The Offer
- BlockFi is offering a bonus of up to $1,000. The bonus you receive depends on the amount of Cryptocurrency traded:
The Fine Print
- Clients who have traded with BlockFi before and trade $1,000 or more qualifying crypto during the promotion period (8/10/20 04:00:00 – 8/24/20 23:59:59 UTC) are eligible to receive a bonus in USDC stablecoin.
- Traded value will be tracked as the sum of all qualifying trades executed during the promotion period.
- Note: stablecoin to stablecoin trades do not qualify.
- There is no cap on the number of times you may trade your balance, however, the bonus will only be applied to a maximum total traded value of 2x your BIA balance as of 23:59:59 UTC on 9/14/20.
- For example: If your BIA balance on 9/14 is $10,000, your max payout will be calculated using the lesser of $20,000 or the total traded value in USD.
- We are also offering an additional $10 in USDC if you enable Recurring Trades and trade $250 or more in total traded value.
- To be eligible for the additional Recurring Trades bonus, you must meet the $250 minimum and leave Recurring Trades enabled through September 14, 2020.
- Â Bonuses will be credited by end of day on September 15, 2020.
- In order to be eligible for the promotion, you must trade during the promotion window and meet the minimum requirements. There is a maximum of one bonus per client.
- This offer is only available to the first 1,000 eligible clients. Trading qualifications may be dependent upon geographical or regulatory restrictions. Terms subject to change.
Our Verdict
Similar to the deal for new users, but each tier is offering a lower payout. Because of the fees/spread involved I don’t think this bonus is worth considering, but if anybody works out a way to make it worth doing then please share in the comments below.
Hat tip to readers Dave S & James L
Does anyone know whether any crypto bonuses offered by these exchanges and apps can be churned?
Davis I’ve had Cake DeFi, Celsius, Nexo, Hodlnaut, BlockFi, WeBull, eToro, Voyager, Abra, and OKcoin.. and closed all the accounts after getting the bonuses. Now I’m just wondering which of these is worth wasting time for? Are any of these confirmed to be churnable?
What does this mean?
“For example: If your BIA balance on 9/14 is $10,000, your max payout will be calculated using the lesser of $20,000 or the total traded value in USD.”
?
It means that you can only reach the tier that is 2x your Interest Account Balance on 9/14. So, for example, if you had $10,000 in your IA, you couldn’t churn it 10x times in trading to reach the $100,000 tier; you’d only be able to get to the $20,000 tier (assuming you made $20,000+ in trades).
I received a better offer via email, up to $640 free for trading the $100,000 level.
Still not worth it. They charge 0.7% in fees compared to Coinbase Pro or Kraken which charge 0.5% and 0.16%.
After factoring in the higher fees, even with the $640 bonus it’s a better deal to not get the bonus and just take the lower fees on other site.
Was just about to comment that I received the same increased offer too, perhaps because I haven’t traded using them before. But yeah, their offered rates seem to be 1% lower than the market, so still not worth it.
Where do you see higher rates? I’m almost certain their 8.6% on dollarcoin tops the market. Their 6% on BTC might be a little less, but it’s still competitive.
I also received that offer. I agree it isn’t worth going tor the $100,000 tier, but the lower tiers can be profitable if you were going to trade anyway. (Hey, free overlay). Been satisfied with them so far (working on the double interest bonus currently), so I’ll probably go for the $5k or $25k tier bonus.