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If you’re already a serious investor in the cryptocurrency market, you’re probably already aware of cryptocurrency eWallets that let you earn interest on your bitcoins, borrow cash, and trade your funds. Even if you’ve just started out your journey in the crypto sphere after learning how good of an investment bitcoin is, you should still become acquainted with the BlockFi wallet.

In this BlockFi review, I want to take a closer look at how this ingenious platform works and try to help you determine if BlockFi is truly safe for you. I’ll also show you how BlockFi trading actually works and will do my best to help you reach your own conclusion.

What is BlockFi?

BlockFi is a modern digital assets financial corporation based in New Jersey, USA. Their main product is an eWallet service that enables crypto users to earn up to 8.6% annual return a year for their cryptocurrencies stored. The company is regulated by Federal authorities in the United States and is backed by world-class companies, such as Arrington XRP Capital, Galaxy Digital, Coinbase, Recruit Strategic Partners, and Morgan Creek Digital.

Needless to say, this company is created by two highly influential managers who have held key positions at tech companies and large financial institutions. For instance, Zac Prince is a wildly popular figure in the financial niches, being able to impress his leaders when running companies like Zibby or Orchard Platforms. On the other hand, Flori Marquez, the VP of operations of BlockFi, has a ton of experience managing alternate landing products and managing operations from the point of origination through litigation.

The Products Offered by BlockFi

At the moment, this company offers three main types of products:

1. The Interest Account

This is a standard feature that allows you to put your own crypto to work. You can maximize your cryptocurrency balance by simply depositing new crypto currency in your interest account. Inside BlockFi, you can get up to 6% interest on BTC and 8.6% on stable coins. The great news is that opening up this account is free of charge and requires no additional subscription.

You can quickly use the calculator tool available on the BlockFi website to get an idea of how much you’ll be able to earn within a certain period of time. Know that the BlockFi interest account is safe, so any data you provide them with will be stored in secure, hack-proof locations.

Here is an example of how you can take your bitcoin amount to a whole new level. If you deposit $100k worth in bitcoin, you’ll be able to earn up to $8.6k each year. Of course, as the value of bitcoin increases in time, you can earn even more. Even if bitcoin or other cryptocurrency maintain their current levels, you could still earn a passive income of 8.6%, which is way more than you could earn at banks with your traditional money.

The interest is paid out at the beginning of each new month, and it’s added to your initial amount. This means you’ll be able to earn compound interest each and every month. You can also choose to receive your interest in another cryptocurrency than your original one. This feature is called Interest payment flex and allows you to diversify your portfolio and grow your balance of other crypto currencies, other than your original one.

2. The Trading Account

Now that we’ve looked at the BlockFi interest account review and showed you the benefits of a BlockFi interest payout, it’s time to look at another component of this tool. The trading feature allows you to trade one of your assets in order to expand your reach and take your crypto currency to the next level.

The best part of this feature is that it doesn’t stop your interest from being accrued. Basically, the BlockFi savings account continues to work alongside your trading account. You can trade bitcoins, Ethereum, Litecoin, USDC, and GUSD.

In terms of trading benefits, expect to be able to trade without any hidden fees, benefit of excellent flexibility, and enjoy a streamlined trading experience. Trading on BlockFi is super easy.

3. The Crypto-Backed Loans

The third component of the BlockFi system could prove to be a lifesaver for many crypto investors. This tool allows you to actually borrow up to 50% of your actual crypto value from them. For example, if you have $10k worth of Ethereum, you can borrow an extra $5k. The loan is available at a rate of 4.5% interest.

Basically, if you borrow crypto at a 4.5% BlockFi interest rate, but you also use your interest account for up to 8.5% BlockFi interest rates, this means you’ll be on the positive side of the coin. Of course, the actual interest rate might be bigger than 4.5%, being determined by the amount of collateral you are willing to invest.

At the moment, the only accepted crypto currencies for loans are Litecoin, Ethereum and Bitcoin. You can pay back your loan without any prepayment fees or paying extra taxes.

