BlockFi may be a good P2P lending platform, but it’s far from perfect. With so many P2P lending platforms out there, you may want to look at alternatives that offer better interest rates, crypto coverage, and customer care.
Admittedly, BlockFi has its appeal and one of the longest track records of any crypto-lending platform today. However, there are downsides to their service.
- Borrowers can only enjoy a 4.5% interest rate on loans with a 20% LTV ratio
- You only get two free withdrawals every month
- Interest rates drop substantially on the platform after you pass a certain asset value on the platform
- There is no number you can call to have your questions answered
Today, we will be taking a look at some BlockFi alternatives that could give it a serious run for its money.
The top BlockFi competitors today
Among the most attractive Blockfi Alternative platforms out there today, MyConstant offers among the most competitive rates in the industry, along with unparalleled customer experience.
You can take loans against more than 75 cryptocurrencies, with interest rates starting from 6% and much better LTV ratios. You can even combine the value of your crypto portfolio and use multiple coins as collateral for a single loan.
MyConstant offers you three ways to invest your money: crypto-lend, crypto-backed loans, and Flex.
MyConstant’s crypto-lend allows you to invest your idle BTC, ETC, and BNB money for a fixed interest rate of 9% APY.
To make a sweet deal even better, you can also withdraw your money any time without any withdrawal fees.
This one is for the customers who love to take complete charge of their money.
On MyConstant, you can start off with just $50 and lend it to borrowers for up to 7% APR. All your loans are backed by collateral from more than 75 cryptocurrencies. You decide your terms, and MyConstant matches you with a suitable borrower — offering you way more freedom than any of BlockFi’s other competitors.
Want to earn a steady 4% APY on your savings with anytime withdrawals? Putting your USD or stablecoins in MyConstant’s Flex account lets you earn better than a savings account in a collateral-secured lending pool.
To put a cherry on top of MyConstant prides itself on 24/7 customer service. Not only can you call us at any time, you can easily chat with us via Telegram too.
Among the first few companies to enter the P2P lending scene, Nexo is a reliable borrowing and lending platform with some key features making it a good alternative to BlockFi.
You can take out loans starting at $10, with interest rates starting from 5.9%. However, you can only collateralize your loan against 16 cryptocurrencies. Nexo claims it intends to add more in the near future.
Besides cash, Nexo also allows its customers to borrow stablecoins and cryptocurrencies.
Nexo offers up to a 5% interest rate on crypto investments, and 10% interest on stablecoins and cash. It’s important to note that this 10% rate is only accessible to investors that hold at least 10% of their account’s value in NEXO tokens.
While it doesn’t offer 24x7 on-call support, Nexo does have a satisfactory customer support system with a live chat and messaging feature.
Celsius is somewhat similar to Nexo as an alternative to BlockFi. It also follows a similar business model with its interest accounts and crypto-borrowing as well as offering better rates to holders of its CEL token.
While Celsius advertises super-low interest rates for borrowers of nearly 1% on loans, the LTV ratio for them is usually around 25%-30% (the percentage of your collateral value you can borrow). You also need to hold CEL to access the best rates. A realistic gauge of its interest rates, assuming an LTV of 50%, would be anywhere from 5% to 6.6%.
Much like Nexo, Celsius Network offers limited flexibility to its investors.
Its interest rates for cryptocurrencies and stablecoins only hover around 5–6% with the best rates only accessible if you choose to receive interest in their platform CEL coin. They pay compounding interest every week.
Decentralized finance P2P lenders
Decentralized Finance (or Defi) platforms have quickly taken over the world of crypto lending as an easy and automated way to trade, earn interest on, and get loans with crypto. If loan speed is important to you and you haven’t heard of DeFi yet, you may want to hop on Google and give it a search.
Many of these new alternatives in the crypto space are similar to BlockFi but the automated processes speed things up. Their main downside is that their rates can fluctuate quite a bit based on how many coins are locked in the protocols.
The top platforms today include Aave, Nuo, and Compound Finance.
So which BlockFi alternative is best for you?
As an investor or a borrower, you must understand everything you want out of a platform.
Maybe you find one platform that offers better loans for your favorite crypto type but bad interest rates on investment. Just because you’ve filled out KYC for a service doesn’t mean you’re locked in. In finance and investment diversification is always key.
And if you’re someone who likes diversity you may want to give MyConstant a try. We offer:
- Three major investment products for fiat and crypto earning up to 9% APY
- Loans against 70+ different cryptos
- 24/7 customer service
- Low fees
- Full-portfolio collateralization
Sound good? Create your free account today.