All loans incur a 2% origination fee, and interest rates range from 4.5% to 9.75%. The borrowing amount depends on the amount of posted collateral and the loan-to-value (LTV) ratio.
Other BlockFi products include consumer and business loans. The interest-earning accounts are the top reason why investors select BlockFi. BlockFi converts fiat currency into Gemini Dollars (GUSD) and deposits it into the BlockFi Interest Account (BIA), where it earns 9.5% annual percentage yield (APY) until investors use the currency to purchase cryptocurrencies. BlockFi users send funds via wire transfer or ACH. These trades exchange fiat funds for altcoins. On Coinbase, investors can use Automated Clearing House Network (ACH), wire transfer, debit or credit card, or PayPal to purchase crypto. While both Coinbase and BlockFi offer exchange services, they take a different approach. Limits vary based on your payment method and region Two-step verification, FDIC-insured USD balances up to $250,000, bug bounty program, platform insurance against theft, and cold storageĪES-256 encryption, whitelisting, and multi-signature walletsīuy, sell, exchange, send, withdraw, and receiveīased on the user’s account size and historical activity, and varies by customer Two-factor authentication (2FA), cold storage, insurance on hot storage, and a bug bounty program Up to 0.50% spread per trade, 3.99% for credit card purchases, and 1.49% for Coinbase wallet or bank account purchases Plus, we considered unique features, products, and more to uncover how the platforms differ, making it easier for you to select the right exchange for your needs. We evaluated both exchanges based on the overall cost of investing, supported currencies, and security. For new investors wanting to diversify their investments, Coinbase edges out BlockFi. Although we appreciate the less expensive BlockFi exchange, investors are limited to eight currencies versus the 76 that Coinbase supports. Yet, both emphasize security and are suitable for beginners. The companies differ significantly in the cost of investing, the number of supported cryptocurrencies, and the products offered. In comparison, Coinbase focuses on crypto exchange and brokerage services. It offers loan services and interest-bearing accounts. While BlockFi is privately owned, Coinbase is publicly traded under the ticker symbol “COIN.” Although both allow investors to buy and sell cryptocurrencies, BlockFi also functions as a crypto bank. BlockFi and Coinbase are U.S.-based companies offering crypto exchange services.
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