BlockFi vs Celsius: Which Crypto Interest Account is Better?

BlockFi vs Celsius: Which Crypto Interest Account is Better?

Daniel Chan

June 19, 2022

Cryptocurrency

Investing and earning interest in crypto has become a popular way to earn some passive income. However, there are also many different platforms that allow you to invest, so choosing the right one can be a bit tricky.

In this article, we will compare two of the most popular crypto platforms - BlockFi (read review) and Celsius (read review). We will review their features, interest rates, fees, and other important things you should consider. If you want to start investing, make sure to read the whole article and see which platform suits you better.

BlockFi vs Celsius: Interest Rate Comparison

Header

BTC

4.00% APY (First 0.1 BTC)

6.5% APY (First 0.1 BTC)

ETH

4.00% APY (First 1.5 ETH)

6% APY (First 2 ETH)

USDT

7.25% APY (First 20,000 USDT)

7.10% APY

USDC

7.25% APY (First 20,000 USDC)

7.10% APY

DAI

7.25% APY (First 20,000 DAI)

4.60% APY

Cell
Header

BTC

4.00% APY (First 0.1 BTC)

6.5% APY (First 0.1 BTC)

ETH

4.00% APY (First 1.5 ETH)

6% APY (First 2 ETH)

USDT

7.25% APY (First 20,000 USDT)

7.10% APY

USDC

7.25% APY (First 20,000 USDC)

7.10% APY

DAI

7.25% APY (First 20,000 DAI)

4.60% APY

Cell

BlockFi vs Celsius: Comparison Table

Cell

Nunber of Coins

23

46

Minimum Deposit

None

None

Withdraw Fee

With some assets, you’re eligible for one free withdrawal every month. But with other assets, you will be charged a fee for each withdrawal

Free

Pros

- Buy crypto and earn interest all on one platform

- User-friendly interface

- Interest Flex Payment option to earn interest in your cryptocurrency of choice

- $50 FREE Bitcoin bonus

- Higher interest rates if rewards paid in native CEL token

- CelPay is easy to use

Cons

- Lower interest rates

- Interest rates drop substantially as your deposit amount increases

- Highly centralized control

- Not many coins available for purchase

- No crypto exchange and limited trading through 3rd party vendors

Website

BlockFi vs Celsius: Comparison Table

Cell

Number of Coins

23

46

Minimum Deposit

None

None

Withdraw Fee

With some assets, you’re eligible for one free withdrawal every month. But with other assets, you will be charged a fee for each withdrawal

Free

Pros

- Buy crypto and earn interest all on one platform

- User-friendly interface

- Interest Flex Payment option to earn interest in your cryptocurrency of choice

- $50 FREE Bitcoin bonus

- High interest rates if rewards paid in native CEL token

- CelPay is easy to use

Cons

- Lower interest rates

- Interest rates drop substantially as your deposit amount increases

- Highly centralized control

- Not many coins available for purchase

- No crypto exchange and limited trading through 3rd party vendors

Website

Pros
  • Buy crypto and earn interest all on one platform
  • User-friendly interface
  • Interest Flex Payment option to earn interest in your cryptocurrency of choice
Cons
  • Interest rates drop substantially as your deposit amount increases
  • Lengthy registration process
Pros
  • Free $50 BTC sign-up offer
  • Benefits for using the native CEL token including higher interest rates
  • CelPay is easy to use
  • $30 million insurance fund for assets stored within the Celsius wallet app
  • Can trade via desktop, iOS or Android apps
  • No fees for loan origination, minimum balances, or transfers
Cons
  • Highly centralized control
  • Not many coins and tokens available for purchase
  • No crypto exchange, and limited trading through third-party vendors

BlockFi vs Celsius Features 

Since investing in crypto has become quite popular, there are many platforms that allow you to invest and earn money. That’s why many platforms offer great features that allow you to easily trade coins and make the whole experience as enjoyable and easier as possible.

BlockFi doesn’t offer an extremely high APY, but it allows you to do more things that just earn interest. On BlockFi, you can also buy, sell, and trade coins using a BlockFi wallet. However, you need to keep tokens in the wallet within a BlockFi Interest Account.

Another nice feature of BlockFi is their Rewards Credit Card, which allows you to earn rewards from purchases made with a card. Basically, it allows you to earn cashback in BTC when you purchase something online or in a real store.

