What are the differences between Crypto.com and Celsius Network? It is quite difficult to compare Crypto.com and Celsius Network side by side, two of them being the popular crypto exchanges out there, without knowing the differences between them.
If you read this article you will come to know about the major aspects in which these two exchanges differ.
This knowledge will let you have an in-depth insight about these two crypto platforms based on their features, security, fees charged, and ease of use, coin and customer support, overall reputation in the market and more.
Celsius Network typically is a crypto platform that supports quite a wide range of crypto coins, stable coins, as well as fiat currencies and charges a reasonably low fee for performing an activity of it.
This platform offers interest accounts and crypto-backed loans at the most competitive rates available out there.
This platform is ideally considered to be more like a crypto banking service provider that allows the users to earn interest on accounts, all paid weekly. The crypto-backed loans facilitate in making payments and also to get paid in crypto coins.
On the other hand, Crypto.com is considered to be a full-service company that deals with cryptocurrencies.
This crypto exchange also offers a wide range of crypto coins and stable coins that is more extensive than those offered by Celsius Network as well as any other popular crypto exchanges you may come across.
They also offer interest accounts on stable coins and crypto coins along with other features such as an NFT marketplace.
And, using their unique Pay feature will help the users in real-time crypto spending as well.
- 11 Differences Between Crypto.com and Celsius Network
- Which is Better – Crypto.com or Celsius Network?
11 Differences Between Crypto.com and Celsius Network
Though it may seem that both these platforms, Celsius Network and Crypto.com offer similar services and have the same features, the differences lie in their rates, offerings, and way of operation.
These two platforms are often compared and needed to be compared by the yield-seekers who are looking for a crypto trading platform that provides the highest rates in the cryptocurrency interest spectrum.
Well, both of these platforms do but the ways they go about it differs substantially.
Here are all the differences between these two platforms in detail to heighten your knowledge and help you to make a more informed and educated decision.
1. Company Bio
The Celsius Network was founded in 2017 by Alex Mashinsky and S. Daniel Leon. Since its launch, this company has grown substantially both in terms of raising funds as well as in the number of users.
It has millions of users worldwide and manages more than 16 billion dollars in community assets, and both of these are counting. The head office of this company is in New York.
In comparison, the Crypto.com company was floated a year before the Celsius Network in 2016 with its head office in Hong Kong. Originally known as Monaco Technologies, it changed to its current name in 2018.
Overseen by the company CEO Kris Marszalek and CFO Rafael Melo, this company has some of the big names from Binance, JP Morgan and others in the world of crypto and fintech in its core operating team.
The Celsius Network acts as a P2P crypto lending platform that is designed keeping two specific objectives in mind. One, to offer savings accounts to the users wherein they can deposit their crypto coins and earn weekly interest compounded on them.
And two, to offer loans in traditional fiat currencies like EUR, USD, and others with crypto as collateral.
On the other hand, Crypto.com is a platform that allows its users to do almost everything related to crypto.
For example, you can buy and sell crypto coins and stable coins on this platform through its wallet, earn interest on crypto deposits, use its Pay feature to spend crypto every day, take loans with crypto as collateral, get free services and cashback rewards using the Crypto Visa Card and much more.
3. Crypto Coins Supported
As said earlier, both these exchanges support a wide variety of crypto coins and stable coins, some of which are common and some different.
As for Celsius Network, this platform supports Bitcoin, Ethereum, Ethereum Classic, Paxos Standard, LINK, USDC, Gemini Dollar, BAT, COMP, AAVE, Bitcoin SV, UMA, SNX, Bitcoin Cash, Litecoin, Polygon, Livepeer, Mana, Uniswap, Kyber Network, Binance USD, TrueAUD, TrueGBP, TrueCAD, TrueUSD, TrueHKD, EOS, USDT, PAX Gold, 0x, DAI, OMG Network, Dash, Stellar, and Ripple.
On the other hand, the list of available crypto coins on Crypto.com exchange includes BTC, ETH, XRP, CRO, LTC, USDC, ATOM, EOS, XLM, LINK, XTZ, ICX, ADA, BCH, VET, ENJ, ALGO, DAI, PAX GOLD, KNC, NEO, BAT, COMP, QTUM, CELR, OMG, MANA, MKR, UNI, EGLD, WBTC, YFI, BAND, AAVE, DOT, LRC, CRV, REN, ONT, ZIL, GRT, SKL, NEAR, BNT, KSM, SNX, BAL, UMA, FLOW, STX, DOGE, SAND, ZRX, ANKR, MATIC, CHZ, FIL, THETA, OCEAN, WAVES, HOT, 1INCH, RLY, and STORJ.
4. Interest Rates
A common question among traders and investors in the crypto world is which exchange will pay them more in returns and interests. Well, in that case, the rates of Celsius Network seem to be much more uncomplicated than that of Crypto.com.
