BlockFiReviews of blockfi.com

I wanted to move my funds. I confirmed my identity immediately but will take 5 days! 5 days for a withdrawal is ridiculous and practically unheard of. I've been in crypto for over 5 years and nowhere takes 5 days to allow a withdrawal. This has cost me money.

On March 21st, 2022 I Barbara D. Walker wired $143,185.64 to my blockchain and they closed my account. I’m under the impression the team did this to use my funds to invest because to this day March 30, 2022 they still have not returned my funds back into my bank account. I’ve repeatedly contacted them, they are avoiding my emails. Marcus promised my funds was forthcoming within 5 business days on March 21, 2022 and nothing has happened yet. I am waiting for my funds to be returned.

They function like a bank, holding blockchain transactions on their platforms for days in the name of “security”, and only transact on weekdays. there is no security reason to hold back a transaction on the blockchain for days. They are using your assets as collateral to make loans and the making money on them. Which is fine and how they are able to offer interest bearing accounts. However the delay is BS. They are simply trying to hold your assets for as long as possible to make $ off them. While you lose control over executing trades on your terms at price points you decide. It completely defeats the purpose of blockchain, it’s security, And your autonomy to transact. People like crypto because they are sick of traditional banks, their fees and delays. There are better options out there that don’t hold your money for days then lie about the reason. To your response. No other platforms hold transactions for days when crypto is being sent from a wallet on their platform to other wallets on crypto platforms. It’s not about security. This is an excuse. It is likely do to the fact you need to unleverage the asset. Just be honest about it. Also be honest about the fact every material transaction requires this timeframe. Not the BS you have written, so customers know what to expect. This space and crypto in general is the public’s response to draconian annoying and expensive banking cost and processes. Making a platform operate just like the system we are all trying to break free from is the wrong direction. You are going to get crushed. Your customer experience sucks. Customer experience is Paramount

Worst UX experience yet. I've been using this service for a year, yet they have asked me to reverify my identity two more times. Withdrawals take more than a day and they have to approve them, which is ridiculous for crypto. Last time I sent this review it got removed because I refused to prove my identity. Focus on improving customer experience, not sweeping bad reviews under the carpet! EDIT: Appreciate your template reply but you are missing the point entirely. You are the ONLY centralized crypto product I have used to day that asks for KYC repeatedly, when it was done already! This is super painful, esp when I need to make a transaction.

