Celsius vs Crypto.com is often a comparison made by yield researchers looking for the highest cryptocurrency interest rates. Both platforms pay at the upper end of the spectrum of crypto interests, but differ significantly in how they do it.
Celsius was founded in 2017 and is headquartered in London, England. It is a cryptocurrency borrowing and lending app that allows users to deposit and earn interest on their cryptocurrency.
Crypto.com was founded in 2016 and is based in Hong Kong, and it offers a wide variety of products, including a cryptocurrency exchange, a crypto interest account, an NFT storage wallet, and a credit (debit) card.
In a nutshell, the most significant contrast between Celsius and Crypto.com is the accessibility of the best possible rates of each platform.
Celsius pays solid interest rates of up to 6.2% for BTC and 5.35% for ETH as soon as you deposit an amount of cryptocurrency into the app.
In contrast, the highest level of Crypto.com pays higher rates of up to 8.5% for BTC and 8.5% for ETH, but with hoops to cross. It forces its users to hold large sums of CRO, its native token, to get the best rates, as well as to block their funds for a month or more.
That being said, Celsius and Crypto.com offer some benefits that the other might not get – let’s get in them below. Celsius vs. Crypto.com: key information
Crypto interest account and loan app
Crypto Exchange + Crypto Interest Account + NFT ExchangeStarting Friendly
YesBuy /Deposit Methods
Cryptographic deposits, debit card, bank transfer
ACH, bank transfers, PayPal, credit or debit cardSales/withdrawal methods
External Crypto Wallet Transfer
External Crypto Wallet Transfer, ACHCrypto-Available Currencies
Bitcoin, Ethereum, Dogecoin, stablecoins, and about 25 others
Bitcoin, Ethereum, Dogecoin, stablecoins, and about 25 otherBusiness launch
Hong KongCommunity trust
Company SuperBiographies: Celsius vs. Crypto.com
Celsius was created by Alex Mashinsky and Daniel Leon in 2017. The company raised about $100 million in private financing rounds (including a token sale) and has since grown to serve more than 850,000 users. Celsius manages approximately $16 billion in community assets.
Founder Mashinsky created or was a key component of a number of successful companies, including: Arbinet
Crypto.com users must hold the CRO of the company’s native cryptocurrency asset to gain access to the best rates. The company also pays higher rates to users who commit to locking their funds on the platform for longer periods.
Celsius pays 6.2% for a user’s first BTC and 3.51% for any additional amount Crypto.com’s BTC interest rates range from as low as 1.5% to 8.5%. The rate you earn will depend on the value of the CRO you have in your account. Users need at least $40,000 in CRO to access the best rates.
Celius’ ETH rate is 5.35% for a customer’s first 100 ETH and 5.05% for any additional amounts Crypto.com’s ETH rates range from 3.5% to 8.5% depending on how long a user commits to storing their funds on the platform and the value of the CRO they have on their account.
6% – 14%
- Winner: Celsius. Although Crypto.com offers higher-end rates on many crypto assets, users must have at least $40,000 in CRO stored on the platform to get those rates. Celsius’ flat rate system is easier to understand and offers competitive opportunities to earn interest on a wide variety of tokens without obstacles.
Celsius also offers a higher and less complicated sign-up bonus. You can Get a $40 BTC bonus in deposit of $400 or more on Celsius for 30 days. Alternatively, you can get a $25 bonus by signing up for Crypto.com and staking for the Ruby Card.How do Celsius and Crypto.com make money?
Celsius mainly generates revenue through its crypto lending service. The company lends assets to users at a higher interest rate than it pays them for storing their assets on the platform.
These loans are oversized, which means that the risk of default is lower than it would be for a regular loan. However, there is always a chance (no matter how big) a default will occur and impact a user’s funds – this hasn’t happened yet, but be aware of the risks before using a cryptocurrency platform.
The system of borrowing and lending Crypto.com is one of its many sources of income and is the same as the one described above. The company takes a small percentage of each user exchange. Manufacturers’ rates range from 0.036% to 0.1% and takers’ rates from 0.090% to 0.16%. Feature #2: Payments and Withdrawals
Celsius users are free to withdraw their funds at any time without incurring additional costs. Those who wish to withdraw more than $50,000 with a single transaction must wait 24 to 48 hours for it to be processed. The company makes its weekly interest payments on Mondays.
Crypto.com pays interest daily, although he does not compose. The company charges a fee for all withdrawals made in chains, but users can avoid them by using
Winner: Celsius. Celsius also wins this round thanks to his free withdrawals. Users can also withdraw their funds for free on Crypto.com, but only by using a workaround. Feature #3: Celsius vs. Crypto.com Security
Celsius uses a multi-party computing system (MPC) to secure its users’ funds. This is in line with the industry standard. The company also offers many security options for users, such as:
2 factor authentication Manual verification of withdrawals Biometric security Chain linkComposed4,60%2,50%N / APoisN / A
5)Photo and video security HODL mode (allows to disable all outgoing transactions for a set amount of time)
Crypto.comen partners with Ledger to keep the vast majority of its users’ funds in cold storage. This reduces their exposure to Internet-based attacks. The company also uses hardware security modules and multi-signature technologies.
Both Celsius and Crypto.com offer up to $250,000 in FDIC insurance to cover their users’ cash funds. Note, this does not cover any cryptocurrency assets.
Winner: It’s a tie. There simply aren’t enough differentiating factors here to declare a winner. Both Celsius and Crypto.com are in line with the industry average to secure their users’ funds. Ease of use n°4
The Celsius platform offers a much better customer experience than Crypto.com; you just need to deposit their assets on Celsius to start earning weekly interest.
To get the most out of Crypto.com, users need to fully immerse themselves in its ecosystem – betting for a credit card, holding a CRO, and blocking funds.