There are many platforms which allow you to earn interest on your crypto.
So which platform should you use?
Here’s what you need to know:
Table of Contents
- The difference between Gemini Earn and Celsius
- Number of cryptocurrencies
- Buying cryptocurrency
- Interest rates
- How you earn your rewards
- Borrowers of both platforms
- No lock-in period
- Withdrawal fees
- Taking loans
- Gemini Referral (Earn $10 USD in BTC)
- Celsius Referral (Earn $40 USD in BTC)
The difference between Gemini Earn and Celsius
Celsius allows you to earn interest on more currencies (38) compared to Gemini Earn (28). Moreover, Celsius generally offers you a higher interest rate compared to Gemini Earn (except for some currencies like UNI). Overall, Celsius seems to provide better value if you want to earn interest on your crypto.
Here is an in-depth comparison between these 2 platforms:
Gemini was founded in New York in 2014.
Gemini is a regulated cryptocurrency exchange that is found in 50+ countries!
Number of cryptocurrencies
Here are the different cryptocurrencies that you can earn with either platform:
Gemini Earn allows you to deposit 34 different currencies
With Gemini Earn, you are able to earn interest on a variety of cryptocurrencies.
There are quite a lot of altcoins on this list!
However, the only stablecoin that you can earn interest on is DAI.
Celsius allows you to deposit 38 cryptocurrencies
Celsius allows to deposit 38 currencies onto their platform.
As such, you can earn interest on a larger number of currencies on Celsius!
Some currencies that you can earn interest on Celsius, but not on Gemini Earn include:
Gemini has a whole ecosystem of crypto services that they can offer you. Apart from their Earn feature, they also allow you to buy crypto on their platform.
There are 2 ways that you can buy crypto on Gemini:
- Gemini Exchange (i.e. Instant Buy)
- Gemini Active Trader
Gemini Exchange allows you to buy crypto instantly with some fiat currencies.
However, their fees are extremely high. For every trade that you make, the fees that you’ll be charged start from 1.49%!
You can use Gemini’s Active Trader to lower your fees
If you are looking to lower your fees, you can consider using Gemini’s Active Trader platform instead.
The trading fees you’ll incur will be up to 0.35%, which is more than 4 times lower than the exchange!
The only drawback is that you can’t buy a variety of currencies from these 3 fiat currencies:
You can only buy BTC or ETH with these currencies.
If you want to own other currencies, you’ll need to make at least 2 trades.
For example, you may want to buy LINK. You’ll have to make 2 trades from your SGD:
- SGD to BTC
- BTC to LINK
Meanwhile, you can use USD to buy a large variety of currencies.
Celsius allows you to purchase crypto too
You can purchase crypto on the Celsius app too.
You can do this via 2 ways:
- Credit or debit card
- Bank transfer
However, the fees that you incur can be pretty hefty:
|Wyre||0.1% (ACH transfer, US only)|
|Coinify||0.5% (manual bank transfer) |
2% (EU credit card)
3.5% (non-EU credit card)
Unless you are staying in the US, it may be better to purchase your crypto on another exchange first. Then, you can deposit your crypto into Celsius from that exchange.
The main thing you’ll be interested in are the interest rates that either account offers you.
Gemini Earn only allows you to earn interest in the currency that you’ve deposited.
Meanwhile, Celsius allows you to earn interest in 2 ways:
- In-kind reward (same currency that you own)
- Interest in CEL token
Celsius allows you to earn a higher interest rate, if you choose to earn it in CEL tokens.
However, the option to earn in CEL is not available if you’re from the United States.
Here are the interest rates for some currencies that you can deposit on both platforms:
For most currencies, Celsius provides you with better rates.
The only exception is the UNI token.
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.
Gemini did not explicitly state how often they may change their interest rates. This makes them slightly less transparent on this issue.
For Celsius, the interest that you earn changes on a weekly basis. This is rather volatile, and it may fluctuate quite a bit.
Celsius offers extra rewards based on the amount of CEL you own
Celsius also allows you to earn even more interest if you’re holding the CEL tokens. This is based on the amount of CEL that you own in your Celsius portfolio.
Depending on the amount of CEL that you hold, you are able to earn even more interest!
How you earn your rewards
For Gemini Earn, your interest is earned and compounded daily. With this daily compounding effect, you are able to receive even higher returns!
Meanwhile, Celsius calculates your rewards for each week, between Friday to the next Friday.
Your interest is calculated, and then paid on the following Monday.
As such, Gemini Earn may compound your interest even faster since it offers daily compounding.
Borrowers of both platforms
How can both of these platforms afford to pay you such a high interest rate on your crypto?
Gemini loans out your funds to their approved borrowers. So far, Gemini’s only approved borrower is Genesis Global Capital.
You may want to take extra caution when placing your funds with Gemini Earn. This is because of this clause in their Terms of Service.
In the event that a borrower defaults with your cryptocurrency, you may not be able to get back your funds!
