Many novice traders and investors choose between widely known crypto exchanges, and this approach is entirely logical. However, even a brief research on less popular platforms may help you find an exchange with lower fees or other interesting features. Among promising options for crypto traders, there are two exchanges which deserve a closer look: one is BlockFi, and another is Celsius. In this article, we’re going to compare these exchanges for you and tell whether any of them offers really competitive trading conditions.
About BlockFi
Launched in 2017, BlockFi is a crypto exchange that claims to help crypto investors get money via interest accounts. These accounts allow you to lend your funds to traders and receive some amount of passive income as interest. However, the selection of available crypto assets is very limited: the exchange features only 8 virtual currencies and USD as the only fiat option. There is no minimum deposit and a single type of account, so you won’t have to think about different details of trading conditions. And what’s especially great is that BlockFi doesn’t charge trading and exchange fees — that’s right, you’ll have to pay just a small withdrawal fee.
About Celsius
Celsius is another crypto exchange that focuses on providing its users with simple ways to get some passive income on the crypto market. Much like BlockFi, the exchange allows the users to lend their coins to active traders and earn interest. However, Celsius has a much wider array of available crypto assets: there are 20 different coins available. There is no minimum deposit, too. When it comes to the fee structure, Celsius is also better than BlockFi: the exchange sets no spreads, and the withdrawal fee seems to be smaller.
The showdown
Alright, it’s time to determine the winner in the Blockfi vs Celsius competition. BlockFi seems to be more secure: the exchange offers the SIPC protection, and Celsius has no major regulator supervising its transactions. However, Celsius has slightly higher interest rates for investors in both stablecoins and other assets: here you can earn about 9%, and BlockFi promises to bring you up to 7.5% in interest.
All in all, BlockFi seems to be a better exchange for novice traders. It is regulated better, it has less assets to choose between, and its customer support service is available 24/7. While its fees are slightly higher, they are still notably competitive. If you want a passive income option, you should definitely check it out.
