The Celsius Network is one of the largest cryptocurrency lending platforms globally, with over 900K users and over $17 billion in community assets.
Many users love that it is a secure platform registered in the USA that offers 24/7 customer support and excellent yields of up to 17%.
That said, Celsius Network is not for everyone, as some users might not like certain things on the platform, such as limited cryptocurrency options for borrowing load.
Hence, it is always good to have an alternative if it does not work for you. Here we look at 8 of the best Celsius Network alternatives out there.
Celsius Network Competitors & Alternatives In 2021
BlockFi is another large cryptocurrency lending platform with a global presence and more users than most others out there. The company has been around almost as long as Celsius Network, and hence it has been tried and tested.
With BlockFi, you can either borrow USD or against your cryptocurrency assets by using them as collateral or deposit them with the company to earn interest yield.
When borrowing against your cryptocurrencies, the company offers 20%, 35%, or 50% LTV. The interest rates you pay will depend on the LTV, and they range from 4.5% to 9.75%, plus a 2% origination fee.
For the BlockFi interest accounts, the yields depend on the cryptocurrency you deposit and the amount. If you deposit less than 0.25 BTC, you earn 4% APY, while 0 to 50,000 USDC earns you 7.5% APY.
YouHodler seems to have the edge over many other crypto lending platforms when it comes to LTV, as they can give you loans up to 90% of the value of your digital assets for 30-day loans.
Besides the high LTV ratio, the company allows the trader to get their loans in either fiat currency like USD, EUR, and GBP or in Stablecoins such as BTC and USDT. When you borrow from the YouHodler Platform, the interest rates will depend on the LTV and duration. For example, 30-day loans with a 90% LTV ratio attract a 3% interest rate.
YouHodler also allows investors to earn decent interest yields on their idle crypto assets by depositing them with the company. The actual APY depends on the currency you are depositing, but it ranges between 2.5% APY for REP and 12.3% APY for USDT.
The crypto earnings you get on your assets on the YouHodler platform will be deposited into your wallet once every week.
Although Gemini is more famous as a platform for buying and selling crypto assets, it also allows traders to earn by putting their idle assets to work, which does not come with very high risks.
The company supports over 40 different cryptocurrencies, and traders can invest with any of them in their deposit account to earn interest yields. Gemini interest yields range between 1.35% and 7.4% APY.
If you deposit 1INCH on the platform, you can earn up to 7.4% APY, while BCH makes 4.29% APY, and ETH will earn your 2.05% APY.
Many investors will love that there are no hidden fees on this Celsius Network alternative. Also, there are no minimum investments required, transfer and withdrawal fees, and you can redeem your assets anytime.
Anyone that trades cryptocurrency should already know Binance, as it is one of the largest exchanges in the world based on daily trade volumes and the number of users registered on the platform.
Besides being a dominant player in the crypto buying and selling market segment, they also have good products for those looking to deposit their idle assets to earn interest or borrow using them as collateral.
When borrowing against your crypto assets, Binance provides an initial 65% LTV ratio, and their loan period ranges between 7 and 180 days. Investors pay interest on the loan at 0.002083% per hour or 0.0500% per day. Additionally, the company allows for early repayment with no penalties charged.
Suppose you want to open a crypto interest account and deposit your currencies with Binance to earn interest yield. In that case, the company allows you to choose between flexible savings and a locked savings account.
You can earn up to 2.11% APY in the flexible saving accounts, while the locked savings account will earn you up to 6.79% when you deposit and save for 7 to 90 days.
Crypto.com allows you to trade over 100 cryptocurrencies, and it also has a large platform with over 10 million registered traders. However, they also make it possible to grow your portfolio without trading through their crypto earn product.
The company will give you an interest yield of between 3% and 14% APY. The earnings are calculated on a daily reward basis and without compounding. For example, if you deposit your BTC or ETH with the company, you can expect to get 8.5% APY, while USDC earns you 14%.
Crypto.com also provides a crypto credit product that allows you to borrow against your crypto assets at upto 50% LTV ratio.
The crypto lender provides flexible payback periods with no deadlines to ensure you pay at your convenience. What’s more, their interest rates are also quite fair as the company charges just 8.5% per annum.
There are more than 2 million users on Nexo.io, and the company is registered and regulated to give you some confidence that your investments are safe.
Other things that make this one of the best Celsius Network alternatives include the fact that the company has insurance on its custodial assets and an excellent user rating. Additionally, they also have good credit and lending products.
If you want to earn a yield on your cryptocurrencies, the company will give you between 3% and 12% APR. For example, when you deposit USDT, you earn 12% APR, while BTC and ETH earn 8% APR.
Nexo.io has daily payouts for yields on your cryptocurrencies, and the investors have the freedom to add more funds or withdraw them anytime they want.
The company allows you to borrow instantly using more than 21 different coins as collateral for their credit product. Traders can borrow at a 25% to 60% LTV ratio, and their interest rates start at 6.9%.
Other things that make borrowing from the platform attractive include that you can borrow up to $2 million with automatic approvals and zero credit checks.
CoinLoan allows crypto traders and investors to borrow against their digital assets or grow them through yield-earning deposits in a safe way with little risk.
The company offers quite favorable terms for most of their products but what users will love most is they provide solid security protocols to ensure you never lose your assets.
You can deposit fiat or over 20 different coins in the savings account and earn between 7.2% and 12.3% APY. USDT and USDC will give you the highest interest of 12.3%, while BTC earns 7.2% APY. The yields are calculated daily, and there are no deposit or withdrawal fees, and investors can withdraw their money anytime they want.
You do not have to sell your digital assets with sound potential, as CoinLoan has a good crypto credit package. The company allows you to borrow at an LTV of between 20% and 70%. The interest for the loans is between 4.5% and 6.95% per annum.
Loan approvals on CoinLoan are instant as there is no paperwork involved or credit checks provided you have the required collateral. Better still, you can pay the loan anytime you want with no fines or lock-ins.
MyConstant is a good Celsius Network alternative for those looking for a reliable global P2P lending platform for crypto investors.
The platform supports over 70 different currencies, giving crypto traders more options as collateral when borrowing or depositing to earn interest yields.
When borrowing, you will pay just 6% for 1, 3, or 6-month term loans. The loans are provided instantly with no paperwork or credit checks, and you can borrow a minimum of $50 but with no maximum limit. The collateral you provide is stored in cold wallets, and you get it back at the end of your loan term.
For the traders with idle assets who want to deposit them to earn interest on their crypto holdings, the company will give you 4% APY for the flexible or instant access deposit you can get any time you want. However, for fixed deposits, the earnings are 6% to 7% APY. The interest is paid every second for flexible deposits and the fixed ones at the end of the term.
Celsius Network is a fantastic platform for borrowing and lending cryptocurrencies as it will give you a high-interest yield on your assets and is also a solid company. But if it does not work for you, one of the 8 companies above should be a good alternative.
BlockFi and YouHodler seem the top alternatives from these Celsius Network alternatives as their loan terms and interest yields on crypto deposits are better than most will offer.
What’s more, they have highly secure platforms and are both solid companies with excellent financial backing to give investors more confidence.
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