BlockFi and Coinbase are U.S.-based companies offering crypto ✅exchange services. 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. It offers loan services and interest-bearing accounts. In comparison, Coinbase focuses on crypto exchange and brokerage services. 

The companies differ significantly in the cost of investing, the number of supported cryptocurrencies, and the products offered. Yet, both emphasize security and are suitable for beginners. Although we appreciate the less expensive BlockFi exchange, investors are limited to eight currencies versus the 141 that Coinbase supports. For new investors wanting to diversify their inv𓄧es🦄tments, Coinbase edges out BlockFi.  

We evaluated both exchanges based 🌃on the ove☂rall cost of investing, supported currencies, and security. 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.

At a Glance

BlockFi vs. Coinbase: Features

While both Coinbase and BlockFi offer exchange services, they take a different approach. On Coinbase, investors can use Automated Clearing House Network (ACH), wire transfer, or PayPal to purchase crypto. These trades exchange fiat funds for altcoins. BlockFi users send funds via wire transfer or ACH. BlockFi converts fiat currency into Gemini Dollars (GUSD) and deposits it into the BlockFi Interest Account (BIA), where it earns 9.5% 澳洲幸运5开奖号码历史查询:annual percentage yield (APY) until investors use the currency to purchase cryptocurrencies.

The interest-earning accounts are the top reason why investors select BlockFi. Other BlockFi products include consumer and business loans. The borrowing amount depends on the amount of posted collateral and the 澳洲幸运5开奖号码历史查询:loan-to-value (LTV) ratio. All loans incur a 2% origination fee, and interest rates range from 4.5% to 9.75%. ꦐBlockFi is also rolling out a BlockFi Rewards Visa Signature Credit Card, offering 1.5% back in Bitcoin♑ on every purchase and no yearly fees. 

On the other hand, Coinbase concentrates on educating investors and letting them earn crypto by watching videos and taking short courses about various currencies. Like BlockFi, Coinbase is rolling out a Visa Coinbase debit card. There’s no annual fee, users earn up to 4% in rewards on every purchase, and "can spend crypto everywhere Visa debit cards are accepted," according to Coinbase. 

Coinbase also offers a native coin, USD Coin (USDC), and users can earn rewards of 0.15% APY for holding it. Furthermore, both BlockFi and Coinbase support institutional orཧ bu🐟siness users. 

BlockFi vs. Coinbase: Currencies

When it comes to selection, Coinbase is the clear winner. Coinbase supports 150 cryptocurrencies, most of those for purchase by U.S.-based investors. The coins include many popular options, such as DOGE, BAND, and BCH.

In contrast, BlockFi only supports eight: BTC, ETH, LTC, PAXG, USDC, USDT, GUSD, and PAX. Of these coins, you can’t purchase PAX, PAXG, or GUSD on Coinbase. BlockFi also doesn’t support fiat currencies. Instead, it turns your wire or bank transfer into the 澳洲幸运5开奖号码历史查询:stablecoin, GUSD. Coinbase accepts cash 𒈔deposits and over 20 fiat currencies, including USD, EUR, and GBP. However, on both platforms, users can purchase coin fractions.&nbs♍p;

BlockFi vs. Coinbase: Security

These U.S.-based exchanges operate under strict regulatory standards and meet or exceed industry guidelines. Both follow 澳洲幸运5开奖号码历史查询:know your client (KYC) and account verification methods. They use bug bounty programs to find security weaknesses. BlockFi uses Gemini as a primary custodian, meaning Gemini handles a𒁃nd oversees the funds. As part of ꦗtheir partnership, Gemini keeps an overwhelming majority of the crypto holdings in cold storage and insures their hot wallets through Aron. 

In comparison, Coinbase stores 98% of account funds offline in cold storage and holds an insurance policy that protects funds in hot storage against theft or fraud. The Federal Deposit Insurance Corporation (FDIC) insures Coinbase cash balances.

Both crypto platforms offer a 澳洲幸运5开奖号码历史查询:hot wallet. Coinbase and BlockFi use 2FA, a password, and device confirmation. Users can opt for whitelisting, also known as allowlisting, to further protect their funds. But, investors don’t have control over their private keys on either plꦅatform. Coinbase manages your keys, whereas BlockFi’s custodian, Gemini, handles your keys.  

BlockFi vs. Coinbase: Fees

There’s a stark difference in pricing between the platforms. Coinbase charges a spread of about 0.50% plu🐈s a fee based on factors such as your location or payment method. But, they also charge the higher of a flat “convenience” fee or ꦆa variable payment-related fee. For instance, if you buy $199 of bitcoin using deposited funds, you’ll pay a flat fee of $2.99, whereas if you pay by debit card, you’ll pay the variable fee of 2%. 

