![Celsius.Network, BlockFi & Crypto.com_ Crypto Lending Comparison [2021]](https://www.moneyminority.com/wp-content/uploads/2021/01/Celsius.Network-BlockFi-Crypto.com_-Crypto-Lending-Comparison-2021.jpg "Celsius.Network, BlockFi & Crypto.com: Crypto Lending Comparison [2022]")
If you’re here then chances are that you’re looking for the best way to earn interest from you cryptocurrencies.
Is that even possible?
Of course! Think of it like any other classic time deposit. Only this time not with conventional currencies (like Dollars or Euro) but cryptos (like Bitcoin & Ethereum). Furthermore, the interest rates for these deposits won’t be abysmal (like with conventional bank deposits) but very high (as high as 13% APY).
It’s a 100% method of passive income since there’s little to no active involvement required on your behalf.
OK so how do I do it?
Well, it’s a pretty automated procedure, that’s possible via some particular online platforms: Crypto Lending Platforms.
The 3 most popular and reliable platforms that can help you earn some passive income from your cryptos are:
So if you’re in possession of cryptocurrency that you’re not actively trading, keep reading because I’m about to present and compare these 3 platforms, to help you decide which would the best choice for you be.
Keep in mind that the comparison will only be about the features and efficiency of the crypto lending part of each platform and not about any extra services they might offer.
Enjoy!
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Crypto Lending Platforms Index:
- How do they work
- Celsius Network Mini Review
- BlockFi Mini Review
- Crypto.com Mini Review
- Overall Comparison
- Are they a fraud?
- Are they safe?
- Which one do I choose?
How Do Crypto Lending Platforms Work
Before we get specific, I’d like us to take a look at how crypto lending platforms work and what it means to “earn interest from my cryptocurrency”.
First of all, let’s take a short look at how conventional banks operate nowadays.
Conventional Banks
You as a depositor, entrust them with your money by keeping them in a bank account.
They as banks, lend your entrusted money (and those from other depositors) to their clients through loans (mortgage, business, consumer etc).
They then collect the capital from clients they loaned to, including interest which is also their profit.
Then from their profits, they return to you, the depositor, a small amount of interest as a reward for choosing to entrust their bank with your money.
The problem is that the interest rates for these deposits have reached extremely low levels, even as close as to 0%.
Example: A time deposit in my local bank “Pireaus”, after one month for 5.000€ worth of capital, will yield an annual interest rate of 0.08%.
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Crypto Lending Platforms
Crypto Lending Platforms work in the exact same way.
You keep your cryptocurrencies in their platforms and they are responsible to lend them through third-party custodians to verified loaners and ensure that they are paid pack in full with collaterals and insurances.
They then collect the capital back, along with interest for the loans, which is also their profit.
The main difference between Crypto Lending Platforms and conventional banks is the way they redistribute the profits.
Whereas conventional banks usually keep most of the profits for themselves (remember the 0.08% annual interest rate). Crypto Lending Platforms share a much higher amount of interest profits with their depositors (as high as 10% annual rates).
But why?
It’s definitely not because they are benevolent non-profit benefactors who were sent from a higher power to look after you. It’s part of their recruitment strategy to attract more depositors (which is fine). When their clientele gets big enough, interest rates will drop.
Regardless, right now they are the go-to option for those who are looking to earn passive income from their cryptocurrency.
In the next sections I’m gonna take a closer look at how it’s done, so keep reading!
Celsius Network Mini Review
What is Celsius Network?
Celsius Network is a Peer to Peer Crypto Lending Platform which offers two main features for its users:
- Savings Accounts with Interest for Crypto
Offers you the option to deposit your cryptocurrencies in a savings account and earn weekly (compounded) interest from them - Loans with crypto as collateral
You can choose to receive a loan in conventional currencies (EUR, USD etc) by using your cryptos as collateral
In this particular article we are only going to take a look at the first feature of the platform and ways you can profit from interest on your cryptocurrencies through Celsius Network.
 | |
₿ Cryptos: | 29 |
⚖️ Stable Coins: | 11 |
₿ BTC Interest (APY): | 6.20% |
💰 ETH Interest (APY): | 5.35% |
💰 Stable Coins Interest (APY): | 8.88% |
♻️ Compound Interest: | Yes, every 7 days |
⚒️ Ways to Buy: | via Money Transfer/Card |
💸 Buying Fees: | Free |
💸 Crypto Deposit & Withdrawal: | Free |
💳 min Deposit: | No |
🔒 Crypto Lock: | No |
📱 Mobile App: | ✅ |
🏷️ Code: | 13123704f1 |
🎁 Sign up Bonus: |
The company
The company was founded in 2017 in New York, from Alex Mashinsky (one of the founders of VOIP) and S. Daniel Leon.
