Do you like cookies?We use cookies to ensure you get the best experience on our websiteLearn more

BlockFi vs Crypto.com | Our comparison for the savings accounts and loans

Our comprehensive BlockFi vs Crypto.com comparison looks at their usability, security, reputation and fees. We break down every element of the service, so that you can make an informed decision.


  • Features
  • Ease of use
  • Security
  • Support
  • Reputation
  • Fees
  • Overall
  • 4
  • 3
  • 4
  • 4
  • 3
  • 4
  • 3.67
Go to site
  • 4
  • 5
  • 4
  • 4
  • 5
  • 4
  • 4.33
Go to site

On the surface, Crypto.com and BlockFi don't seem like fierce rivals. However, now that Crypto.com have entered the lending and borrowing space, they have directly competing products. Rumour has it that BlockFi are looking to offer a crypto credit card in the future which will make them even closer rivals.

While their product offerings creep closer together, they feel like very different companies and products. One is based and regulated in New York with top-tier investors, the other is Asia-based and don't have any investors, partners or advisors of note.

Crypto.com offer many more features than just loans and savings accounts. They offer debit cards with cash back rewards, an exchange and a wallet that supports more than 45 currencies.

While this could be perceived as a good thing, we break down both products to see which could be best for you.

What is BlockFi?

BlockFi were one of the first to introduce crypto savings accounts and loans. They found instant success with a good product that offered very competitive interest rates.

What is Crypto.com?

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

Promoted

Risk-free and high-yield tool to store your coins

  • Earn up to 12% APR on EURS, USDT, ETH, XRP, and 20+ more coins
  • Weekly compound interest payouts
  • Universal conversion between all crypto, fiat, and stablecoins

BlockFi's core features

  • 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
  • Savings accounts and loans on Bitcoin, Ethereum, Litecoin and GUSD

Crypto.com's core features

  • 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

What's unique about BlockFi

BlockFi were one of the first to introduce crypto savings accounts and loans. They found instant success with a good product that offered very competitive interest rates.

What's unique about Crypto.com

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 BlockFi

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.

How safe is Crypto.com

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.

Pros and cons of BlockFi

Pros

  • Insured wallets by AON and stored by Gemini which is regulated in NYC, United States
  • Created by reputable team with highly regarded US based investors
  • Competitive interest rates with flexible, transparent terms
  • No need to use or stake native currencies to get higher interest rates
  • Monthly compounding interest
  • No requirements for minimum withdrawal
  • No monthly fees
  • A single free withdrawal per month
  • No minimum amount on savings accounts
  • Accepts USA citizens
  • Facilitation of earning interest, trading, and borrowing from a centralized hub using the BlockFi app
  • Bitcoin rewards credit card

Cons

  • One free withdrawal per month with a 0.0025 BTC withdrawal fee after that
  • Complaints of withdrawals taking up to seven days
  • Only three collateral options
  • Loan terms that are limited to 12 months
  • Only one option to receive a loan in (USD)
  • High minimum loan amounts starting at $5,000
  • Low loan-to-value (LTV) ratios of 50 percent

Pros and cons of Crypto.com

Pros

  • Is a complete crypto platform
  • Offers frequent promotions
  • Permits you to earn returns on your deposits
  • Includes a high-speed exchange with competitive fees
  • Offers a crypto-backed rewards card
  • High-speed exchange with competitive fees

Cons

  • Having to stake CRO or MCO to get the most out of your MCO rewards
  • A general lack of transparency regarding where funds come from
  • A confusing two token system (e.g., CRO and MCO)

Compare with BlockFi and Crypto.com alternatives

Similar Savings Accounts and Loans

Types
Platforms
Coins

BlockFi vs Crypto.com: The verdict

BlockFi and Crypto.com are quite different. One is solely focused on savings accounts and loans. The other provides that and much more, including an exchange, a debit card and the ability to purchase 45+ currencies.

While on the surface it may seem like more is more, in this case, less is more with BlockFi. It's a much simpler product in terms of usability and commercial terms. If you're willing to purchase and stake Crypto.com's native token, it could be a good option to earn extra interest, however, it's at a much higher risk.

If you're looking for a loan or a crypto savings account, we recommend BlockFi. If you're looking for a debit card or other additional services, Crypto.com could be a good option.

  • Features
  • Ease of use
  • Security
  • Support
  • Reputation
  • Fees
  • Overall
  • 4
  • 5
  • 4
  • 4
  • 5
  • 4
  • 4.33
Go to site
  • 4
  • 3
  • 4
  • 4
  • 3
  • 4
  • 3.67
Go to site