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Written by Sam Pennington on June 29, 2022
Category: 
FTC Disclosure

How To Transfer From FTX To BlockFi 2022

With a myriad of crypto platforms to choose from, investors are often left comparing perks and offerings from each.

Oftentimes, a better option appears. If that's the case, then a transfer from one crypto platform to another is the next step.

FTX and BlockFi are two highly popular crypto platforms, though their offerings and features vary significantly.

Even though FTX does support over 300 cryptos, and BlockFi offers just 15, BlockFi may actually be the better choice for US investors. FTX is based in the Bahamas and offers a full suite of trading features. However, in the US, those features are highly limited.

If you want to move your assets from FTX to BlockFi, then you are in luck. In this article, we cover all the steps to transfer from FTX to BlockFi. Let's dive in!

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How To Transfer From FTX To BlockFi

Transferring coins from FTX to BlockFi is actually pretty simple. You can complete the whole process from your phone by copying and pasting the BlockFi wallet address in the FTX platform.

The steps to transfer your crypto are as follows:

  1. Create a BlockFi Account
  2. Locate your BlockFi Wallet Address
  3. Initiate Transfer from FTX to BlockFi

Let's take a closer look at each step!

1. Create Your BlockFi Account

Already signed up with BlockFi? Skip down to start step 2!

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

When opening a BlockFi account, you'll need to have the following:

  • Be 18 years old or older
  • Social security number
  • Phone number
  • Valid ID
  • A real-time selfie

Please note that BlockFi's features are not available in all 50 states, including New York and Kentucky. Check and make sure your state is in the clear here!

During signup, you'll have to make a new password, check their terms of service, and go through their ID verification process. This includes taking a photo of the front & back of your driver's license.

When BlockFi verifies your info and approves you, you'll receive an approval email with steps to sign in.

Getting approved usually just takes a few minutes, but it could potentially take up to 1-2 business days.

2. Locate And Copy Your BlockFi Wallet Address

Before executing the transfer in the FTX platform, you'll need to copy your BlockFi wallet address.

Cryptocurrencies are held in a wallet. This wallet can be digital or physical. In order to transfer from FTX to BlockFi, you will use BlockFi's digital wallet. Each wallet has a unique alphanumeric address.

This wallet address is what you will use in the FTX platform to execute the transfer. You will need to tell FTX where to send the cryptocurrency - the wallet is the transfer location.

After setting up your BlockFi account, you can easily find the correct wallet address:

  1. From your app or browser, click on the "Deposit" button
  2. Select the cryptocurrency you would like to deposit into BlockFi (each cryptocurrency has its own unique wallet address)
  3. Copy your wallet address to paste into FTX

Currently, BlockFi only supports a handful of cryptos. Before starting the process, be sure to check that the crypto you would like to transfer to BlockFi is supported.

3. Transfer From FTX To BlockFi

Now that you have a BlockFi account and have located your wallet address, you are ready to make the transfer.

Before we jump into those steps, there are a few things to be aware of.

First, in order to send crypto out of FTX, you will need to set up your account with 2FA through Google Authenticate. Both iPhone and Android users can download the Google Authenticate app.

Second, when you transfer crypto from one platform to another, there are typically fees involved. This is true when transferring from FTX to BlockFi. You can view applicable fees on the FTX withdrawal fee page. FTX pays a majority of fees for their members, though for withdrawals, you will pay a small fee for every transfer.

Steps To Transfer From FTX To BlockFi

  1. Open and log in to the FTX app
  2. Tap on the "Wallet" button in the bottom navigation menu
  3. Tap "Withdraw"
  4. Type in the search bar for the crypto that you would like to transfer to BlockFi
  5. Enter in the amount you would like to transfer
    • You can tap "Max" if you want to transfer all of that particular coin
  6. Paste in the address you copied from BlockFi
  7. Paste in the 2FA code
    • Use the Google Authenticate app to create a 6 digit 2FA code. This requires leaving the FTX app and opening the Google Authenticate app. After generating a 6 digit code, copy it and return to the FTX app. Paste in the code you just copied in the "Withdraw" screen you were on previously
    • If you need additional information regarding 2FA set up with FTX, you can view their 2FA set up page
  8. Tap "Withdraw" after double checking that the information you have entered is correct

After you have clicked "Withdraw," you can check on the status of the transfer by clicking on the "Withdrawals" tab within the wallet page on FTX.US.

Once the transfer is confirmed, you will receive an email informing you of the finished withdrawal.

Transfer From FTX To BlockFi: Final Thoughts

Making the move from FTX to BlockFi is actually a pretty easy process. After creating a BlockFi account, it is as easy as copying the wallet address and pasting it into the FTX platform.

After submitting the transfer, it will take a few days to process.

If you want to learn more about BlockFi, be sure to check out our complete BlockFi review.

ftx to blockfi featured image
Article written by Sam Pennington
Sam is a personal finance writer. While in college, he dedicated his spare time to learning about personal finance, investing, and real estate. Sam currently works as a business analyst for one of the top food manufacturers in the world.

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