BlockFi
Reviews and Complaints

If I could give this app and company zero stars, I would. After creating my account, I received emails asking me to verify my account and set up two factor authentication. I clicked the links in the emails received but the process didn’t make it past login. I have yet to be able to login on a desktop, I get an error message every time I try. Something must be wrong or incomplete with my account setup, because I don’t have the full functionality I should have, according to other users. Called customer service twice - during business hours - to ask for help with these issues, no one answered either time and I was told a ticket had been logged and someone would call back within 24 hours. I received no callbacks. Customer service is nonexistent and the application is too buggy to use. If this company can’t be trusted with the basics, they can’t be trusted with my finances.

I purchased several hundred dollars of Bitcoins through Blockfi. It took five days for my funds to clear my bank. Finally, Blockfi indicated that my Bitcoins were available to withdraw. I attempted to send my Bitcoins to an external address. I then received a message from Blockfi that there would be another five day hold for my Bitcoins to be transferred to my external address. Here’s what’s not good Blockfi does not have any stable coins to park your founds while your assets are held-up. Now my crypto is losing value as I wait for my assets to be unfrozen. Another issue, a company that is doing well financially is not going to hold on to your property like a starving person guarding bread crumbs. My bank cleaned the transaction with Blockfi; therefore, until my crypto hits my external wallet I consider my bitcoin stolen.

If you value your money stay far away from this service.

I have used multiple exchanges at this point and this is by far the worst. I couldn’t figure out how to cash out my crypto, so I decided to send it to another exchange. Then I figured out that it doesn’t send like most crypto in 15-30 minutes. If you don’t send it before 5pm EST it won’t be available until the next day (Send on Monday 5:05pm, won’t receive until Wednesday 8:00pm). I think this is unacceptable and something I have never felt with using crypto. I’m assuming the reason is the lend it out as soon as it’s in the account and have to find other crypto to send to the other wallet. The FEES are crazy as well .00075BTC at the time of writing this that’s 30$ in fees. I’ve never spent that much on a BTC transaction.

Point being overall this experience has been awful and will never be back. Once all of my crypto is cleared from here I will be deleting this app. DO NOT USE THEM.

I created an account with BlockFi using the desktop site yesterday and made my first deposit. So far I’m really enjoying the concept of the platform and how easy it is to use, but I am having some major problems with the mobile app.

I downloaded it onto my phone and tried to sign in after setting everything up, but I either got a continuous error message, or it would never get past the loading screen. I must have removed and re-installed the app onto my phone at least five different times, even restarted my phone before it finally let me sign in. Set up two factor authentication, which also works fine, but about 2 hours later, I went to open the app again. I received yet another error message saying an error occurred and that I had been automatically logged out, so now I’m back to square one.

I am really excited to get to know more about the platform and continue using it, but this is really frustrating. I suggest if you want to use BlockFi, just access it through the desktop site.

Any suggestions on how to resolve this are greatly appreciated.

First things first - the bad. The current mobile authentication is horrendous. There’s no FaceID support or OAuth Open ID options, so every time you login to the app you need username and password. Not a big a deal if you only need to do it once a week. I’m logged out of my account, on my mobile device, once an hour on average. Sometimes more. It’s probably the most annoying thing I’ve ever come across on a mobile app with 2 factor auth enabled. The user interface is decent. There’s no charts, really basic account information and balance display. If you buy bitcoin, eth, etc through BlockFi, you’ll be uncharged 1.5 - 2% compared to if you bought using Coinbase or competing platforms. Overall, the interest concept is enticing and makes it easier to hodl your crypto and make passive income. The thing is, there’s more and more competitors by the week. Unless there’s some major changes in the coming weeks/months, I will be exploring other options to store my crypto to earn interest.

I love BlockFi as a company. I’ve made a lot of “interest income” by placing tokens with them. They have a reputation for security, which is very important to me and it’s great to make 6 percent interest on cryptocurrencies.
Unfortunately, the BlockFi app is another story:
1. There are three icon symbols at the bottom of the app screen, but they are not labeled and the symbols are not intuitive, so you are basically guessing what will happen when you touch them.
2. The cryptocurrencies that you can obtain interest on are more limited than Celsius or Crypto.com.
3. It seems that just about every other update that i download hangs up when I try to open it. It just stops at the symbol page and goes nowhere. So I have to wait for the next update, which seems to fix the problem or to delete the app and then reinstall it. Then it works again.
So my advice to BlockFi would be to make the interface clearer or more intuitive, add more cryptos that you can receive interest on, and fix the hang up bug!

