Finblox Review: Is it legit, safe and trustworthy for UAE citizens and residents?
Platforms for cryptocurrency savings have made its impact on the world of
finance by offering users a variety of various opportunities to generate passive
income from their cryptocurrency assets. If you want to expand your portfolio
but don't want to become involved in the "rabbit hole" of active crypto trading,
an effective alternative is to hold your cryptocurrencies in order to generate
income on them. Visit Finblox Website.
Users of crypto savings platforms like Finblox have the opportunity to earn a higher rate of interest than they would with traditional financial instruments; nevertheless, these platforms are also subject to extra hazards. This essay was written with the intention of assisting novice cryptocurrency investors in determining whether or not Finblox is a worthy investment for their crypto holdings.
Finblox is a cryptocurrency savings platform that is situated in Hong Kong. It provides outstanding APY rates, and it enables you to earn yield merely by storing your cryptocurrency assets rather than actively trading them.
Because the software is straightforward to navigate and you don't need any prior understanding of cryptocurrency, using Finblox is simple and accessible even for crypto newcomers.
Users of Finblox may withdraw their funds at any time without having to worry about collecting returns at predetermined periods, and the platform also offers daily compounding interest payments.
There is no restriction placed on the use of your funds, and there is also no needed minimum amount associated with your account. Users now have more time to properly plan out the techniques they will employ to construct their portfolios.
Last but not least, your gains are not subject to a tiering system, loyalty levels, or a minimum proportion of necessary holdings in order to access the best possible rates. The prices and services that are promoted are consistently accessible to any and all consumers.
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Finblox is compatible with a wide variety of cryptocurrencies. You can also submit a request for the inclusion of additional assets and include your email address to be alerted when the request has been fulfilled. This option is also included.
Finblox supports a total of 25 different currencies as of the time that this article was written, including both standard cryptocurrencies and stablecoins.
The following are examples of cryptocurrencies that Finblox supports:
US Dollar Coin (USDC)
Axie Solana (SOL)
Binance Coin (BNB)
Your cryptocurrency holdings on Finblox may earn you annual percentage yields (APY) of up to 90 percent, while your stablecoin holdings can earn you up to 15 percent.
In addition, Finblox offers a referral program through which users may send referral links to their friends in order to get a maximum of 250 USDC for both accounts, the amount of which is dependent on the size of the deposits made by the friends.
The following table details the annual percentage yields of several cryptocurrencies:
BTC: 5.75 percent
ETH: 5.75 percent
USDC: 15 percent
USDT: 15 percent
SOL: 6.5 percent
AXS: 90 percent
BNB: 5 percent
You are able to accumulate interest on your stablecoins if you store them in the Savings Vault. In comparison to cryptocurrencies, stablecoins are less prone to price swings and, as the name indicates, remain relatively stable even when the value of cryptocurrencies is subject to violent swings.
The key advantage of using the Savings Vault is that it enables you to generate high returns on your crypto assets without causing you to be concerned about the value of those assets decreasing in the event that the market experiences a drop.
The Savings Vault provides an ideal opportunity to earn income for those individuals who are interested in cryptocurrencies but are not prepared to take on a great deal of risk.
You may generate additional passive income from your cryptocurrency holdings by using the Crypto Vault, provided that you are ready to invest in more volatile cryptocurrencies.
If you choose assets from the Crypto Vault, the potential returns may be larger than those from the Savings Vault, but the associated dangers may also be higher.
The annual percentage yields (APY) on more volatile assets like Bitcoin, Ethereum, and Solana come with the danger that you may suffer a big loss in portfolio value on your cryptocurrencies if the market begins to go in a bearish direction.
Because of the wide range of interest rates that Finblox provides, assessing your yields and determining your earnings can be a laborious and time-consuming operation. Because of the helpful calculator that they provide, determining whether or not your investment will be profitable can now be done at the touch of a button. You may organize your investment portfolio in a way that will result in the greatest possible increase in earnings if you make use of the calculator and conduct an analysis of your expected future returns.
In order to use the calculator as follows:
Go to the website finblox.com.
Keep scrolling until you find the calculator at the bottom.
Choose the type of cryptocurrency you want to use from the drop-down option.
Determine the amount of the first deposit.
The end, as they say. To obtain an even more accurate estimate of your potential profits, you may adjust the duration of the investment term using the chart that is located on the right-hand side of the calculator.
You will be given a wallet by Finblox, which is a cryptocurrency storage system that allows you to either transfer your crypto assets from another cryptocurrency wallet or purchase crypto assets using your debit or credit card.
If you decide to move your cryptocurrencies from another wallet, you may do so by using the wallet address that was supplied to you by Finblox and choosing the appropriate network during the transfer of cryptocurrencies. Make sure that the network you pick on both wallets is the correct one, as any mistake might result in the loss of cash.
