Nexo vs BlockFi. We don’t see either of them suffering losses from hacking though, as they use top-tier security procedures like Cold Storage, forced-collateral liquidation, and they both have decent insurance just in case as well. First, the user provides some simple information, such as a name and an email address. For a complete evaluation on BlockFi, check out our comprehensive review here. Celsius Network provides rather high rates of interest to their users when compared to some of the other crypto lending platforms on the market. He's responsible for most of the content on the site, trying his best to keep everything up to date and as informative as possible. However, the precise return that investors earn may vary depending on the details of their investment. For BlockFi, the main standout feature is the integrated exchange platform. Earlier this … Earn interest, borrow cash, and trade crypto. Over the last few months I've given both BlockFi and Celsius services a trial run too see which platform I'm going to stick with since they're so similar. Both of these platforms allow users to gain access to notable features of the traditional financial system, namely borrowing and lending. Beyond the fees Celsius also has WAY more cryptocurrencies available for deposit/purchase, and they offer interest and loans on tons of those assets at quite good of rates. Celsius has no loan origination fees nor withdrawal fees — nor any other fees whatsoever, while BlockFi has a loan origination fee and small withdrawal fees. What sets BlockFi apart from the other three are the competitive interest rates, the compound interest feature, and its fully-fledged crypto trading interface. While most users may be attracted to the many features offered by Celsius Network, those who are just looking to dip their toes into the crypto lending space for the first time may find BlockFi’s flexible terms more suited for their needs. About The Author. In this video I run over three of the main crypto interest account providers, namely BlockFi, Celsius Network and Crypto.com. His career began in traditional news media but he transitioned to online media in the mid-2000s and has written extensively about the online poker boom and the rise of cryptocurrency. Helium 10 vs Jungle Scout; AmazeOwl vs Jungle Scout; Jungle Scout vs Viral Launch; Finance Articles. Arthur Crowson is an award-winning writer and editor who hails from the Pacific Northwest. Celsius Network: It was founded in 2018 by Alex Mashinsky in which one can deposit Bitcoin, Ethereum, and other ten popular cryptocurrencies. Find out in this 2020 RushRadar Comparison! The announcement by Pomp (Anthony Pompliano) yesterday that BlockFi was introducing a 6% annual interest rate raised a few eyebrows. Because of the above we’d say if you have small amounts to put into Crypto-Lending then you should opt for just using Celsius — however if you have lots of funds you may want to diversify some of the Litecoin or Ethereum you may be lending out into BlockFi, just to diversify a little bit more. In addition to the Bitcoin, Ether, and Litecoin options that are also available on BlockFi, Celsius Network users are able to use Bitcoin Cash, Ripple, Dash, or EOS as collateral. Just like BlockFi, Celsius also provides crypto loans and crypto interest accounts. However if you simply want to store smaller amounts of Crypto (<$1000) for short periods of time BlockFi offers 1 free Crypto-Withdrawal per month, so realistically so long as you aren’t taking out Crypto-Loans from BlockFi you aren’t going to have any fees — however Celsius has unlimited Crypto-Withdrawals per month for free, and seemingly no fees whatsoever, so there’s that. When BlockFi announced their new interest-earning accounts last week, many were quick to compare their services to the services offered by us at Celsius Network, but when you take a closer look, such comparisons don’t hold up. By allowing users to access these platforms via web browsers, these crypto lending platforms enable users to borrow and lend crypto via any operating system. It should be noted that Celsius Network also has its own native token, known as CEL. However, their rates were recently devoured by Celsius. Cryptocurrencies typically accepted will be Bitcoin, Ether or even Stable Coins. Get Started. Celsius Network has not faced any serious security incidents. Crypto.com vs. BlockFi – Which Platform is Better for You. Find out what the analysts think. We wouldn’t keep that much of our funds with them if we didn’t believe they were truly trustworthy. Payoneer vs TransferWise Review; Revolut Alternatives; Skrill Review; Celsius Review; Bitcoin Return Calculator; E-commerce Articles. About      Contact      Privacy Policy      Disclosures. As we mentioned above Celsius Network has a much