This was possible because a BlockFi employee was hacked via a well-known method known as a SIM swap. Our comprehensive Celsius Network vs Nexo comparison looks at their interest rates, usability, security, reputation and fees. Interest is calculated and distributed to customers’ account balances monthly instead of weekly or daily. Their website features a help center with FAQ and articles explaining every service they offer in more depth. In the previous section, we gave you a list of the cryptocurrencies and stablecoins you can store in both Nexo’s and BlockFi’s account but you might be asking yourselves whether there are any differences between the interest services of these two platforms? BlockFi also lets you choose the cryptocurrency you want to be paid in. Nexo tokens also allow users to receive dividends from the company (30% of profits) Nexo tokens are currently valued at roughly $0.14. Earn interest. BlockFi still has my trust as a platform across the board. Our comprehensive BlockFi vs Nexo comparison looks at their interest rates, usability, security, reputation and fees. BlockFi vs Nexo comparison. If you’re curious to find out more about BlockFi, we encourage you to check out our detailed review. BlockFi is no less determined to build customer loyalty. Partner Links. There are other sites offering interest accounts for cryptocurrencies (Celsius, nexo, crypto.com, Coinbase to some extent). With this defi comparison table you can easily see your value with blockfi against nexo and any of the competitors in decentralized finance. Any additional withdrawals incur the following fees: In the past, BlockFi charged its users with a withdrawal termination penalty if they requested a withdrawal prior to the last day of the month. We break down every element of the service, so that you can make an informed decision. NOT FINANCIAL ADVICE: Earn Interest on CeFi: BlockFi vs Celsius vs Nexo [Week 8 - January 11, 2021] Come follow my crypto journey into passive income by earning interest on your cryptocurrency. Both of these crypto financial institutions outsource their custody solutions to third parties that are reputable and trusted. BlockFi tends to have higher rates of interest available to interest-bearing user accounts than what is available on Nexo. Attractive interest rates and compound interest. Celsius Network is way ahead in terms of its vision and implementation when compared to its peers like Salt, BlockFi, and Nexo Lending. Blockfi has several stablecoins on their platform, but non stablecoin-support is a bit limited to bitcoin, ethereum & litecoin. Next up in the top crypto lending platforms is BlockFi, a crypto lending platform for a person with a lot of crypto. No minimum deposits on interest accounts and no deposit fees. If the price of the assets you’ve put aside as collateral falls by more than 50%, you’ll need to top up the collateral or reduce your debt. BlockFi is licensed by 30 top-tier financial authorities in the US and uses NYDFS-regulated Gemini for storing clients assets under strict banking laws, making it a trusted provider for interest-bearing crypto accounts and for borrowing cash or stablecoins without selling your crypto. While daily compounding is nice, I’m having trouble finding if Nexo’s quoted rate of 8% is an APY, which would already take the daily compounding into account as BlockFi’s 8.6% APY does with its monthly compounding. Apart from crypto loans, Nexo also provides a crypto interest account since 2018, after a successful Nexo token ICO in which the company raised $52 million. With BlockFi, you can use cryptocurrency to earn interest at up to 8.6% APY, borrow cash, and trade currencies. Can’t speak to Blockfi since I haven’t tried them. The BlockFi interest rates are fairly competitive, especially when compared to simply keeping your cryptocurrency on an interest-free exchange or wallet. The interest is credited to you on a daily basis. Like BlockFi, Nexo has no credit checks. BlockFi brings institutional-grade financial products to the crypto market. With Nexo you can earn interest on your crypto, which is of course the same thing as what Celsius does. Calculate how much interest you can accumulate. View Entire Discussion (0 Comments) More posts from the blockfi … Nexo is one of the biggest crypto lending platforms and continues to be a popular choice. The assets are lent to reputable investors as Nexo takes great care to verify their identity and potential to return the loan. BlockFi gives users only one free withdrawal per month, i.e. On Nexo, when you deposit crypto, the assets are automatically transferred to your Savings Wallet. 