Moreover, Gemini does not require borrowers to post collateral when they take a loan.
This may mean that your loans may be much riskier. The borrower does not have much penalties if they decide to default on the loan.
As such, you’ll need to consider if it’s worth taking this risk when lending out your crypto with Gemini Earn!
Celsius secures your loan with collateral
Celsius also claims to return up to 80% of the interest that they earn from lending your coins. This allows them to offer such high interest rates to you.
Lending your crypto out with Celsius may be safer compared to Gemini Earn. This is because your loan with Gemini Earn may not be secured.
For Gemini Earn, there is no minimum deposit required. You can deposit any amount of crypto that you earn immediately!
I managed to send 0.000022 LINK into my Gemini Earn account, even though it is worth less than a few cents.
Celsius also does not have any minimum deposit.
This means that you can deposit any amount into either account, and still earn interest on it!
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.
No lock-in period
For Gemini Earn, you should be able to receive your funds almost instantly.
However, there may be certain instances where it’ll take up to 5 business days before you are able to withdraw your funds from the account.
Gemini Earn does not charge you any withdrawal fees when you withdraw from their platform.
Celsius also does not charge you any fees when withdrawing from your account.
Both platforms will really help you to save on the hefty network fees!
Celsius allows you to take a loan on their platform.
Here are the currencies that you can loan:
|Crypto||TUSD, GUSD, PAX, USDC, |
USDT ERC20, DAI
To take a loan, you would need to have some cryptocurrency kept as collateral.
The amount of interest that you pay depends on 3 factors:
- The loan tenure (6-36 months)
- Loan to Value (25% – 50%)
- Whether you’re paying your loan in CEL or Cash
You can use the in-app calculator to determine the amount you’ll need to pay in interest.
Meanwhile, you are unable to take a loan on Gemini’s platform.
Gemini has both a web platform,
as well as a mobile app.
Meanwhile, Celsius is a mobile app-only platform.
Even though Celsius has a website, you can’t login from the platform.
I do find Celsius’ app to be quite laggy at times. This may lead to a slightly frustrating experience for you.
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?
Gemini stores the majority of your currencies in a cold storage
Gemini claims it is one of the most secure crypto exchanges.
Majority of the 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!
Celsius is insured, but only for assets under their custody
Celsius does not disclose the security measures that they have.
Your assets are only insured when they are under the custody of Celsius. Once they are loaned out to borrowers, your assets are no longer insured!
However, Celsius is a pretty well established company. Its services are available in more than 100 countries around the world.
As such, I believe that your assets should be rather secure with this platform!
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!
|HQ||New York||New York|
|Number of Currencies||28||38|
|Buying Cryptocurrency||Available (via Exchange |
or Active Trader)
|Interest Rates||In-Kind only||In-Kind|
CEL (higher interest)
|Accrual of Interest||Compounded daily||Every Monday|
|Type of loans||Unsecured||Secured |
|Withdrawal Fees||None to Gemini platform |
1st 10 withdrawals
from Gemini are free
|Mobile app only|
|Security||Cold storage |
+ hot wallet
|Insured by Fireblocks|
So which platform should you choose?
Overall, Celsius seems to be the better platform, because of these few reasons:
- Higher interest rates offered for the common cryptocurrencies (except for UNI)
- More cryptocurrencies being offered on their platform (38 vs 28)
- Loans are secured with collateral, while Gemini’s loans may be unsecured
The major advantage that Gemini has is its convenience. If you bought crypto on Gemini, you can immediately start earning interest with their Earn feature.
However, you may need to send your crypto that you own to Celsius. This may cost you quite a bit in terms of your withdrawal fees.
Nevertheless, Celsius may still prove to be the better platform for you to earn interest on your crypto!
Both platforms offer an alternative way of earning rewards on your crypto compared to staking.
In the end, the platform that you choose may depend on these few factors:
- The currency you wish to earn interest on
- The safety of your funds
- The interest rate that you’ll receive
Gemini Referral (Earn $10 USD in BTC)
If you are interested in signing up for a Gemini account, you can use my referral link.
You will be able to receive $10 USD in BTC!
Here’s what you need to do:
- Register for a Gemini account
- Trade ≥ USD $100 or equivalent on Gemini’s platform
- Receive USD $10 worth of BTC in your account
Celsius Referral (Earn $40 USD in BTC)
If you are interested in signing up for a Celsius account, you can use my referral link.
Alternatively, you can enter my referral code ‘174656489c‘ when you are on the sign-up page.
Here’s what you need to do to earn the $40 USD reward:
- Sign up for a Celsius account
- Verify your account
- Transfer a minimum of USD $400 worth of cryptocurrency into your wallet for the very first transaction
- Hold your balance for at ≥ 30 days
- Receive $40 USD worth of BTC in your Celsius account (after 30 days)
The reward will only be unlocked 30 days after your initial transfer of $400 USD.