BlockFi vs Celsius Network – Which Is Best For You In 2022?

Hello Australian readers today we are back with another comparison, BlockFi vs Celsius Network, two crypto lending platforms that enable you to earn passive income

Both BlockFi and Celsius are the Best Crypto Lending Platforms in Australia. Celsius is an open platform that supports multiple operating systems, where it will be possible for every user to download and use their favorite applications.

Thanks to this, the Celsius platform will never be hijacked by any single entity and in addition, its creators assure a level of security no one has ever seen before.

BlockFi vs Celsius Network Reviewed [2022]

BlockFi is an international technology company of innovation and expertise for the financial system and its traditional customers. The mission of the BlockFi lending platform is to empower individuals around the world by changing their financial future.

BlockFi application forms a universal interface that can be easily accessed and used by everyone.

On the other hand, Celcius Network is another leading crypto trading platform that allows its users to buy, sell, swap, stake, and share their crypto assets.

The Celsius Network aims to disrupt the traditional banking models and rise as an active mover toward decentralized economies. 

Read this BlockFi vs Celsius Network comparison till the end to know which exchange offers better features to its users.

BlockFi Exchange  

BlockFi is a Blockchain-based decentralized exchange platform that enables blockchains to be exchanged through a peer-to-peer network and allows for customized trading of tokens.

BlockFi lending platform will provide a bridge for instant cryptocurrency trading between blockchains. It will also provide an API to program trading in the BlockFi API and use standard exchange functionality on the BlockFi Exchange.

A secure, low-cost, and transparent cryptocurrency portfolio with both cryptocurrencies and fiat currency is made available through the BlockFi crypto lending platform, which is available to anyone.

Does BlockFi Pay Interest on Bitcoin?

No. BlockFi does not pay interest in bitcoin. However, if you purchase bitcoin with a BlockFi credit card, you will get 1.5℅ cashback as a reward.

Can I Trust BlockFi?

Yes, you can trust the BlockFi platform as it is a decentralized system and offers users both absolute privacy and total control of their finances, with no strings attached.

BlockFi Pros and Cons

The BlockFi exchange has the following pros:

 Celsius Network 

Celsius Network is a decentralized, peer-to-peer marketplace for the trading of cryptocurrencies. Users can buy and sell cryptocurrencies directly with other users through an automated process.

Celsius is an ecosystem with its own cryptocurrency, $CEL. As a utility token, $CEL is used to pay transaction fees on the Celsius platform and is also used by users and service providers as a currency for buying and selling goods on the platform.

The key idea behind Celsius Network is to create a seamless exchange between all kinds of users, regardless of currency or location.

Does Celsius Lend Your Crypto?

Yes. Celsius Network is a platform that lends crypto. The platform provides an interest of around 17.99%.

Is Celsius Interest Automatic?

Yes. Celsius interest is automatic. You will keep on earning more cryptos every week if you lend. Now, this interest automatically goes back to your Celsius account and you keep on earning compound over time

Celsius Network Pros and Cons

BlockFi vs Celsius Network Compared [2022]

This table contains complete details on both the crypto lending platforms

	BlockFi	Celsius Network
Launch Year	2017	2017
Cryptocurrency Supported	25+	BTC, ETH, and stable coins
Fiat For Crypto	Yes	Yes
Services Offered	Lending, Staking, and Borrowing	Trading, Loans
Interest Rate	17.99%	13.99 ℅
Own Token	No	Yes
Digital Wallet	Yes	Yes
User Friendliness	Easy To Use	Easy To Use
Security	High	High
Mobile App	Yes	Yes
Customer Support	Good	Average
Biometric Login	Yes	Yes

Celsius Network  Features   

• Celsius has multiple features.  Celsius provides a secure and easy-to-use platform that manages both digital and traditional assets.
• It offers customizable proof of stake (PoS), master nodes, privacy transactions, and much more.
• To make the environment more secure, Celsius developed a decentralized, intelligent, and automatic consensus algorithm (DICA). This algorithm uses ‘Google Safe Browsing’ to detect malware, phishing sites, and other forms of attacks to prevent the network from getting hacked.
• DICA also prevents fraudulent transactions from taking place by checking the IP address and location of all users to ensure that the sender and the receiver are verified.

BlockFi Features  

BlockFi is a crypto platform that only lends digital assets and provides portfolio management services. It aims to democratize access to wealth, by using the money that people already have in their digital wallets.

One of its best features is the low-interest rates it offers. The average interest rates for loans are 11% and this BlockFi borrow offers 2%. When you compare these numbers, it’s clear that BlockFi has some of the lowest interest rates in the industry.

Another great feature is how repayment on your loan is made easy with automatic debiting straight from your account – no need to wire or transfer funds! Not only will this save you time but it’ll do so while keeping your personal information safe and secure.

BlockFi vs Celsius Network Features Winner

BlockFi, a lending platform, offers all-inclusive services for people interested in crypto investments which include a cold storage wallet, an on-demand liquidity line, and a risk management protocol.

Celsius Network is another blockchain finance company that seeks to offer fiat loans to the unbanked while also providing incentives for long-term engagement with the Celsius ecosystem.

Celsius Network Fees and Interest Rate

charges 3.5% of the Celsius is an all-in-one digital asset management platform on a decentralized network that enables each holder to oversee their assets like stocks, bonds, and digital currencies separately from others.

It allows users from every corner of the world to access diverse coins with ease by providing them with numerous buy and sell options without any middleman involved.

Celsius lending platform has also introduced its own digital currency called CEL which acts as a medium of exchange and value storage.