Right now, there are more than 192.000 registered users and 30+ partnerships with companies such as Uphold, Bitcoin.com and the Litecoin Foundation.
Cryptocurrencies
Currently you can earn interest in 36 different cryptocurrencies (BTC, ETH, LTC etc), with 10 of them being stable coins.
The deposit interest rates they offer are among the highest in the market reaching as high as:
▶ 6.20% annual interest rates for Bitcoin
▶ 5.35% annual interest rates for Ethereum
▶ 8.88% annual interest rates for Stable Coins (Tether, USDC, USDT, DAI etc)
More on the interest rates of Celsius.Network ▶
The abovementioned are the highest rates you can receive as it all depends on how many CEL Tokens you have in your possession.
What is the Celsius Native Token – CEL ?
Celsius has created its own Native Utility Token under the name of CEL.
Celsius Network has based the entirety of its Loyalty Program on CEL.
What this means is that the bigger your portfolio’s percentage in CEL is, the higher the interest rates you receive will be.
This table should help clear things up:
Finally, if you choose to receive all interest payments in CEL instead of each crypto, then the rates get even higher.
Platform Features
Celsius Network’s platform is fairly simple and easy to use, and is only available through the mobile app.
You can purchase cryptos by debit/credit card or wire transfer with no extra fees.
Moreover, crypto deposits and withdrawals are completely free and there’s no minimum required amount.
Last but not least, one of the most important features is the fact that your deposits aren’t ever blocked for any amount of time but are immediately available any time you want.
What interest rates does it offer ?
The deposit interest rates Celsius Network offers are among the highest available.
The second you make your first deposit, or purchase any crypto, interest starts “ticking” immediately.
Any interest you earn is deposited in your account every 7 days and gets compounded! You can choose to receive your interest in either your preferred crypto or in CEL Tokens.
Compounded interest is very important. Give it time and it can do miracles for your invested capital.
📚 Useful Reference:
Check out what compounded interest is through this example.
As we mentioned earlier, the rate of interest you get depends on the amount of CEL Tokens in your portfolio.
To make things nice and easy, let’s see the minimum and maximum rate you can get in Celsius Network for the most popular cryptos:
| Crypto: | min Interest: |
| Bitcoin (BTC) | 6.2% |
| Ethereum (ETH) | 5.35% |
| Litecoin (LTC) | 4.08% |
| Bitcoin Cash (BCH) | 4.51% |
| Eos (EOS) | 4.45% |
| Ripple (XRP) | 2.50% |
| Stellar (XLM) | 3.1% |
| Chainlink (LINK) | 3% |
| Uniswap (UNI) | 2.5% |
| Dash (DASH) | 4.6% |
| USD Coin (USDC) | 8.88% |
| Tether (USDT) | 8.88% |
| True USD (TUSD) | 8.88% |
| Paxos (PAX) | 8.88% |
Pros & Cons
Pros
- Great rates for ETH & Stable Coins
- Weekly interest payments
- Compounding Weekly
- No Locking for your Cryptos
- No minimum deposit amount
- Free withdrawals and deposits
Cons
- Higher rates require deposits in CEL Tokens
- Not your keys, not your Cryptos
Celsius Network Promo Code 2022
| 🏷️ Promo Code: | 13123704f1 |
| 🎁 Bonus: | 50$ in BTC |
| 📖 Terms of Use: | – Transfer/Deposit 400$ – Bonus after 30 days |
How to Sign up [+Bonus]
Signing up is a pretty simple, fast and straightforward procedure, available only through the mobile app.
You’ll need:
- Passport, ID or Driver’s License
- Mobile or Tablet with camera
- Celsius Promo Code: 13123704f1
Signing up is done in two simple steps:
Step 1:
Create an account by filling in your email, choosing a password and entering your sign up bonus.
Step 2:
Account verification. For starters you’re gonna have to fill in some personal information (Full name, home address & date of birth). Then for identification purposes, you’re required to take a photo of some legal document (ID. passport etc), something that verifies it’s you.
When signing up to Celsius Network, remember to use the Promo Code: 13123704f1 to win 50$ in Bitcoin.
Terms of Use:
In order to unlock the Bonus, you’ll have to transfer or purchase at least 400$ worth of cryptos. The 50$ BTC bonus will be available in your account 30 days after the first transaction.
