Bitcompare/Celsius Network vs Crypto.com/

Celsius Network vs Crypto.com

Crypto.com and Celsius Network share a lot in common. The good and the bad.

Celsius Network and Crypto.com both offer crypto savings accounts and loans for a large variety of cryptocurrencies. They both offer better interest rates when using their native tokens for using their services.

While perfectly fine to offer preferred rates for using their native tokens, it is recommended you take precautions to prevent being misled should you not hold or use their native tokens. Rates may not be as they seem, fees may be higher and you could be very disappointed if you don't read the fine print.

Crypto.com offer many more features than Celsius Network, including debit cards, the ability to purchase currencies directly and more.

Both Crypto.com and Celsius Network generally offer very competitive rates, particularly if you're willing to use their native tokens.

Important to note

  • Both require usage of their native token to get favourable rates
  • Celsius Network provides third-party custody and insurance
  • Crypto.com is bloated with features and functionality

What is it?

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 in the industry.
Crypto.com is a very full-featured app and exchange that offers savings accounts, loans and debit cards.

Core features

  • Savings and loans on a large variety of crypto assets
  • 100 million USD insurance on each wallet
  • Easy to use apps
  • Near instant decisions on loans
  • No credit checks
  • Up to 5% cash back rewards with their debit card
  • Earn interest on a large range of currencies
  • Up to 18% interest when staking CRO tokens

Pros

  • 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
  • Increased interest rates when using CEL tokens
  • Competitive interest rates
  • Up to 5% back on all spending
  • Buy 45+ Coins

Cons

  • No website functionality
  • Requires native token to earn higher interest
  • Apps can be buggy
  • Requires native tokens to take advantage of better interest rates and features
  • Lack of third-party custody and insurance
  • Overly complicated features and offerings
  • App only. No website functionality.

What is unique about it?

Celsius Network offer a native cryptocurrency called CEL token. This currency has grown faster than Bitcoin over the last 12 months and they offer more competitive interest rates for both savings accounts and loans when using this native token.
Crypto.com are arguably the closest thing to a crypto-based bank. They offer a large range of products and services that resemble those of a bank, only for the crypto industry.

How safe is it?

Celsius Network 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.
Crypto.com don't offer third party custody or insurance. For this reason, we don't believe it's as secure as other offerings like BlockFi or Celsius Network.

Find out more?

Celsius Network vs Crypto.com: The verdict

In summary, while Crypto.com offers a lot of features, Celsius Network is the better platform to use for loans, and interest accounts.

The rates are better, it's much more usability and its wallets are insured up to $100m per wallet. If you need a debit card or other features that Crypto.com offer, then it's a good product. However, if you're just interested in interest accounts and loans, we think Celsius Network is the better option.

We’re here to help

Support is just a few taps away. Feel free to chat with us to get a quick answer.