When it comes to earning interest on your Crypto, BlockFi and Celsius are probably the two largest players in the space. Nexo is also quite reputable, offering some of the best rates on the market. BlockFi has been operating in the lending space for a number of years now and is one of the initial companies to offer Crypto lending. BlockFi might actually be the first authorized entity to offer these innovative financial products. There is one aspect that potential investors need to be aware of when utilizing the services of BlockFi, or any of the other platforms mentioned, is that KYC is a prerequisite.
These companies are legally obliged to ensure that they have documentation of all account holders. This is not something that is exclusive to BlockFi, as previously mentioned. I have been using BlockFi for a couple of years and performed my first withdrawal ever, last week.
My First BlockFi Withdrawal – How Did It Go?
So, after utilizing the services of BlockFi for quite some time, I recently performed my first withdrawal. I have always known that BlockFi grants account holders one free withdrawal per month. I am glad to say, that this is still the case, as I withdrew BTC without any fee or additional cost. I also had to perform a verification process, perhaps because it was my first withdrawal, I am not sure. Apart from that, the process was pretty quick and I received my BTC not long afterward. Let’s have a look at BlockFi’s current offering for new account registrations.
Two Unique Bonuses Currently Available
Firstly, there is the standard bonus that has always been available for new account registrations. A minimum deposit of $100 entitles new account holders to a bonus of $10! This is still available as a bonus for US residents and all other countries if the current special bonus ever expires. In other words, the $10 bonus on a $100 deposit is the standard bonus and is always available when other bonuses expire. The second option is the new $40 bonus for non-US residents, which we will address shortly. That being said, obviously, BlockFi reserve the right to change or remove any and all bonuses at their own discretion.
Qualifying Criteria For The $40 Bonus
Currently, newly registered BlockFi accounts outside of the US are eligible for a $40 bonus provided they meet certain criteria. Firstly, the initial deposit must be at least $100 or more. Secondly, the user needs to be referred by another user who is not a US resident. This link (code: 262e89a0) can be utilized for non-US residents wishing to receive the $40 bonus. The final qualifying factor is that the deposit must be held in the account holder’s account for a minimum of 30 days.
In essence, a new investor can receive an immediate return of 40% on a $100 investment. This is a pretty good opportunity for those wishing to dip their toes into the Crypto world.
Opportunities To Take Hold Of
These are the opportunities that noobs and even seasoned Crypto enthusiasts should always be on the lookout for. Earning monthly interest on your deposit plus an additional bonus is exactly how you rack up that Crypto stack over time. Even when it comes to utilizing the benefits of lending, there is a simple strategy to execute that can maximize immediate gains.
A Great Simple Strategy
Let’s say that you are new to Crypto, or even an existing Crypto user and investor who has not yet utilized lending products. Let’s also say that you have $1000 dollars that you wish to invest. Instead of utilizing a single service, why not rather meet the deposit requirements on multiple platforms and receive multiple bonuses? BlockFi will unlock a bonus at $100, while another service such as Celsius will reward new users with $50 in BTC for every new account that is funded with $400 or more.
You can literally spread your capital and receive multiple bonuses. This is actually also a wise move, even without the bonuses, as diversification always protects your capital. I diversify as a rule regardless of benefits and bonuses.
Celsius Has A Great Drawcard
Even though we are in essence addressing BlockFi’s $40 bonus for non-US residents, Celsius has quite a nice perk that I find handy. As mentioned, BlockFi will grant you one free withdrawal every 30 days, which really helps when you look at ETH transaction costs, bearing in mind that all ERC20 tokens fall under the same transaction cost as ETH. Celsius, on the other hand, provides free withdrawals as a standard practice. You can withdraw twice on the same day and pay zero fees.
This is extremely attractive, especially if you are looking to generate passive income via these opportunities that you are looking to gain access to without having to sacrifice a hefty percentage to withdrawal fees.
BlockFi’s Portfolio Offering
Originally, BlockFi only offered interest on BTC, ETH, and a few stablecoins. New additions have since been added, making it a more viable option for those with a diversified investment portfolio allocation. Below is a full list of the assets currently on offer from BlockFi, as well as their respective interest rates.
Stablecoins have recently seen a modest increase in interest-earning capacity, which is great considering the state of the Crypto market currently. Many are probably holding a significant allocation in stablecoins in the event that the market edges lower. You will also note that many other options are ERC20 tokens, such as UNI, LINK, BAT, and PAXG.
Currently, lending platforms only accept deposits on the Ethereum network (ERC20), which means that even if LINK, for example, is available as a BEP20 users cannot use the Binance chain to deposit. Withdrawals and deposits are only facilitated on the Ethereum chain. This is what makes the free withdrawal so attractive. Obviously, if the coin has its own chain such as Litecoin, the native network fees are applicable.
This is a great opportunity for non-US residents to gain $40 in free Bitcoin. An asset that is likely to increase substantially in value over time. Spreading risk across multiple opportunities can further hedge your risk while simultaneously providing additional free BTC! Potential investors are encouraged to perform their own due diligence before making any investments. Thanks for the visit! See you soon!