BlockFi Mini Review
What is BlockFi ?
BlockFi is another Crypto Lending Platform which offers 3 main features:
- Savings accounts with interest for Cryptocurrencies
By depositing your cryptos to BlockFi you can get instant monthly (compounded) interest for them. - Loans with Cryptos as collateral
You can receive monetary loans by using cryptocurrencies in your possession as collateral, without the need to sell any. - Cryptocurrency Trading
You can trade among BTC, LTC, ETH, USDC & GUSD.
We’re only gonna focus on the savings accounts options BlockFi offers and ways which your deposited cryptos can yield passive interest income.
 | |
₿ Cryptos: | 4 |
⚖️ Stable Coins: | 6 |
💰 BTC Interest (APY): | 5% |
💰 ETH Interest (APY): | 4.5% |
💰 Stable Coins Internet (APY): | 8.6% |
♻️ Compounding: | Yes, every month |
⚒️ Ways to buy: | via Money Transfer/Card |
💸 Buying Fees: | Free |
💸 Deposit Fees: | Free |
💸 Withdrawal Fees: | 1 Free /month |
💳 min Deposit: | No |
🔒 Crypto Lock: | No |
📱 Mobile App: | ✅ |
🏷️ Code: | 891ce53c |
🎁 Sign up Bonus: |
The Company
The company was founded in 2017 in New York, by Zack Prince (Co-founder & CEO) and Flori Marquez (Co-founder & VP of Operations).
In August 2019 BlockFi received $18.3m in fundings for round A’, then another $30mil for round B’ and recently, for round C’, it received a whopping 158.7 mil in fundings.
Cryptocurrencies
Currently, you can earn interest in 3 different cryptocurrencies (BTC, ETH % LTC) as well as 5 stable coins.
The interest rates are pretty decent:
▶ 5% annual interest rate for Bitcoin
▶ 4.5% annual interest rate for Ethereum
▶ 9.3% annual interest rate for Stable Coins
More on BlockFi’s annual interest rates ▶
About the Platform
BlockFi is available through both mobile and desktop apps.
You can purchase cryptos by debit/credit card or wire transfer with no extra fees.
Crypto deposits are 100% free and there is no minimum deposit amount.
On the other hand, the first withdrawal every month is free, whereas each subsequent one costs 0.0025 BTC.
Finally, your deposits are never time-bound. They are always immediately available for you, whenever you wish.
What interest rates does it offer ?
Interest values are pretty standardized in BlockFi, and aren’t dependent on any Native Token or the amount of time you bind your capital for.
BlockFi is the best option if you don’t wanna have to deal with native tokens and are looking for something simple and straightforward for you cryptocurrencies.
| Crypto: | Interest: |
| Bitcoin (BTC) | 5% |
| Ethereum (ETH) | 4.5% |
| Litecoin (LTC) | 5.5% |
| USD Coin (USDC) | 8.6% |
| Tether (USDT) | 9.3% |
| GUSD | 8.6% |
| Paxos (PAX) | 8.6% |
| Paxos Gold (PAXG) | 5% |
Pros & Cons
Pros
- Compounding Interest
- No Locking for your Cryptos
- No minimum deposit amount
Cons
- Interest paid monthly
- Not your keys, not your Cryptos
- Interest compounding monthly
- 0.0025 BTC withdrawal fee after the 1st withdrawal
- Limited range in Crypto & Stable Coins
BlockFi Referral Code 2022
| 🏷️ Referral Code: | 891ce53c |
| 🎁 Bonus: | 10$ in BTC |
| 📖 Terms of Use: | – 100$ Transfer/Deposit – Valid until the first interest payment |
How to Sign Up [+Bonus]
Signing up takes moments to complete, available either through mobile or desktop
You’ll need:
- Passport, ID or Driver’s License
- Mobile or desktop/laptop (with camera)
- Referral Code: 891ce53c
Sign up in two simple steps:
Step one: Creating an account. Here you insert your e-mail, choose your password and fill in the referral code for your Bonus.
Step Two: Account verification. It’s necessary to provide some personal information (Full name, Address, Date of Birth etc) and also a photo of any official ID, which proves your identity, and to top it all up: a selfie.
Remember to use the Referral Code: 891ce53c when signing up to BlockFi, to win 10$ in Bitcoin.
Terms of Use:
In order to unlock the Bonus, you have to transfer or purchase at least 100$ worth of crypto and keep it in your account until the first interest payment (a month).
Crypto.com Mini Review
What is Crypto.com ?