greater selection of cryptocurrencies you can lend out through their platform or stake as collateral for a loan, so for those coins (Dash, EOS, SNX, many others) they obviously would have better rates than BlockFi.eval(ez_write_tag([[468,60],'greeneryfinancial_com-medrectangle-3','ezslot_3',107,'0','0'])); However when it comes to the cryptocurrencies BlockFi currently supports — Bitcoin, Ethereum, Litecoin, Ethereum, and a few Stablecoins (USDC, PAX, GUSD), the rates are quite competitive with one another. It’s not just our clients. Clesius Network and BlockFi are both trustworthy Crypto Lending & Loan platforms in our opinion, but which one is the better choice overall for you? In terms of interest accounts, Celsius Network supports 25 different cryptocurrencies. Having said that, BlockFi faced a PR disaster in the early months of 2020 when their marketing department was hacked. As far as keeping funds safe goes, the attempted hack failed and BlockFi’s customer funds stayed secure. On the other hand, if you are looking to test out crypto lending for the first time, then you may want to go with BlockFi. So, 2 days ago I was testing withdrawals on both of them, to see how it works and so on. Celsius vs BlockFi vs Crypto.com oh and Nexo.. Celsius vs Crypto.com vs BlockFi is something most people will ponder between when discovering earning interest with crypto but is one better than the other? BlockFi vs. the Competition: What Sets Us Apart in the Crypto Market? This means when you take out a Crypto-Backed loan Celsius will not charge you an up-front fee, while BlockFi will charge currently around 2% of the loan amount up-front that either will be paid in the Crypto-collateral you deposit or will be taken out of the loan-amount you receive. 7 min read. Both Celsius and BlockFi have backers such as Coinbase, Voyager, the Litecoin Foundation, and many many Hedge-funds and institutional investors such as Kenetic Capital, Sofi Invest, and Winklevoss Capital (Founders of Gemini).eval(ez_write_tag([[468,60],'greeneryfinancial_com-banner-1','ezslot_5',110,'0','0'])); They’re both well capitalized and well supported with stellar trustworthy teams, audits, and partnerships. The only real risk in our mind in using their platforms is if there’s a collapse in the Cryptocurrency Ecosystem or Global Economy — but such risks are present in any banking, brokerage, or centralized financial institution. Download the Voyager app and trade $100 to get $25 of free Bitcoin. Celsius DEFINITELY wins out in this category — at least for now. The main advantage I see with Blockfi is fee free ACH deposits and withdrawals.. This additional token allows Celsius Network users to gain access to additional features, such as higher rates of interest on their crypto holdings and lower rates of interest for loans. Having said that, Celsius Network has created a streamlined application process that allows users to gain access to loans in a matter of minutes rather than days. BlockFi also has a Desktop platform. If you don’t know what Crypto Lending is about it is essentially a place where you can lend out your Cryptocurrency and earn interest. On the other hand, it provides borrowers with a 4.5% interest rate. BlockFi's interest rates and portfolio of supported assets is just not good enough to be able to compete effectively with others, so that leaves us with Nexo and Celsius to battle it out. https://blog.coincodecap.com/top-5-crypto-lending-platforms I deleted it 10 minutes later because it is a Celsius subreddit after all. The BlockFi interest rates are fairly competitive, especially when compared to simply keeping your cryptocurrency on an interest-free exchange or wallet. BlockFi vs Celsius Network | Our comparison for the savings accounts and loans Our comprehensive BlockFi vs Celsius Network comparison looks at their interest rates, usability, security, reputation and fees. The financialization of cryptocurrencies has taken some major steps forward over the past few years, with Celsius Network and BlockFi being two prime examples of this trend. You can check Celsius’s current rates and BlockFi’s current rates by clicking on those links, but normally Celsius’s Stable-coin rates are significantly higher (40% or so higher than BlockFi’s) and Bitcoin rates are moderately higher, but when it comes to Ethereum and Litecoin Celsius is just a hair higher in their interest rates (0.05%/year). But there are a growing number of platforms claiming to offer the easy borrowing and investment services of banks to crypto holders. We hope to give you the information you need to decide for yourself which is better for you — personally we use both Celsius and BlockFi as they both have advantages that we’ll outline below, and we believe they’re both trustworthy — not to mention they both