Blockfi vs. Coinbase

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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 not able 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 customer support via email only – there is no live chat or phone support 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 both deposits and withdrawals – meaning that it can take several days for funds to be available in your account. 

 

Conclusion: Overall, Blockfi seems to be the better option when compared to Coinbase – especially when considering things like fees, customer support, and deposit/withdrawal options. That being said, Coinbase is still a very respectable choice and may be a better fit for those who are looking for an easy way to purchase cryptocurrency using a credit or debit card. No matter which exchange you choose, make sure to do your own research before making any investments!