Crypto.com is a platform which – pretty much – does everything there is to do with cryptocurrencies.
Through the Crypto.com app one can:
- Purchase and sell Cryptocurrencies & Stable Coins (Wallet)
- Earn interest on your cryto deposits (Earn)
- Everyday spendings in crypto (Pay)
- Loans with crypto collateral (Credit)
- Receive cashbacks and free services (Crypto Visa Cards)
and much more…
Here we’re going to focus solely on how you can earn interest income on your crypto deposits on Crypto.com’s platform (Earn Feature).
Relevant Reference:
If you wanna learn more about Crypto.com, extra features and what you can do in its platform, read this Extensive Guide I’ve written.
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The Company
The company was founded in June 2016, then named “Monaco Technologies” with Kris Marszalek as CEO.
In 2018 the company proceeded to a complete rebranding and was renamed from Monaco to Crypto.com also acquiring its domain.
Currently Crypto.com is counting over 10.000.000 registered users and is aiming to triple this number in 2021.
Cryptocurrencies
Crypto.com offers through its “Earn Feature”, the potential to profit from interest on more than 60 different cryptocurrencies (BTC, ETH, LTC etc) and 11 Stable Coins.
The offered rates are among the highest in the market right now, reaching up to:
▶ 6.5% annual interest rate for Bitcoin
▶ 6.5% annual interest rate for Ethereum
▶ 12% annual interest rate for Stable Coins (Tether, USDC, USDT. DAI etc)
More on Crypto.com interest rates ▶
The above interest rates are the highest values you can reach, since it all depends on the amount of time you choose to bind your deposits for as well as the CRO Tokens you have in your possession.
What are CRO Tokens?
Crypto.com has structured its functions on its Native Utility Token, called CRO – Crypto.com Chain Token.
Apart from all the extra features CRO Tokens offer (Cashbacks, Discounts, Rebates etc), they also offer higher interest rates on the Earn Feature.
There are 3 tiers:
5.000, 50.000 and 500.000 CROs
More on those down below
Platform Features
Crypto.com’s platform is the most simple and user-friendly I’ve come across until now, and is only available through the mobile app.
You can purchase cryptos by debit/credit card or wire transfer with no extra fees.
Moreover, crypto deposits and withdrawals are completely free and there’s no minimum required amount.
Finally, you always have the option to keep your deposits unbound (Flexible) or bind them for either 1 or 3 months, offering you lower or higher interest rates respectively in return.
Beyond these features, the platform is a super-app in the crypto world since it allows users to purchase, sell, spend, give or receive loans, trade and much much more.
What interest rates does it offer?
Crypto.com’s interest rates depend on 3 things:
- If it’s Crypto or Stable Coin
- How much CRO you own
- The period of time you bind your capital for
Interest rates for 60+ Cryptos available in the platform begin at 0.5% reaching up to 8.5%. For the 11 Stable Coins available, rates range from 6% up to 14%.
If you have less than 5.000 CRO Staked, then interest rates are lower:
If you have more than 50.000 CRO Staked then interest rates are higher:
Then again if you have more than 500.000 CRO Staked, you get even higher interest rates bonuses.
Finally, as we mentioned above, there is the option to lock your capital in 3 different timelines (Flexible, 1 month & 3 months).
The bigger the term the higher the interest.
| Crypto: | min Interest: | max Interest: |
| Bitcoin (BTC) | 1.5% | 8.5% |
| Ethereum (ETH) | 2.5% | 8.5% |
| Litecoin (LTC) | 0.5% | 8.5% |
| Cardano (ADA) | 0.5% | 8.5% |
| Polkadot (DOT) | 0.5% | 8.5% |
| Bitcoin Cash (BCH) | 0.5% | 8.5% |
| EOS | 0.5% | 8.5% |
| Ripple (XRP) | 0.5% | 8.5% |
| Stellar (XLM) | 0.5% | 8.5% |
| Chainlink (LINK) | 0.5% | 8.5% |
| Uniswap (UNI) | 0.5% | 8.5% |
| Dash | 0.5% | 8.5% |
| USD Coin (USDC) | 6% | 14% |
| Tether (USDT) | 6% | 14% |
| True USD (TUSD) | 6% | 14% |
| Paxos (PAX) | 6% | 14% |
Pros & Cons
Pros
- Highest Bitcoin interest rates
- Weekly interest payments
- Wide variety in supported Cryptos & Stable Coins
- Crypto Lending is just one of the many features Crypto.com offers
Cons
- Non compounding interest
- Not your keys, not your Cryptos
- Higher interest rates require Cryptos to be locked
- Higher interest rates require CRO Staking
Crypto.com Referral Code 2022
| 🏷️ Referral Code: | c2wr2gzajd |
| 🎁 Bonus: | 25$ in CRO |
| 📖 Terms of Use: | Order Ruby Steel Crypto.com Card |
How to Sign Up [+Bonus]
Signing up is a fairly simple, fast and free procedure, possible only through the mobile app.
