Crypto.com vs BlockFi – Which Platform Is Better?

Crypto.com vs BlockFi

There are many platforms that allow you to earn an interest on your crypto.

With so many of them out there, which one should you be choosing?

Here is a breakdown between 2 platforms: Crypto.com’s Earn and Blockfi.

The difference between Crypto.com and BlockFi

Crypto.com allows you to earn interest on a wider variety of cryptocurrencies compared to BlockFi. However, you are required to lock in your crypto for at least 3 months to earn the highest rates, while BlockFi allows flexible withdrawals at any time.

Here is an in-depth comparison between these 2 platforms:

Founder

BlockFi was founded in 2017 and is headquartered in New York.

They have more than 125,000 users on their platform.

Meanwhile, Crypto.com was founded slightly earlier in June 2016. They are based in Hong Kong, and serves over 10 million customers!

Number of cryptocurrencies

Here are the different cryptocurrencies that you can deposit into either account:

Crypto.com allows you to earn interest on 36 different currencies

You are able to earn interest on 36 different cryptocurrencies on Crypto.com’s Earn!

This is quite comparable to the number of currencies available on Celsius.

However, the number of currencies that you can actually deposit depends on your country / region:

Available CryptocurrencySupported Locations
BTC, CRO, ETH, LTC, XRP, BNB, BAT, LINK, MKR, DAI, PAX, ATOM, BCH, VET, ICX, ADA, ENJ, ALGO, KNC, eGLD, COMP, MANAAll
PAXG, TUSD, TAUD,
TCAD, TGBP, USDC
All except Singapore
EOS, XLM, XTZ, CELR, DOTAll except for the US states of Alabama, Connecticut, Georgia, Hawaii, Idaho, Louisiana, New Mexico, North Carolina, Oregon, Vermont and Washington.
USDT, OMG, UNIAll except the US.

If you are in Singapore like me, you aren’t able to earn interest on most of the stablecoins, except for USDT.

BlockFi allows you to hold 10 different currencies

Meanwhile, BlockFi only allows you to deposit 10 cryptocurrencies into your account.

BlockFi Number Of Currencies

The number of cryptocurrencies that you can hold are much lower on BlockFi.

Buying cryptocurrency

Crypto.com allows you to buy crypto on their app via 2 methods:

1. Credit / debit card

You can use your debit or credit card to purchase crypto on Crypto.com. This is usually the fastest way of purchasing any cryptocurrency.

Crypto.com Buy Crypto

However, you will be charged a fee by Crypto.com for making the purchase. For Singaporeans, you will be charged a 3.5% fee.

You may also be charged a CCY conversion fee by your bank as well!

Crypto.com CCY Conversion Fee

Buying crypto via your debit / credit card is the most convenient. However, the fees can be rather exorbitant.

2. Fiat wallet

Crypto.com also allows you to directly purchase your crypto via your fiat wallet.

Crypto.com Buy From Fiat Wallet

If you are a Singaporean, you are able to link your Xfers account.

For other countries, you are able to link your bank account to Crypto.com’s fiat wallet:

CurrencyMethod
AUDNPP Network
BPAY
CADNormal transfer
EURSEPA
GBPFPS
USDACH
Wire bank transfer

From there, you are able to purchase cryptocurrencies directly from your fiat currencies.

Crypto.com does not charge any transaction fees. However, they may earn from the spread.

The amount of crypto that you get for the same amount of fiat currency may be lower than the actual market rate!

BlockFi does not allow you to purchase crypto directly

Meanwhile, BlockFi only allows you to transfer USD into your account.

BlockFi Deposit USD

You are able to transfer your USD via a wire transfer. The minimum deposit is $10.

You are unable to buy crypto using your credit card.

When you deposit USD into your BlockFi account, you will receive the equivalent in GUSD.

GUSD is a stablecoin that is created by Gemini.

After depositing your USD, you can trade to other cryptocurrencies from your GUSD.

