In a previous article we explored various decentralized Financial platforms that we can use to earn some interest on our crypto assets. (Read it HERE) I have been earning interest on my crypto holdings in BlockFi and Nexo, which are two of the platforms that I mentioned in that article.
There has been a recent addition to BlockFi’s functionalities that merits attention. You can now trade between the different assets in your accounts. This new function is available in many international locations and US states, please note that in some US states there may be some restrictions due to local regulations.
Block Fi allows you to keep the cryptos Bitcoin, Ethereum and Litecoin, as well as the stablecoins Gemini USD, USD Coin and Paxos. What they have now done is to allow the user to switch funds from one coin to another.
When executing trades in BlockFi you do not incur in any fees. The exchange rate is clearly stated at the moment you set up your trade, as you can see in the picture. There is a 1% difference in these rates comparted to those displayed on cryptowatch.
Another great feature of the trading in BlockFi is that there is no settlement time. As soon as you confirm your trade the new balances will be reflected in your accounts, and you will continue earing interest on the new balances. This feature makes it easier to readjust your holdings without losing any value in the process.
It must be noted that even though all the site mentioned in this article has been proven to be reliable, there is always risk associated with dealing in cryptocurrencies. This is an unregulated market, so care must be exercised to contrast the information provided in this article before you commit any funds. This article is not intended as financial advice.