offer great sign-up bonuses that we’ll go over towards the end of this article. BitGo handles crypto custody and those holdings are insured, Interest rates available in interest accounts are some of the highest in the industry, Platform supports 25 different crypto assets, There are limits on withdrawals of more than $20,000, The platforms’s own token, CEL, must be used to gain access to better rates. Those are the main benefits of Celsius compared to BlockFi — however from just a personal anecdotal level I’ve also had better (very quick and knowledgeable) support and communication with Celsius staff, while BlockFi’s has just been acceptable and nothing spectacular.eval(ez_write_tag([[970,250],'greeneryfinancial_com-large-leaderboard-2','ezslot_1',111,'0','0'])); If you think Celsius would be the right choice for you, then download the app and enter in code “198971556a” to be eligble for the current promotions Celsius offers new users to their platform. But after testing both I think I was wrong. All information presented on this site is strictly intended for educational purposes only and does not constitute financial advice, direction, guidance, or a solicitation to buy/sell any securities. … Celsius Network vs BlockFi The financialization of cryptocurrencies has taken some major steps forward over the past few years, with Celsius Network and BlockFi being two prime examples of this trend. The sign-up process on both crypto lending platforms is pretty similar. It offers a 6.2% interest rate on BTC and 3.3% on ETH for lenders. Share Article. But the biggest disadvantage for many crypto investors is that Celsius is only a mobile service. Both Celsius Network and BlockFi allow their customers to access the respective crypto lending platforms via smartphone devices. Institutions Foot the Bill. Earn up to 8.6% APY. I'm thinking which of these two should be my primary driver/savings account. Users are not locked into specific timeframes when it comes to putting down some crypto collateral when lending on BlockFi. BlockFi has a Tier system for BTC where the bigger amount you deposit, the lower your interest rate would be. Both of these platforms allow users to gain access to notable features of the traditional financial system, namely borrowing and lending. Celsius has absolutely no Desktop/Computer interface and is only accessible through a smart-phone device, this may change in the future, but currently this is unfortunately the case. In addition to the borrowing and lending functionality, BlockFi also sports its own native exchanges that allows users to seamlessly transfer between different crypto assets. 2) BlockFi. On Celsius Network, users are able to borrow dollars at rates below 1% and earn up to 10% interest on their crypto deposits. When using either of these platforms, users are able to borrow, lend and access other features via the comfort of their smartphone. Best Cryptocurrency Lending Platforms 2021, Bitcoin, Ether, Litecoin, and various stablecoins, Solid interest rates for your cryptocurrency, Not required to lock up crypto for a set period of time, Particularly good earn rates for Bitcoin and ETH, Offers an exclusive Visa card with Bitcoin rewards, Some of the highest interest rates in crypto lending, Users can lend and borrow 25 different cryptos, including Tether Gold. Neither Celsius or BlockFi charges much in terms of fees — in fact Celsius doesn’t seem to charge any fees whatsoever. Celsius Network has a slight edge in beginner friendliness during the initial loan application process, which can take as little as 60 seconds. To put it simply: If you’re going to take out a crypto-backed loan then Celsius is definitely the better option as they do not charge an origination fee like BlockFi does. Should you put all your eggs in one basket and why haven’t I mentioned Nexo in this battle? This is a HUGE advantage for many people who simply don’t have a good smart-phone and prefer using a desktop/labtop when it comes to managing their finances/investments. However, the process can take up to 24 hours in rare situations where the process cannot be completely automated due to an issue with one of the documents or some of the information provided by the user. While we’d say Celsius has more advantages to BlockFi this doesn’t mean BlockFi doesn’t have advantages — Their cryptocurrency exchange partner has lower fees for buying cryptocurrency, so if you don’t want to buy and then transfer to one of these platforms then BlockFi may be better for you. This platform also supports a number of other features, such as sharing revenue with holders of Celsius’s own proprietary token and the ability to send crypto to other users without the need for a wallet. Celsius already have a mobile app, which is lending and borrowing each day. However, these