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.
What is Coinbase?
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.
What is Celsius Network?
Celsius Network is a leading provider of savings accounts and lending in the crypto industry.
Coinbase's core features
- Earn passive interest on USDC stablecoin
- Solid apps and website
Celsius Network's core features
- Savings and loans on a large variety of crypto assets
- Near instant decisions on loans
- No credit checks
What's unique about Coinbase
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.
What's unique about Celsius Network
Celsius Network offer a native cryptocurrency called CEL token. They offer more competitive interest rates for both savings accounts and loans when using this native token.
How safe is Coinbase
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
How safe is Celsius Network
Celsius Network used to offer wallets that are stored and insured by BitGo. Each wallet wallet insured for up to $100m by Lloyds Insurance. This is not the case anymore and they no longer offer anything to take its place. The app also provides two-factor authentication.
Pros and cons of Coinbase
- Most trusted brand in crypto
- Top-tier team and investors
- One of the pioneers of the industry
- Never successfully hacked
- Interoperable suite of crypto products
- It offers a great user interface for beginners
- It offers access to over 30 cryptocurrencies
- Can be more expensive than other options
- The site crashes at times of high volatility
- There is a lack of timely support
- Transactions can be delayed for up to 3 days
- Most local payment methods are not supported
Pros and cons of Celsius Network
- No Minimum Deposits or Balance
- No fees
- Competitive interest rates, particularly on Stablecoins
- Fee-free, instant payments via CELPay
- Weekly Rewards. Each Monday, you'll earn interest.
- Large variety of supported cryptocurrencies
- You can two options for earning your crypto interest. You can either earn the same coin as you had deposited or earn in CEL, Celsius' native coin. Earning is CEL will earn an additional 5-30% interest.
- No web app
- Need to be paid in native currency in order to earn higher interest rates
- Know Your Customer (KYC) is required if you're looking to earn interest. This means you'll need to submit your ID and SSN.
- Interest rates can fluctuate quite a lot
- You'll only be able to use one withdrawal address for each crypto. If you wish to change, there will a 24-hour hold on your account.
- United States users will not be able to take advantage of earning in CEL.
Compare with Coinbase and Celsius Network alternatives
Similar Savings Accounts and Loans
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, it’s not particularly trusted in the industry and for this reason, we wouldn’t storing any assets with them.
Given the choice, we would definitely hold our crypto assets with Coinbase over Celsius Network.