The rating is 100% about the app itself. BlockFi alone is great in my opinion. However, the app is ugly, clunky, & barebones. The UI is so boring and very outdated looking. It doesn’t even have a dark mode option. The app also lacks growth info, meaning that you can see how much your crypto is worth in USD at that exact moment, but, you cannot see how much your portfolio has grown overtime. Finding the interest rates for the different cryptos isn’t as easy to find as it should be considering it’s the most attractive part of this platform. Adding a bank account was the most streamlined feature of the app and was incredibly easy. Exchanging one crypto for another was easy enough, but I think it could be simplified even more. Logging in is very annoying and clunky. It offers no Face ID login option or passcode. BlockFi doesn’t even remember your email after closing the app & you are automatically logged out after the app reaches a timeout threshold. Overall I’m underwhelmed by the app but am hopeful that future updates will improve things.

As a web designer, I’m very particular about UX/UI. The design is functional and gets the job done, but it’s not as intuitive as it could be. I kinda feel like I’m just fumbling around in the app most of the time and, to me, I don’t feel that it is a very guided experience, and what I mean by that is, with such new technology as blockchain and cryptocurrency, it’s worth the effort to make it as simple, clean, and intuitive as possible. Everything is pretty on par, but I really enjoy the elegance of apps like Gemini, Coinbase, and Robinhood. I primarily use this app for staking rewards because BlockFi has made it really simple. I hope in the future this app/company decides to roll out more cryptos to stake in rather than just the few that are currently listed.
I am really excited about this app, and I’m happy with the returns I’m making, but I would be more interested if there were a broader range of assets to stake and perhaps a more guided user experience. (For reference, I do enjoy the web app version better because it feels like more of a dashboard than the actual app, and is naturally a bit more intuitive.)
Keep up the good work and I hope the best for your team.

I was intrigued like I bet guy are by the high offer of savings interest and easily obtained loans. Well, I learned the hard way. And BlockFi wasn’t all too concerned they smoked me for part of my rent money. So just first thing, forget a loan unless you got $10,000 in crypto to put it against. Now, transfer fees. You get one free a month. After that, be careful what you do and read the fine print. After confirming two transfers of $100 (in BTC) each into two separate wallets, I waited for two days and harshly discovered I read the transfer confirms backwards. I thought I was paying $1.30 to move $98.70 (x2) into these wallets. Turns out, I paid $98.70 to float a buck thirty into those wallets. You see, after your free transfer, after that, it’s a flat fee of .00255 BTC to move any amount of Bitcoin to any other wallet. BlockFi just basically sent me an email stating the BTC transfer fee amount and never replied again. It hurt me — $200 is a lot of cheese to me. I should have been more diligent, yes, so that I why I want to out this here to make sure YOU do yours. I’ve been trading and exchanging crypto on a ton of different apps and never have faced ANYTHING like that. It was surely easy for me to put a grand of Bitcoin in to the wallet ... but boy did they make me regret trying to move some it around

Two main issues that have me on the fence about continuing to use BlockFi:

1: When buying crypto on two separate occasions, I’ve gotten a message that rates changed after clicking “confirm” (once when buying ETH and once when buying UNI). Both times, I clicked the confirm button again to proceed with the purchase and ended up buying twice as much as I intended. Only after clicking confirm for a second time in each instance did the confirmation page appear to show the transaction went through.

I was hesitant to click the confirm button for a second time on the UNI purchase after being burned on the ETH purchase, but I checked my bank account and no money was withdrawn so I assumed the transaction didn’t go through. Only after the fact did I realize (again) that both transactions went through, even though the rate change notice appeared rather than the confirmation page on the first attempt. The second time is on me, but it’s still a rather large bug that shouldn’t be an issue for a tech-centric company.

