BlockFi is a popular crypto platform that allows users to earn interest and even borrow against their crypto holdings. However, they only support a small handful of crypto's.
This leads some to look for other platforms that support more cryptocurrencies.
Crypto.com is a great option as you can still earn interest on your holdings and access over 250 cryptos!
If you would like to move your crypto from BlockFi to Crypto.com, then you've come to the right place.
In this article, we provide all the steps necessary to perform this transfer.
You may still wish to keep some of your crypto within BlockFi to earn interest, unless Crypto.com interest rates are more competitive.
However, Crypto.com has wider offerings that could allow crypto investors to further diversify holdings.
Executing this transfer is actually quite simple. However, it is important to ensure accuracy of wallets or else you could lose your assets during the transfer.
The process can be completed with the 3 steps below, which only take a few minutes to complete, unless you need to wait for verification.
Each of these steps actually have a few steps themselves. Let's dive into the details.
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The company is much more than a simple exchange for crypto. They also offer members a metal visa card and capability to send and receive crypto.
In order to send crypto from BlockFi to Crypto.com, you will need a Crypto.com account.
If you already have a Crypto.com account, you can skip this step.
If not, here are the steps to opening an account:
If your information is correct and your images are clear, this verification can be completed in as little as 5 minutes!
In order to transfer crypto from one location to another, you will need the wallet address.
However, it is important to understand that each crypto address is completely unique, and you will have a separate wallet address for each crypto that you own.
In more simple terms, you cannot send Bitcoin and Ethereum to the same wallet address for example. They would each have their own address within your wallet.
Sending crypto to the wrong address almost always means it is lost forever.
Finding the crypto address in Crypto.com is easy:
You will use this address in the BlockFi app to initiate a transfer from BlockFi to Crypto.com.
Once you have a Crypto.com account and you have located the specific wallet, you are ready to make the transfer.
However, BlockFi does charge fees for withdrawing crypto beyond the free monthly withdrawal.
They offer 1 free withdrawal per calendar month. Any additional transfers are subject to a fee. This fee varies by cryptocurrency.
For example, if you are transferring Bitcoin and have already used the free transfer, then the fee would be 0.00075 BTC.
Because they offer one free transfer per calendar month, it is best to plan out your transfers accordingly and potentially avoid the fee.
To learn more about BlockFi's fees, see their full Fee Schedule here.
Ok, here's how to send crypto from BlockFi to Crypto.com:
Transfers made from BlockFi are subject to a 1 business day security hold.
They are actually processed by 8pm EST on weekdays.
Transferring from BlockFi to Crypto.com is a pretty simple process.
Our recommendation is to use the copy feature when collecting the wallet address to ensure accuracy. It is also imperative that you ensure the same crypto network is being used. For instance, if you are transferring Bitcoin from BlockFi to Crypto.com, you must copy the Bitcoin wallet address from Crypto.com.
You may want to plan out your transfers however given the fees imposed by BlockFi after the first free monthly transfer.