Celsius Network has made a big name for itself in the west as a major crypto lending platform. However, if you prefer fewer variable rates, more crypto options, and a wider range of features there are plenty of Celsius Network alternatives available today. MyConstant, BlockFi, and Nexo are three of the other major players competing in the crypto lending space in the US today.
What’s wrong with the Celsius Network? Nothing really. The crypto interest and lending platform is a community favorite, having one of the most attractive interest rates around in crypto lending.
But as awesome as the Celsius Network is, it’s not without its shortcomings:
- Your Celsius account is not accessible on a normal browser, only via the Celsius app
- The higher interest rates they use as a hook? You only get those when you get paid out in the native CEL token.
- There’s a limit to withdrawals larger than $20,000.
- Celsius requires more collateral than what they provide loans for, having only an LTV of 25% (you need 400% of the loan value in crypto to get a loan).
If you’re looking for a platform that supports more cryptocurrencies, has better LTV ratios, and has more investment opportunities, you’re in luck. Today there are quite a few competitors to look at.
Celsius Network competitors (that might make great alternatives)
Not only does MyConstant allow you to withdraw in crypto, but compared to Celsius, MyConstant has a much higher LTV ratio, allows for more supported cryptocurrencies, and has an auto top-up function.
Why is MyConstant better for lenders?
- The Flex account on MyConstant allows you to earn 4% APY on your fiat currency (or stablecoins).
- Crypto-backed lending at MyConstant also allows you to earn interest, with an APY of up to 7% (the longer the loan term, the better the rate).
- MyConstant also has a crypto-lend feature that pays 9% APY on your BTC, BNB, and ETH.
Why is MyConstant better for borrowers?
- By depositing cryptocurrencies into MyConstant, you can borrow fiat currency at a relatively much higher LTV (150% minimum).
- For repaying your loan, you also can repay via fiat currency, stable coins, or crypto.
- You can back your loan with 76+ different cryptos and even pool their value together for loans.
Just like MyConstant, Nexo supports fiat currencies (as well most crypto options), allowing you to withdraw your funds in cash or stablecoins.
For lenders, rates do vary, but you get the most value if you take interest in the same currency in which you lend. While similar to Celsius Network in that they have their own cryptocurrency, Nexo tends to be more low-maintenance since their crypto rates don’t change as frequently.
Furthermore, Nexo has a solid fintech track record, tracing its roots back to its first iteration, Credissimo that won numerous Forbes awards for innovation in the space. Nexo is continuously audited by Deloitte, which adds significantly to its credibility and trustworthiness.
Why is Nexo better for lenders?
- Up to 10% compounding interest paid out daily.
- A longer track record and audit history.
Why is Nexo better for borrowers?
- Your crypto-backed credit line allows you to borrow in 40+ supported fiat currencies or stablecoins.
- The interest for loans is fair, starting from only 5.9% APR.
- Nexo has a superior LTV over Celsius (up to 90% of your collateral value).
Established in 2017, BlockFi was one of the first movers in the crypto savings accounts and loans space. It is still among the top Celsius Network competitors today.
As BlockFi has roots in traditional banking, you have monthly compounding interest for BlockFi, instead of weekly for Celsius. On the plus side, your crypto wallets are insured by AON and stored by Gemini (regulated in NYC), adding an extra layer of protection against fraud, theft, and more.
Why is BlockFi better for lenders?
- Interest rates are highly competitive with flexible and transparent terms. You don’t need to use (or stake) native currencies like CEL to get the best interest rates.
- BlockFi Interest Accounts can earn up to a respectable 8.6% every year.
- While a bit limited, BlockFi also allows you to trade some cryptocurrencies.
Why is BlockFi better for borrowers?
- Borrowers can loan against their Bitcoin, Ether, or Litecoin holdings. Loans with Blockfi only take a few hours to process.
- BlockFi’s custodial options for collateral offer a good deal more safety than its competitors.
DeFi lending platforms
If you are interested in crypto loans for margin trading and 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 Celsius Network but more automated. Making them much faster.
DeFi lending protocols enable everyone to earn interest on supplied stablecoins and cryptocurrencies as well as take out low-interest crypto loans. All loans are instant and repayment periods are variable.
Top platforms today include Aave, Nuo, and Compound Finance.
There are many alternatives to Celsius Network. You shouldn’t feel locked into one
Just because you go to all the trouble of filling out KYC for a platform doesn’t mean you’re married to one platform.
You might prefer to have:
- More options when it comes to fiat currency, stablecoins, and crypto
- A better LTV ratio
- You may find using the web app more convenient than the mobile app
The name of the game in investment is diversification. If one platform offers you great features on investment but its loan features aren’t so much your style, then you should consider using another platform. And if rates become unfavorable on a platform, go ahead and send your money somewhere else.
And if you like variety and stable rates a great Celsius Network alternative you should look into is MyConstant.
- For lenders, our Flex account, crypto-lending, and crypto-backed loans allow for rates as high as 9% APY starting with as little as $50.
- For borrowers, Our lower LTV, high number of supported cryptos, and the ability to pay your loans with fiat, stablecoins, or crypto allow for greater flexibility.
Sign up for a free account and see how you can be doing more with your money today.