2. The transaction list on the app for the credit card does not show payments, only purchases. To see payments, you need to open BlockFi in a browser and dig for it. It’s not user friendly and harder than it needs to be to check balances if you’re paying off via multiple payments during the same billing cycle. I’m not sure if the time zone difference creates a lag (I’m in EST), but other credit card apps show pending and past payments and make it easy to see what is or has happened in the account.

I’m a big fan of BlockFi, but terribly disappointed in the performance of the iPhone app. There is so much opportunity here completely wasted with poor app design and clunky functionality. There are dozens of beautiful crypto apps out there that completely blow this one out of the water. If they can fix the app and functionality the sky is the limit for them.

Edited to include the following because the developer requested specific feedback. Fair enough. Here you go. The app will only actually load about half the time. Just freezes at load and I am unable to login. That's fatal for any of you that are frequent traders. It's absurd. The biometric login option very often doesn't sync correctly. About 75% of the time it doesn't even propagate the Face ID login, even though it has been authorized to do.

The black footer at the bottom is likely confusing to a lot of new clients. It doesn't actually look like it is part of the app functionality. It just looks like part of the phone because of the color. Didn't even realize that they were buttons native within the app for a week. I'm sure that happens to a lot of people.

Settings functionality is very limited in the app. You have to load Blockfi in a browser to change some settings. Perhaps that is a security feature, but I want a FULLY functional app.

The fact that I'm continuing to have issues logging into the app has led me to move some of my money to Celsius. I'll run them both simultaneously for a month or so, and my money will go to the platform that outperforms the other. As of right now, things are not looking good for BlockFi. I can't keep my money on a platform that is suffering from basic functionality issues.

I put a LOT of time in, did my research, and chose to move a good deal of my crypto into BlockFi a few months back, and I couldn’t regret selecting them over their competitors more.

Basically due to the factors that:
a) They are US-based; &
b) That they *HADthe best BTC interest rate (at the time that I signed up & moved my crypto onto their platform)…
I chose to go with them over Celsius or Crypto.com. Also, they had a $250 in BTC bonus that contributed to my decision. I should have known once the bonus was not provided immediately, and after a couple weeks of trying to get in touch with someone to find out why, just to be told that I needed to have & hold my crypto in there for ~6 months before I got it, - that I made the wrong decision, but I’d already lost so much of my BTC from transferring it, that I desperately wanted the interest rate, the bonus, etc.

Since then, I believe that THREE (3) times now - they have changed (LOWERED) their interest rates, which is absolutely ridiculous and disgusting to be misled like such. I finally got the bonus thing that took 6 months, and I’m pretty sure that it wasn’t even as much as they had promised, and I’m not even close to being back at the point where I was originally, before being hit with the transfer fees and whatnot from moving it into the app.

Furthermore, the sheer lack of diversity in the cryptocurrencies that they offer on the app - is both frustrating, as well as limiting (another thing that I would not be dealing with had I chosen one of their competitors).

In conclusion: if it seems too good to be true (like this HAD at least), it probably is. Don’t do it. I give this 1 star, and there are some of my reasons why.

Good luck to anyone reading this, and to the BlockFi company as a whole - in retaining customers when you are CONSTANTLY changing (& by changing - I mean LOWERING) your interest rates and misleading those like myself, who chose to keep our hard earned investments in your platform. ✌️

3 deposits - 2 for $4,000 - 1 for $1,800. The 1,800 deposit was not going to go through due to insufficient funds because of a miscalculation, I them proceeded to email customer service to tell them to cancel my order the same day and they told me they were not able to cancel the order. The charges went through and because of the $1,800 charge they locked my account. They proceeded to send me identity verification request which wouldn’t upload on 3 different occasions and after each attempt I would have to wait 24-48 hours to get another try. Finally uploaded my documents and passed the verification for them to start ignoring my emails from that point on. After about a 11 days of me sending countless emails every single day to them they finally responded with “rest assured, our underwriting team will unlock your account by the end of the day” that was 2 weeks ago and still nothing has happened and I still can’t log into my account. Every time I call I get some representative who cannot do anything on their end because they only handle new accounts. In a recent email that they responded to me they said that “because of so much new inquiries, they are having a difficult time getting to everyone” I’m a customer, I’m not inquiring about a new account, when do I get put behind the inquires who are looking to open an account. Last night after talking with a couple people who are experiencing the same problem I’ve come to discover that they are doing things like this to others with one of the posters having his account locked for over 3 months now.
They have totally lost my business with them, because of this whole fiasco I have missed out on plenty of trading and staking opportunities through JULB and JULD as well as countless profits missed from binance and trading alt coins because they have my bitcoin locked up.
Save yourself the time and headache and make sure you stay clear of this incompetent, lazy and downright sorry excuse for a company.
Seeking legal action for this matter.

