Finblox Review: Earn Rewards On Your Crypto

A high-yield savings account gives you the chance to build your savings without any active management of the cash. But what if you could take advantage of a high-yield savings platform for your cryptocurrency holdings? Finblox is a tool that could help you grow your cryptocurrency portfolio without constantly buying new assets.

What Is Finblox?

Finblox is a savings platform for cryptocurrency designed to build user savings through a steady APY. The company is backed by top-tier investment firms including Sequoia, Dragonfly Capital, CoinFund, Saison Capital, and more. Three Arrows Capital (3AC) was also an investor in Finblox, and they recently declared bankruptcy after defaulting on major debt held by multiple parties. This event has led to multiple bankruptcies and other platforms having to suspend withdrawals and more.

The company’s mission is to democratize wealth-building for all. They have over 15,000 members in 100+ countries. 

Finblox's Attractive APYs Crypto Savings

The major draw of Finblox is the competitive APYs. On the site, you’ll find promised APYs of up to 90% depending on which assets you deposit. 

In June 2022, the company was one of several that had to suspend their interest payments and lower their withdrawal amounts due to the 3AC crypto contagion. As of July 2022, it's been working to get back to normal, but consumers should be aware of this as they make their platform decisions. 

No Minimum Balance

Whether you are just getting into crypto or have an extensive portfolio, you can work with Finblox. The company requires no minimum deposits. 

Without a minimum deposit requirement, it’s easy to get started at any time. 

Transfer Limits

Although Finblox previously advertised that you could transfer any amount of funds out of the platform at any time, but that was suspended during the 3AC crisis in June 2022. During that period, they limited the withdrawal limit of up to an equivalent of $500 USD per day or up to $1,500 per month. The change could significantly impact your ability to access your crypto. 

As of July 2022, Finblox has reinstated a withdrawal limit of $50,000 per day, or $500,000 per month for Verified Plus users. 

Are There Any Fees?

Finblox recently implemented withdrawal fees separate from their own platform fees. The amount varies by token, and you can find the full list of fees here.

How Do I Contact Finblox?

You can reach out to Finblox by sending a chat message through their website. Additionally, you can reach out via Twitter or LinkedIn @finblox. 

The platform boasts 4.9 out of 5 stars on Trustpilot (however, there are concerns that all of these reviews might not be legitimate), 3.5 out of 5 stars in the Apple App Store, and 3.8 out of 5 stars in the Google Play Store. 

How Does Finblox Compare?

Finblox’s rates are competitive - while 90% APY is only available on AXS, they have rates that are in-line with the competition for BTC and ETC. They are a little below average on USDC and USDT.

Investors do need to be aware of how they handled risk mitigation during the 3AC crisis. Some platforms, like Celsius and Voyager, had to completely suspend operations, but other platforms didn't have to change anything. Finblox temporarily lowered withdrawals and interest, but they appear to be returning to normal.

Furthermore, there is a growing negative sentiment in the comments and concerns on Twitter regularly. Users should monitor the situation and assess carefully before committing. 

Finblox Features