Hello, After seeing a bunch of info about the products BlockFi offers that seemed attractive at first glance, I decided to open an account. Within minutes the account was ready to take the money out from my bank. No photo identification required, by the way. I started depositing money, and seemed easy compared to other services of this kind. After a while, I thought it would be a good idea to secure some funds by processing two Crypto withdrawal requests. I've been waiting for two days (the minimum waiting time offered for a Crypto withdrawal), but instead of processing my requests they asked me for verification via ID/Passport, photos/video using my phone..(a regular request of any CEX), but what's strange, it's that they will ask for Verification after they allow you to deposit large amounts of money, and not before, as any other service does. I wonder what would happen with your money in a strange scenario where (for some reason) you can't successfully pass the Verification. But... that was Ok. I successfully processed the verification within minutes. Then, surprise..... Because I had two pending withdrawal requests for two different Crypto coins, even if one of them was for a very small amount being executed just for me to understand their withdrawal process, BlockFi asked me to get Verified once again. Not a different Verification process. Just the same one I had successfully executed minutes ago. No problem! I did it again "You're all set !". Within minutes, I got an email notifying that my BlockFi account was locked. No explanation other than asking to read their TOS, and the following notice..... "Should you be unable to retrieve funds through your bank, you must wait 60 days from receipt of this email before requesting a manual wire withdrawal to the source bank account. Please note that we may require identity verification to process the withdrawal. Note: Any requests made to BlockFi about your account funds will be ignored until we can process a return of funds which will only be eligible after 60 days. Do not reach out to BlockFi until after this date. " The 60 days have passed and even though I used every possible method to contact BlockFi, it doesn't seem like anyone's going to reply. (Several support tickets or by sending any kind of message using any possible form on their Help/Support pages, trying to call them using the phone number listed over their Help page, sending message via some of the previous support tickets that were used around two months ago to communicate with them..and more.. Let's not forget that a considerable amount of money is still with BlockFi, and my account is still blocked. If that can't be called an extremely frustrating situation, I'm curious to hear another :) . I'll be back here with news when ....or.... IF .... the situation will change in some way. --------- This my reply to BlockFi's post below. - I haven't been contacted by anyone yet - :( --------- UPDATE Another day without anyone contacting me. Waiting for a week. That's after a 60-day wait. --------- UPDATE Finally I've been contacted, being informed that they will return my money...soon. This is definitely good news, but ... I still find myself in a "strange" situation. Let me explain: When BlockFi locked my account they said: "At this time, we are not able to return any funds to you directly. We’d recommend that you contact your bank and request that any ACH transfers you made to your BlockFi account be canceled and reversed. Should you be unable to retrieve funds through your bank, you must wait 60 days from receipt of this email before requesting a manual wire withdrawal to the source bank account. " I thought it would be faster to follow BlockFi's advice by asking the bank to proceed as per their instructions,but a nightmare was about to start. Shortly after asking the bank to return transfers made by me (no scam or hack involved), they decided that something is not right, ending by closing my bank accounts. PERMANENTLY. So BlockFi will not be able to send a Wire Transfer as it will be automatically returned. But when they blocked my account, part of the money was in Crypto balances. I wonder what are the terms used to close my positions. Crypto coins rates have changed in the past 70 days. Maybe they will process my original withdrawal requests via crypto? Or will they accept my request to send my money to another bank account in my name? Also I wonder how they could have sent a Wire Transfer to an account that does not accept wires (if they were sent to BlockFi from a NeoBank). Not the case here, but just wonder... --- UPDATE BlockFi's final word is: "Any funds on the account will remain locked until BlockFi receives a court order to refund the funds" $25,000 of my money are locked and they also refuse a refund to the source bank account

I used to really like this platform, but they have really gone down the hill over time. They used to be good in the beginning, but they are just getting more and more terrible now. Their rates are far worse than what even many exchanges offer. Their customer service takes nearly a day. Withdrawal is a giant pain in the a** - at best you have to wait a day or two for your withdrawal to go through, and at worst you might need to wait for 10 days, if not longer! One of the biggest benefit of cryptocurrency is speed of transaction, but not when you deal with Blockfi. Even bank withdrawals are much, much faster and simpler! Oh and the free withdrawal option that they boast? It is available only for a selected few coins. You are better off using a different platform. Blockfi isn't worth using any more. They seem to be on a mission to combine the worst aspects of mainstream organisations. For a crypto organisation, it is just unbelievable, how terrible they have become. Massive shame too, they had a lot of promise. Anyway, be careful about using them.

Stay away!! We applied for a business credit card, even though we have excellent credit and we have business cards with all major banks, it took them over a month to come back with a denial. They will not even give us the reason for the denial. Just a clarification to my review. It’s not about approval or denial. We have excellent credit with Experian and all other credit Bureau’s. It’s about the illegal process which BlockFi operated which is concerning. By law credit grantors have to state the reason for the denial, BlockFi states as per the response I received via email that they don’t have abide the the banking rules and regulations, which is illegal and concerning.

They had great across the board interest rates for BTC/ETH initially but they changed to a misleading tiered approach. For example its 5% 0-1.5 ETH, 1.5% 1.5-5 ETH, 0.25% > 5 ETH. I have now withdrawn all my BTC/ETH to Nexo where I'm earning 5% for all ETH/BTC, could be up to 8% if I upgrade and store their NEXO currency. Also withdrawing from Blockfi was a pain. They pended the withdraw saying I needed to verify my ID which took a couple of business working days. Then had to wait a further 24 hours to withdraw. I actually initiated the withdrawl on a Friday so had to wit till following Tuesday. Blockfi will probably say its to protect their customers. Yeah right. Its bad slow service IMHO.