The Coinbase convenience fees consist of:  

• $10 or less: $0.99
• Over $10, but $25 or less: $1.49
• Over $25, but $50 or less: $1.99
• Over $50, but $200 or less: $2.99

However, the Coinbase Pro platform charges a spread of about 0.50% and a 澳洲幸运5开奖号码历史查询:maker-taker fee ranging from 0% to 0ꦬ.50% (maker) and 0.04% to 0.50% (taker).&🍸nbsp;

In contrast, BlockFi markets itself as a “fee-free” platform. There aren’t any convenience fees added to 澳洲幸运5开奖号码历史查询:trading costs. It’s free to send money via ACH or wire transfer, or investors can connect their bank account. However, BlockFi says, the prices at the time of trade “On average, this is around + / - 1% relative to an asset's spot index price.” This means investors pay up to 1% more than the current market price. In many cases, it’s still lower than Coinbase fees but more expensive than Coinbase Pro. Some users prefer to purchase crypto on another exchange, such as Binance, then transfer the funds to BlockFi to take advantage of the interest-bearing acꦉcounts. 

Both companies charge withdrawal fees when converting 澳洲幸运5开奖号码历史查询:cryptocurrency to USD. Coinbase users pay 1.49% to send money to a bank account or the Coinbase USD Wallet. BlockFi o✨ffers one free stablecoin and one free crypto coin withdrawal per calendar month. After that, the fees are based on the currency:  

• BTC: 0.00075 BTC
• ETH: 0.015 ETH
• LINK: 2 LINK
• LTC: 0.001 LTC
• PAXG: 0.035 PAXG

BlockFi vs. Coinbase: Ease of Use

Coinbase is well known for being great for first-time users🐈. This is due, in part, to its large knowledge base, including tips and tutorials. The mobile apps receive high 🥃ratings for usability. Most people will find the platform intuitive and easy to use.  

BlockFi is also a beginner-friend♛ly platform. First-time investors will find the mobile apps and the website easy to navigate. Instead of offering resources geared toward crypto learning, BlockFi offers advice about buying a car, paying crypto taxes, or understanding loan terms.  

However, if you’re looking for customer support, BlockFi is the better option. It offers live chat, email, and phone customer support, a🗹nd many emails are answered within 24 hours. In contrast, Coinbase customer support is notoriously slow, and its phone service is listed as being almost unusable.

BlockFi vs. Coinbase: Mobile App

B🌼oth exchanges provide mobile apps for iOS and Android devices. The🗹 mobile apps let users access their accounts and trade crypto. Since the companies focus on beginners, you won’t find advanced charting or profit and loss information. Instead, the apps are straightforward and allow users to buy or sell from their cell phones. 

Additionally, BlockFi use🌳rs can view their BIA account or apply for a loan using the mobile ap෴plication. 

BlockFi vs. Coinbase: Access

Coinbase s🎉upports investors in 49 states, excluding Hawaii. It’s also available in Canada, United Kingdom, Singapore, and 39 European countries. New York residents may be prohibited from buying certain coins.

BlockFi is available to users in all 50 states and international locations, except those sanctioned by the U.S. However the trading of popular cryptocurrencies is only available in 45 states. The BlockFi Interest Account isn’t available for New York residents, however, and USDT is only available to non-U.S. residents as a stablecoin trading pair. Furthermore, access to BlockFi products varies by state. For instance, in states where wire transfer or ACH isn’t available, BlockFi suggests depositing crypto into your BlockFi account or sending “USD to Gemini or Coinbase, and then fund your BlockFi Account with GUSD (Gemini's stablecoin) or USDC (Coinbase's stablecoin).”

Final Verdict

BlockFi and Coinbase are well-known, trusted 澳洲幸运5开奖号码历史查询:cryptocurrency exchanges. Each platform is suitable for beginners, and both will soon offer a credit or debit card with crypto rewards. However, Coinbase supports more cryptocurrencies, allows various payment methods, and features a Pro platform for advanced users. For🐻 investors wanting to trade regularly and diversify their altcoins, Coinba✅se is the better exchange. 

Methodology

We compared BlockFi and Coinbase by looking at the usability of the web and mobile applications, unique features, and security. We also considered the overall cost for trading and withdrawing funds, accessibility for theᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ U.S. and international clients, and supported currencies. When making our final decision, we explored various use cases, such as investors who want to trade regularly versus those wanting to hold onto their crypto for a longer length of time.