BlockFI vs. COINBASE
For those who are new to the world of cryptocurrency, Blockfi and Coinbase are two of the most popular choices when it comes to exchanges. In this article, we will compare and contrast the two so that you can make an informed decision about which is the better option for you when you make your first cryptocurrency investment.
Blockfi vs. Coinbase – The Pros and Cons
Blockfi
PROS:
-No fees for withdrawals or deposits in either fiat currency or cryptocurrency.
-Offers high-interest rates on cryptocurrency deposited with them, starting at 8.6% APY.
-Has a mobile app that is user-friendly and easy to navigate.
-Is one of the most established companies in the space, having been founded in 2017.
CONS:
-Minimum deposit requirements for some products can be high. For example, the minimum deposit for their crypto starter account is 1 BTC.
-US customers are currently unable to use their credit cards to purchase cryptocurrency directly on their platform due to restrictions by Visa and Mastercard. US customers can still use ACH transfers, wire transfers, or crypto to purchase crypto though.
-They offer only customer support via email; no live chat or phone support is available.
Coinbase:
PROS:
-Offers a mobile app that is user-friendly and easy to navigate.
-One of the most established companies in the space, having been founded in 2012.
-Allows US customers to purchase cryptocurrency directly on their platform using a credit or debit card. ACH transfers and wire transfers are also options for US customers.
CONS:
-Has high fees for withdrawals and deposits in fiat currency – up to 1.49% for ACH transfers and 4% for credit/debit card purchases (fees are lower if you use their Coinbase Pro platform). Wire transfer fees vary depending on your bank but typically range from $10-$30.
-For non-US customers, only wire transfers are available for deposits and withdrawals – meaning that funds can take several days to be available in your account.
Conclusion
