Nexo vs. BlockFi vs. Celsius Network
My experience with BlockFi, Nexo, and Celsius Network- the pros and cons of lending stablecoins on each
Earlier this year, my high interest online savings account became a disappointment earning less than 1% interest. As a result of the Fed’s monetary policy and endless fiat printing, I realized that this money would be losing its value daily. I’m not too excited about being completely in the stock market for multiple reasons so I decided to see look more into cryptocurrency lending options.
I have held (and lost money) in cryptocurrencies since 2017 and didn’t feel like risking money in Bitcoin or any of the other altcoins as my goal is to gain a yield that exceeds my banks measly <1%, but keeps my risk within reason. I decided to research and try out Nexo, BlockFi, and Celsius.
I decided to convert my Fiat into USDC on coinbase and try all 3 services. Here are the pros and cons of each service. Keep in mind that this is just my experience and not any sort of advice or recommendation to use any of these services.
1) Nexo- I like Nexo’s interface and it’s very easy to onboard and use their mobile app. They don’t have an exchange so if you are looking to trade, you’re going to have to do it elsewhere. Additionally, if you want the max interest on your coins (currently 10% per year on stablecoins), you need to hold the Nexo token. I mistakenly bought the token and am now down all my future interest in paper losses on the token (down around 50% in 2 months). Not to say that the token’s value won’t come back, but I’m disappointed in myself for taking a large risk for an extra 2% on my money. I like that you can withdraw your crypto from Nexo quickly (usually within an hour in my experience). I also like that you get paid interest daily. I’m concerned about their location being vague, but their customer service has been responsive when I reached out to them.
2) BlockFi- I like Blockfi’s mobile app interface as well. They do offer crypto trading in the app which is a nice feature since you don’t have to transfer funds. You don’t need to purchase any token and the current rate on stablecoins is 8.6% per year, again blowing away my high interest online savings account. I also like that you can earn your interest in crypto. I opted to earn in Bitcoin. There is a small fee involved, but I like that it gives me some exposure to Bitcoin and it’s also dollar cost averaging since it’s being purchased continually each month. I also like that they are based in San Francisco, and seem the most legitimate. I haven’t withdrawn any funds from BlockFi, but I believe it takes one day. Something to keep in mind if you think you will need to access your funds. If you are interested in signing up, please use the referral link below to receive a bonus paid out in Bitcoin.
https://blockfi.com/?ref=f6357635
BlockFi referral code: f6357635
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3) Celsius- I like Celsius’s interface as well. They offer the largest portfolio of the three as far as which cryptocurrencies you can earn interest on. Currently, Celsius offers the best interest rate on Stablecoins at 11.6% per year! They pay interest once per week and it’s taken one day for my funds to be moved out of Celsius. You can be paid more if you get paid in Celsius’s native token, but they don’t offer that option in my country. They have partnered with a 3rd party exchange for trading, but it looks like the fees are really high. Celsius is also based in the US which is a positive in my book.
Overall, I have the most confidence in BlockFi. They have also added a feature where you can deposit via ACH that cuts down on the need to transfer your crypto if you don’t feel comfortable with it. If you are interested in trying out BlockFi, please use my affiliate link, https://blockfi.com/?ref=f6357635, and we will both receive a bonus if you fund your account with over $100. I would say that Celsius and Nexo are tied. I like the ease of depositing and withdrawing from Nexo, but am a bit concerned of where they are based. Celsius also offers a $30 referral bonus for new users if you use the referral code: 120824ba06 and deposit $200.
I’m not sure how long these generous payouts will last. I spread my money in all 3 services and so far am happy. My timing on the Nexo token wasn’t the best, but it could have worked the opposite direction if it went up and still has the opportunity to go up as it offers true utility unlike many other popular cryptos. Best of luck protecting your money!
Join Celsius Network using my referral code 120824ba06 when signing up and earn $40 in Bitcoin when you first transfer of $400 or more (and keep it on the platform for at least 30 days) using my referral code! #UnbankYourself
Celsius referral code: 120824ba06
