, date of birth, and source of funds.
First, you need to select the account type.
If you are creating an account as an individual, select “Individual”.
On the other hand, if you are creating an account for your business, select “Business”.
Secondly, you need to provide your address including your country, address, city and zip code.
Thirdly, enter your phone number followed by your date of birth.
Finally, you need to select the source of funds.
2. Verify your identity
After selecting the source of funds, you need to verify your identity.
This is to prove that you are at least 18 years old.
You can verify your identity by sending your driver’s license, national identity card or passport.
In this example, we will use the “National ID” option.
First, click on the “National ID” option and upload the front of your ID.
Then, upload the back of your ID.
After uploading a photo of your ID, you need to verify yourself with your phone’s camera.
Firstly, you need to continue the switch on another device.
There are 3 options you can choose from.
This includes “Send SMS”, “Send Email” and “Scan QR Code”.
In this example, we will use the “Send SMS” option.
Click the “Send SMS” option for BlockFi to contact you via SMS.
You will then receive an SMS from BlockFi containing a one-time link.
Click the one-time link to verify your identity with your phone’s camera.
After verifying your identity with your phone’s camera, you will land on the success page.
This means that you have successfully verified your identity with BlockFi.
You will now be able to deposit cryptocurrency into your BlockFi account to earn interest.
Click “Finish” to complete the verification process.
3. Copy your cryptocurrency address to BlockFi
Now that you’ve verified your identity, it’s time to deposit your cryptocurrency on BlockFi to start earning interest.
First, you need to log in to your BlockFi account.
Once logged in, you will see several tabs in the top navigation bar.
This includes “Dashboard”, “Account”, “Fund” and more.
Click on “Fund” to fund your BlockFi account.
After clicking on “Fund”, you need to select the cryptocurrency you want to receive.
First, click on the “Currency” drop-down box.
Then, select the cryptocurrency you want to receive.
For example, if you want to receive Bitcoins, select “Bitcoin”.
This will show your Bitcoin BlockFi address.
Click the duplicate icon to copy your Bitcoin BlockFi address.
You need to send Bitcoin to this address to start earning interest.
4. Send your cryptocurrency to BlockFi
Now that you have copied your Bitcoin BlockFi address, you need to send Bitcoins to it.
For example, if your Bitcoin is stored on Binance, you need to send it to BlockFi.
On the other hand, if your Bitcoin is stored on Coinbase, you need to send it to BlockFi.
Sending cryptocurrency from a cryptocurrency exchange to BlockFi is easy.
For example, if you want to send Bitcoins from Binance to BlockFi, you must first navigate to your fiat and spot wallet.
Then, click “Withdraw” to go to the bitcoin withdrawal page.
If you are using Binance.com, you can click on this link: https://www.binance.com/en/my/wallet/account/main/withdrawal/crypto/BTC withdraw Bitcoin.
Once you are on the withdrawal page, paste your Bitcoin BlockFi address into the “Address” field.
You should have copied your Bitcoin BlockFi address from the third step.
Next, enter the amount of Bitcoin you want to send to BlockFi and click “Send”.
After clicking “Submit”, a confirmation pop-up will open.
The confirmation pop-up will show the amount of Bitcoin you are sending and the exchange fee.
Check the amount and commission before clicking “Confirm”.
After clicking “Confirm”, you will receive an email to confirm your withdrawal request.
Once your withdrawal request is confirmed, it will take 30 to 60 minutes to complete it.
You can check the status of your request by navigating to the bottom of your interest account.
At the bottom of your interest account, you will see a “Transactions” section where you can check your transactions.
5. Start earning interest!
After about 30-60 minutes, your cryptocurrency will be deposited into your BlockFi interest account.
Now you will automatically earn interest on your Bitcoin or other valid cryptocurrencies that you have deposited!
You can see your earned interest in your interest account.
First, click on the “Accounts” tab on the top navigation bar.
Then, click “Interest Account” to access your interest account.
In your interest account, you will see your interest account balance, total interest paid, and accrued interest.
Interest is paid at the beginning of each month.
If you have deposited 0.25 or less BTC, you will earn an APY of 4%.
To learn more about interest rates, you can visit this link: https://blockfi.com/rates/.
You have successfully learned how to use BlockFi to earn interest!
Conclusion
That’s it: a short tutorial on how to use BlockFi.
If you want to make your cryptocurrency work for you, depositing it on BlockFi is highly recommended.
BlockFi offers a high APY of up to 7.5%.
In addition, there are no hidden fees or balance requirements.
Interest accrues every day and you will be able to see it in your interest account via “Accrued Interest”.
You can also choose the currency in which your interest is paid.
BlockFi may reduce their APY in the future, so be sure to sign up as soon as possible!