If you choose to make a purchase of cryptocurrencies, you will be taken to MoonPay, where you will be required to verify your identification. After that is finished, you will be able to make direct purchases into your wallet using Finblox and receive interest on those purchases.
The system uses security that has been certified as SOC 2 II compliant for its encryption. Therefore, you can relax knowing that the security of both your wallet and all of your valuables will not be jeopardized by cybercriminals.
Finblox offers an annual percentage yield (APY) of up to 90 percent on cryptocurrencies and 15 percent on USDC.
For investors, the only thing that may be more terrifying than the stock market collapsing would be the hidden costs that would eat away at their holdings with each and every transaction.
Finblox, on the other hand, does not charge users to make deposits or withdrawals. Therefore, you do not need to worry about the possibility of losing cash due to transaction fees and may invest your cryptocurrency to your heart's content.
Having said that, it is possible that a blockchain or your bank would charge you a nominal fee. Because Finblox does not have authority over these matters, extensive research is required before any transaction can be completed.
It won't take you more than a few minutes to have your Finblox account up and running, as the account creation procedure is really straightforward.
To establish an account for yourself, follow these steps:
You may get the Finblox app from either the Google Play Store or the App Store, depending on the operating system you use.
Launch the application, then select "Get Started" from the menu.
Tap the "Next" button once you have entered your email address, password, and country of residence.
You will be required to verify that your email address is correct. If Finblox has provided you with a verification code, you will need to get it from your inbox and enter it into the app.
To access the screen for depositing funds, you can either tap the "+" button or an asset.
That sums it up well. You will have instant access to your wallet and will be able to observe the meteoric rise of your profits.
This inquiry receives a thundering affirmative response from us. Sequoia, Three Arrows Capital, Dragonfly Capital, and CoinFund are among the venture capital firms and angel investors who have contributed to the funding of Finblox. Additionally, Finblox has received funding from a variety of different platforms and investors.
If a user wants to withdraw more than one thousand dollars in a single day, they have to authenticate their identification. This lowers the likelihood of fraudulent actions involving money laundering, theft, and identity theft.
Cryptocurrencies belonging to users are safeguarded using Fireblocks and CoinCover, respectively, according to the most recent industry encryption standards. Lastly, Finblox is protected by Fireblocks' $45 million USD insurance policy.
Two-Factor Authentication, Personal Identification Numbers (PINs), and Biometric Recognition are some of the security elements that Finblox offers.
An additional layer of protection and notice will be added in the form of an email that will be sent to you each time you log into the app or complete a transaction using your wallet.
The software was created by some of the most prominent security specialists in the industry to be completely hack-proof. Because it offers security on par with that of major international banks, you may feel safe in the knowledge that your money won't be tampered with in any way.
Do you want to find out more about the safety of crypto lending? Check out our selected list of the most secure places online to borrow cryptocurrency.
Finblox is subject to stringent regulations and adheres to the AML (Anti-Money Laundering) protocol outlined in the FATF standards. Additionally, Finblox will be operating under the Virtual Asset Service Provider license that has been issued by the Bangko Sentral ng Pilipinas, and the company is now in the process of securing membership in the Anti-Money Laundering Council (AMLC).
More than 36 articles with supplementary data and frequently asked questions are available on the support page of the Finblox website. These articles are intended to assist new users and investors in navigating the complex world of cryptocurrency investment.
In the event that users have any difficulties, they are able to access the help center on Finblox by clicking on this link. In the event that users continue to experience difficulties, a group of committed specialists works diligently to remedy the problems as quickly as they can.
Finally, if you run into any problems, you can talk to the support team through chat by going to their website and clicking the button that looks like a conversation bubble. Their replies are prompt, clear, and not difficult to comprehend in any way.
The volatility of cryptocurrencies is a problem for the majority of crypto investing platforms, and price fluctuations can have a significant negative impact on the value of your assets.
You are not need to wait any certain amount of time before being able to withdraw your assets when using Finblox.
Again, it would be advisable to conduct as much research as possible before opting to invest in a certain currency. Also, remember to pay extra attention and pick the appropriate network in your wallet each time you intend to transfer cash. If you do not, you might lose your money.
Be careful to keep an eye on any changes that may occur in the tax rules of your nation, since they might also reduce the overall amount of cryptocurrency profits you make.
The problem of losing money due to volatility may, fortunately, be remedied by investing in stablecoins via their Savings Vault. This will prevent the loss of cash. The value of a stablecoin is pegged to that of a fiat currency, and as the name indicates, the value of a stablecoin is quite consistent.
Finblox is a cryptocurrency investing platform that was launched not too long ago, in May of 2021. Finblox's investors and security features are more than sufficient reasons to trust them with your funds, despite the fact that the high yield rates may cause some people to question the company's genuineness.
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Finally, all of your assets are protected by insurance and are held in safekeeping by Fireblocks, the biggest digital asset infrastructure provider in the world, which features security on par with that of a military installation. The other one of its partners, Coincover, offers further encryption and protection services.
