Are you interested in both BlockFi and Biance but not sure which would be the smarter choice for you? See how their savings, broker features, and more compare.
Cryptocurrency continues to expand and grow in popularity. Many experts believe crypto adoption will gain further steam moving forward in 2021.
Sure, currencies such as Bitcoin saw a wild and turbulent ride in 2020, but these experts feel a bright lining is ahead. Why? Because a full global economic revival isn’t coming any time soon.
While this is terrible news for those who stick with old-fashioned fiat currency investments, such is not the case for those dabbling in cryptos.
These experts also believe that fantastic platforms such as BlockFi and Binance will continue to gain even more converts. But how do these two platforms compare? Here’s what you need to know about BlockFi vs. Binance.
What is BlockFi? This platform offers institutional-grade financial products for those interested in transacting on crypto markets.
The company’s mission remains to help clients get empowered when it comes to earning interest, trading cryptos, and borrowing cash. Over time, BlockFi has earned a reputation as one of the most trusted financial service providers around.
But how does the platform set itself apart from the competition? For starters, its finances are backed by big names like SoFi and Fidelity. As a result, you’ll gain access to the same menu of services found at mega-corporate banks.
The platform also goes to great lengths to protect users from security issues and breaches. BlockFi complies with all financial regulations within the US.
What’s more, it leverages its relationships with these giant institutions to make certain crypto-assets continue to perform at their highest levels. The result? A crypto financial service that comes with peace of mind.
Who Is BlockFi Best For?
Which customers will prove most pleased by BlockFi’s unique features? Individuals who own Bitcoin and have a thorough understanding of how crypto investments work. If you’re a massive fan of cryptos and can’t get enough of them, you’ll love BlockFi.
The platform is sophisticated and requires a learning curve. But if you eat and breathe crypto news and resources, it will help you take your investments to the next level.
You’ll also enjoy the platform if you’ve experimented with crypto assets. It’ll help you hone your skills and sharpen your understanding of how these markets work.
If you’ve developed a healthy curiosity about cryptos, BlockFi could also prove an excellent way to start. The platform will help you learn everything you need to know to become a crypto pro.
The Pros and Cons of BlockFi
Now that you’ve got a better sense of who will thrive on the BlockFi platform, let’s take a closer look at its pros and cons.
When it comes to BlockFi rates, they’re typically free. This fact represents one of the significant draws of the platform.
You’ll also enjoy some of the best interest rates when you opt to go with BlockFi. But the benefits don’t stop there.
BlockFi comes with a handy app that lets you trade, earn interest, and borrow on the go. All from BlockFi’s centralized hub.
What are the downsides of using BlockFi? First, the platform proves best for individuals with a robust cryptocurrency foundation.
In other words, if you’re a beginner looking to baby step into the market, think again. You’ll also prove disappointed if you’re looking for a relationship with an investment advisor.
Instead, the platform should be reserved for those with a solid comprehension of crypto investment and trading. For those seeking financial advice and guidance, you’ll want to stick with another platform better suited to crypto newbies.
For more information about BlockFi, check out our comprehensive BlockFi Review
One of the leading trading crypto platforms, Binance supports more than 200 coins for withdrawal and deposit. It accommodates a wide variety of users, from beginners to advanced traders.
It also remains one of the most affordable and convenient ways to transact in cryptos. Binance boasts many customers worldwide and has seen incredible successes over the past couple of years.
Who Is Binance Best For?
Binance appeals to a broad segment of customers from all backgrounds and experience levels. It’s fantastic for those looking for an exchange where they can transact in fiat and cryptocurrencies.
It’s also great for those in search of a secure and reliable P2P trading service. Binance facilitates fiat currency payments and many different transactions based on your preferences.
Binance also offers credit and debit cards through its partnership with Simplex, and SEPA and wire transfers are widely available. If you’re looking for a one-stop shop, Binance may be right for you.
The Pros and Cons of Binance
We’ve discussed what Binance is and who it best serves. But how does this platform stack up when it comes to pros and cons? Here’s what you need to know.
What do customers love about Binance? They rave about the speed of transactions.
Because of the platform’s technology, most transactions take place at breakneck speed. The platform can process 1.4 million orders in a blink or two of an eye!
The platform also boasts 0.1£ transaction fees. These fees drop even further when using Binance’s native token, BNB.
Binance is also renowned for high liquidity, excellent customer service, and a fantastic reputation. Especially when it comes to security. The company continues to innovate and push the envelope, which means peace of mind for your finances.
What are the downsides when it comes to using Binance? For starters, the platform doesn’t support transactions in the following states:
- New York
- North Carolina
While the company continues to make regulatory progress in preparing to trade in these 13 states, look for other options if you’re a resident.
What else should you know about the cons of Binance? The American version of the platform (known as Binance US) only offers seven cryptos for trading at the moment.