Bonus Feature

The team behind this modern cryptocurrency platform has just revealed that they are working to create the world’s first credit card that offers a cashback program. That’s right. The Bitcoin rewards credit card will enable you to earn back up to 1.5% on all your bitcoin purchases.

This totally unique system will be available starting in 2021 in a few regions in the United States, and then it will expand all throughout the globe.

How BlockFi Works

On the BlockFi platform, you can do any of the three main services available: earn interest, borrow cash, and trade crypto. To do all that, you need to open up a BlockFi account. Once you do that, you can quickly log into your own BlockFi account and perform any operation you want.

The great news is that this modern tool also offers an Android app and iOS app. The BlockFi app can be used to manage your crypto balance while on the go and gain access to precious financial tools.

Once inside your account, you’ll be able to earn BlockFi btc interest, trade crypto currencies, and gain access to loans. Soon enough, you’ll be able to enjoy the bitcoin rewards crypto cards. If you’re eager to make a deposit, know that there is no minimum amount. This makes BlockFi ideal for beginners who don’t have a huge amount of crypto currency assets and are just testing out the waters.

However, for withdrawals, the interest might be subject to a minimum fee that is pre-set by Gemini, the agent of BlockFi. Although there is no longer a minimum balance required to earn interest, accounts are still subject to Gemini’s withdrawal minimums: 0.003 BTC and 0.056 ETH. Withdrawals for balances smaller than these amounts may take up to 30 days to process.

Fee Structure and Pricing Inside BlockFi

A huge benefit of becoming part of the BlockFi community is that opening an account and using their features is completely free. Trading is also fee-less. The only component of this system that will cost you money are the loans and the withdrawal.

Let’s take a closer look at the fee structure and withdrawal limits inside BlockFi:

– Stablecoins: $0.25 USD withdrawal fee and limit of $1M per week  

– Bitcoin: 0.0025 BTC withdrawal fee and limit of 100 per week 

– Litecoin: 0.0025 LTC withdrawal fee and limit of $10K per week  

– Ethereum: 0.0015 ETH withdrawal fee and limit of $5K per week 

Ease of Use

BlockFi is a modern tool designed with usability in mind. If you’re already well-versed in trading crypto and you are well aware of all the ins and outs of this process, then working with this tool will prove to be easy as pie. Nevertheless, even if you’re a complete beginner, you’ll find it very easy to work your way around the website.

The platform is created to be intuitive and very easy to navigate. The mobile app is also exquisitely created, being able to centralize all of the features and tools of this program in just one place.

Of course, you can easily consult the FAQ section or contact the support team if you need more help navigating your way around.

Security Inside BlockFi

When it comes to cryptocurrencies, security plays a key role in the grand scheme of things. According to security experts, over $1.1 billion worth of crypto currency value was stolen back in 2019. That number is probably even greater in 2020, with the bitcoin skyrocketing and the number of people investing in cryptocurrency exploding. As a sidenote, the best security method for your virtual coins is investing in a physical ledger device such as Nano Ledger X or S. I wrote a post about the Nano Ledger S and X that you can read here.

What’s important to remember about BlockFi security is that this company has invested massively in this area. BlockFi is the first digital company ever to achieve a groundbreaking SOC type 2 security compliance, which takes customer data protection to a whole new level. This platform was built from the start with a security-first approach, where independent evaluators can testify to the unique level of security involved.

All the funds held by customers inside their BlockFi wallets are secured with multi-layer encryption, featuring a “cold-wallet” feature to protect the funds. Also, the system uses a multi-digital signature to completely eliminate single points of failure and protect users from losing their private keys to hackers.

Gemini uses several security protocols to ensure that all your data is safe and your virtual currency cannot be accessed by a third-party. The list includes two-factor authentication login and withdrawals, whitelisting for specific addresses, Webauth &hardware security keys for improved protection, and encryption for passwords, personal data, and any other sensitive information.

