BlockFi vs Celsius Network: Who’s the real king of crypto-backed lending?

The financial world of crypto can seem quite scary and inaccessible to newcomers. But there are a growing number of platforms claiming to offer the easy borrowing and investment services of banks to crypto holders. We’re going to take a close look at crypto financial service platforms BlockFi and Celsius network to understand which one is best for your financial goals.

What are BlockFi & Celsius?

BlockFi and Celsius are two of the crypto world’s leading platforms for crypto-backed P2P lending and investment.

As one of the first companies to introduce crypto savings and loans, BlockFi is a widely recognized name in the US crypto scene. They offer services including cash/crypto loans, interest-earning accounts, crypto trading, and even a debit card.

Like BlockFi, the Celsius Network offers crypto interest accounts and crypto-backed loans. They claim over 100,000 users and reached profitability in 2020.

Unlike BlockFi, Celsius has its own cryptocurrency called CEL. CEL’s value is related to the number of people who use the token. It grew faster than Bitcoin in 2019 which was a good sign for the platform..

For borrowers and investors alike, BlockFi and Celsius are two of the crypto world’s leading platforms (source:

BlockFi vs. Celsius network for investors

Investing in BlockFi or Celsius provides similar returns and features. However, each platform offers interest against different cryptos and different types of features.

BlockFi pros

  • No trading fees. There aren’t any fees associated with trading the most common cryptocurrencies on BlockFi, like Bitcoin and Ethereum.
  • Compounding interest. Interest compounds each month.
  • No maximum interest. There is no cap for how much interest you can earn on your investments, allowing you to maximize your earnings over time. However, interest rates change depending on your investment volume.
  • Withdraw anytime. You can withdraw your money at any time without a penalty or fee. There are limits on the number of withdrawals though.
  • No minimum balance. On BlockFi, you can create an account with any amount, and no minimum balance is ever required.
  • Advantageous interest rates. You can earn up to 8.6% annually with BTC, ETH, LTC, USDC, and GUSD on BlockFi.

BlockFi cons

  • Limited monthly withdrawals. You only get two free withdrawals every month. After your allotted two monthly withdrawals, there are high fees associated with removing money from your account.
  • Once-a-month payouts. BlockFi only pays interest once per month.
  • Interest limits. Once you have over 5 BTC in your account, interest drops from 6% to 3.5%. Over 500 ETH will only get you a small 0.5% rate.

Celsius pros

  • High-interest rates. Celsius offers some of the highest crypto interest rates, topping out around 11%. These rates, however, are only available when using their native crypto, CEL. With other tokens, the most common rate is around 4.51%.
  • Support for major cryptocurrencies. Celsius supports most popular cryptocurrency, including Ethereum, Bitcoin, and Dash.
  • Multiple investment options. Investors can choose between staking their crypto to fund personal loans or lending to larger (and safer) financial institutions, like banks.
  • No minimum or maximum. investment Unlike other platforms, Celsius doesn’t specify the deposit minimum or maximum investment amount, so you can opt to stake any amount of your cryptocurrency.
  • No withdrawal fees. You can withdraw your money at any time without fees or penalties.

Celsius cons

  • Withdrawal limits. While Celsius doesn’t have any fees on withdrawals. Withdrawals larger than $50,000 can take longer than 24 hours for security reasons.
  • CEL tokens are prioritized. Celsius only offers its highest interest rates for its native token. US investors cannot access payments in CEL either.
  • Fluctuating interest rates. The interest rates for investors change every week, so there are no consistent interest earnings over time. Rates range from 2.5% to 16% depending on the token.
  • Not insured. Funds held by Celsius are not insured by any private or governmental insurance plan, including the FDIC.
Both BlockFi and Celsius have numerous pros and cons for investors to consider when growing their investment

BlockFi vs. Celsius Network for borrowers

As a borrower, you may be asking yourself, “Which is better, BlockFi or Celsius network?” They are both good in different ways.

BlockFi pros

  • All common coins accepted. For a BlockFi loan, you can use BTC, ETH, LTC, USDC, or GUSD to secure a loan.
  • No need to liquidate. Like with Celsius, you can borrow at rates as low as 4.5% without liquidating your assets.
  • Loans funded quickly. You can get funds on the same business day in USD, and have the money wired directly into your bank account.
  • No early repayment fees. You can pay off your loan as quickly as you’d like without penalty.

