Crypto.com vs Celsius Network: Which Is the Best?

Crypto.com vs Celsius Network – more companies are entering the space with varying incentives to attract users and help disrupt the traditional finance industry. Earning interest in cryptocurrency deposits continues to be a popular investment strategy.  Crypto.com and Celsius Network are two of the top platforms competing for the number one slot in the industry.

Apart from operating interest-based accounts, these platforms offer other services like virtual currency-backed loans, cryptocurrency exchange, and a highway to the decentralized finance (DeFi) ecosystem.

In this Crypto.com vs Celsius network comparison, we’ll look at what both platforms have in common, what sets them apart, and which one offers the highest yields on deposits and the lowest rates on loans.

Crypto.com

Founded in 2016, Crypto.com is the brainchild of Kris Marszalek, Bobby Bao, Rafael Melo, and Gary Or. The project’s mission is to hasten the adoption of virtual currencies. The platform offers more than just interest accounts and loans.

It provides an easy-to-use cryptocurrency exchange loaded with an array of top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and stablecoins like Tether (USDT) and USD Coin (USDC), among others.

Additionally, it offers a Visa debit card that facilitates cryptocurrency-based payments for goods and services worldwide. Its decentralized finance (DeFi) wallet provides access to DeFi-focused services like liquidity mining and yield farming.

Crypto.com Referral Programs

Crypto.com rewards users for recommending the platform to people in their social circles. The rewards go to both the referee and the referrer. However, the amount you receive as a referral incentive depends on certain factors. One of these factors is which product you choose to access. For example, those who join the Crypto.com exchange can earn up to 2,000 USD worth of the platform’s native coin, CRO. Also, the referrer gets 50 percent of the invitee’s trading fees.

Users can get a $25 bonus when signing up with a Crypto.com referral link or code. Use our Crypto.com referral link or use this Crypto.com referral code: psmu8km4zv to sign up for Crypto.com and be eligible to receive the sign-up bonus.

The incentives arrive in your wallet immediately, and the platform has no maximums on the number of referrals you can make. This allows you to invite as many friends as you’d like and enables you to earn higher incentives. Both the referee and referrer must go through advanced-level checks. If the referrer fails to complete this stage successfully, the referral bonuses are placed on hold until the referrer complies. The referrer will be unable to earn half the trading fees of their invitees when this happens.

Additionally, the referrer has to stake a minimum of 1,000 USD worth of CRO. The amount staked by the person you refer determines the size of your payout. For example, a first stake of up 1000 CRO brings in $10 while a stake of 500K CRO results in $800 worth of the base asset in referral rewards. Those accessing the Crypto.com mobile app through a referral link are able to join the Crypto.com BG25 Referral Program. This program offers $25 in the native token to both the inviter and invitee. To receive this reward, the referral must complete the signup process, fulfill the KYC requirements, and stake CRO coins.

It would be easier for you if you read our Crypto.com referral article for the complete guidelines and step-by-step process regarding the Crypto.com referral program.

Crypto.com Products

Crypto.com Earn

The Crypto.com Earn program allows users to earn up to 14 percent interest on their deposits. The interest rate depends on the coins you deposit. For example, Bitcoin has an annual percentage yield (APY) of up to 8.5 percent, deposits in Ethereum accrue up to 7.5 percent per year, and stablecoins like USDC rake in 14 percent. This offering supports up to 30 prominent cryptocurrencies.

Crypto.com provides an earnings calculator that helps you get a glimpse of your projected rewards before you earn them. The staking period also dictates how much you’ll earn from your deposits on Crypto.com. The platform supports coins associated with DeFi protocols like Compound, Decentraland, and Uniswap.

Crypto.com Credit

Crypto.com users have the freedom to borrow up to 50 percent of their collateral amount. Supported cryptocurrencies for providing collateral include BTC, ETH, EOS, Cardano (ADA), Chainlink (LINK), Algorand (ALGO), and Wrapped Bitcoin (WBTC).

The platform disburses the loan in leading stablecoins such as USDC, USDT, True USD (TUSD), and PAX. There are no set payment schedules or charges for late repayment, and there are no credit background checks.

CRO Token

CRO is Crypto.com’s native token. The base asset facilitates different activities like staking, trading, lending/borrowing, and making payments. Additionally, the base asset activates cashback rewards when you use it for goods and services on select platforms like Spotify.

Initially, CRO adhered to Ethereum’s ERC-20 token standards. Now, after building its own decentralized network, Crypto.com has shifted to its own chain.

