BlockFi Decreases BTC and Increases ETH Withdrawal Rates
BlockFi, a place where you can earn interest on cryptocurrency, will be changing withdrawal fee rates for select currencies effective March 2nd, 2021.
BlockFi will be decreasing bitcoin withdrawal rates from 0.0025 BTC to 0.00075 BTC and they will be increasing ethereum withdrawal rates from 0.0015 ETH to 0.02 ETH. Additionally, PAX Gold (PAXG) and stablecoin (GUSD, PAX, USDC, or USDT*) will have increased rates.
Currently, BlockFi offers one free monthly cryptocurrency withdrawal and one free stablecoin withdrawal per month for BlockFi Interest Account (BIA) holders. Any further withdrawals after that, withdrawal rates with be applied.
For a more detailed comparison of the withdrawal rate changes coming in March, let’s take a look at the current fee schedule.
BlockFi Withdrawal Rates Fee Schedule (Feb 2021)
The following currencies will be affected on March 2nd, 2021:
- Bitcoin (BTC): Decreasing from 0.0025 BTC to 0.00075 BTC per withdrawal
- Ethereum (ETH): Increasing from 0.0015 ETH to 0.02 ETH per withdrawal
- PAX Gold (PAXG): Increasing from 0.0025 PAXG to 0.015 PAXG per withdrawal
- Stablecoin: Increasing from 0.25 (GUSD, PAX, USDC, or USDT*) to 10.0 (GUSD, PAX, USDC, or USDT) per withdrawal.
Litecoin will not be affected by the upcoming change.
It was a pleasant surprise to see bitcoin (BTC) withdrawal rates go down. Then, I saw the increase in ethereum.
Ethereum has been known to have high network fees and BlockFi has been taking a hit from them so much that they’re upping their withdrawal fees for it.
Remember though, BlockFi offers one free crypto withdrawal, as well as one free stablecoin withdrawal per month. So, you can avoid any withdrawal fees completely just but initiating one withdrawal per month.
Don’t have a BlockFi Interest Account yet? I use BlockFi for BTC and ETH. It’s where I keep my currencies. It’s safe in cold storage all while earning interest. Use my BlockFi referral link and we both get $10 in bitcoin (BTC) if you deposit $100 or more into your account.
Related: Gemini vs BlockFi Bitcoin Interest Rates: Which Is Better?