The token can be used by anyone who wishes to manage their assets more efficiently without any hassle

BlockFi  Network Fees and Interest Rate  

BlockFi crypto lending platform charges around 50 USD on the withdrawal of 10000000 crypto coins. BlockFi is an intelligent decentralized crypto platform that enables the creation of unique opportunities for the exchange and monetization of personal data.

 The BlockFi Network ecosystem is backed by a network of highly reputable and regulated experts, who offer professional operations certificates, diplomas, and certifications that can be verified through official websites – providing security during transactions.

To further ensure reliability, every user will be assigned a personal “trust rating” based on their actions. This rating will also correlate to their reputation among peers as well as certain regulatory or third-party databases.

BlockFi User-Friendliness  

BlockFi has a fast and easy user sign-up process. This process takes no more than 2 minutes. Another way the BlockFi platform ensures user-friendliness is through its seamless KYC verification process that currently takes less than 10 seconds.

Within just a few clicks, you can get verified on the platform and start trading. With BlockFi You can also easily change or withdraw your funds to another type of currency including USD, EUR, Pounds, and more.

Lastly,  BlockFi ensures user-friendliness through their user-friendly contracts, which are agreements between parties to form a binding agreement while they are still in the blockchain environment.

Celsius Network User-Friendliness

Celsius network has the best security in the industry coupled with a user-friendly interface that makes all transactions simple and intuitive; you’ll be trading like an expert in no time at all.

 Furthermore, they provide ultimate flexibility for the users, letting them trade any cryptocurrency they want. Also, they offer top-notch customer service that can be contacted 24/7 for any assistance needed. 

The Celsius network supports over 300 different cryptocurrencies. You can deposit, trade, and withdraw any of them at will. This means that you don’t need to send tokens back and forth between exchanges to trade altcoins.

BlockFi Security 

BlockFi lending platform provides a global crypto platform that helps users to identify and manage their funds. It uses the Blockchain as a secure database to store, track, trade between, and even borrow or lend cryptocurrencies stored with BlockFi.

The BlockFi team has been working in the crypto space for more than four years and is backed by some of the top venture capitalists.

To ensure that the BlockFi platform can provide security to crypto traders worldwide, it has incorporated some of the most advanced security protocols ever developed combined with its self-learning software AI technology.

Celsius Network Security 

The platform enables the seamless transfer of funds between partners while offering smart contracts to handle fast transactions.

Transactions are managed through a central database, which aggregates all trading information and trades on behalf of organizations. The network is powered by a virtual accounting firm with high reliability, which will track dollar-for-dollar changes in assets. 

The Transactions are processed through the same database that aggregates financial transactions and provides a detailed picture of how assets move from one holder to another. Only the amount transferred and the value are disclosed to each party – no details about the transaction itself are shared.

BlockFi vs Celsius Network Supported Coins

Even though Celsius exchange is currently supporting more coins but BlockFi is predicted to catch up very soon

Here is a list of supported coins on each exchange

BlockFi Supported Coins

• Bitcoin,
• Ethereum,
• Litecoin,
• Chainlink,
• PAX Gold,
• USDC,
• Binance USD,
• PAX,
• GUSD,
• BAT,
• DAI,
• UNI

Celsius Supported Coins

• Bitcoin,
• Ethereum,
• USDC,
• Gemini Dollar,
• Paxos Standard,
• LINK,
• BAT,
• COMP,
• UMA,
• SNX,
• AAVE,
• Bitcoin SV,
• Bitcoin Cash,
• Litecoin,
• Mana,
• Uniswap,
• Polygon,
• Livepeer,
• Kyber Network,
• Binance USD,
• Ethereum Classic,
• EOS,
• TrueCAD,
• TrueHKD,
• TrueAUD,
• TrueGBP,
• TrueUSD,
• USDT,
• 0x,
• DAI,
• PAX Gold,
• OMG Network,
• Stellar, Ripple, Dash

BlockFi vs Celsius Network Mobile App Support  

Celsius has a full-fledged mobile app that lets users access all of the information and features available on the web platform.

The app has a lot of information, and it is well designed. In addition to the great design, you can also see a list of current opportunities to borrow money – with one click of the app. It’s very easy to access, and you don’t have to log into your account at all; just tap “Open App” at the top right corner and then select “I’m Interested”.

The mobile app from BlockFi is pretty straightforward. However, the design looks a little out-of-date, and there isn’t a way to compare interest rates for potential loans – and this could be much more useful for their customers.

The P2P calculator is present, but it doesn’t contain an interest rate comparison – which would be massively helpful. Having this feature would make BlockFi even faster and more convenient than it already is.

BlockFi vs Celsius Network Customer Support  

BlockFi platform seems to offer better customer support than Celsius Network. The customer service from BlockFi was excellent and they were quick to remit funds back to the account when users had issues.

From the Celsius support team, customers found it difficult to get in touch with a human, at least any who knew anything about cryptocurrency or the wallet. Most consumers had multiple issues trying several times before anyone would respond. When they finally did, we were only able to resolve one issue and it took over 2 weeks. 

BlockFi vs Celsius Network – Final Thoughts

We know that it’s not always easy to make a decision, so we’ve highlighted the most important things you need to know about both BlockFi and Celsius networks.

The Celsius Network has better technology when it comes to storing cryptocurrencies, while the BlockFi lending platform has better rates, fees, and liquidity options. When you consider all the aspects of these two platforms, we can conclude that Celsius is the superior platform for storage purposes.

BlockFi may have more features than Celsius does at this point in time, but we believe that this will change very soon. So, at this point, we will keep BlockFi ahead of Celsius.