BlockFi and Celsius Network are two companies you will likely encounter when looking for a reliable platform to earn interest on your crypto assets or use them as collateral for loans.

While both companies offer some of the highest interest yields and lowest rates for loans in the market, they differ in several aspects that should help you decide which one to use.

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BlockFi vs. Celsius: Introduction

BlockFi is a New Jersey-based company founded in 2017 and is backed by some of the leading investors in the industry lie Morgan Creek and Tiger Global, meaning they have a solid enough financial muscle. Also, the company holds billions in community assets and has over a quarter a million registered users.

The Celsius Network is registered in the USA and has been in business since 2017. Celsius Network holds over $17 billion in community assets and has over 900K registered users worldwide.

Supporting Crypto Assets & LTV

Although these two companies are primarily the best crypto lending platforms in the market, they also support crypto exchanges, and so they will support a wide variety of crypto assets for this.

  • BlockFi

BlockFi supports at least 10 different crypto assets that you can borrow against or deposit with the company to earn interest.

These assets are 6 crypto coins that include primary ones like ETH, BTC, LINK, and LTC. Also, the company supports 4 Stablecoins; GUSD, BUSD, USDC, and USDT.

When borrowing against these assets, the company provides an LTV ratio of at least 50%, but the actual one will depend on the prevailing market conditions. However, the company makes it clear how they calculate it before you take the loan.


  • Celsius

The Celsius Network supports over 40 different assets that you can use for borrowing or lending crypto. These crypto-assets include BTC, ETH, SNX, USDT, USDC, and their CEL proprietary token.

As we mention in our Celsius Network Review, the company provides multiple LTV ratio options as investors can borrow at 25%, 33%, or 50%, making their loan amounts more flexible.

Interest Rates, Lock-in Terms & Payouts

Crypto interest accounts are what will typically draw most investors to these two platforms. But the good news is that both have some of the best products for lending crypto and will make it easier to put your crypto portfolio to better use.

  • BlockFi

The BlockFi crypto interest account allows you to earn up to 7.5% APY. The interest rates depend on the actual crypto asset you are investing in with the company.

For example, if you invest BTC with the crypto lending platform, you will get up to 4% APY, while a Stablecoin like USDC earns you 7.5% APY.

BlockFi pays the interest earned monthly, but the interest on your crypto deposits will accrue every day, and investors can keep earning on the same asset for up to 30 years. Also during our research for BlockFi Review we discovered, that there are no hidden fees in the BlockFi interest account, and you can take out your money anytime you want.

  • Celsius

The Celsius Network has some of the highest interest rates you can get on crypto holdings. The more lucrative interest accounts will allow you to earn up to 17.78% APY when you deposit SNX. BTC earns you up to 4.4%, while the yield for USDC is up to 11.21%.

The interest paid goes to your wallet every week, but the crypto assets accumulate interest every minute after depositing them.

Additionally, the Celsius Network does not have any minimum balances or hidden fees. You can earn for as long as you want as the company allows you to deposit the assets for up to 20 years.

Products & Features Comparison

Besides depositing your digital assets to earn yields, these two companies also have several other products and features that investors can take advantage of as they try to grow their crypto holdings.

  • BlockFi

BlockFi offers crypto-backed loans at some of the lowest rates in the market that even advanced cryptocurrency users will appreciate. Interest on BlockFi platform loans can go as low as 4.5% APY, depending on your LTV and crypto collateral loan.

When borrowing at a 20% LTV ratio, you only pay 4.5% interest for the crypto loans, while 50% LTV ratio loans will cost you 9.75%.

Another BlockFi product that investors should know about is crypto trading which works like regular exchanges where you can buy and sell coins or swap them for others.

  • Celsius

Celsius Network offers cheaper loans than most other companies out there. The rates for their crypto-backed loans can go as low as 1% for a 25% LTV ratio, and they accept over 7 different crypto assets as collateral for the loans.

The 50% LTV loans have an 8.95% interest rate, which is still lower than many other companies will charge, and you only need to pay 6.95% for 33% LTV loans.

Besides borrowing and lending crypto, the Celsius Network also has staking and a payment product. The payment product allows you to pay and receive payments in crypto, which can help grow your overall crypto portfolio.

BlockFi vs. Celsius: Fees

Fees are a vital factor to consider when choosing a crypto lending platform as they determine the overall cost of crypto lending and borrowing.

Besides the interest rates on their loans, BlockFi also charges an origination fee of 2% for all loans. Additionally, the company will charge you withdrawal fees depending on the specific asset you are withdrawing. For example, it costs up to 0.00075 BTC to withdraw 100 BTC.

Celsius Network users can also expect to incur specific fees for crypto lending and borrowing on the platform. These fees are primarily for wire transfer transactions that attract a 0.5% fee and the 3.5% credit card fee. However, Celsius Network users do not pay any loan origination fee, early termination fee, or withdrawal fee.

BlockFi vs. Celsius: Safety & Security Features

Crypto lending platforms like BlockFi and Celsius Network take security very seriously. They always try to make users’ crypto assets as secure as possible, given the risky nature of the industry. That said, each company has different security measures for its interest accounts.

  • BlockFi

User funds on the BlockFi platform are secured using multiple security protocols. These security measures include things like 2FA, biometric login, and address allowlisting.

Therefore, BlockFi users can be sure anything they deposit on their interest accounts or use as collateral for loans will be safe. Also, personal information is kept secure through advanced encryption.

  • Celsius

Apart from their fantastic interest rates, another thing that draws many users to the Celsius Network is that they offer one of the securest platforms with multiple security features.

