Cryptocurrencies are digital money that is growing in popularity with many investors, including new investors. However, if you’re a crypto enthusiast, you need an excellent lending/loan and crypto-exchange platform. Unfortunately, finding the right one for your needs may seem like finding a needle in a haystack. Let’s take a look at this BlockFi vs Crypto.com roundup.
While there are many platforms to consider, two leading platforms for 2022 are Crypto.com and BlockFi. Both have amazing advantages, sign-up bonuses, and trustworthy services, but which one is best. If you would like to know more about these two crypto platforms, keep reading.
|Site Type||Cryptocurrency interest account + basic exchang||Crypto exchange + crypto interest account + NFT exchange|
|Buy/Deposit Methods||ACH, wire transfers,crypto deposits||ACH, wire transfers, PayPal, credit or debit card|
|Sell/Withdrawal Methods||External crypto wallet, bank account||External crypto wallet transfer, ACH|
|Available Cryptocurrencies||Bitcoin, Ethereum, Litecoin, Link + stablecoins||Bitcoin, Ethereum, Dogecoin, stablecoins, other altcoins|
|Location||Jersey City, NJ, USA||Hong Kong|
|Site + Promo||Earn up to $250 on BlockFi||Earn up to $25 on Crypto.com|
Which Is Better: BlockFi vs Crypto.com?
Ultimately, both BlockFi and Crypto.com are great choices for experts and beginners. If you’re looking into crypto-backed loans and cryptocurrency lending, you should consider BlockFi. However, if you want good crypto-exchange services, Crypto.com is the better platform.
What Makes BlockFi Great for Loans and Lending?
Located in New Jersey, USA, BlockFi was one of the first companies to offer crypto savings accounts and loans for crypto investors, making it a leading lender in the crypto world. It accepts many cryptocurrencies including Bitcoin (BTC) and Ethereum, but the US dollar is the only fiat currency supported on the site.
BlockFi has amazingly low-interest rates for crypto-backed loans and cryptocurrency lending. In fact, their interest rates are typically at least 30 percent less than crypto-backed loans and cryptocurrency lending from Crypto.com. For example, BTC interest rates on BlockFi are typically 0.1 to 3 percent, but on Crypto.com, you’ll pay 1.5 to 8.5 percent.
In addition, you are allowed one free withdrawal each month on BlockFi, so you can get your money without paying extra money. BlockFi also has no fee for debit card purchases, but Crypto.com has a 2.99 percent fee in most countries (3.99 percent in some countries).
|Chainlink||3% (0 – 750 LINK), 0.5% (>750 LINK)||0.5% – 5%|
|Bitcoin Cash||N/A||0.5% – 5%|
|Compound||N/A||0.5% – 5%|
|Cosmos||N/A||0.5% – 5%|
|UNI||3.75% (0 – 750 UNI), 1.5% (> 750 UNI)||0.5% – 5%|
|Dogecoin||N/A||0.5% – 5%|
|Litecoin||4.5% (0 – 100 LTC), 2% ( >100 LTC)||0.5% – 5%|
|Polkadot||N/A||6% – 14.5%|
|Tether||7.5% (0 – 50,000), 5% (> 50,000)||6% – 8.5%|
|GUSD||7.5% (0 – 50,000), 5% (> 50,000)||N/A|
|USDC||7.5% (0 – 50,000), 5% (> 50,000)||6% – 14%|
What Makes Crypto.com Great for Crypto-Exchange Services?
Launched in 2016 in Hong Kong, Crypto.com also offers crypto savings accounts and loans, but its main bread and butter are crypto-exchange services. This makes them a great place if you want to really get involved in trading different cryptocurrencies. They even offer their own utility token: the CRO token. They have no annual fee, and the minimum deposit to open an account is only one dollar.
Crypto.com is a better choice for crypto-exchange services when compared to BlockFi because it supports many more cryptocurrencies than BlockFi, including Dogecoin and other altcoins. This means you’ll be able to invest in just about any cryptocurrency you want. In addition, Crypto.com supports over 20 Fiat currencies, including the US dollar. This makes Crypto.com an all-in-one platform for all your crypto and fiat exchange/investment needs.
Cryptocurrency is an exciting investment opportunity, and more and more investors are getting involved. If you’re new to cryptocurrency, it may seem overwhelming at first, and with so many platforms, it can be hard to choose the right one for you.
BlockFi and Crypto.com are both good, reliable platforms. But BlockFi is the better option for most people because it’s easy to use and doesn’t have complex rules. It is also accessible to everyone. While Crypto.com does offer high yields, you need to own their native CRO token to access them—a drawback for some. Both, however, provide many great features, security, and ease-of-use.
We suggest comparing other platforms to BlockFi before making your decision on which platform to use. Perhaps check out Nexo as well; you can learn more about it in our comparison of BlockFi vs. Nexo.