For the first three months of using a card, you will get a 3.5% cashback for each purchase. After three months, you will get a 1.5% cashback with no annual fees, which is quite good!

Now let’s talk about Celsius. You might have noticed that crypto interest accounts, as an area of business, have appeared recently - and Celsius is one of those businesses. The company noticed a gap in the market and introduced its first crypto (CEL), back in 2017.

The theory of Celsius was to tackle the access to interest income and credit, which is something that most of us take for granted. Celsius ensures that it is fungible worldwide, meaning that anyone can easily start their own business.

With over $30 million stored in insurance for assets, Celsius is definitely one of the largest crypto platforms in the world. It also supports over 40 coins and has a CelPay payment method that is intuitive and easy to use. There is also a $50 free BTC welcome bonus if you deposit $400 or more.

Winner - Celsius

Celsius wins when it comes to features, as it offers more coins, as well as an additional payment system called CelPay.

BlockFi vs Celsius Fees

You will be pleased to hear that neither BlockFi nor Celsius require users to pay deposit fees. There is also no minimum deposit, so you can literally invest how much you want. You don’t have to worry about the fees for small transactions, which can be quite annoying.

However, things are a little different when it comes to withdrawal fees, and BlockFi fees are even different compared to most crypto exchange platforms’ fees. Here are the fees for withdrawing from BlockFi for certain cryptos:

  • BTC: 0.00075 BTC
  • LTC: 0.001 LTC
  • BAT: 60 BAT
  • UNI: 2.5 UNI
  • PAXG: 0.035 PAXG
  • LINK: 2 LINK
  • ETH: 0.015 ETH
  • Stablecoins: $50

BlockFi also allows one free withdrawal each month. On the other hand, Celsius requires no withdrawal fees, regardless of the amount, which is definitely an advantage over BlockFi.

Winner - Celsius

Celsius wins as it doesn't charge any withdrawal fees for transferring cryptocurrency out of the platform.

Number of Cryptocurrencies

BlockFi has 23 coins.

Celsius supports 46 different coins.

Winner - Celsius

While neither of these platforms provides the widest variety, Celsius wins this one, with 46 cryptocurrencies on offer.

BlockFi vs Celsius Security

Security is another factor that most people are justifiably worried about. However, we reassure you that both platforms offer top-notch security.

For example, BlockFi implemented KYC guidelines, which means that you need to verify your identity when signing up, by uploading a picture of your ID and other personal information. BlockFi also allows a two-factor authentication, which is not mandatory but is strongly advised. Also, all the funds you deposit are kept in cold storage, away from any internet connection.

At the time of writing, Celsius has been in business for five years, and it never got hacked. Like BlockFi, all funds are kept in cold storage, and the data of users are SSL-encrypted. The data also charges no fees for the insurance, unlike some platforms such as Hodlnaut.

Winner - Celsius

Celsius and BlockFi are both secure crypto platforms. Celsius is the winner in this comparison because it utilizes cold storage, SSL encryption, and includes insurance cover for free.

Verdict - Celsius

So, which platform is the winner? Both platforms are excellent for investing in crypto, and while BlockFi offers some great features, such as Rewards Credit Card, Celsius has no withdrawal or deposit fees and supports 46 different coins. In our personal opinion, Celsius is the winner. However, both platforms are excellent, so be sure to consider all the facts that we mentioned before making your final choice.

Overall Winner - Celsius

Celsius wins overall due to a wider range of coins, free crypto withdrawals, and included insurance cover. BlockFi offers some great features, but they only offer a small range of 23 coins.

Frequently Asked Questions

Is BlockFi trustworthy?

BlockFi is unquestionably a safe, trusted, and secured crypto platform that has been in the business for many years now. They provide great security, with several strategies to protect your account from hackers and breachers.

Can I trust Celsius?

Short answer? Yes. Since its inception in 2017, Celsius has rapidly grown to become a leading cryptocurrency earning and borrowing platform.

Who owns BlockFi?

Zac Prince is listed as the CEO and Co-Founder of BlockFi.

Still Researching?

If you are still undecided, you can read my full review on BlockFi (here) and Celsius (here) or have a look at my article on the best ways to earn interest on your cryptocurrency.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

To view our privacy policy read this breakdown.


Tags


You may also like

Koinly Promo Code

Koinly Promo Code

Poloniex Review

Poloniex Review
{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}
>