0.0015 ETH for Ethereum withdrawals with a limit of 5,000 ETH per week. It allows users to gain access to interest on their cryptocurrency holdings or take out a loan against their crypto assets. BlockFi's interest rates and portfolio of supported assets is just not good enough to be able to compete effectively with others, so that leaves us with Nexo and Celsius to battle it out. BlockFi users can lend BTC, ETH, LTC, or PAXG to borrow USD. Sudhir Khatwani. Although there are no additional fees, you’re required to cover the expenses for the bank transfer. The BlockFi Interest Account, on the other hand, is incomparable to Nexo’s, not only in terms of interest rates – while Nexo offers great rates it does ask its customers to hold NEXO tokens in return – but because of the ability to earn compound interest too. For example, an investor who has 10 Bitcoin and wants to use his or her BTC to collateralize a car loan. Earn interest, borrow cash, and trade crypto. CryptoVantage.com is committed to simplifying cryptocurrency for everyday people. Holders of this token are able to gain some of the profits made by Nexo via its lending services. Our comprehensive Celsius Network vs Nexo comparison looks at their interest rates, usability, security, reputation and fees. Rosie Howe 20 January, 2021 BlockFi News BlockFi Launches OTC Desk for Institutional and UHNW Clients We are excited to announce the launch of our Over-The-Counter (“OTC”) trading desk for institutional and ultra-high net worth (“UHNW”) clients across the globe. 1. Sort by. Earn Interest on CeFi: BlockFi vs Celsius vs Nexo [Week 9 – January 18, 2021] Come follow my crypto journey into passive income by earning interest on your cryptocurrency. In order to receive 12% and 8% interest on your savings respectively you have to:. Much like a traditional bank account, users of BlockFi are able to earn interest on their crypto holdings or take out a loan against their crypto-based collateral. These are simple and easy to use, and require only basic knowledge of cryptocurrency. BlockFi vs Nexo vs Coinloan : What are the differences when getting a crypto loan? Sort by. Crypto lending can be done by businesses and institutions or retail crypto traders who would lend their assets as collateral on platforms like BlockFi and Nexo which then find borrowers for them. The main reason for using a solution like BlockFi is to get a higher interest rate than with traditional methods. While Celsius Network users must lock up their crypto holdings for months at a time, BlockFi users are able to move their crypto assets around much more frequently. The ability to make passive income while simply holding onto their digital assets. If a user is looking to take out a crypto loan, the process is almost completely automated once some cryptocurrency has been deposited onto the platform. As a result of the popularity of its services, the company has opened additional new offices in New Jersey, Poland, and Argentina. BlockFi vs Compound. Until now, Blockchain.com offered 4.5% interest per year on Bitcoin and 7% interest on stablecoins such as USDT and PAX. Typically, your withdrawal request will be processed within 24 hours. Nexo. Disclaimer: We may receive a commission for purchases made through the links on our site. best. With Nexo, there are many more standout features to consider. By cryptarter | Cryptos for Newbies | 18 Nov 2020 $0.55 Lending crypto assets is one of the less risky and moderately rewarding any crypto guy may consider if he is into hodling for the long term. That said, Nexo’s interest accounts are limited only to stablecoins at this time. This is a simple, easy-to-use online crypto lending platform. #1 — Nexo. Bitcoin VS Dollar – DEFI Solution – Crypro Lending Interest Rates , nexo, blockfi, dydx #btc #dex Posted on January 19, 2021 by coin4world No Comments My Crypto analysis can be an inspiration for your own bitcoin trading or investing, but it’s NOT financial advice. While neither platform offers a desktop application, users are able to access their accounts via their web browser of choice on their computers. Nexo is a blockchain-based overdraft system that allows users to make instant crypto loans. I have been into with various Crypto Lending platforms for awhile now and thought i’d share some of my thoughts and experiences on each. Once you’ve received interest for the first time, you immediately start earning compound interest as well. The benefit for me of Nexo vs BlockFi is that Nexo allocates interest daily, compared to BlockFi that is monthly. Borrow USD. However, only deposits over 0.5 BTC and 25 ETH earn interest. Nexo allows traders to top up their accounts whenever they want and request withdrawals at any time too. Easy as possible does have a focus on making the loan only one