rates of interest need to be understood in the context of how they can actually be attained. James Page. To learn more check out our comprehensive Celsius review. In addition to allowing users gain access to cheaper loans and more lucrative interest accounts, holders of CEL also get a share of the profits earned by the Celsius Network on a regular basis. Rates of interest paid out for traditional cryptocurrencies are usually less than 5%, while the rates for stablecoin interest accounts are 8.69% or more. I have been into with various Crypto Lending platforms for awhile now and thought i’d share some of my thoughts and experiences on each. In the case of Celsius Network, crypto assets are secured by BitGo, while BlockFi users will see their cryptocurrencies held by Gemini. Through this exchange, users can easily switch between different crypto assets and manage their overall crypto portfolio without having to move funds to another crypto financial institution. First of all, the rates of interest provided to Celsius Network users is much higher for stablecoins than traditional cryptocurrencies. BlockFi vs. Celsius . BlockFi Vs Celsius Network (2020 Comparison) | Which one is the best crypto lencing platform? BlockFi: Zac Prince and Flori Marquez founded BlockFi. Next up in the top crypto lending platforms is BlockFi, a crypto lending platform for a person with a lot of crypto. Beyond the fees Celsius also has WAY more cryptocurrencies available for deposit/purchase, and they offer interest and loans on tons of those assets at quite good of rates. By cryptarter | Cryptos for Newbies | 18 Nov 2020 $0.55 Lending crypto assets is one of the less risky and moderately rewarding any crypto guy may consider if he is into hodling for the long term. The flexibility of deposits and withdrawals on BlockFi is a key feature that needs to be factored into the equation. BlockFi vs Compound. TLDR; BlockFi is the easiest and least confusing to use, Celsius offers more coins and the best rates but that depends on your CEL balance (Celsius has its own token) and Loyalty Level. The main disadvantage are: Lower stablecoin interest rate (8.6%) compare to Celsius (10.5% ish) Celsius Network’s use of its own token is clearly a standout feature. So to put it simply: They’re both Trustworthy and Secure — maybe don’t put ALL of your cryptocurrency with them, but we keep over 1 BTC worth of crypto with each of them and are on the boat ready to sink with you. No hidden fees, no minimum balances, and no reason to wait. Celsius vs BlockFi. The financial world of crypto can seem quite scary and inaccessible to newcomers. BlockFi vs Celsius - Unbank Yourself. BlockFi, Compound, Nexo, and Celsius Network are four of the most popular crypto interest and lending platforms. What products does Celsius Network offer? Celsius Network has a clear advantage over BlockFi when it comes to the variety of crypto assets accessible to users on the platform. For example, an investor who has 10 Bitcoin and wants to use his or her BTC to collateralize a car loan. This means you can’t access your financial data or make transactions via desktop. These are two of the most popular crypto lending markets in the world. Unlike BlockFi, Celsius offers a minimum loan of $500. While BlockFi tends to have lower rates of interest available to its interest account holders, it should be noted that BlockFi allows users to be more flexible with their deposits and withdrawals. From our compliance-ready approach to our industry-leading talent and impeccable investor backing, we’re paving a new path forward for … BlockFi vs Ceslius Network. We break down every element of the service, so that you can make an informed decision. There is no issue with the deposit amount and wallet size. I am NOT registered as an investment advisor or security broker. BlockFi Review: BlockFi Interest Account Review and Interest Rates. Those rates are competitive with the maximum interest rates offered by sites like BlockFi (8.6%), Celsius (12%), Crypto.com (12%), and Nexo (10%). Both BitGo and Gemini and higly-trusted when it comes to security in the crypto assets space. While the platforms can also be accessed via a desktop computer, this is done via the companies’ websites rather than a downloadable app. Celsius Network tends to have many attributes that will make it seem like the clear platform of choice for more advanced cryptocurrency users. Celsius VS Nexo VS Blockfi. These are simple and easy to use, and require only basic knowledge of cryptocurrency. At BlockFi, we do things a little differently than other companies in the crypto industry, but people often wonder what makes us unique. Celsius offers higher interest rates if you opt to be paid in its native CEL Token. 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