| Platform | Features | Ease of use | Security | Support | Reputation | Fees | Overall |
|---|---|---|---|---|---|---|---|
| Crypto.com | 4 | 5 | 4 | 4 | 5 | 4 | 4.5 |
| BlockFi | 4 | 3 | 4 | 4 | 3 | 4 | 4 |
On the surface, Crypto.com and BlockFi don't seem like fierce rivals. However, now that Crypto.com have entered the lending and borrowing space, they have directly competing for products. Rumour has it that BlockFi is looking to offer a crypto credit card in the future which will make them even closer rivals.
While their product offerings creep closer together, they feel like very different companies and products. One is based and regulated in New York with top-tier investors, the other is Asia-based and don't have any investors, partners or advisors of note.
Crypto.com offer many more features than just loans and savings accounts. They offer debit cards with cashback rewards, an exchange and a wallet that supports more than 45 currencies.
While this could be perceived as a good thing, we break down both products to see which could be best for you.
What is BlockFi?
BlockFi were one of the first to introduce crypto savings accounts and loans. They found instant success with a good product that offered very competitive interest rates.
What is Crypto.com?
Crypto.com is a very full-featured app and exchange that offers savings accounts, loans and debit cards.
USD Margin Lending- Return rates optimized daily
- Secure, stable investment growth
- No minimum
- No lock-up period, withdraw anytime
BlockFi's core features
Insured, third-party custody from Gemini Custody
Easy to use website
Near-instant decisions on loans
No credit checks
Very competitive interest rates on loans
Savings accounts and loans on Bitcoin, Ethereum, Litecoin and GUSD
Crypto.com's core features
Up to 5% cashback rewards with their debit card
Earn interest on a large range of currencies
Up to 18% interest when staking CRO tokens
What's unique about BlockFi
BlockFi were one of the first to introduce crypto savings accounts and loans. They found instant success with a good product that offered very competitive interest rates.
What's unique about Crypto.com
Crypto.com are arguably the closest thing to a crypto-based bank. They offer a large range of products and services that resemble those of a bank, only for the crypto industry.
How safe is BlockFi
BlockFi offers security measures like two-factor authentication on their site. In addition to this, all their wallets are provided by Gemini Custody which is regulated in the US and provides insurance on all wallets.
How safe is Crypto.com
Crypto.com don't offer third party custody or insurance. For this reason, we don't believe it's as secure as other offerings like BlockFi or Celsius Network.
Compare with BlockFi and Crypto.com alternatives
Similar Savings Accounts and Loans
| Coin | Platform | 5 Star Rating | Interest Rate (APY) |
|---|---|---|---|
| USDC | Nexo | 4 | 12% |
| BTC | Nexo | 4 | 8% |
| USDC | CoinLoan | 4 | 12.3% |
| BTC | CoinLoan | 4 | 7.2% |
| USDC | BlockFi | 3.5 | 9% |
| BTC | BlockFi | 3.5 | 4.5% |
| USDC | Midas.Investments | 4.5 | 19% |
| BTC | Midas.Investments | 4.5 | 17% |
| BTC | Celsius | 4 | 6.2% |
| USDC | Celsius | 4 | 8.88% |
| USDC | Hodlnaut | 4 | 12.7% |
| BTC | Hodlnaut | 4 | 7.5% |
| GUSD | Gemini | 3 | 8.05% |
| BTC | Gemini | 2 | 1.49% |
| BTC | Crypto.com | 3.5 | 6.5% |
| USDC | Crypto.com | 3.5 | 12% |
| USDC | Ledn | 3 | 9.5% |
| BTC | Ledn | 3 | 6.25% |
BlockFi vs Crypto.com: The verdict
BlockFi and Crypto.com are quite different. One is solely focused on savings accounts and loans. The other provides that and much more, including an exchange, a debit card and the ability to purchase 45+ currencies.
While on the surface it may seem like more is more, in this case, less is more with BlockFi. It's a much simpler product in terms of usability and commercial terms. If you're willing to purchase and stake Crypto.com's native token, it could be a good option to earn extra interest, however, it's at a much higher risk.
If you're looking for a loan or a crypto savings account, we recommend BlockFi. If you're looking for a debit card or other additional services, Crypto.com could be a good option.