BlockFi | Coinbase |
Great for Beginner to advanced crypto users who want to earn interest on their cryptocurrency investments. | Great for Beginners who are looking to gain experience and care about an easy-to-use exchange platform. |
Cryptocurrencies Offered 15 | Cryptocurrencies Offered Over 150 |
Fees Withdrawal Fees: Varies by coin Trading Fees: 0% | Fees Withdrawal Fees: 1% Trading Fees: 0.05% - 0.60% |
Bonus Offer $10 New User Signup Bonus | Bonus Offer Get $10 in BTC when you make your first $100 trade |
Unique Features
| Unique Features
|
Minimum Trade Amount $20 Cash-to-Crypto/$1.50 Crypto-to-Crypto | Minimum Trade Amount $2 |
Customer Support Live support (Weekdays), chatbot | Customer Support 24/7 Live phone support, email, live chat |
Pros
| Pros
|
Cons
| Cons
|
BlockFi vs Coinbase Overview
BlockFi is a cryptocurrency exchange platform that allows you to buy, sell and hold cryptocurrency. It is notable for its feature where users can take loans using their crypto holdings as collateral. There is no commission or trade fee, and the loans’ interest rates are pretty low.
Coinbase is an exchange platform that provides cryptocurrency-related services. It has had a solid reputation since its establishment about six years ago. Users can purchase, trade, and stake their digital currency to earn interests.
Cryptocurrencies Available
BlockFi allows you to buy, trade, and hold 15 of the most popular cryptocurrencies by market cap. You can earn interests between 3% and 6% on your crypto holdings, although this fluctuates with market value and type of cryptocurrency.
Coinbase has a list of 130-150 different cryptocurrencies on its platform; this list is regularly updated. Coinbase also provides Coinbase wallet and Coinbase Pro, which have more features for advanced traders.
Fees
BlockFi does not charge any transaction fee for trading on the platform. Withdrawal fees are charged more than twice a month, although the platform gives you one free crypto withdrawal monthly.
The fees charged based on cryptocurrency are:
| Bitcoin | 0.00075 |
| Ethereum | 0.02 ETH |
| LINK | 0.10 LINK |
| Litecoin | 0.0025 LTC |
| Stablecoins | $10.00 |
| PAX Gold | 0.015 PAXG |
Coinbase has a complicated fee structure. The withdrawal fees are typically free for ACH transfers and cost $5 for domestic transfers. International transfers also attract certain fees depending on the currency and payment platform.
Trading fees are calculated based on âtaker and makerâ as illustrated below
| Pricing tier | Taker fee | Maker fee |
| Up to $10K | 0.60% | 0.40% |
| $10k-$50k | 0.40% | 0.25% |
| $50k-$100k | 0.25% | 0.15% |
| $100k-$1M | 0.20% | 0.10% |
Staking and Credit Card Options
Users can stake on BlockFi using their interest-bearing account where coins are held and interest is deposited regularly like a normal investment account. The platform also provides users with a reward visa signature card where you earn as much as 1.5 percent back in crypto after every purchase.
Coinbase gives a selection of four coins that users can stake on the platform; it also allows users to fund their accounts using Credit cards or Visa cards directly, provided a valid billing address. Coinbase offers a 4% crypto rewards Visa debit card to its users. You can choose a crypto reward and earn up to 4% back on all your purchases. The card has no annual fees, and no credit check is required.
Security
BlockFi operates within the jurisdiction of the United States federal and state regulations. However, funds are not insured by FDIC or SPIC. The exchange takes several security and safety measures, including keeping reserves with third parties, including Coinbase and Gemini, and being vigilant with the loans it gives.
For personal safety, BlockFi allows users to ban or restrict withdrawals to certain addresses.
Coinbase is a safe exchange platform. It uses 2 step verification, cold storage, multi-factor authentication, and biometrics to secure usersâ accounts.
Coinbase is FDIC-insured USD balances and uses AES-256 encryption for digital wallets on the platform.
How to Decide Between BlockFi and Coinbase
BlockFi is a good option for traders interested in taking portfolio-backed loans without having to incur capital gains and if you like to earn interest on your crypto holdings. BlockFi offers more security in exchange for higher regulation.
Coinbase is a good platform for beginners, intermediate traders, or professionals. It has additional features in its Pro and Prime version that advanced users will find beneficial. Coinbase has higher fees than BlockFi but more cryptocurrency listings.