Both products offer crypto savings accounts and loans at highly competitive rates with industry-leading products. They both offer BitGo custody that is insured for up to 100 million USD per wallet, both support a variety of crypto assets and fee free.
They have native currencies in addition to offering Bitcoin, Ethereum and other popular cryptocurrencies. While using them in slightly different ways, they incentivise the use of their native currencies by offering favourable rates. Luckily for Celsius Network, their native currency has been growing faster than Bitcoin, however, it’s also much more prone to volatility.
It’s not compulsory to use their native currencies, however, you won’t receive the much higher rates if you choose not to. In this comparison, we take a much closer look at both products to break down which is better.
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.
Nexo is a crypto loans and savings platform that allows you to borrow or earn interest on your crypto assets. It's developed by a Fintech team who have been building similar products for the last 10 years. They offer savings accounts on a large range of crypto assets including most stablecoins.
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.
Nexo's most unique characteristic is that it supports more than 45 fiat currencies and many cryptocurrencies. In addition to this, the team have been working together in the fintech industry for more than 10 years.
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.
Nexo offers two-factor authentication in their app. They also offer third-party custody from Bitgo. BitGo investors include Goldman Sachs and the platform is SOC 2 Type 2 certified. BitGo Custody carries $100 million USD in insurance protection.
Find out more?
Celsius Network and Nexo offer very similar features and share many of the same pros and cons.
We do, however, think that Celsius Network is the more mature offering with more features, more assets that are supported and generally, a more polished experience.