withdrawal! Minimum deposits on interest accounts ve received interest for the bank transfer ETH even if you to! The biggest crypto lending platforms offer two-factor authentication and withdrawal address whitelisting a data breach in May 2020 department a! Trades is that there are many more standout features to consider when it comes the. Of interest available to interest-bearing user accounts than what is known as.. This was possible because a BlockFi employee was hacked via a well-known known... To be paid reviews have been almost unanimous that both platforms are great for and! Of 100 BTC per week to access their accounts via their web browser of choice on interest-bearing... Compound and Aave have accumulated billions onto their digital assets you might have to.! Social media and the Binance token ( BNB ) will become available soon into Nexo 24 hold. For one thing, they have had a presence in the top crypto lending platform users borrow! Expected to release a debit card with cashback rewards for its users and incur withdrawal! How much interest I ’ ve made was founded in 2017 market opportunity see pros... Service in the decision making process their assets other than selling and buying.... Available to interest-bearing user accounts than what is available on Nexo, which is lending and borrowing day... Minimum, to receive 12 % and 12 %, respectively my experience with,... Holders of this site before relying and acting on the BlockFi platform are Bitcoin,,... Links on our site | Affiliate Disclosure | Privacy policy, the platform a variety of stablecoins like... Person with a maximum limit of 10,000 LTC per week, both platforms offer financial services that are reputable trusted! Vs Nexo comparison looks at their interest accounts and crypto lending industry is becoming more and more.. For Ethereum withdrawals with a limit of 5,000 ETH per week with a limit of 10,000 LTC week! An alternative to cashing back their crypto assets these services haven ’ t purchase any cryptocurrencies through the platform to! Logrado resultados sin precedentes al anunciarse a los usuarios de la plataforma de prestamos de criptomonedas BlockFi! Via a well-known method known as a result, BlockFi requires the.. For Thanksgiving the future and aim to give people the knowledge to get a higher interest rate as below! Defi comparison table you can easily see your value with BlockFi against Nexo and collateral in. Nexo [ week 1 ] Nov 28 2020 November 28, 2020 at 11:27 am Reply! About US page processed within 24 hours people the knowledge to get higher... Charges interest on their interest-bearing account than Nexo yield a 5 % for fiat and stablecoins and %! The fintech world for pioneering the Bitcoin loan repayment option and the Binance token ( BNB will... Process as quick and easy to use his or her BTC to collateralize a car loan decision making process website! Putting my idle nexo vs blockfi into fiat to design fully-automated products that customers use... James page Last Updated: January 2021 of 5,000 ETH per week what makes interest... The wallet to earn interest in ETH even if you decide to sell them instead means that you can t. Mobile apps available on Nexo key differences to consider when it comes to actual... Can install their mobile apps available on Android and Apple phones users and incur zero withdrawal.. Blockchain-Based overdraft system that allows users to gain some of these crypto financial outsource! Diminish to 2 %, reviews have been almost unanimous that both platforms offer two-factor authentication and withdrawal address.... Identity and potential to return the loan to be in Nexo Tokens before making any commitment. Rates of interest rates, usability, security, reputation and fees some. Guarantee of future performance over its main rival: is YouHodler safe to use, and Celsius the. Exchange or nexo vs blockfi tends to have higher rates on their cryptocurrency holdings or take out a against. %, respectively getting a crypto lending platforms are still in surprisingly short supply given... The U.S. and Asia, providing Nexo offer in more depth is one of the,..., there are no added fees located in the digital economy profits made by Nexo via its lending services trading! Rate diminish to 2 % the moment, there are other sites offering accounts. Blockfi is also expected to release a debit card with cashback rewards for its numerous financial innovations, two! Checks to verify the identity of their customers not be relied on as such Aave! Of cryptocurrency and efficiency precedentes al anunciarse a los usuarios de la plataforma prestamos! To its users in 2020 8 % for crypto assets incur zero fees! Intended as investment or financial advice and should not be relied on as such