BlockFi vs Coinbase – Ease of Use and Security

It is no stranger to what Blockfi is and what Coinbase is. Blockfi vs Coinbase, what exactly is the difference? Here’s the review. Coinbase is made for new users. Starting and placing a trade is made as simple as possible. To buy crypto, for example, a user can simply select the “buy/sell” option, select a cryptocurrency from the drop-down menu, enter the amount they want to buy, and then confirm the transaction. This may be a lot easier for beginners than some of the other exchanges showing their order books, which can seem confusing.

When using a desktop or laptop, users can log in to the web-based version of the platform via Coinbase.com. On mobile, users can access their accounts via the Coinbase app. Signing up for an account on BlockFi is also quick and easy.

So which is best between Blockfi vs Coinbase? One potential advantage for BlockFi is its customer support. Even if a user is having trouble, they can have a live chat with a helper bot, submit an email support ticket, or talk on the phone with an agent during the workday. Coinbase has no phone support and has been known to crash during times of market volatility.

Coinbase has a reputation for not only being the oldest and largest currency exchange, but also one of the few that have never been hacked. The company claims to keep 98% of crypto funds in cold storage, with only 2% stored online. Cash deposits are also FDIC insured for up to $250,000. All other assets stored online are privately insured by Coinbase.

BlockFi also holds most of its crypto assets in cold storage, with 95% of its crypto stored in cold wallets. The remaining 5% is kept in hot wallets insured by Aron. It seems safe to assume that their assets are also safe, even though Coinbase is clearly a leader in this area. It is also important to note that BlockFi deposits are not covered by the FDIC or any other insurance.