So I can transfer my crypto from Coinbase into this scam of a service (BlockFi) for no fee from Coinbase, but as soon as I try to send someone some ethereum from BlockFi; all of the “earned interest” is essentially wiped out in fees!? I guess I’ll be closing this account and putting everything into my cold storage. There is no real benefit to having my crypto sitting in BlockFi if every time I try to send or pay with eth any gains are wiped out completely by fees! Great BANKING scam! Not your keys not your coins makes more sense now than ever! Horrible!

What I liked about BlockFi was the interest rate. So I decided to sign up. It took 8 weeks for them to verify my business account.

Onboarding was extremely inconsistent as I opened up three different accounts over the past few month.

Finally when I had everything completed, and started using the app, my accounts were disabled.

Now I am locked out of my accounts and now I have to start over with a different company.

I should have saw the writing on the wall when it took two months to open up the first account.

I’ve spent hours and hours wasting my time.

I want to keep this review strictly related to the actual app. Not sure if there was a recent update or something, but I keep getting logged out, which is a pain in the you know what, because you can’t login directly through the app interface and I also have two factor authentication set up. Before I was just able to use my Face ID to login. Over the next few months I’ll be removing funds from Blockfi anyways because overall, as the interest has decreased so much and the functionality of the app is just nonexistent with this login issue. Hopefully they can figure it out.

My friend recommended the app so I have been TRYING to use it. First, made an account and it wouldn’t let me link my bank, the option just wasn’t there. Made another account and it showed up, went through the whole process to link my bank and it didn’t work. Transferred bitcoin over since that was the only option and it doesn’t even show it as being there. It shows the equivalent cash balance but does not show any bitcoin there. Hopefully I can withdraw when needed. Nothing about this app has worked since I downloaded it. I will change my review if they fix the brokenness of the app.

The app freezes and is unable to load market values of currencies. In addition, it seems like you can’t access the interest accounts from the app?! This app is so bad it’s making second guess even considering the Blockfi credit card or using their services at all. The desktop site is very intuitive and well designed. I’m surprised how terrible their mobile app is compared to the desktop. It’s so bad it’s making me take my business elsewhere. Hey Blockfi 2007 called and they want their app back. How can you expect customers to trust you with a credit card with a mobile app of such low quality?

During the sign-up I put my name and all other details. However after the sign-up my name was mentioned as “foo” “bar”
I was completely shocked and raised a concern with the team and they fixed it but it took almost 2 weeks to fix it. If fixing your name then take two weeks then what will happen to my money if I deposit any into this account. At the first place, the name should not be messed up because I put the right name.

Any ways I don’t trust this app with my money at least for now.

They have a long way to go and they really need to change their technology head because there full stack is buggy and messy.

They were on the right track for a while, but now with diminishing returns, (lower interest rates) and the latest thing I don’t like, extended periods before you can transfer your crypto… (why does it take 2-3 days to transfer ETH?)

…now they are off track.

In a world of Defi and fast transactions without middle men, Blockfi has successfully become a middle man. Wow. Great job doing exactly what the Crypto world hates! Get out of the way, give the rates people deserve, don’t block transfers of our holdings and you will get back into the Crypto communities good graces. For now, this is something for people who need a middle man to feel safe.

I’ve used Blockfi for over a year promoted them to all my friends. On Monday they migrated to a new 2fa system without warning. I was able to login but at 1100pm that night it said my password was wrong I changed it not thinking anything from there I could not login it was an infinite loop asking for my password. This morning 33 hours later my account is locked out. I can not access my account I don’t know if my funds are secure and the best they can do is say they are working on it.

