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.
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.
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?
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.