Celsius Network alternatives you should try today

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.

Celsius network only works through a mobile app, but many other platforms are available on desktop and mobile (source: masterthecrypto.com)

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

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.

The Celsius Network is arguably one of the most popular (and most successful) crypto lending apps out in the market today (source: finivi.com)

Celsius Network competitors (that might make great alternatives)

MyConstant

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).

Why is MyConstant better for borrowers?

  • By depositing cryptocurrencies into MyConstant, you can borrow fiat currency at a relatively much higher LTV (150% minimum).
It’s fair to say that there are a good number of services competing with Celsius, MyConstant, Nexo, and BlockFi are a few top alternatives worth considering

Nexo

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.

Why is Nexo better for borrowers?

  • Your crypto-backed credit line allows you to borrow in 40+ supported fiat currencies or stablecoins.

BlockFi

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.

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.

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.

Always take the time to study other options and see which one suits your investment style the best

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

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.

Sign up for a free account and see how you can be doing more with your money today.

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