BlockFi Trade GUSD To Other Crypto

Lock-In period

For Crypto.com Earn, you are able to choose between 3 different types of lock-in periods:

  1. Flexible
  2. 1 month
  3. 3 months
Crypto Earn Select Term

The longer you lock up your crypto with Crypto.com, the higher the interest rate you’ll receive.

BlockFi does not have any lock-in periods. This means that you are able to freely withdraw your crypto any time you wish!

As such, BlockFi can be considered to be more flexible compared to Crypto.com.

Interest rates

The main thing you’ll be interested in are the interest rates that either account offers you.

For both Crypto.com and BlockFi, the interest you earn is based on the currency that you own.

For example, you will earn interest in BTC if you are lending out the BTC that you own.

However, you are able to earn better rates on your crypto with Crypto.com Earn with a higher CRO stake.

You would need to stake an equivalent amount of your fiat currency to get the Jade Green Visa card or higher.

Here are the interest rates for some of the common currencies between these platforms:

BlockFi
APY
Crypto.com
(≤ Ruby Steel)
Crypto.com
(≥ Jade Green)
BTC6.0%4.5%6.5%
ETH5.25%4.5%5.5%
USDT9.3%10.0%12.0%
USDC8.6%10.0%12.0%
LTC6.5%2.0%3.0%
LINK5.5%2.0%3.0%
PAX8.6%10.0%12.0%
PAXG5%2.0%3.0%

APY stands for annual percentage yield. This takes into effect the compounding interest that you earn on your crypto.

Depending on the currencies that you own, one platform offers a higher interest than the other.

You can earn extra interest on your CRO if you stake it on Crypto.com’s Exchange

If you own CRO and want to stake it on the Crypto.com app, you can earn up to 6% interest on your CRO.

Crypto.com Earn CRO 6 Interest

However, you are able to earn a higher interest (10%) if you stake at least 5,000 CRO on the Crypto.com Exchange instead!

Crypto.com Exchange Stake CRO

You will need to stake your CRO for at least 180 days, before you are able to withdraw your CRO.

Interest rates may change

Like all other accounts, the interest that you earn on your crypto is not guaranteed.

Both accounts reserve the right to change the yields at any time.

For Crypto.com, they do not have a periodic review of the interest rates. As such, they may choose to change their rates at any time.

However for BlockFi, they will review their interest rates each month and make any changes accordingly.

How interest is being paid out

Crypto.com pays your interest by crediting it to your Crypto Wallet.

Crypto Earn Interest Credited To Wallet

This means that you aren’t able to earn interest on your payouts. As such, Crypto.com’s Earn only pays out a simple interest to you each time.

BlockFi allows you to compound your interest

For BlockFi, your interest is only paid on the first business day of each month.

This is similar to how banks pay you.

The interest is credited to your BlockFi wallet, and it will continue to earn interest as well.

As such, your interest will be able to compound over time!

This is one advantage that BlockFi has over Crypto.com.

Deposit

There is a minimum quantity of each cryptocurrency that you need to deposit to start earning interest for Crypto.com.

You can view the minimum required amount on Crypto.com’s help page. For some currencies, you may need to deposit a large amount of fiat currency to start earning interest!

Meanwhile, BlockFi does not have any minimum deposit.

This means that you can deposit any amount into either account, and still earn interest on it!

Depositing your money via the blockchain

When you are depositing money into either account, you will be given a crypto wallet address to send your crypto to.

BlockFi Deposit BTC

You can send your crypto from any exchange that allows you to do so. Some examples include:

  1. Coinhako
  2. Luno
  3. Gemini
  4. Coinbase

It is very important that you only send crypto of the same currency to the wallet. If not, all of your crypto will be lost!

Crypto.com Wallet Address

You will also need to make sure that the address that you’re sending to is exactly the same!

The string of letters and numbers are really long. If you make any mistake when typing out the address, your crypto will be lost forever!

As such, you may want to directly copy and paste the address instead.