In February 2021, the platform announced the start of the migration process which caused one of the biggest token burns in history; the company scheduled the destruction of 70 billion CRO tokens.

Celsius Network

Celsius Network started in 2017. Daniel Leon and Alex Mashinsky are the platform’s founders. Mashinsky is known for bringing Wi-Fi onto subways in New York while Leon has worked with a host of top companies including GroundLink and Atlis Labs.

Initially, the two founders envisioned a community-focused lending network. Mashinsky even vowed to distribute 80 percent of earnings to users. Over time, the platform has grown to provide more than simple lending and borrowing.

Celsius Network provides interest on deposits and new ways to pay for goods and services. To use the platform, users must go through KYC verification.

Celsius Network Referral Program

Celsius Network recognizes that referral rewards are the main incentive for existing users to invite friends to join the platform. Because of this, it offers lucrative incentives to both referees and referrers.

One of the best features of Celsius is its network referral program. To get $50 in BTC as a bonus, make sure to use our Celsius Network Referral Link to install the Celsius Network app on your smartphone.  It’s available for both Android and Apple users. Enter this Celsius Referral Code: 196028baa6 when you register to avail of the bonus. Need more details about the Celsius referral program? Read our Celsius referral article for the complete guide on how to use a Celsius referral code.

You can also earn referral rewards through the Celsius Network Ambassador program. This program pays you for various ambassadorial duties like comparing competitors and running websites that advertise the platform.

Celsius Network ambassadors earn 40 USD when their referrals deposit at least 400 USD. Both parties receive this incentive after the new user meets this requirement.

Celsius Network Products

Celsius Network Earn

The platform offers interest-based deposit accounts. Celsius Network promises a maximum APY of 17.78 percent. However, how much you earn depends on your tier and how much cryptocurrency you deposit. Platinum-level users enjoy the highest yields on their deposits.

On average, USDT-based deposits earn 12.65 percent interest per year while Bitcoin customers increase their holdings by slightly above six percent. Fortunately, if you’re unsure about how much you’ll earn on virtual currencies, Celsius provides an earnings calculator to help you see potential returns.

There’s no required minimum or cap on maximum balances for interest-earning accounts. Celsius states on their website, “Whether you have 5 coins or 5 million. Crypto is crypto.” There are also no penalties or charges for low account balances.

Celsius Network Borrow

This product dispenses cryptocurrency-collateralized loans. Celsius users are free to apply for small loan amounts of up to $500. To increase transparency, the platform provides a calculator to give a visual estimation of your expected interest rate. The calculator has options including the repayment period and collateral.

When you input your desired repayment period, the crypto you plan to use as collateral, the loan-to-value ratio, and the amount you need, the calculator determines the amount of collateral you need and the interest you’ll receive in the native token. Additionally, it indicates the cost per month and the annual percentage rate. There are no credit checks, and the approval time is usually just a few minutes.

Celsius Network Base Asset, CEL

CEL token is the basis of the network, powering rewards and interest rates. Holding this base asset gives you access to higher returns on your deposits. For borrowers, it also minimizes the interest rate charged on loans.

Corporate and retail holders enjoy many CEL coin benefits. For example, interest on loans reduces by 30 percent for both groups of token holders. The advantage of crypto-backed loans is that virtual currency investors don’t have to liquidate their investments until they absolutely need to.

Crypto.com vs Celsius Network: Which is Better?

Although they target the same market, these platforms have striking differences.

For examples, Celsius Network has an easy-to-understand referral program that doesn’t require users to have stake in the native token, unlike Crypto.com. However, although Crypto.com’s referral offering is complicated, it offers up to $2,000 per invitee compared to Celsius’ $40.

Also, Crypto.com provides an interest of up to 14 percent on deposits, while Celsius Network offers slightly above 12 percent. The CRO token is more versatile compared to CEL, making it more valuable to holders. For example, CRO holders are eligible for cashback rewards in select stores. On cryptocurrency-collateralized loans, the platforms tie. They both offer loans of up to half the collateral provided, and your interest rate is lower when you pay with the platforms’ native tokens.

Do you also want to know how Crypto.com compares with Coinbase? Read Crypto.com vs Coinbase and assess both platforms with us.

Conclusion

This Crypto.com vs Celsius Network comparison demonstrates the similarities between these two platforms with a few exceptions. If your priority is referral incentives, stick with Celsius for an easy way to earn. On the other hand, if you’re up for a greater challenge with a potentially higher payout, Crypto.com is the way to go.

Read more about Celsius Network and Crypto.com in our reviews for both platforms.