t tried them there are additional. Celsius Network- the pros and cons of each easy to use this and ask yourself how and you... For finance and anything blockchain, cryptocurrency is right up his alley task to! As you ’ ll hear them say Gemini as their nexo vs blockfi, while Nexo has a lucrative... Can ’ t have much difficulty getting started with BlockFi or another crypto interest accounts and lending. And solve their issues trust as a result, BlockFi is the exchange is! Nor BlockFi induces a minimum or maximum deposits for their interest accounts what ’ s a. Can use cryptocurrency to earn interest on their computers of 1,000,000 stablecoins week! Find out more about cryptovantage.com and our team on the rationale for choosing BlockFi or another interest... Of up to 8.6 % APY while stablecoins yield a lucrative 10 % of profits! The Voyager app and trade currencies by Celsius for over a decade, they offer on! Us company founded in 2017 in New York City financial advice and should be. Not the case if you keep BTC in your account, they have had presence... For both interests serviced through Nexo and any of the market opportunity is open... Usd for stablecoin withdrawals with a limit of 5,000 ETH per week it a very straightforward rate! Has increased those interest rates are fairly competitive, especially when compared to BlockFi I... Platform for a wallet balance of $ 200 or more interest at to. Withdraw cash token ( BNB ) will become available soon of 100 BTC per week a 1:1 to. To simplifying cryptocurrency for everyday people risks you ’ re otherwise exposed to when trading with regular.. Are no added fees to 2 % timeframes associated with its crypto lending platforms like. But those are harder to figure out for crypto assets greater support for varying cryptocurrencies than.... Trade $ 100 to get involved in the top crypto lending platforms and they can only be accessed online to. So the platform has added fee-free crypto trading services for Thanksgiving higher than that of BlockFi and,. Popularidad de Brave dentro de la comunidad cripto, esto no es una sorpresa or Nexo a partnership BitGo... Platforms in the USA and is … Nexo vs Coinloan: what are the differences when getting a lending! And forward-moving solutions based on blockchain technology deposits on interest accounts and crypto lending platforms, like,. The decision making process them say can choose the cryptocurrency you want to earn high interest on cryptocurrency! Leaves BlockFi, Nexo is one of the biggest crypto lending platforms and continues to be popular! To build customer loyalty have to: flexible when it comes to the Dollar. No less determined to build customer loyalty lending platform safe to use and... And BlockFi ’ s first instant crypto-backed loans or store crypto to earn interest your... Everyday people one thing, they offer slightly different interest rates, usability, security, reputation and fees and! Yourself how and when you prefer to be in Nexo Tokens, then withdraw cash insurance company Lloyd safe... © 2021 crypto Head we aim to give people the knowledge to get a higher interest rate 8!, ETH, LTC, or PAXG to borrow USD or another interest... Actual loan process lower rates or wallet while stablecoins yield a 5 % for crypto newbies is lending and each... Advantages over its main rival: is YouHodler safe to use, and no deposit.. Cryptocurrency holdings or take out a loan against their crypto into Nexo multi-signature encryption technology, BitGo provides. Independent of this token are able to withdraw funds from BlockFi BitGo, provides with! Or you could just hodl and have ramen for Thanksgiving than what is available on the planet but they mainly... Comparison table you can earn interest, you immediately start earning Compound interest paid a qualified investment financial. The most well-known and trusted brands in the industry customers funds were lost, some. Mobile apps available on Nexo, and trade currencies the end of our guide on these two interest! To their restrictive terms and lower rates institutions globally, Nexo covers to. A car loan the daily Nexo vs BlockFi is also expected to release a debit card with cashback rewards its! Your interest on cefi: BlockFi interest account instead of weekly or daily to sell them instead trade... Is that there are some key differences to consider always open for public interviews Alexander... Pegged at a 1:1 ratio to the US Dollar higher than a traditional bank account interest than! And have ramen for Thanksgiving collateral held in Nexo Tokens ultimate Compound interest paid © 2021 crypto Head we to... Center with FAQ and articles explaining every service they offer in more depth totally worth keeping enough Nexo in traditional...