The Offer
Warning: I’m unable to tell if this deal is still active.
Get $50 in BTC when you trade $1,000 in crypto.
(Promotion was launched on 04/21/2020 at 11:34 AM EST per twitter timestamp)
(Update 2020-04-24: BlockFi reports they halfway through the promotion)
The Fine Print
- BlockFi clients who trade $1,000 or more in notional value of qualifying crypto
- during the promotion period (4/21/20 – 4/27/20)
- are eligible to receive $50 in BTC.
- The $1,000 notional value will be tracked as a sum of qualifying trades placed during the promotion period.
- Qualifying trades must be crypto to crypto or crypto to stablecoin (stablecoin to stablecoin trades do not qualify).
- Maximum of one bonus per client.
- BlockFi will pay a maximum of 2,000 clients on a first come, first serve basis.
- Bonuses will be credited by May 1 and will be based on the prevailing market price of bitcoin at the time of credit.
- Full Promotional Terms
Our Verdict
One of the worst things is not knowing if a promotion is still active, given the cap [BlockFi has tweeted that they will pull the promotion when the cap is reached, but I’m not sure with how much latency].
This might be a valuable promotion to you, particularly if you already had a trade planned and now can earn an additional $50. But within the promotional terms, you might able to do something to manufacture earn the bonus which would be profitable net trading fees.
Plan to make this page the home for future BlockFi promotions. For more background on BlockFi please see our Crypto Interest Earning account post.
All the Best!
Any reason not to withdraw the funds after the bonus has posted?
I don’t see anything in the terms of the promo that restricts it.
I’ll probably keep mine invested as I don’t have a better earning alternative, but then have to be OK with the risk to keep lending it to BlockFi.
Yeah, I didn’t see anything either, just making sure. I’ll probably keep it in there for a while as well, the interest rates seem okay, but definitely riskier than a hardware wallet.
Each person (3 total) in my household was able to receive this bonus. We already had blockfi accounts but hardly any crypto already in our accounts. We each only had about $10 in our blockfi accounts from a previous referral bonus. We each spent around $10-$15 to transfer crypto into our accounts (from voyager and Gemini), and then make the trades.
I transferred around $200 worth of bitcoin, so I only had to make a few trades, while my wife and daughter transferred about $100 each so they had to do more trading. We found out about this deal late on 4/26 but still managed to get all the trades done while the banner was still live on their homepage. Trades were made between bitcoin and eth, and the $50 bonuses just posted today. Not a bad deal, thanks for posting.
Sounds good, hopefully we see more deals in the space.
Promotion ended within the last few hours. Hope all those that tried get the bonus! (me me me!)
Thanks for the update, I’ll mark it expired.
Hoping you get the promo bonus too, think they will honor it until they pulled it
Traded my $1000 nominal on 4/25 after seeing you post the Twitter stating deal was over 50% claimed. I have not received my $50 BTC yet. Checked the Twitter on 4/26, saw no post about deal being over so did another $1000 for P2 with different crypto, no $50 BTC yet.. The initial deposits have remained the both accounts. Hoping to see the BTC tomorrow! Worth trying. Like everyone else, cost ~$9 in fees.
P1 and P2 bonus received 4/28 😀 Thank you,
Don L ! This finally dipped me into the realm of crypto interest accounts, was enjoying Tezos staking prior and now will utilize several interest bearing accounts. Looking forward to finding if 10% of P2 interest is actually paid out to me from referring, as we reside at the same address.
Great news!
Nice, that was a smart move
Thanks Dave, sounds good! That’s what I’m seeing too
On twitter today BlockFi reported that they were halfway through this promotion
https://twitter.com/TheRealBlockFi/status/1253689929802145794
I had 200 USDC in my wallet so I traded it to Bitcoin then to Ethereum and back and forth a few times to reach over $1200 in volume. Once I comfortably reached the trading volume, my last trade was converting back to USDC. In total I lost about 10+ in USDC after factoring the trading fees and price fluctuation in Bitcoin and Ethereum during the trades.
I think I should qualify for the free $50 in Bitcoin as long as it hasn’t reach the promotion limit. HI’ll keep the community posted if I do get the free Bitcoin on May 1st.
I did the same. Hope it works. i lost about ~$9 in trade fees/price differences
$50 promo bonus posted today
Thanks for sharing, see it too.
Deal has lasted way longer than I anticipated, guess a lot didn’t see the value, or maybe assumed already used up.
Am I missing something or is this impossible to do unless you already have $1,000 in USD or a crypto in another wallet? With only two days for the promo, and it taking 3-5 days for a deposit. Plus, for USD, BlockFi only accepts Wires, not ACH, which (at Ally) cost $20.
I think you should be able to trade any amount of crypto as long as you reach $1000 in crypto trading volume…so you don’t need to have $1000 in your wallet.
Thoughts?
If you already have crypto assets. My point was more that there’s no way to get $1,000 worth of crypto into your account within two days…unless you want to eat a $20 wire fee. Or is there?
Yeah…the $20 wire fee option is the only sure way to do the trades and hope you’re the first 2000 people to complete the qualifying trades. You could run the risk of waiting for the regular deposit process and hope the promotion hasn’t ended to avoid the $20 fee.
You also need to factor the trading fees and any price fluctuation in case you want to trade back to stablecoin.
I think that I’ve only transferred crypto into and out of BlockFi – never used their fiat on-ramp/off-ramp so not familiar with the time delays.