Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
*Note: BlockFi filed for Chapter 11 bankruptcy on November 28, 2022. Prior to the filing, the crypto platform paused withdrawals in response to the FTX collapse. BlockFi tweeted that it plans to recover all obligations that FTX and other counterparties owe them. The company has paused platform activity, so users can’t invest at this time.
BlockFi vs Coinbase: Which is right for you?
BlockFi and Coinbase offer several similar features, but the platforms differ when it comes to fees, crypto products, and investment choices.
BlockFi crypto selection (it offers more than 40 crypto assets) is nowhere near as large as Coinbase’s. However, it could still be a good option for traders in search of lower fees and interest rewards. Plus, it’s probably a better option for crypto-backed loans. BlockFi’s loans have interest rates as low as 4.5%, while Coinbase’s bitcoin-backed loans require an 8% APY.
But Coinbase is much more suitable for traders in search of a wider variety of cryptocurrencies. It not only offers more than 170 different assets, but it also offers several educational resources (including Coinbase learning rewards) for traders who want to learn more about cryptocurrencies.
BlockFi
Coinbase
Account types
Personal cryptocurrency accounts and business crypto accounts
Account types
Personal investment and institutional accounts
Investment choices
Cryptocurrencies
Investment choices
Cryptocurrencies
Account perks
No-transaction-fee trading, instant trades and recurring trades, crypto-backed loans, credit card spending perks, and institutional services
Account perks
170+ cryptocurrencies, staking, Coinbase Earn crypto rewards, wallet services, Coinbase Pro, and Coinbase Card for spending, and institutional services
Human advisors/experts available?
Yes — customer phone support from client service representatives and private client assistance for institutions.
Human advisors/experts available?
No
Is BlockFi right for you?
Pros
No minimum to set up accountCommission-free trades (though small spread fee may apply)Instant trades and recurring trades available
Cons
Limited selection of cryptocurrenciesInterest account faced backlash from multiple US states for alleged securities laws violations earlier in July 2021; platform filed for bankruptcy in November 2022New York residents can’t take advantage of interest perks
BlockFi is a US-based crypto lender providing a variety of crypto services for individuals and institutions both in the US and abroad. The exchange formerly offered crypto interest accounts, but it still provides crypto trading, crypto-backed loans, and more.
As for crypto trading, BlockFi’s selection is on the smaller end compared to larger crypto exchanges. It currently offers more than 40 crypto assets, including bitcoin, ethereum, litecoin, and pax gold. And its stablecoin (a stablecoin is an asset whose value is pegged to fiat currencies like USD, gold, or other crypto assets) offering includes US dollar stablecoin (USDC), tether (USDT), gemini dollar (GUSD), and paxos standard (PAX).
BlockFi also lets you fund your account with fiat or crypto transfers and skip out on transaction fees on all crypto exchanges (though you may incur a small spread fee of up to 1%). Plus, any crypto you’ve purchased immediately earns interest on the following day of the exchange.
The company’s crypto-backed loans include interest rates as low as 4.5% and let you use bitcoin, ethereum, and litecoin as collateral for loans. This means you won’t have to completely sell your cryptocurrencies in case of an emergency. BlockFi gives you the loan in USD, gemini dollar (GUSD), or US dollar stablecoin (USDC).
Institutions can also utilize a wide range of services through the BlockFi Prime institutional platform. These include over-the-counter (OTC) trading with 24/7 support, financing solutions ( this includes the lending of cryptocurrencies, US dollars, and stablecoins), corporate treasury solutions, and more.
The BlockFi mobile app is available on iOS and Android devices.
Read Personal Finance Insider’s complete review of BlockFi here »
Is Coinbase right for you?
Pros
More than 170 cryptocurrenciesLow account minimumCan earn interest rewards from staking cryptocurrencies or completing courses on different crypto assetsDigital wallet storage, crypto-backed loans, educational resources, and multiple trading platforms
Cons
Lower balances cost moreLimited staking options
Founded in 2012, Coinbase is a global cryptocurrency exchange serving millions of users. The platform caters both to individuals and institutions, and it offers a vast suite of services for both client types.
Coinbase and BlockFi both have a shared offering of crypto exchange services, crypto loan products, and card rewards. However, Coinbase has a much larger selection of cryptocurrencies, and it offers futures, NFTs, and multiple trading platforms for advanced traders.
Coinbase gives traders three options: the standard Coinbase account, Coinbase Pro, and Coinbase Advanced Trade. While the standard account gives you access to things like crypto trading, staking rewards, Coinbase learning rewards (an educational feature that pays you in crypto rewards for learning about different cryptocurrencies), and digital storage, Coinbase Pro and Coinbase Advanced Trade cater to more experienced traders.
In fact, some of Coinbase Pro’s features include order books, charting tools, and trading APIs that let you use programmatic trading bots. Coinbase Advanced Trade also offers this, but it additionally allows for staking (with rewards of up to 5%) and additional security features and charting tools.
In addition, Coinbase offers a subscription service, Coinbase One, that allows for 24/7 customer support, premium market research, and fee-free trades. It has a monthly fee, but we aren’t clear on how much users pay per month.
Coinbase also offers several products for institutions. These include the Coinbase Prime trading platform, commerce services, offline crypto storage, ventures fundraising for new crypto startups, and much more. You can learn more about Coinbase’s institutional services here.
Coinbase is available on iOS and Android devices.