Bitcompare/Coinbase vs Celsius Network/

Coinbase vs Celsius Network

Coinbase and Celsius are new competitors in crypto savings accounts and we thought we'd do a detailed breakdown of each to see how they compete

Having recently entered the market with a crypto savings account, we wanted to compare Coinbase with Celsius Network, which is a leading crypto savings account provider.

Coinbase is a market leader with crypto wallets, debit cards and a suite of other crypto financial products. They’re very well known for ease-of-use and security. Celsius Network are a new entrant with a highly competitive crypto savings product with great rates, no fees and many other compelling features.

We’ve taken a much closer look at both products to decide which company offers the superior crypto savings accounts.

Important to note

  • Celsius Network requires native token for better terms
  • Celsius Network has no fees
  • Coinbase don't have competitive interest rates

What is it?

Coinbase is a leading cryptocurrency platform with a variety of products that operate in the blockchain industry. Coinbase recently launched USDC Rewards, which allows users to earn interest on the USDC stablecoin.
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.

Core features

  • Earn passive interest on USDC stablecoin
  • Solid apps and website
  • 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

Pros

  • Great brand and reputation
  • Easy to use product with solid web and app experience
  • Trusted by some of the world's largest financial institutions
  • 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

Cons

  • Uncompetitive interest rates
  • Limited to only USDC stablecoin
  • No website functionality
  • Requires native token to earn higher interest
  • Apps can be buggy

What is unique about it?

Coinbase were the first to introduce the industry's most user friendly and secure wallet and exchange services. They have always excelled at making this often difficult to use and intimidating industry much more accessible to the mainstream.
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.

How safe is it?

While Coinbase doesn't offer insured wallets, they do have one of the best reputations in the industry. They're yet to be successfully hacked and they offer institutional grade custody for very reputable clients
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.

Find out more?

Coinbase vs Celsius Network: The verdict

The Coinbase savings account simply does not compete on any level.

Not on usability, not on interest rates and not even security. Celsius Network offers very simple products with much higher interest rates and are even insured up to 100m USD per wallet.

Given the choice, we would definitely hold our crypto assets with Celsius Network over Coinbase.

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