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Coinbase is a market leader with crypto wallets, debit cards and a range of other crypto financial products. They are very well known for their ease of use and security. Celsius Network is a new entrant with a very competitive crypto savings product with great rates, no fees, and many other compelling features.
We took a closer look at both products to decide which company offers better crypto savings accounts.
What is Coinbase?
Coinbase is a leading cryptocurrency platform with a variety of products operating in the blockchain industry. Coinbase recently launched USDC Rewards, which allows users to earn interest on USDC stablecoin.
What is Celsius Network?
Celsius Network is a leading provider of savings accounts and loans in the crypto industry.
Coinbase's core features
Solid apps and website
Earn passive interest on USDC stablecoin
Celsius Network's core features
Save and borrow on a variety of crypto assets
Nearly instant decisions on loans
No credit checks
What's unique about Coinbase
Coinbase were the first to introduce the most user-friendly and secure wallet and exchange services in the industry. They have consistently excelled at making this often difficult to use and intimidating industry much more accessible to the mainstream.
What's unique about Celsius Network
Celsius Network offers its own cryptocurrency called CEL tokens. They offer more competitive interest rates on both savings accounts and loans when this native token is used.
How safe is Coinbase
While Coinbase does not offer insured wallets, they have one of the best reputations in the industry. They have not yet been successfully hacked and they offer institutional-grade custody for very reputable customers.
How safe is Celsius Network
Celsius Network used to offer wallets stored and insured by BitGo. Each wallet was insured up to $100 million by Lloyds Insurance. This is no longer the case and they no longer offer anything to take that spot. The app also offers two-factor authentication.
Compare with Coinbase and Celsius Network alternatives
Similar Savings Accounts and Loans
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Coinbase vs Celsius Network: The verdict
Coinbase is a household name when it comes to crypto. It’s known, it’s trusted and they built that trust over many years.
Celsius Network is the opposite. Not only is it not known, but it’s also not particularly trusted in the industry and for this reason, we wouldn’t store any assets with them.
Given the choice, we would definitely hold our crypto assets with Coinbase over Celsius Network.