It is no longer news that the cryptocurrency economy is not going anywhere, it has come to stay. Several months ago, at the peak of the crypto buzz, I was bombarded with so much information which led to decision fatigue, trying to decide which platform to start with, regarding my cryptocurrency investment journey. I read several blogs and reports, watched several videos about blockchain, blockfi, coinbase trying to find out what is the safest way to jump on the crypto bandwagon. However, I quickly realized that I needed to simplify the decision process. I decided to use these 2 platforms to start out and my goals were simple; acquire, hold and grow my crypto investment portfolio.
I have been getting a lot of questions about this, so I decided to put this comparison post together to help people that may be facing the same decision challenge. Here are some of the things I found, I have taken the time to organize this in a very easy-to-read format which will make your decision easier. I hope you find this useful.
BlockFi and Coinbase are both platforms that enable people to buy and sell cryptocurrency, so they actually offer several similar features, but the platforms differ when it comes to fees, crypto products, and investment choices.
HERE ARE THE VARIATIONS IN A GLANCE
BlockFi provides crypto interest accounts, trading, crypto-backed loans, and much more. BlockFi is best for low fees and interest rewards
| PRODUCTS |
Coinbase offers trading, staking, institutional perks, and much more for traders in 100+ countries. Coinbase has more crypto choices and educational resources.
|VALUE PROPOSITION AS STATED ON THEIR WEBSITES|
BlockFi is the easiest place to buy, sell and earn cryptocurrency.
| VALUE PROPOSITION AS STATED ON THEIR WEBSITES|
Coinbase is the easiest place to buy and sell cryptocurrency.
Up to 1% spread per trade
Up to 0.50% spread per trade, 3.99% for credit card purchases, and 1.49% for Coinbase wallet or bank account purchases
| AVAILABLE CURRENCIES|
|MINIMUM BALANCE |
Web, Android, iOS
| APPLICATION ACCESSIBILITY|
Web, Android, iOS
Two-factor authentication (2FA), cold storage, insurance on hot storage, and a bug bounty program
| SECURITY |
Two-step verification, FDIC-insured USD balances up to $250,000, bug bounty program, platform insurance against theft, and cold storage
* No minimum to set up an account.
* Commission-free trades (though small spread fee may apply)
* Instant trades and recurring trades are available.
* Crypto balances immediately earn interest.
* More than 80 cryptocurrencies.
* Low account minimum.
* Can earn interest rewards from staking cryptocurrencies or completing courses on different crypto assets.
* Digital wallet storage, crypto-backed loans, educational resources, and multiple trading platforms.
* A limited selection of cryptocurrencies
* Withdrawals may take longer than with other platforms
* There are withdrawal fees and limits
* Lower balances cost more
* No margin accounts or futures trading available
* Higher and more complex fee structure
* It’s difficult to reach customer service
* No interest-bearing crypto accounts
Both you and the person you refer earn $10 in bitcoin as long as that person funds their interest account with at least $100.
SIGN UP NOW
Get $5 in bitcoin when you sign up.
Blockfi is said to be available worldwide
Coinbase is said to be available in 100+ countries. List of countries available here www.coinbase.com/places
BlockFi and Coinbase are popular, trusted cryptocurrency exchanges platforms. Each platform is suitable for beginners, and both offer a debit or credit card with crypto rewards. However, Coinbase supports 58 more cryptocurrencies, and allows various payment methods, and features a Pro platform for advanced users. For investors wanting to trade regularly and diversify their altcoins, Coinbase is the better exchange. Blockfi is mainly known for its crypto interest accounts, but it also offers crypto trading, crypto-backed loans, and much more.
Thanks for taking the time to read this, if you found this useful, please like and share below. Wishing you a beautiful day.