No deposit fees

You are also not charged any deposit fees for either account.

However, you’ll need to consider the fees you’ll incur when sending your crypto from an exchange!

This depends on the exchange that you’re using, and some of them may be very hefty.

Some exchanges like Gemini allow you to withdraw up to 10 times each month without incurring any fees.

Withdrawal fees

For Crypto.com, you are charged a fixed fee when you withdraw your crypto from Crypto.com.

You can view the full list on Crypto.com’s app,

Crypto.com App Withdrawal Fees

and here are some of the fees that you’ll incur:

CurrencyWithdrawal Fee
BTC0.0004
ETH0.01
BNB0.1
ADA2.0
USDC14.0

The fees can be pretty hefty, depending on the currency that you’re withdrawing.

BlockFi has one free withdrawal a month

Meanwhile, BlockFi allows you free withdrawals for each month:

  • 1 free crypto withdrawal per month
  • 1 free stablecoin withdrawal per month

This free withdrawal can only be applied to one currency only.

After that, you’ll be charged withdrawal fees which depends on the currency you withdraw:

CryptoWithdrawal Fee
BTC0.00075 BTC
ETH0.02 ETH
LTC0.0025 LTC
Stablecoins$10.00 USD
PAXG0.015 PAXG

These fees can eat into your returns! You may want to consider Celsius which does not charge any fees when you withdraw from your account.

Taking loans

If you are looking for a loan, you can take one from either platform:

Crypto.com has more flexible loans

Crypto.com allows you to deposit 14 different currencies as collateral,

Crypto.com Loan Deposit Collateral

and you can borrow your funds in 4 different stablecoins.

Crypto.com Loan Receive Credit

The interest that you pay depends on the amount of CRO that you’ve staked:

Amount of CRO stakedLoan Interest
< 50,00012%
≥ 50,0008%

BlockFi only allows you to use 4 currencies as collateral

BlockFi also allows you to take a loan on their platform.

BlockFi Loan

You will need to select a collateral from 4 cryptocurrencies:

  1. BTC
  2. ETH
  3. LTC
  4. PAXG

You can only take a loan in USD. This is more restricted compared to Crypto.com which allows you to take a loan using stablecoins.

The minimum amount you can loan from BlockFi is $10,000 USD.

BlockFi Minimum Loan

The interest rate that you are charged depends on your Loan-To-Value (LTV) ratio:

BlockFi Loan To Value Ratio

Platform

Crypto.com’s Earn feature is found on their app,

Crypto.com Earn App Platform

while their Exchange platform is only available on desktop.

Crypto.com Exchange Web Platform

Here is BlockFi’s web platform,

BlockFi Web Platform

and their mobile app.

BlockFi Mobile App

Security

If you intend to leave your funds with either account, you will be more at ease if they are secure.

So what measures do both of these accounts have?

Crypto.com uses Ledger Vault Technology

Crypto.com uses Ledger Vault Technology to manage your assets. This allows Crypto.com to securely and efficiently manage your funds.

Crypto.com also holds your assets in cold storage. This means that your assets are stored offline, so that hackers can’t get access to them.

Moreover, the funds that you have with Crypto.com are insured up to USD $360 million!

With such measures in place, Crypto.com is making sure that all of your assets stored with them are secure.

BlockFi uses Gemini as their primary custodian

To ensure that some of your assets are available to be withdrawn quickly, BlockFi leaves your assets under the custody of 3 institutions:

  1. Gemini
  2. Coinbase
  3. BitGo

Gemini is BlockFi’s main custodian of your assets.

Majority of your assets on the exchange are stored in an offline cold wallet.

Moreover, the remaining funds in the hot wallet is insured.

Our policy insures against the theft of Digital Assets from our Hot Wallet that results from a security breach or hack, a fraudulent transfer, or employee theft.

Gemini

It seems that Gemini’s owners are quite confident about the security of their platform!

