By Mitch Rice
If you are looking for a crypto savings account, then BlockFi and Crypto.com are two of the best options available out there. Both make it super easy for you to deposit crypto and start earning a passive income. But the question is, which one is better Blockfi vs Crypto.com?
BlockFi Overview
BlockFi is one of the leading platforms when it comes to earning interest on your Crypto. With a BlockFi Interest account or BIA, you will be able to earn up to 11% APY. Interest accrues on a daily basis on BlockFi, and it gets paid monthly. On top of that, there are no hidden fees, or it asks you for a minimum balance.
Along with that, it supports a wide range of cryptocurrencies and pays you handsome interest rates.
Crypto.com Overview
Crypto.com is one of the leading cryptocurrency exchanges out there, which also offers an earn program. So you can earn interest on your crypto holdings. You can allocate your preferred crypto coin into the Crypto earn program to start accruing rewards daily.
It allows you to earn interest on 35+ tokens with Yearn Earn v2. Plus, it doesn’t have any lock-up period and offers you great returns.
Blockfi vs Crypto.com: Which is better for Crypto Interest Income?
Blockfi vs Crypto.com: Interest Rates
Both of the platforms offer lucrative interest rates on their crypto holdings. The interest rate depends on what cryptocurrency you are storing on the platform.
However, when it comes to a simplified approach, BlockFi has a pretty straightforward process that even newbies will be able to navigate through.
Also, on BlockFi, you will get to know the quantity as they are depositing and calculating the yields. The maximum interest BlockFi offers is 11% APY.
On the other hand, crypto.com has a complicated procedure. It offers you plenty of options which might make newbies confused.
Also, the interest rates vary based on whether you choose a flexible 1 month or 3 month term. Along with that, you will need to own Crypto.com’s token (CRO) to earn the maximum interest. And it offers you a maximum interest rate of 14.5%.
Blockfi vs Crypto.com: Payouts and Withdrawals
BlockFi interest accrues on a daily basis but the interest gets paid each month. However, there are many other platforms that pay out interest on a daily basis or weekly basis.
Also, BlockFi offers one free crypto withdrawal and one free stablecoin withdrawal each month. If you withdraw more than that in a month, you have to pay additional fees.
On the other hand, crypto.com charges fees for all the withdrawals that are completed on-chain. However, you can avoid paying fees by using the company’s withdrawal to the app function.
But we are not sure for how long crypto.com will allow that free withdrawal method. Also, crypto.com pays out interest on a daily basis. But the interest does not compound.
Overall, if comparing BlockFi vs Crypto.com, in this case, BlockFi will be the clear winner. As it offers you free monthly withdrawal options. Plus, the interest rate gets compounded.
BlockFi vs Crypto.com: Security
Crypto.com and BlockFi are both pretty secure platforms. Both the platforms take user’s security as their topmost priority, and none of the platforms have faced any data breach as of now.
BlockFi keeps 95% of the funds in cold storage away from hackers’ reach. Also, the cold storage is managed by Gemini, which holds a SOC certification from Deloitte.
Similarly, crypto.com also gets regularly audited by Bureau Veritas and has partnered with ledger to cold store the vast majority of its user’s funds. It also uses hardware security modules and multi-signature technologies to keep the funds secure.
Overall, both of the companies also offer their users many security features to secure their accounts. Such as 2 factor authentication and all. So you can be assured that your funds are in safe hands.
BlockFi vs Crypto.com: Ease of Use
When it comes to easy user experience, BlockFi is a much better option. It is extremely easy to use, and you can start earning interest by moving your funds to BlockFi.
Similarly, crypto.com users can also do that. But to enjoy the best interest rates, they are required to purchase CRO tokens. Also, you will need to lock up your funds for a certain time to get the best interest rates.
So if you are looking for an easy solution to earn interest on your crypto holdings, BlockFi is definitely an easy solution. Also, crypto.com has recently cut down their interest rates.
BlockFi vs Crypto.com: Standout Features
When it comes to standout features, both of the platforms offer crypto backed credit card. Using the credit card, you will be able to earn interest in your crypto for your everyday purchases.
But the question is, which credit card is simpler to use? The answer is a BlockFi credit card.
BlockFi credit card is free to apply, plus there are no annual fees. Also, you don’t have to go through a different process to make the most out of your credit card, and you will be able to enjoy maximum benefits.
On the other side, crypto.com has different credit cards to offer at different tiers. The rewards range from 1% to 8%, depending on the amount of CRO tokens you hold. To enjoy the highest interest rates or rewards, you will need to hold at least $400,000 in CRO in your account.
BlockFi vs Crypto.com: Customer Support
For any service, customer support is an important factor. And when it comes to offering support to their users, both the platforms have a pretty good impression.
You can reach out to BlockFi via their live phone support, available from 9:30 AM – 5 PM EST. Also, the company has an online FAQ page where you can find answers to the most common questions.
On the other hand, Crypto.com doesn’t offer you live chat support. But they have a help center where you can find answers to most of your questions. Or you can reach out to their email for additional queries. The response is quick and they do solve all your queries.
Can You Trust BlockFi and Crypto.com?
Trust is one of the main factors when it comes to keeping your funds in an online platform. Both of the platforms are highly trustable and claim to keep your funds out of hackers’ reach.
Also, both of the platforms are known to be risk free. But they should not be seen as a savings account like your bank’s savings account. Since digital assets like BTC are not FDIC insured. So in case funds are lost, there is no guarantee that you will get your funds back.
Also, crypto interest service providers lend out your crypto to third parties. But they do take proper precautions. However, it is still a risky business.
Final Words:
So that was all for Blockfi vs Crypto.com. Both of the platforms are extremely popular and offer you lucrative interest rates. Plus, they have built trust over the years. So go ahead and check both the platforms out and see which one you like the most.
The content on this website is for informational purposes only. This post is not, nor is it intended to provide financial advice.
