In the case of Celsius Network, crypto assets are secured by BitGo, while BlockFi users will see their cryptocurrencies held by Gemini. BlockFi vs Compound. 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. 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. 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. There are 25 different crypto assets accessible to users on Celsius Network. In this article, I would like to discuss the major takeaways of three market leaders in crypto lending services. Overall we’d say it’s smart to use both of these platforms and take advantage of both of both of their sign-up bonuses — especially Celsius’s crypto-backed loan bonuses which are absolutely amazing and make your first year or so of interest more or less evaporate as you get a bonus upfront that generally covers almost all of your first-year interest on the loan (if 25% LTV).eval(ez_write_tag([[250,250],'greeneryfinancial_com-box-4','ezslot_4',109,'0','0'])); We’d say this category is a wash — we always include it as it’s important to know about the security and trustworthiness of a platform before you entrust your cryptocurrency funds with them — but ultimately they’re both extremely trustworthy and secure and we wouldn’t worry about either of them. BlockFi vs Bitcoin Hex. These are simple and easy to use, and require only basic knowledge of cryptocurrency. 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. BlockFi vs. the Competition: What Sets Us Apart in the Crypto Market? 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. Cryptocurrency interest accounts are making a strong case for the disintermediation of traditional interest-bearing accounts by offering 10x to 64x more APY. 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. BlockFi lowered their BTC tier, offering 6% on up to 2.5 BTC (no longer 5 BTC)and 3.2% on the surplus (I would deposit the surplus with another platform to maximize profits). BlockFi may be the most well-known crypto lending platform on the market today. On the other hand, it provides borrowers with a 4.5% interest rate. I deleted it 10 minutes later because it is a Celsius subreddit after all. With a passion for finance and anything blockchain, cryptocurrency is right up his alley. BlockFi Vs Celsius Network (2020 Comparison) | Which one is the best crypto lencing platform? If you think BlockFi is right for you then feel free to sign up through this promotional link and enter in code “aaf07db8” to be eligible for the BlockFi promotions covered on this page of our website. 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. https://blog.coincodecap.com/top-5-crypto-lending-platforms Earn Interest on CeFi: BlockFi vs Celsius vs Nexo [Week 9 – January 18, 2021] Come follow my crypto journey into passive income by earning interest on your cryptocurrency. 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. However, these rates of interest need to be understood in the context of how they can actually be attained. 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. Like other cryptocurrency lending platforms, BlockFi requires the loan to be overcollateralized. BlockFi still has my trust as a platform across the board. Find out what the analysts think. … 2) BlockFi. BlockFi offers 1 free Crypto-Withdrawal per month, current promotions Celsius offers new users, Nexo vs. BlockFi – Which is Better for You?, Celsius vs. Nexo – Which is Better for You?. Cryptocurrencies typically accepted will be Bitcoin, Ether or even Stable Coins. Additionally, users can move in and out of loan positions more quickly, which makes sense for individuals who do not want to have their crypto locked up for months when trying out the loan process for the first time. How do these two DeFi platforms fare against Nexo and Celsius Network? 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. My experience with BlockFi, Nexo, and Celsius Network- the pros and cons of lending stablecoins on each. For BlockFi, the main standout feature is the integrated exchange platform. 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. 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. While BlockFi has a great $20 or so in most cases for a simple $500 deposit (learn more here), Celsius offers $40+ just for depositing $200 or more and has $100 -> $200 bonuses if you take out a crypto-backed loan (learn more here). Some of these are Decentralised Finance (DeFi) platforms while others are not. 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. It offers a 6.2% interest rate on BTC and 3.3% on ETH for lenders. Institutions Foot the Bill. Earlier this … Celsius offers higher interest rates if you opt to be paid in its native CEL Token. While Celsius Network users must lock up their crypto holdings for months at a time, BlockFi users are able to move their crypto assets around much more frequently. 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. 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. 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. Nexo vs. BlockFi vs. Celsius Network. Next up in the top crypto lending platforms is BlockFi, a crypto lending platform for a person with a lot of crypto. 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. We wouldn’t keep that much of our funds with them if we didn’t believe they were truly trustworthy. 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. BlockFi: Zac Prince and Flori Marquez founded BlockFi. Right now, Celsius is battling it out with Blockfi and YouHodler for the top spot among cryptocurrency loans providers. Celsius Network’s use of its own token is clearly a standout feature. 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. The flexibility of deposits and withdrawals on BlockFi is a key feature that needs to be factored into the equation. BlockFi Review: BlockFi Interest Account Review and Interest Rates. Find out in this 2020 RushRadar Comparison! Celsius already have a mobile app, which is lending and borrowing each day. Neither Celsius or BlockFi charges much in terms of fees — in fact Celsius doesn’t seem to charge any fees whatsoever. 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. You can check our Blockfi review to find out more about them; and also our YouHodler guide and review for more on this platform. For example, interest rates on loans are 0.7% when payments are made via CEL and 1.0% when payments are made in traditional fiat currencies. From our compliance-ready approach to our industry-leading talent and impeccable investor backing, we’re paving a new path forward for … Celsius VS Nexo VS Blockfi. About The Author. 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. Celsius is better than BlockFi. Platforms like BlockFi and Celsius offer… 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). BlockFi Interest Account . But the biggest disadvantage for many crypto investors is that Celsius is only a mobile service. Celsius Network has a slight edge in beginner friendliness during the initial loan application process, which can take as little as 60 seconds. The main disadvantage are: Lower stablecoin interest rate (8.6%) compare to Celsius (10.5% ish) Nexo vs BlockFi. 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. When comparing Celsius Network vs BlockFi, it is clear that this cryptocurrency lending platform also offers an interest-earning scheme similar to Celsius. 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. Clesius Network and BlockFi are both trustworthy Crypto Lending & Loan platforms in our opinion, but which one is the better choice overall for you? Celsius Network tends to have many attributes that will make it seem like the clear platform of choice for more advanced cryptocurrency users. The announcement by Pomp (Anthony Pompliano) yesterday that BlockFi was introducing a 6% annual interest rate raised a few eyebrows. 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. This means you can’t access your financial data or make transactions via desktop. Users are not locked into specific timeframes when it comes to putting down some crypto collateral when lending on 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. Celsius vs. Nexo vs. BlockFi vs. Salt Celsius Network is way ahead in terms of its vision and implementation when compared to its peers like Salt, BlockFi, and Nexo Lending. BlockFi vs. Celsius . BlockFi, Compound, Nexo, and Celsius Network are four of the most popular crypto interest and lending platforms. The main advantage I see with Blockfi is fee free ACH deposits and withdrawals.. Crypto.com vs. BlockFi – Which Platform is Better for You. Celsius is available in about as many locales with the majority of its business coming from Europe, while the United States accounts for 30 percent. 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. BlockFi vs Crypto.com. Celsius Network has a clear advantage over BlockFi when it comes to the variety of crypto assets accessible to users on the platform. The BlockFi interest rates are fairly competitive, especially when compared to simply keeping your cryptocurrency on an interest-free exchange or wallet. Having said that, BlockFi faced a PR disaster in the early months of 2020 when their marketing department was hacked. To learn more check out our comprehensive Celsius review. Like many of the other crypto lending platforms on the market today, both Celsius Network and BlockFi are focused on making borrowing and lending crypto as easy as possible. Over 80 percent of BlockFi’s business comes from the United States (and it is barred from users in Washington State), though BlockFi’s interest accounts are available in just over 100 countries after a recent expansion. Both Celsius Network and BlockFi allow their customers to access the respective crypto lending platforms via smartphone devices. 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. Get Started. 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. James Page. 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. 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