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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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:
Let's take a closer look at each step!
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When opening a BlockFi account, you'll need to have the following:
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.
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:
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.
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.
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.
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.