BlockFi cons

  • No mobile app. BlockFi loan holders must access their accounts through a desktop, making it harder to take on-the-go.
  • Borrowing limits. You can only borrow up to 50% of collateral’s value (instead of 100%) to minimize investor risk. At this amount, you’ll get a rate of 9.7% too.
  • Loan minimums. The minimum loan amount is $5,000, so you need at least $10,000 in crypto assets to secure a loan.

Celsius pros

  • Loans in cash or stable coins. Celsius gives borrowers the option to get either cash or stable coins for their loan payout.
  • Easy application. You can apply for a Celsius network loan right through their app and get an answer in as little as 60 seconds.
  • Limited fees. With Celsius, there aren’t any terminations, prepayments, or transaction fees associated with borrowing against your portfolio.
  • Use any common coin. You can secure a loan against a variety of popular cryptocurrencies at competitive interest rates with loan-to-value ratios up to 50%.

Celsius cons

  • CEL is prioritized. Like for investors, the most advantageous rates come from using the CEL token. Without it, you won’t get as competitive of interest rates, the highest rate you can get without CEL is 4.95%.
  • Mobile-only access. You can’t access your loan account from a desktop — you’ll need to use their mobile app.
  • Loan minimum: Celsius Network only lets you take out loans worth $500 or more.

BlockFi vs. Celsius network safety

BlockFi and Celsius have pros and cons when it comes to their security measures for both borrowers and investors.


  • Third-party custodians. With your loan, you’ll get a unique wallet address generated by Gemini, a New York trust company licensed with the New York State Department of Financial Services. All of your assets are securely deposited into offline, cold storage to ensure their safety and protect against cyber attacks.
  • Previous security breach. In early 2020, BlockFi announced a security breach that potentially compromised its customers’ privacy. Since then, however, the company has taken steps to protect its users’ assets, including hiring a new Chief Security Officer.


  • Third-party custodian. Celsius uses Fireblocks and PrimeTrust as their custodians to protect assets. While this puts a regulated layer between them and your money, it’s important to remember that your funds are not insured.
  • Additional app security. The Celsius app has 2-factor authentication, requires a PIN for any withdrawal, and additional photo and video verification for certain actions to ensure the security of users’ assets.

So who wins? Celsius or BlockFi?

For the investors

The rates and investment terms favor Celsius Network. They pay compounding interest every week (as opposed to BlockFi’s monthly terms) and if you choose to earn in CEL you can earn at a much higher rate.

However, interest rates fluctuate on the platform and Celsius’ best rates earned in CEL are currently inaccessible to US investors.

For the borrowers

In terms of features, BlockFi and Celsius are about even. Both require roughly similar levels of collateral for similar interest levels. Both platforms offer loans against most of the same major cryptos with some exceptions. However, Celsius does allow for a lower minimum loan amount than BlockFi,

It’s worth noting again that Celsius only offers its lowest interest rates to CEL token holders. Also, while both companies offer safe crypto custody, BlockFi gets a couple more points in the asset safety department as they are insured.

However, neither of these platforms is the only option out there for crypto borrowers and investors…

For better rates and more crypto options you may want to give MyConstant a try

If you’re looking for an alternative to BlockFi and Celsius, look no further than MyConstant. With both crypto-backed loans and crypto-backed investments, both borrowers and investors can benefit from advantageous interest rates, low risk, and impressive returns.

Using either of these platforms — or alternates like MyConstant — you can borrow funds against the value of your cryptocurrency portfolio

MyConstant for investors

MyConstant’s crypto-backed investments allow you to earn up to 7% APR on your investments — and you can get started with just $50. Loan to borrowers around the world, and you keep all of the interest.

Plus, you can choose your lending terms between 1–6 months, have access to 24/7 customer service, and never have to worry about default thanks to collateralized loans.

MyConstant for borrowers

Using over 70 different types of crypto as collateral, borrowers can get a loan on MyConstant in just a few minutes.

We let you withdraw in fiat, stablecoins, or trade-in your loan for cryptocurrency. Starting at 6% APR, you can use your entire crypto portfolio to collateralize against individual loans or choose to just use one collateral. The choice is yours

Unlike BlockFi and Celsius, you can access our services anytime through your web browser or through our app.

Sign up for a free account today and start doing more with your money.

Peer-to-peer lending built on peer-to-peer technology. Refer & Earn $10 | Website

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