DO NOT TRUST THIS COMPANY! This give NO warning for upgrades. They can not give me access to MY funds!

I may have lost my life savings trusting this company!

This app is what I use to buy most of my crypto because of the interest but I don’t like how it doesn’t give you at cart to show you a progression of how your portfolio is doing and the worst thing of all, whenever crypto has a big dip, and I’d like to buy more but the app always goes down till the price goes back up with is such a headache. If you just buy dollar cost average it’s good but not when you’d like to buy the dip. Also the fees are in the price when you buy crypto but they don’t tell you. Let’s say if one ETH is at $3,500, you’ll end up paying like $3,580 for one. Over all my money is still here because of the interest but idk if I’d recommend

Increasing ETH withdrawal fee to 0.015 ETH and LINK withdrawal fee to 2 LINK is why I can no longer in good conscience recommend BlockFi. I was fine with the interest rate changes, but increasing the withdrawal fees so steeply means that most have to take a loss to get your crypto off the platform. The team gave everyone a weeks notice before instituting the fee increases making it impossible to get more than one coin off their platform without paying the egregious fees. This fee increase is predatory and in bad faith. I’ve heard it over and over again: not your keys, not your crypto. BlockFi just proved why their platform is no better than your traditional centralized bank.

I was one of the biggest fans of blockfi until I did my taxes and started to notice transactions that were not marked to have a maker and taker fee began to show different numbers than they should have. Checking the transactions on the blockchain proved that they were skimming off the top last year and never really said anything about those fees when you trade on their platform. I won't be holding my funds with them again, added they take a long time to process withdrawals or solve system issues. Did I mention that if you accidentally overdraft even by 5 dollars? They make you wait almost a week and sell your crypto instead of letting you solve it with stable coins? Yep. Never again.

The app and website are both completely non-functional. Once I login, the dashboard along with many other features are stuck in a state of constant loading. I’ve seen people complaining about similar issues for a while now all over the internet yet it doesn’t seem like their concerns are heard or responded to. Currently, I am strongly against bringing my money anywhere near the BlockFi program but I would like to give the support team one last chance to practice good customer service before I absolutely make up my mind. Please review these tech issues and fix them. You guys offer a really good service and it would be shame for you to lose customers off of issues that could be easily resolved. Thank you for your time.

I have now tried adding the small amount of $5,000 to test this app. I did the same in Gemini. This second app isn’t known to be quick by anyone’s standards. I added these amounts on the same and from the same account. Gemini took about a week to process. Block Fi has taken far longer. They passed their promised to me time and then told me they now request me to verify it is actually me. This is taking even longer! This app would get a 1if it didn’t earn the interest while the money was taking forever to transfer. Google review required also. No help from the bot or team that is supposed to help you. My earlier amount and this amount equalled $5,400 when I transferred the crypto. It is now $4,800, but why would they care?

I have subscribed to thus app about 3 days ago, everything has been done with all the information. But it doesn’t even show market list.. I have even added ny financial/ banking information too. Still not showing any crypto list, it shows loading... loading.. loading.., its been 3 days still it is loading .. I have used at list 7/8 stock apps, including Robinhood, fidelity, Ameritrade, binance, webull and couple of more.. but this one is the worst of all.. I thought, i should give that a try for referral crypto and can invest some in here too.. but this is just unacceptable and wasting of your time .. I should not have given my all the personal information to this company- like ssn, banking info.. I hope they don’t abuse these.. feeling horrible

I have used multiple exchanges at this point and this is by far the worst. I couldn’t figure out how to cash out my crypto, so I decided to send it to another exchange. Then I figured out that it doesn’t send like most crypto in 15-30 minutes. If you don’t send it before 5pm EST it won’t be available until the next day (Send on Monday 5:05pm, won’t receive until Wednesday 8:00pm). I think this is unacceptable and something I have never felt with using crypto. I’m assuming the reason is the lend it out as soon as it’s in the account and have to find other crypto to send to the other wallet. The FEES are crazy as well .00075BTC at the time of writing this that’s 30$ in fees. I’ve never spent that much on a BTC transaction.

Point being overall this experience has been awful and will never be back. Once all of my crypto is cleared from here I will be deleting this app. DO NOT USE THEM.