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BlockFi Trading: How to Use Trading

Published 27 October, 2020
    BlockFi Trading is an easy way to trade between your different assets within the BlockFi platform. The best part is that you earn compound interest while trading. In this example we'll use GUSD and BTC, but you can view the other currencies offered on our Rates page.

    How to use BlockFi Trading:

    1. Click the 'Trade' button on your Dashboard
    2. Select 'Receive': GUSD
    3. Select 'Pay With': BTC
    4. Enter the GUSD amount you would like to use to purchase BTC
    5. Click the Swap Icon 🔄 (this will calculate the exact BTC you will receive based on current market prices)
    6. Click 'Confirm Trade' to proceed 
    7. Click 'Submit Trade'
    8. You will then have executed a trade to purchase BTC with your GUSD (you will receive a confirmation email of the transaction)
    Please note, the same process will work if you’re buying another cryptocurrency like Ether with GUSD.If you're looking to purchase Gemini Dollars (GUSD) with U.S. dollars (USD) and move them to BlockFi to start trading, you can learn how here.

    Frequently Asked Questions:

    • How is BlockFi licensed to trade?
      • BlockFi has conducted a state-by-state legal analysis in conjunction with outside counsel. BlockFi Trading is available in permitted international regions and U.S. states. See the full list of U.S. trading availability HERE. *** We expect to expand product availability as quickly as possible based on incremental licensing approvals.
    • What are BlockFi’s exchange rates/fees?
      • BlockFi aggregates liquidity to offer seamless trade execution and pricing.  The rates displayed when you place a trade reflect the price you will pay with no additional fees.
    • What are the tax implications of trading? Will I receive a year end report for taxes?
      • BlockFi will provide a report that displays trade history. As a client you are responsible for calculating your own cost basis. Please consult with your tax professional if you have any further questions.
    • When will BlockFi add Buy/Sell (Fiat On/Off)?
      • We are looking to introduce Buy/Sell features in the near future. Once available, we’ll be sure to keep the BlockFi community updated. In the interim, we recommend leveraging Gemini and the GUSD token (add USDC / Coinbase once available) to move dollars from your bank account in to our platform.
    • Why is trading not available in my state?
      • Regulations differ from state to state and we take compliance very seriously. Although trading may not yet be available in your state, rest assured that we are conducting our due diligence to attain the proper license(s) to make trading available to you in the coming months. Once a more concrete timeline has been established, we will make sure to communicate it to the broader community.
    • How long does it take to receive my crypto once I execute a trade?
      • As soon as you execute a trade successfully, it will be available in your BlockFi Interest Account.
    • How long does it take for my money to clear from my bank account versus a wire transfer?
      • We don’t currently offer a fiat Buy/Sell option. As soon as this is available, we’ll let the community know.
    • Will my funds automatically start earning interest if I trade with them?
      • Yes.
    • When I convert assets, how does this affect my Interest Payment?
      • There is no settlement time. Your trades will be immediately reflected in your account balance and the interest you earn will be adjusted accordingly. For example, if you deposit 1 BTC on the 1st of December, convert the BTC to ETH on the 15th, at the end of the month on interest payment day (the first business day of the month) you will earn 14 days worth of BTC interest and 17 days worth of ETH interest.
    • What is the maximum size of a trade?
      • Daily trading limits vary by customer and will be adjusted based on your account size and historical activity. You can view your daily trade limit and remaining daily trade limit directly within the trading modal.
    • Where do your prices come from?
      • We use cryptocurrency reference rates, real-time indices and quotes from institutional liquidity providers to determine price.
     If you have any questions, our support team is always happy to help. Call us at +1 (646) 779-9688 or email us at support@blockfi.com.-  The BlockFi Team
    Last updated on

    Disclaimer: Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and BIA accounts are riot subject to FDIC or SIPC protections. Security is our top priority. Please see our Vulnerability Disclosure Form and Bug Bounty Program.
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    Disclaimer: Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections. Security is our top priority. Please see our Vulnerability Disclosure Form and Bug Bounty Program.
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