The company offers interest at a flat rate up to a certain amount and over and above that amount the users are offered a lower rate. For example, for Bitcoin, the platform pays 6.2% to its users for the first BTC and for additional amounts it pays interest at the rate of 3.51%.
You may check for the latest rates on other coins on the company website. When it comes to the sign-up bonus, once again it is less complicated for Celsius Network. You will get a $40 worth BTC as a bonus if you deposit $400 or more than that on Celsius for 30 days.
On the other hand, the interest rates of Crypto.com seem to be more complicated and diverse. Moreover, the company needs its users to hold their native utility token CRO and lock up their funds on the platform to get a higher rate of interest.
The longer the time these coins are held, the more will be the interest rate. Considering the same example of Bitcoin, Crypto.com offers interest at the rate of 1.5% on the lower side to as high as 8.5%.
In order to get access to the best rates, you will need to hold at least $40,000 in CRO on the platform. As for sign-up bonus as well as for staking their Ruby Card this platform offers $25 as a reward.
5. Native Tokens
The native utility token of Celsius Network is represented as CEL. All the Loyalty programs of the Celsius Network platform are based on this token.
This means that you will be eligible to receive higher interest rates if the percentage of CEL in your portfolio is high. This rate can be even more if you opt to receive all payments in this particular utility token rather than any other type of crypto coin.
On the other hand, the native utility token of Crypto.com is called CRO token, which is the short form of Crypto.com Chain Token.
This token offers features like cashback offers, rebates and discounts. It also offers a much higher rate of interest on the Earn Feature and in three specific tiers such as 5, 50, and 500 CROs.
6. Revenue Generation
The ways in which these two platforms generate revenue also differ. As for Celsius Network it mainly makes money through the crypto lending service wherein the company lends the crypto assets to the borrowers at a much higher rate of interest than they pay to the depositors of funds.
All these loans are also quite different in comparison to a standard loan because these are all over-collateralized. This means that the company has little or no risk of non-payment or default. However, such an incident has not yet happened on this platform.
On the other hand, Crypto.com also earns its income through its lending and borrowing system. This is one of the main sources of income of this platform and the process is much similar to that of the Celsius Network.
However, Crypto.com also makes money by charging a small fee from the users on the transactions they make on this platform. This is a small percentage of the amount of exchange.
The company follows a maker and taker fee structure wherein the make fee ranges between 0.036% and 0.1% and the taker fee rate is within 0.090% and 0.16%.
7. Payouts and Withdrawals
If you use the Celsius Network you will be allowed to make withdrawals of funds freely at any time without having to pay any additional fee for the same.
However, if you wish to withdraw a large amount of $50,000 or more in a single transaction then you will have to wait for the processing to be completed.
Usually, this time ranges between 24 and 48 hours. As for the interest payments, the company pays them to its users on every Monday.
On the other hand, the interests accrued by the user of Crypto.com can get them paid on a daily basis. These are calculated at a simple rate of interest.
However, when it comes to making withdrawals on this platform, Crypto.com charges a fee for every withdrawal happening on-chain. You can save this fee if you wish by using the withdraw-to-app function offered by this platform.
Though there are not many significant factors to differentiate these two platforms on the basis of security features to declare a winner, there are still some points of difference in this particular aspect.
As for Celsius Network it implements the unique MPC or Multiparty Computation system to secure the funds of the users.
This is in accordance with the industry standard. Celsius Network also implements a few other user-facing security features such as 2FA, Biometric security, manual verification during withdrawals, photo security, video security, and HODL mode which allows the users to immobilize all outgoing transactions for a specific period of time.
On the other hand, the Crypto.com platform focuses on reducing the exposure of their accounts to cyber attacks and hacks when funds are stored in cold storage.
For this, they have partnered with Ledger. In addition to that, they also maintain a specific set of hardware modules to enhance the security of the system and network as well as by using some more advanced multi-signature technologies.
9. Ease of Use
When it comes to user experience and ease of use, the Celsius Network seems to be better than Crypto.com. This is because there is nothing much to do for the users of this platform.
They simply have to deposit their assets on it and start earning interest on them which is paid out weekly. The mobile app of this platform offers quite beginner-friendly account management options.
However, it is not that easy in the case of Crypto.com, provided you want to make the most out of the interest rates offered.
For that, you will need to perform some activities on this ecosystem which involves holding a significant amount of their native tokens CRO on the platform, locking up your funds for a considerably long time, and staking for a credit card.
The website of this platform is also quite beginner-friendly. It can be accessed via desktop and offers a good user experience though the products offered are more in this case and therefore can make things a bit complicated for a novice.
10. Noticeable Features
The crypto asset of Celsius Network, CEL, is one of its standout features. As said earlier, the users who take out loans from this platform and make their payments in this particular token are typically eligible to earn a discount of up to 25% on interest payments.