Finblox is a formidable competitor in the area of cryptocurrency savings because of the many innovative features it delivers to the industry. Finblox is an amazing savings platform with a ton of features, including some of the best rates and a convenient, user-friendly user interface. The number of payment alternatives and supported assets may be improved, but despite this, Finblox is still an outstanding platform. Because of their impressive investors, insurance, and security features, choosing Finblox is the clear and obvious option to go with.
You don't need to go any farther if you're seeking for an easy and hassle-free solution to make passive income on your cryptocurrency holdings, particularly stablecoins.
Finblox is a firm that is supported by venture capital and has teams working
remotely from locations like the Philippines, Vietnam, Singapore, Russia, and
Indonesia. The basic product is an app that enables users to passively earn a
return on crypto-assets such as Bitcoin, USDC, and AVAX (more coming! ), with no
lock-ups and no deposit limitations. This software is available for free on the
App Store and Google Play.
Finblox's mission is to assist bridge the gap between the worlds of fiat currency and cryptocurrencies, making it possible for billions of people to simply join the platform, create wealth over the long term, and finally achieve financial independence.
Finblox Ltd is a venture-backed crypto savings firm that was established in December 2021 and has its headquarters in Hong Kong. The company also has remote teams located in Vietnam, Russia, Indonesia, Hong Kong, and Singapore.
Finblox provides one of the most competitive interest rates available in the digital assets industry. On cryptocurrencies such as Bitcoin, Ethereum, Solana, Avalanche, and Axie Infinity tokens, it promises a dividend of up to 90 percent. On the site, users have the opportunity to earn a 15 percent yearly percentage dividend on USD Coin (USDC).
In addition, there are no minimum balance requirements or time constraints placed on withdrawals on this platform.
The firm produces income on tokens using a variety of tactics, such as lending out the assets to financial institutions or trustworthy decentralized finance protocols. Among these strategies is the lending out of the assets.
Finblox maintains the discretion to adjust interest rates upwards or downwards at any moment; but, in reality, this will be dependent on how the market is performing.
Finblox is supported by leading-edge investors such as:
Within just four months of the company's start, they were able to raise $3.9 million in finance.
Dragonfly Capital, Sequoia Capital India, Saison Capital, Three Arrows Capital, MSA Capital, Coinfund, Venturra Discovery, Kyros Ventures, First Check Ventures, Ratio Ventures, and other angel investors are among the company's backers.
Sequoia Capital India, MSA Capital, Venturra Discovery, Coinfund, Saison Capital, Ratio Ventures, and First Check Ventures contributed an undisclosed seven-figure amount to the funding round that took place in December of 2021.
Obtaining access to the platform: At this time, you can only access it through the mobile app. The webapp version will be available very shortly.
The Savings Vault is a stablecoin vault that was developed to assist clients in taking advantage of the extraordinary yet constant yields that are generated by the DeFi lending markets.
Crypto Vault: This vault is intended for users that take pleasure in generating profits from more speculative assets, such as Bitcoin, Ethereum, Sol, Axs, Avax, and others.
Withdrawals from your Finblox account are not subject to any platform fees.
However, customers are still responsible for paying gas and network costs, the total amount of which will be subtracted from the withdrawal amount.
In order to reduce the amount of money spent on gas and network costs associated with transactions, Finblox suggests using either the Polygon, BNB Smart Chain (BEP20), or Solana (SPL) networks.
The same cryptocurrency asset that was deposited is also used to pay out the interest on the investment.
At Finblox, interest is credited to your account on a daily basis and is calculated using the sum that was present in your account the previous day.
This implies that if you have made a new deposit (or added to an existing balance), the amount that you deposited will not contribute toward accruing yield until it has been in the account for at least 24 hours. This applies even if you are adding money to an existing balance.
At any point, the user is at liberty to leave the Finblox platform.
At Finblox, user assets are protected by Fireblocks Inc. ("Fireblocks"), a digital assets custodian that is SOC 2 Type II certified and provides security on par with that of a bank.
The cryptocurrency insurance program known as Coincover also guards the platform. As of the month of May in 2022, there is a 45 million dollar insurance policy on the assets.
Support on a widespread scale from blockchain networks for stablecoins like USDC
Finblox is compatible with a wide range of blockchains, making it simple to deposit stablecoins such as USDC and USDT.
Ethereum (ERC-20), Solana (SPL), BNB Smart Chain (BEP20), and Polygon are all examples of blockchain networks that are compatible with USDC.
Opening an account was simple; all I needed was an email address to join up.
The entire name field in the Android app can only have a maximum of 16 characters.
You may finish the KYC process in a matter of minutes if you check the "Junk" folder for the OTP that was issued to validate your email address.
The services offered by Finblox are currently accessible in over 100 countries worldwide. You may find here a list of the countries that Finblox does not support on this page.
Sites like Finblox in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.