You’ll need:
- Passport, ID or Driver’s License
- Mobile or Tablet with camera
- Crypto.com Referral Code: c2wr2gzajd
Signing up is done in two simple steps:
Step 1: Create an account by filling in your email, choosing a password and entering your sign up bonus.
Step 2: Account verification. For starters you’re gonna have to fill in some personal information (Full name, home address & date of birth). Then for identification purposes, you’re required to take a photo of some legal document (ID. passport etc), something that verifies it’s you.
Don’t forget the sign up bonus for Crypto.com! By using the Referral Code: c2wr2gzajd you can win 25$ in CRO, the utility token of the platform.
Terms of Use:
In order to unlock the Bonus, you have to Stake 350€ worth of CRO and order Ruby Steel Crypto.com Card.
📚 Useful Information:
If you need more help creating your Crypto.com account, here’s a full guide with step by step instructions, that will earn you access in no-time!
Celsius vs BlockFi vs Crypto.com
The Absolute Comparison
Here’s a brief comparison of key features of each platform:
[wptb id="88795" not found ]Which is the best choice ?
The million dollar question!
The answer will be available in another article. . . Joking! However there is indeed no simple answer to this question. There are many factors to take into consideration, such as which crypto you’re using, the amount of capital, the timeline or extra features you’re looking for.
If you’re interested solely in deposit interest rates for your crypto, I’d give Celsius Network a try.
It offers the highest interest on Ethereum and Stable Coins available in the market and a pretty decent interest on Bitcoin.
Especially if you choose to keep CEL Tokens in your Portfolio.
Weekly interest payments that compound every time is a unique feature of Celsius Network.
Lastly, the fact that your deposits never get locked and are immediately available to withdraw is also very important.
On the other hand, if you’re more active in the crypto world, Crypto.com would be a more solid choice in general.
Decent interest rates for Bitcoin, Ethereum and Stable Coins, which however requires your capital to be term-locked, and your CRO Tokens to be staked.
Nonetheless, it does provide the most competitive Crypto Debit Cards there are, which also offer generous cashbacks ranging from 1% to 8%, and free access to services like Spotify & Netflix.
It’s definitely worth checking out ▶
Then again, if you can’t be bothered with Native Tokens and are just looking for the most simple and straightforward option to earn interest income on your cryptos, then BlockFi is definitely the choice for you.
It’s the most lucrative option of the three, if you don’t take into account the bonuses that the other two offer by using their own Native Tokens.
All you have to do is transfer your cryptocurrencies over to their platform and they immediately start yielding interest. Moreover, BlockFi offers the highest interest rates for Bitcoin deposits compared to the other platforms, again if we don’t take Native Tokens into account.
So, in a nutshell:
I want the Highest Interest Rates ▶ Celsius Network
I want an all-in-one Crypto App ▶ Crypto.com
I want something Simple & Good ▶ BlockFi
How Can You Earn Interest on Your Cryptocurrencies?
One of the most common ways to earn interest on your cryptocurrencies and make them “work” for you is Crypto Lending.
Learn more at MoneyMinority ▶
How Does Crypto Lending Work?
Crypto Lending Platforms operate in the same way as traditional lending by Traditional Banks. In a sense, you become the lender of the capital and therefore the one who collects the interest rate.
Learn how Crypto Lending works ▶
What Are The Most Famous Crypto Lending Platforms?
The 3 most popular and reliable platforms that can help you earn passive income from your cryptocurrencies are:
▶ Celsius Network
▶ BlockFi
▶ Crypto.com
⚠️ Disclaimer:
I’m not a professional investment advisor and this article is not meant to urge or persuade you into investing. This article is only meant to be a guide to help you out. Always keep in mind that investing = risk!
Especially in the world of Bitcoin and Cryptocurrencies which are extremely volatile! Invest only capital that you’re OK with losing! Cryptocurrency is different from conventional bank deposits and have no insurance or guarantees.
⚠️ Affiliate Disclaimer:
This article contains affiliate links which help MoneyMinority. Feel free to not use them if you wish not to.
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