The security features that Celsius Network employs include 2FA that has almost become an industry standard and aims to make unauthorized access hard.

Also, they use HODL mode, making it impossible to send your digital currencies off the platform for some time and have address allowlisting and biometric login for their mobile app.

BlockFi vs. Celsius: Insurance

A reputable platform should have some form of insurance to protect user funds. Higher interest rates should not be enough for you if you do not have assurance you will not lose anything on the savings accounts no matter what happens.

  • BlockFi

Like many leading crypto lending platforms, BlockFi has some form of insurance coverage to ensure you will never lose your assets. However, they do not have direct insurance coverage. Instead, the funds are insured by their custodian.

BlockFi uses Gemini as the custodian for its user assets. Gemini has a $200 million insurance coverage for the assets using highly reputable underwriters. Therefore, they will pay investors in case of an incident that leads to the loss of their assets.

  • Celsius

The Celsius Network also does not have private insurance for the assets they hold. However, they also use Bitgo as their custodian, meaning the assets also enjoy the $100 million insurance coverage the custodian has for assets it holds.

Additionally, Celsius Network has coverage of up to $30 million for their hot wallets from Fireblocks and Prime Trust, which are their other custodians.

BlockFi vs. Celsius: Minimum Deposits & Withdrawal Limits

Most crypto lending platforms, including BlockFi and Celsius, will have specific requirements for the minimum deposit you need to start the initial loan application process or open an interest account.

Also, they have withdrawal limits and restrictions that you need to know before you start using their platforms.

  • BlockFi

BlockFi does not have any minimum deposit amount, and neither do users maintain a certain minimum balance on their account. However, to start earning interest rates, you need to have at least $1 as you cannot earn with a zero balance.

When it comes to withdrawals, the actual amount you can take out from your account or transfer depends on the specific currency you are using. For BTC investors, you can withdraw a maximum of 100 BTC every day, while ETH investors can withdraw up to 5,000 ETH every week.

  • Celsius

Celsius Network does not have minimum deposit requirements, meaning you can get interest payments on as little as $1.

What’s more, the company does not have withdrawal restrictions, but they have a soft withdrawal cap of $50,000 every 24 hours, and any amount above this will take up to 48 hours to withdraw.

BlockFi vs. Celsius: Account Sign-Up Process & KYC

Signing up on the Celsius or Blockfi lending platforms is quite a straightforward process that should not take more than a few minutes to complete.

However, it is essential to note that you must complete a full account verification process by providing ID documentation and a selfie, as KYC verification is mandatory for both platforms.

Signing Up on BlockFi

  • Go to and click on “Get Started”
  • Fill up the form with your names, email and create a password
  • Enter the Blockfi Sign up Bonus Code to get a Bonus worth upto $250
  • Agree to terms and conditions and click “Submit.”
  • Verify email address
  • Verify personal information (KYC)
  • Fund the account and start lending or borrowing


Signing Up on Celsius Network

  • Download the iOS/Android app or go to and click on “Web App”
  • Click the “Join Celsius” button once the app is open
  • Choose your preferred sign up method (email, Facebook, Twitter, or Google)
  • Fill up the form that opens with your names and email and create a password.
  • Read the terms and privacy policy and tick to agree
  • Enter the Celsius Referral Code to get a bonus of up to $50.
  • Tap or click on the “Create Wallet” button
  • Set and confirm the 6-digit pin
  • Verify profile by entering your details
  • Verify your identity (KYC) by following the prompts
  • Fund the account, and it will be ready to use

BlockFi vs. Celsius: Supported Countries

Given that crypto lending platforms are online-based and accessible via mobile apps, you should use most of them from almost anywhere in the world.

However, it is more complicated than this, given the different regulations and laws regarding cryptos in various jurisdictions. Hence, when deciding between BlockFi and Celsius, you have to make sure the company you choose is available in your area.

  • BlockFi

BlockFi tries to cater to a global audience with most of its products. However, only United States users in 47 states can borrow dollars and crypto against their assets.

Their crypto interest accounts are available globally except in countries under the watch-list or sanctions by the US, UK, or EU. Also, in the USA, their interest yield account is available in all states except New York.

  • Celsius

The Celsius Network has a global reach as you can access all their products from more than 150 countries. However, the platform is not available for US residents, and you also cannot use it in countries like North Korea, Sudan, Syria, Cuba, and all other countries sanctioned by the US or UK.

  • Is BlockFi Safe?

Yes, BlockFi is one of the safest crypto lending platforms out there. The company makes use of multiple security features to secure its platform.

Also, the company uses some of the most trustworthy custodians and keeps the majority of the funds in offline cold storage.


  • Is Celsius Safe?

The fact that there has never been any security incident on the Celsius Network is enough indication the platform is safe.

Better yet, the company has all the standard platform and user account security features and keeps the majority of the digital assets in secure cold storage offline.

What’s more, Celsius is one of the most compliant crypto lending platforms, and its US registration means it has to meet the strictest safety standards.


BlockFi and the Celsius Network are two companies you can trust to have some of the best crypto lending and borrowing products for you, and so they can be handy for growing your portfolio.

Additionally, both are highly secure companies that guarantee you will not lose your funds no matter what happens. Hence, the choice between them will largely depend on your personal preferences.

That said, it is vital to keep in mind that each company has specific merits that give it an edge over the other. For example, Celsius offers some of the highest crypto yields of up to 17.78% APY, while BlockFi has some of the lowest fees for withdrawals.

Hence, it is up to you as an investor to decide which feature you value most. Better still, you can also divide your assets and invest in both to see how it goes.

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Sudhir Khatwani