Bitcompare/BlockFi vs Celsius Network/

BlockFi vs Celsius Network

BlockFi and Celsius Network are two of the biggest platforms offering lending and savings accounts. Here’s how they go head-to-head.

Savings accounts

Traditional banks have been offering terrible interest rates on savings accounts for years. With new savings account options available in the crypto industry, there is now a viable alternative to earn very healthy returns on your savings.

What makes it even more compelling is that you can earn interest on stablecoins in additional to cryptocurrencies like Bitcoin and Ethereum. This means you get the benefit of 1:1 stability with your desired currency, while earning interest rates of up to 12%.


Crypto loans are very simple. You put your crypto assets up as collateral in order to get a loan in USD, GBP, EUR and more. There’s no credit checks and they can be approved in less than 2 minutes.

It’s a great way to reduce tax bills as you don’t need to liquidate your assets, creating a taxable event.

Important to note

  • Celsius Network requires native token for better terms
  • BlockFi has fees to withdraw assets
  • Both offer third party custody solutions

What is it?

BlockFi is a leading saving and lending platform for the crypto industry. It was founded in 2017, it’s based in the US and it’s backed by some of the industry’s leading investors and influencers.

Celsius Network is a leading provider of savings accounts and lending in the crypto industry. They have millions of users and offer some of the most compelling features and rates.

Core features

  • Competitive savings interest rates on BTC, ETH and GUSD
  • Insured, third-party custody from Gemini Custody
  • Easy to use website
  • Near instant decisions on loans
  • No credit checks
  • Very competitive interest rates on loans
  • 12 month duration with option to refinance at end of term
  • Compounding interest
  • Insured wallets
  • Native apps
  • Large range of asset classes


  • No minimum amount on savings accounts
  • Insured wallets by AON and stored by Gemini which is regulated in New York, US
  • Created by experienced, reputable team with great backers
  • No need to stake native tokens in order to receive higher interest rates
  • No fees to set up, use or withdraw
  • Insured, third-party wallets from BitGo
  • Great apps that are very easy to use
  • Weekly compounding interest
  • Created by reputable team
  • Reduced interest rates on loans with CEL tokens


  • No app and very basic website
  • It can take up to 7 days to withdraw assets
  • Monthly compounding instead of daily or weekly
  • Withdrawal fees of 0.0025BTC
  • No apps
  • No website functionality
  • Requires native token to earn higher interest
  • Apps can be buggy

What is unique about it?

The most unique thing about BlockFi is the fact that it’s a US-based operation that uses regulated, insured wallets from Gemini Custody. It’s also got the best backers out of all its competitive giving it more credibility and trustworthiness. It’s also great that it doesn’t require a native token to take advantage of its higher interest rates.

Celsius Network was founded by the creator of Voice Over Internet Protocol (VOIP). Think of the tech behind Skype and Zoom. They’ve managed to build a feature rich offering with competitive, user friendly rates and terms. Apps are best in class. You can also earn CEL tokens which are Celsius Network’s native token. If you believe in their model, these could be very lucrative to hold one day.

How safe is it?

Celsius Network’s wallets are stored and insured by BitGo. Each wallet is insured for up to $100m by Lloyds Insurance. The app also provides two-factor authentication.

BlockFi offers security measures like two-factor authentication on their site.. In addition to this all their wallets are provided by Gemini Custody which is regulated in the US and provides insurance on all wallets.

Find out more?

BlockFi vs Celsius Network: The verdict

For savings accounts

To sum it up, both are excellent options, however it depends on your circumstances and needs. If you’re happy to earn CEL tokens instead of Bitcoin, or whichever cryptocurrency you’ve deposited, then Celsius offers some of the highest interest rates, they lack the fees, they compound weekly instead of monthly and their apps are excellent.

If you don’t want to earn CEL tokens, BlockFi may be the better bet. They generally offer higher interest rates, even if you consider they compound monthly and there can be fees to withdraw funds.

For loans

Similar to savings accounts, if you’re happy to pay interest in CEL tokens instead of other currencies, Celsius Network could be the better option. They offer discounts when repaying in CEL, which make their rates comparable and sometimes better than BlockFi.

If you want to stick to currencies you’re more familiar with, we’d recommend BlockFi as the rates and terms are generally better.

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