Customer Service

If security is top-notch, the customer service from BlockFi is simply outstanding. This company has invested a lot in trainings and modules, putting together a team of experts who can quickly solve any problem related to their platform and can solve any complaints users might have.

As a client of BlockFi, you can bet that you’re on good hands. You can contact the customer support team either via your social media channel of choice or right on the site. You should expect to receive an answer within 24 hours with a reliable solution.

Is BlockFi Legit?

There is no doubt whatsoever that this tool is as legit as they come. BlockFit is regulated at federal level across 48 states in the United States and is a partner of numerous famous companies, such as Gemini or Galaxy Digital. To top it all, the team behind this brand includes several world-renowned financial analytics, directors, managers, and executives with over 200 years of combined experience in the fintech and insurance fields.

Is BlockFi Safe?

This tool leverages countless security tools and protocols that offer bank-like security for all of their services. On the platform, only a small portion of assets are kept, while the vast majority of funds and crypto assets are stored in cold storage wallets, virtual banks, third-parties, and physical servers.

Of course, because BlockFi needs to comply with all anti-money laundering rules and regulations, it has to invest in additional security measures to keep their customers’ money safe and to comply with the KYC process.

The Bottom Line

BlockFi is a one-of-a-kind blockchain-based platform perfect for any cryptocurrency holder who wants to take their investment to the next level and enjoy high-end features. This powerful system comes with BlockFi bitcoin interest rate, BlockFi insurance, and a modern BlockFi android app that allows you to reap the benefits of cryptocurrencies.

With the introduction of USD wire transfers and the upcoming bitcoin rewards credit card, this platform will soon become one of the favorite mediums of cryptocurrency holders. Choose this platform if you’re looking for service for any level of expertise, top-tier protection, simplicity, protection, and utmost safety.

If you want to start your journey with BlockFi, you can get up to a $250 crypto bonus with a deposit of $25 or more in crypto. Click here or the banner below. For any questions you might have, do not hesitate to contact me or leave a comment below.

As the value of bitcoin and other currencies is skyrocketing as you’re reading this article, more and more cryptocurrency investors are thinking of using a device that would enable them to secure their investment. Two of these devices that have gone mainstream are Ledger Nano S and X.

If you’ve too decided to secure your precious cryptocurrency investment and you’re wondering who is the winner in the Nano Ledger x vs s head-on confrontation, you’ve come to the right place. Below, we’ll take a closer look at all the specs and features of both Nano Ledger S and Nano Ledger X.

With the bitcoin reaching an all-time high, it becomes mandatory to protect your virtual money against cyber threats of all kinds. As the market of cryptocurrency will continue to rise, this environment will become more appealing to cyber criminals. Thus, you want to invest in a modern ledger device that will keep your investment safe and shut the door on hackers.

The Ledger is basically a physical device that allows you to keep your cryptocurrencies in a physical location. This device is way more secure than local or global servers because it is hack-proof and can only be accessed only by the user with specific crypto keys.

This company was founded in 2014 by a group of experts in cyber security, blockchain, cryptocurrency, entrepreneurship, and embedded security. While Ledger Nano S was launched in 2016, the X version was released in 2019. Both devices offer the highest security standards possible and can store a certain number of apps. However, Ledger Nano X comes with extra features and is more advanced, all with a higher price tag.

Without further ado, let’s dive deep into this Nano Ledger x vs S battle to see which one is better.

What is the difference between Ledger Nano S and X?

Ledger Nano S is a device created with the purpose of storing cryptocurrencies

in a physical way. This hardware wallet is similar to a micro PC or a large USB drive that has its own operating system (Bolos). This device stores the keys in a “tamper-proof element” and comes with its own security elements.

Even if you would connect the device to an infected computer, the security algorithm would kick in and protect your information from cyber attacks. You can use the device to sign off transactions and store information about your cryptocurrencies.