As such, you can be reassured that your assets are rather safe with BlockFi.

Crypto lending is risky

The reason why both platforms are offering such high interest rates on your crypto is because this is quite a risky business.

Cryptocurrency is very volatile, and it may fluctuate in price by a lot!

The amount of crypto that you have in your portfolio really depends on your risk profile.

As such, you should decide if you are willing to take the risks when it comes to investing into any cryptocurrency!

Verdict

Here is a comparison between Crypto.com and BlockFi:

Crypto.comBlockFi
Year Founded20162017
HQHong KongNew York
User Base10 million125,000
Number of Currencies3610
Buying
Cryptocurrency
Fiat or Credit CardAvailable (via Trading)
Interest RatesIn-Kind (Interest
depends on
amount of CRO
staked)
In-Kind
Accrual of InterestEvery weekEvery 1st business day
of the month
Type of Interest
Received
SimpleCompound
Deposit FeesNoneNone
Minimum DepositDepends on currencyNone
Lock-in PeriodFlexible
1 month
3 months
None
Withdrawal FeesDepends on currency1st withdrawal for both crypto   
and stablecoin are free
LoansPresentPresent
PlatformWeb (for Exchange)
App (for Earn)
Web and
mobile platforms
SecurityLedger Vault
technology
Gemini as primary
custodian

So which platform should you choose?

Choose Crypto.com for a greater variety of currencies

Crypto.com allows you to earn interest on a large variety of currencies.

However, Celsius allows you to earn on even more currencies (38).

Crypto.com also allows you to buy crypto easily via your fiat wallet. As such, it is a more convenient platform to buy and hold your crypto.

Choose BlockFi for flexible loan periods and 1 free withdrawal per month

You are able to freely withdraw your crypto from BlockFi at any time you wish. This is much more flexible compared to Crypto.com, which locks up your crypto for 1-3 months!

Moreover, you are able to receive 1 free withdrawal each month. This will definitely help to reduce the fees you incur, as some withdrawal fees are really hefty!

Conclusion

Both accounts allow you to earn extra interest on your crypto.

Here are some things you’ll need to consider when choosing between both platforms:

  1. The type of currency you intend to earn interest on
  2. The number of withdrawals you wish to make
  3. How flexible you want your withdrawal period to be

BlockFi Referral (Earn $10 USD in BTC)

If you are interested in signing up for a BlockFi account, you can use my referral link.

You will be able to receive $10 USD worth of BTC in your BlockFi account!

BlockFi Referral

Here’s what you need to do:

  1. Sign up for a BlockFi account
  2. Deposit $100 USD or more into your BlockFi account
  3. Hold the balance until the next interest paying day (1st business day of each month)
  4. Receive the $10 USD worth of BTC in your BlockFi account

Crypto.com Referral (Get $25 USD worth of CRO)

If you are interested in signing up for Crypto.com, you can use my referral link. We will both receive $25 USD worth of CRO in our Crypto Wallet.

Crypto.com Referral

Here’s what you’ll need to do:

  1. Sign up for a Crypto.com account
  2. Enter my referral code: ‘x2kfzusxq6
  3. Sign up for a MCO Ruby Card by staking 5,000 CRO

You can read more about the referral program on Crypto.com’s website.

Crypto.com Exchange Referral (Earn $10 USD- $50 USD in CRO)

If you are interested in creating a Crypto.com Exchange account, you can use my referral link.

Depending on the amount of CRO you stake on the Crypto.com Exchange, you are able to earn between USD $10 to USD $50!

Crypto.com Exchange Referral

Here are the amounts that you’ll need to stake to receive the bonuses:

Amount of
CRO Staked
Referral Bonus
You Receive
1,000 – 4,999 CRO$10
≥ 5,000 CRO$50

If you’ve already signed up for the Crypto.com app, you can still sign up for this bonus! This is because the Crypto.com App and Exchange are 2 different platforms.

You can read more about this referral program on Crypto.com’s website.


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