In comparison, Crypto.com stands out with its unique credit card. Users who use this credit card to make purchases every day are entitled to win cashback as a reward.
The amount of reward that you can earn by using the Crypto.com credit card can be anywhere between 1% and 8%, depending on the cash value of CRO tokens that you hold with them. However, this card offers a larger variety of perks and rewards.
11. Customer Support
When you consider the customer support offered by these two platforms, you will get online support when you use the Celsius Network as well as a phone-based service.
In addition to that, you can also get some useful information and help from its awfully active and knowledgeable Telegram group that has more than 18,000 members.
In comparison, Crypto.com will offer you all the support needed through its online Help Center. You will get almost all common questions regarding crypto trading and investing answered here. However, this platform also has a dedicated email support system.
Which is Better – Crypto.com or Celsius Network?
There is no doubt that Crypto.com and Celsius Network are the two of the most popular, if not the best, platforms for crypto lending out there but which one is better among them entirely depends on the use case. That is, whether you want to lend or loan.
The differential factors mentioned above must have already helped you a bit in determining which among Celsius Network and Crypto.com is best suited for your needs.
However, if you are still confused then here are the facts in a more summarized manner as well as a few others that will make your task easy.
Though both these platforms offer great bonuses during sign-up, in general, Celsius Network is a bit more favored by those users who want to take out a crypto-backed loan or stake and lend their crypto coins.
On the other hand, Crypto.com wins the battle by far when it comes to purchasing crypto coins or making payments.
It also excels in terms of offering a debit card because, as of now, the Celsius network does not offer such a product or service to its users.
In terms of yields provided, Celsius Network is better because in the case of Crypto.com you can only get a better yield if you stake more than 10,000 CRO tokens with them and lock the funds for a period of three months.
This is in spite of the fact that both these platforms offer more or less the same rates.
Also, not only do you not have to lock up your funds with Celsius Network, but the platform also allows you to withdraw them at any point in time of your choice without requiring you to pay any penalty or fee for it!
However, the only instance when you will get a better yield from Crypto.com is when you stake the CRO tokens.
This is because these are their native tokens and the supply of these coins is entirely in the hands of Crpto.com. And, they themselves hold the majority of these native utility tokens.
In terms of fees, the Celsius network charges lower fees overall in comparison to Crypto.com because they allow the users to withdraw their assets for free.
Also, their rates of interest on crypto-backed loans range between 1% and 5% or so which is almost half of that of Crypto.com.
As for Crypto.com, you will need to deposit a minimum quantity of crypto coins to get the interest paid, the amount of which varies according to the type of crypto coins.
On the other hand, there is no such minimum deposit requirement for Celsius Network.
However, Crypto.com offers lower fees only when you buy or sell crypto coins through them. This is because they are also a crypto exchange but the Celsius Network does not have any in-house exchange.
They typically have to outsource such service and as a result the fees on this platform tend to be much higher in comparison to Crypto.com in terms of crypto buying and selling.
As for sign-up bonus offers, as said earlier, it is good in both these platforms but the fact that you will need to lock the native CRO coins in Crypto.com for a period of six months to receive the bonus pulls it back a bit.
The Celsius Networks, on the other hand, does not need to buy or lock up their native token CEL to receive the bonus.
Considering the trust factor, both Celsius Network and Crypto.com are quite trustworthy as far as custodial platforms are considered.
It is good to know that none of these platforms have faced any major security breaches due to their practices that are of high standards in this industry.
In fact, Crypto.com ensures that their accounts are audited on a regular basis by Bureau Veritas and also holds an ISO/IEC 27001:3013 certification.
Still, a few users think that Celsius Network is a bit more trustworthy and safer than Crypto.com. There are two good reasons for it, such as:
- They have a much straightforward business operation and a better backing than Crypto.com and therefore are at less risk to experience financial troubles and bankruptcy.
- And, Crypto.com will be more vulnerable due to its features in the case of an unexpected market collapse.
However, the best part is that both Crypto.com and Celsius Network offer FDIC insurance of up to $250,000 to protect the funds of the users in such situations. This, however, does not cover the crypto assets for their fall in prices.
And, if you want a platform that offers better customer service to some extent, Celsius Network will be a more feasible choice than Crypto.com.
The interactions with the customer service staff of Celsius Network will be a lot quicker and you will get more personalized responses.
Therefore, considering all the features and functionalities of both these platforms, it is really hard to label one as better than the other.
While Crypto.com beats the Celsius Network being a better one-stop shop for crypto, Celsius is much more feasible for loaning and lending.
Both these platforms are good to go for but both come with significant differences in features and their functionalities. Now that you know about those in detail from this article, it will be easy for you to choose one that suits you best.
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