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Written by Drew Cochran on January 6, 2022
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How To Transfer From Coinbase To BlockFi 2022

There comes a time when you may want to move your cryptocurrencies from one platform to another.

Two of the most popular platforms available to investors today are BlockFi and Coinbase.

BlockFi is a newcomer to the scene, founded in 2017. Coinbase, on the other hand, has been around since 2012.

Whatever your reason is for moving your crypto's, we will show you how. Here's everything you need to know in order to transfer crypto over from Coinbase to BlockFi.

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1. Create A BlockFi Account

If you've already opened up a BlockFi account, skip down to step 2!

Use the button above to earn up to $250 in free Bitcoin!

In order to open a BlockFi account, you are going to need your social security number, phone number, a valid ID, and a real-time selfie.

BlockFi also requires you be at least 18 years of age before signing up. There are also certain states where BlockFi is not allowed, such as New York. 

You'll have to create a password, agree with their ToS, and then start verifying your identity. This will involve taking a photo of the front and back of your license.

Finally, once your records have been screened, you'll get an email saying you've been approved, and receive steps to log in. Usually it only takes a few minutes, but it can take up to 1-2 business days.

2. Find Your BlockFi Wallet Address

After your account has been set up, it's time to log in and start your deposit.

  1. From either your app or browser, click on the "Deposit" button
  2. Select the cryptocurrency you would like to deposit
  3. Copy your wallet address, or scan your wallet's QR code inside your Coinbase app

BlockFi currently supports Bitcoin, Ethereum, Chainlink, Litecoin, USDCoin, PAXG, DAI, Tether, UNI, BAT, and may be support more coins in the future.

3. Make A Withdrawal On Coinbase

Trade cryptocurrency with Coinbase

Now, to move the actual crypto funds around, log into your Coinbase account.

These steps should work out the same whether you're on your phone or online.

  1. Go to your Accounts tab, and click the "Send/Receive" button
  2. Select the type of cryptocurrency and the amount you desire to send to your BlockFi wallet
  3. With the info from step 2 ready to go, input the BlockFi wallet information into the Coinbase transaction, and press "Continue"

Now your transaction will process, and it can take a few minutes to an hour. After processing, your deposit will be displayed in your BlockFi account!

BlockFi Tips

  • BlockFi offers one free withdrawal per month, after that they will charge fees
  • Transferring out of Coinbase will cost a small fee, but you can buy, sell, and trade cryptos on BlockFi for free
  • BlockFi is not FDIC insured, but stores their BTC in the Gemini Crypto Exchange, who is regulated by the NYDFS
  • While your interest account gains are sweet, be aware that the cryptocurrency market is quite volatile, which can impact your overall returns
  • BlockFi offers several interest bearing stablecoins - you can use these coins to 'lock in' your interest gains away from dramatic crypto market fluctuations
  • Be on the lookout for BlockFi bonus offers - use our link here when signing up to earn some free Bitcoin
Article written by Drew Cochran

Platform Reviews

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