Finblox App [An Honest Review]

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Finblox is a cryptocurrency investment platform that specializes in helping you earn passively on your crypto.

But, is Finblox right for you? In this Finblox review, we will take a look at the features offered by Finblox, as well as the pros and cons of using this platform.

We will also discuss how much Finblox costs and how it compares to its competitors, which there are plenty of.

Overall, our goal is to help you decide if Finblox is the right investment platform for you.

Let’s dive right in!

What is Finblox?

Finblox is a crypto platform founded by by fintech entrepreneurs Peter Hoang and Dmitriy Paunin, and it currently boasts more than 15,000 community members.

Finblox strives to be a reliable crypto earnings platform, mainly by simply holding crypto in specialized Finblox accounts to earn you some passive income. It’s essentially a high-yield savings account that allows you to earn interest on your deposited crypto funds.

Finblox does not charge any fees for its services, and it offers a wide range of features to its users. You get access to Defi protocols, staking, and more.

The platform operates through a mobile app that allows users to manage their crypto on the go.

Who’s backing Finblox?

Finblox is backed by Y Combinator as well as prominent VC firms including Sequoia Capital, CoinFund, Dragonfly Capital, and more.

Where is Finblox available?

The company itself is based in Hong Kong, but it has an international team of employees working from the United States, Vietnam, Philippines, Singapore, Indonesia, EU, Russia, and more.

The app is available on iOS and Android and is offered in over 100 countries, supporting more than 23 digital assets.

Is there a minimum balance requirement with Finblox?

There are no minimum deposits required to get started with Finblox.

Finblox featured vaults

Finblox offers two vaults to choose from. They are:

  • Stablecoin savings vault. This allows you to earn consistent yields coming from DeFi lending markets.
  • Crypto vault. This allows you to earn on the more volatile crypto assets like Bitcoin and Ethereum.

This allows users to earn yield based on their preferences and risk tolerance.

We’ll get into a bit more detail on the coins that each vault specifically supports down below.

What assets are supported on Finblox?

(The rates are dynamic and therefore subject to change upon Finblox’s discretion).

For their stablecoin savings vault, they support:

  • BUSD (1.4% APY)
  • DAI (5.0% APY)
  • USDC (4.3% APY)
  • USDT (3.9% APY)
  • XIDR (0.5% APY)
  • XSGD (0.5% APY)

For their crypto vault, they support:

  • ADA (4.2% APY)
  • APE (0.5% APY)
  • ATOM (11.2% APY)
  • AVAX (7% APY)
  • AXS (90% APY)
  • BNB (0.5% APY)
  • BTC (4.0% APY)
  • BUSD (1.4% APY)
  • DAI (5.0% APY)
  • DOGE (0.5% APY)
  • DOT (14.3% APY)
  • ETH (4.3% APY)
  • MATIC (7.3% APY)
  • NEAR (8.5% APY)
  • RON (0.5% APY)
  • SAND (0.5% APY)
  • SLP (0.5% APY)
  • SOL (4.5% APY)
  • USDT (3.9% APY)
  • XIDR (0.5% APY)
  • XRP (0.5% APY)
  • XSGD (0.5% APY)

Finblox referral program

An awesome aspect to Finblox is the fact that it offers its users a referral program to participate in. You can earn up to 250 USDC by referring your friends to Finblox. It’s simple to participate in and is a great way to earn some extra cryptocurrency.

Finblox pros and cons: The pros

Pros

  • No fees other than the usual crypto network fees
  • Can earn passive income each day
  • Compounded rewards daily
  • Access to Defi protocols
  • Strong security features
  • Highly polished mobile app
  • Referral program
  • No balance minimum to get started

Finblox pros and cons: The cons

Cons

  • 90% APY only applies to AXS, next highest APY is nowhere near that
  • KYC is required
  • Can’t take out loans against Finblox account
  • Dynamic yield rates (can change at their discretion at any time)
  • No sophisticated trading tools

For a bit more detail, if you value privacy, KYC can be a drawback because it requires you to submit personal information such as your name, address, and more. Although this is important to prevent fraud, it can be a turn-off for some users.

Also, Finblox does not offer sophisticated trading features such as margin trading and shorting. Some Finblox alternatives can offer you such features if that’s what you’re mainly looking for. Finblox is more for those that are just starting out and are looking for a simple way to earn with their cryptocurrency.

Lastly, there are some exchanges that allow you to collateralize your crypto to take out a loan. Finblox does not offer this feature, unfortunately. This can limit the complete use case of Defi protocols as borrowing and lending are a big part of these protocols.

How much does Finblox cost?

Finblox is free to use, but there are still the usual crypto network fees that have nothing to do with Finblox themselves.

Is there a transfer or withdrawal limit with Finblox?

If your status is Verified, you’ll be able to withdraw up to $3,000 USD per day and up to $30,000 USD per month.

If your status is Verified Plus, you’ll be able to withdraw up to $50,000 USD per day and up to $500,000 USD per month.

There are absolutely no withdrawal fees.

Is Finblox safe?

Finblox is a safe and secure platform. They take their security seriously.

Users of Finblox are insured by Fireblocks for up to 45 million USD. This protection means that if Finblox were to ever experience a hack, user funds would be protected. Finblox is also partnered with Coincover which provides strong cybersecurity protection.

Along with VC backing and other account security such as two-factor authentication and fingerprint login, Finblox is an extremely safe exchange to use.

How to sign up for Finblox

Signing up to Finblox is simple. Simply follow the steps below:

  1. Download the Finblox mobile app for iOS or Android
  2. Create an account
  3. Complete the KYC process to verify your identity and prevent fraud
  4. Deposit cryptocurrency into your Finblox account if you have any
  5. Or, alternatively, you can buy cryptocurrency directly with a credit or debit card

As you can see, it’s quite easy to get started with Finblox.

Finblox alternatives

Some alternatives to Finblox are:

  • Binance
  • Coinbase
  • WonderFi
  • BlockFi
  • Crypto.com
  • Nexo
  • Midas
  • Gemini
  • Hodlnaut

How does Finblox stack against these alternatives? Let’s take a look.

How Finblox compares to its competitors

Finblox is a much smaller company in the industry, especially when compared with platforms such as Coinbase and Binance. However, Finblox is quickly gaining users due to extensive backing by prominent VC firms.  

Compared to its competitors, it is much more solely focused on the mobile experience. Finblox does not have a desktop app or even a website. Everything is done through the Finblox mobile app.

It also does not offer sophisticated trading features. Crypto.com for example offers margin trading and shorting. Finblox does not.

Finblox also differs from its competitors in that it does not let you take out any loans against your account. Some of the other competitors do allow you to do so. For those looking for a lump sum loan or a line of credit, Finblox probably won’t be the platform you’re looking for.

The main advantage of going with Finblox is its simplicity. The platform is very easy to use and is great for those that are just starting out in the world of cryptocurrency.

Finblox is a great option for those that are looking for a simple way to earn great yields on their crypto, whether as a newbie starting out or as a seasoned crypto veteran.

In conclusion

Overall, Finblox is a great platform, but it prides itself in its simplicity. It purposely markets itself as a mobile app only platform and offers no sophisticated trading tools.

Finblox is primarily aimed at newer users or those that are just simply looking to earn passively on their crypto assets.

Overall, we think it’s got a lot of upside, and absolutely a great starting point for those that are looking to get started in cryptocurrency investing in the simplest way possible.

Have you used Finblox? What do you think of the platform? We’d love to hear your personal thoughts on it.

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