Even though the Ledger Nano X is similar to Ledger Nano S and is based on the same security tenets, it comes equipped with a more advanced security chip (ST33). Additionally, this newer version is equipped with Bluetooth communication, which means you can connect it to your smartphone or smartwatch through the Ledger Live mobile app.

Of course, the Bluetooth connection is end-to-end encrypted, so you’ll benefit of the same security levels as the ones offered by the Ledger Nano S. Even if an expert cyber criminal might be able to intercept the Bluetooth connection, he or she won’t be able to steal the keys, because these are protected by the secure chip’s blockchain open ledger operating system.

Compared to Ledger Nano S, which can only be used via its USB cable to connect to a laptop or desktop, Ledger Nano X can be used both as a USB device and as a Bluetooth device. The X version also comes with more storage space, supporting up to 100 app simultaneously. Conversely, its older brother released back in 2016 can only store between 3 and 20 apps.

In terms of wallet, both devices are the same, enabling you to manage 27 assets and ERC20 tokens. They are also compatible with over 50 eWallets. As far as security is concerned, both of these Ledger hardware wallets come with a Certified Secure Element (CC EAL5+) that is Independently certified by ANSSI. For backup, they have a 24-words recovery phrase.

As for other specs, the S model weighs 16.2 grams and has a size of 57 x 17.4 x 9.1 mm, compared to its counterpart that is heavier and larger, weighing 34g and having 72×18.6×11.75 mm in size.

Now, because these are both physical devices, it’s important to make sure they can withstand physical impact. The great news is that both devices are made of the highest quality materials possible. If you’re wondering whether “Is the Ledger Nano X safe?”, you should know that this device is protected against falls, scratches, and any other potential dangers.

Should I Buy Ledger Nano S or X?

This is quite a straightforward question, so we’ll give you a straightforward answer. If you prefer an inexpensive device that offers you good security, but only enables you to use your security keys together with your laptop or desktop, then the Ledger Nano S is an excellent choice for you. However, if you are always on the go and you perform regular transactions with cryptocurrencies on your mobile phone, then you should probably consider spending more money and investing in the Ledger Nano X.

Ultimately, the choice as whether to buy the Ledger Nano S or Ledger Nano X device comes down to your concrete needs. The S is suitable for long-term holders who rarely make transactions or for users who want to leverage the unique feature of the Ledger Nano S, which is to be used as a two-factor authentication device. The S is built in accordance with the FIDO universal U2F standard, a feature that, despite not being related to cryptocurrencies, might come in handy.

Conversely, the X version is an excellent choice for users who perform daily transactions and want to send crypto-related information while on the go, without being stuck to a laptop or a computer. For instance, let’s say you are on the beach, relaxing in the sun and drinking your margarita. If you either need to send a transaction or pay something with virtual currencies, you would definitely appreciate using this device to send transactions via Bluetooth.

Another reason to choose Ledger Nano X over Ledger Nano S is the increased storage space. Due to the generous space, you will be able to use multiple apps without having to erase old ones. With X, you can store up to 4 times more apps than with the S, which is definitely a huge advantage if you’re an avid user of crypto currencies.

Obviously, you can also opt in to go for both devices. You can leave the Ledger Nano S version at home or in your hotel room, while you keep Ledger Nano X with you for instant transactions. Needless to say, the Ledger Nano S comes in more colors, so it may look fancier in your pocket, while the X comes only in black.

Is the Ledger Nano X Worth it?

Despite the limited number of benefits Ledger Nano S has, the most important being the lower price tag, most modern users will choose the X version due to the increased storage space, mobility, enhanced security and reliability. All in all, it’s pretty safe to say that the X version is may be a bit better than the S one.

The X device is definitely worth it. It has a larger screen than the S version, displaying full cryptocurrency details without having you to scroll. The rechargeable battery allows you to use the device without powering it up with a cable. Even when we compare Ledger with other similar Ledger Nano X alternatives, we can’t but notice the obvious benefits of this modern device.

Let’s take a closer look at the features and specs of Ledger Nano X. First of all, the Live feature of Ledger Nano enables you to stake Tron, Tezos and Cosmos. You can lock up these currencies on their own networks and you’ll become eligible to earn a return on investment. This unique feature expands this tool from just a secure place to store your cryptocurrencies’ data into a system that earns your money and enables you to grow your digital assets.

Another unique feature of the Ledger Nano X is the swapping. This function enables you to exchange your cryptocurrencies using the Changelly system. The way it works is pretty simple and straightforward: you’re sending your cryptocurrency to the Changelly platform and you receive the swapped cryptocurrency back. In order to use this feature, you’ll need to install Ledger Live app and the exchange app.

Because the Ledger company is working with Compound, it allows you to lend USDC, USDT and DAI using the decentralized Compound’s finance system. This is another way to monetize your cryptocurrencies since you’ll become eligible to qualify for Annual Percentage Rate. This system gives you control and proof that the crypto you’re lending is generating a profit. Furthermore, it offers you convenience & security, since the lending feature is available right on Ledger Live platform and the cTokens are stored on your hardware wallet.

The Ledger Live app is super easy to use and install, and can be used on multiple devices at once: IoS, Android, Windows, Linux and MacOS. In addition to automating transactions and securing them using high-end encryption, this app comes with certain advanced features. For example, one advanced feature allows you to manually customize your transaction fee in byte/sat.

Can Ledger Nano X be Hacked?

Just like any other smart device available today, Ledger Nano X is not 100% hack-proof. For example, in July 2020, the security team behind Ledger X confirmed that they suffered a cyber attack. During this breach, an unauthorized third-party managed to access information related to their marketing and eCommerce platform. As a direct result, over 9,500 people had their contact information exposed, such as name and address. Another 1 million users had their email details leaked. However, no cryptocurrencies were stolen.

The team from Ledger were fully transparent during this unpleasant situation and worked closely with the Orange Cyberdefense company to further investigate the matter. Over the course of the following weeks, numerous users have received text messages and emails asking them to download the last update of the Ledger Live app, with the purpose of data steal. Unfortunately, some users felt to these phishing attacks, sending in sensitive information, which the cyber criminals were then able to use to gain access to the actual crypto currency information.

This unforeseen event can be rather characterized as a data breach than as a hacking. This breach has not impacted in any way the cryptocurrencies and sensitive data of users. Thus, you can rest assured that the Ledger Nano X is completely safe against cyber criminals, even though their servers and marketing information might be exposed.

It is very important to not order any Nano ledger from a third party website. To be safe, order the device from the official website here.

Ledger Nano X Supported Coins

The great news is that Ledger Nano X supports more coins than its older brother, the Ledger Nano S. Due to the increase in internal memory by 2 MB, the X version allows you to hold up to 100 coins. This app supports 1100+ assets, including EOS, Stellar, Litecoin, NEO, Vechain, XRP, and of course Bitcoin.

Ledger Nano X was upgraded back in the fall of 2019 to support even more coins, including the ones part of the native Ethereum wallet, such as ERC-20 tokens. Soon enough, this tool will support the new Ethereum 2.0, a welcomed upgrade for most coin users.

In the near future, experts predict that cryptocurrency users will be able to use their Ledger Nano X device to create Ethereum 2.0 public keys and validate them via Bluetooth. Additionally, there are signs that Ledger engineers will create a unique Ethereum app that will enable stakers to sign blocks securely on their own beacon chains.

Conclusion

So which device is the right one for you? Are you planning to go with the original Nano Ledger S version, which is cheaper, or do you prefer a more advanced tool that allows you to perform crypto-based transactions while on the go?

Whatever you choose, rest assured that Ledger Nano is an exceptional device for keeping your cryptocurrencies safe. I do hope that this Ledger Nano X vs S comparison was useful to you and will allow you to increase your earnings in 2021 and beyond by investing smartly in cryptocurrencies.

Protect your assets today. Click here or banner below to secure your Ledger Nano safely.