Crypto.com vs BlockFi: Which Platform Should You Choose?

What do you gain by using Crypto.com over BlockFi or vice versa? Our comprehensive Crypto.com vs BlockFi comparison discusses how these platforms stack up. For example, which is the best platform for earning interest on deposits? If you need quick cash, which offers the lowest rates on crypto-backed loans?

These two platforms seem to be offering the same products and services without much competition. But a closer look shows these two fierce rivals are using different mechanisms in a bid to win over users.

Crypto.com

Crypto.com is a cryptocurrency platform offering interest-earning accounts, crypto-collateralized loans, debit cards, and a place to trade virtual currencies. the platform’s products closely resemble those available in the traditional finance sector. As such, it offers a familiar landing ground for those looking to escape from the conventional finance ecosystem.

The platform is slowly phasing out the use of two tokens, MCO and CRO, to make it easier to use the platform. Currently, it concentrates on the CRO token, which also powers in Crypto.org Chain.

Crypto.com Referral Programs

Crypto.com enables users to earn rewards for successfully recommending the platform within their social circles. For example, for those who invite friends to the Crypto.com exchange, bonuses can be as high as $2,000 paid in the network’s base asset, CRO. Click this Crypto.com referral link or use this Crypto.com referral code: psmu8km4zv to sign up for Crypto.com and earn your bonus.

The incentives depend on the first stake the referral places on the platform. For instance, if they stake 50,000 CRO coins, the referral bonus is $200, while a stake of one million CROs gives $1,000 in rewards.

The referrer and the referral must go through advanced level know-your-customer (KYC) checks to receive the incentives. Also, the referrer must stake at least 1,000 CRO tokens on the exchange. The referrer also gets 50 percent of their referee’s trading fees for one year. These trading fees are calculated after all the trading volume and staking volume has been applied.

Those who invite friends to use the platform’s mobile application get $25 worth of CRO tokens as referral rewards. However, the incentives only trickle down to the referrer’s wallet after the invitee stakes enough CROs to secure the Crypto.com Metal Visa Card. Additionally, the referrer and referral must successfully complete the highest level of KYC procedures.

Read more about the Crypto.com referral program to be guided about how it works and be familiar with the Crypto.com terms and conditions.

Crypto.com Products

Crypto.com Exchange

Powered by CRO, the exchange supports more than spot trading. It allows margin traders to take short or long positions. Its high liquidity allows traders to enter and exit positions with ease which translates to higher profits.

The exchange provides low trading charges. Trading fees are further reduced by up to 100 percent if a trader stakes the base asset and pays costs with the token. Additionally, the platform has a wide range of cryptocurrencies and continues to add more tokens.

The Crypto.com exchange offers another product dubbed “Supercharger.” With this product, liquidity miners can earn incentives by interacting with decentralized finance (DeFi) platforms.

Liquidity providers deposit cryptos into DeFi platforms to earn incentives. This gives participants the option to withdraw their share any time they like. Some of the coins on this platform include Enjin Coin (ENJ). DOGE (DOGE), Bitcoin (BTC), and Polkadot (DOT).

Crypto.com Over the Counter Trading Desk

The OTC desk is open to users with the private tag. By using the OTC desk, private members access block trades and have access to preferential trading fees. Supported cryptocurrencies include BTC, CRO, USDC, PAX, and TUSD. Apart from the native coin, each of the cryptos is paired with CRO. Note that joining the private level requires you to actively stake a minimum of 500,000 CROs using the mobile app.

Crypto.com Earn

Crypto.com Earn provides up to 14 percent interest on stablecoin-based deposits and up to 8.5 percent on deposits in other cryptocurrencies like Bitcoin. Ethereum deposits grow by 7.5 percent per year. The product supports more than thirty virtual currencies, including stablecoins.

Currently, the lowest interest rate stands at three percent. It is associated with coins tied to networks such as Bancor, Uniswap, Polkadot, Elrond, Decentraland, Celer Network, Compound, VeChain, PAX Gold, Maker, Chainlink, and Basic Attention Token.

Crypto.com Credit

Crypto.com Credit disburses loans up to 50 percent of the amount provided as collateral. Virtual assets supported as collateral include BTC, LTC, XLM, ALGO, VET, LINK, WBTC, ETH, and CRO. However, the platform disburses the requested loan amount in stablecoins. Notably, you can choose your repayment schedule, and there are no late payment fees. Crypto.com credit provides a low-interest rate of up to 8.0 percent per year.

BlockFi

BlockFi is among the pioneers of interest-based cryptocurrency accounts. Due to their unique approach, the company attracted a substantial following within a short time. The platform boasts of tapping into Gemini’s security to provide custody services, an easy-to-use platform, and affordable interest on loans.

BlockFi Referral Program

Crypto.com vs BlockFi referral program? Let’s see the difference. BlockFi offers BlockFi Partner and BlockFi Refer-A-Friend referral options. The partner program is more in-depth, as participants need to do more to actively direct users to the platform. As a partner, you receive rewards for “introducing your audience to financial tools.” BlockFi must vet and approve you before you can join the partner program.

The partner level comes with trading/support, exclusive offers, and access to tracking tools and marketing materials. The reward is 0.5 percent of all deposits your referrals make to their interest-earning accounts. Referrers only receive the incentives for their referrals’ first month. On the other hand, the BlockFi Refer-A-Friend program uses a more straightforward approach. For example, an existing user only needs to invite a friend, and both earn $10 disbursed in BTC. The invitee needs to deposit a minimum of 100 USD into their BlockFi Interest Account for you to receive your reward.

Get more information about the BlockFi referral program and follow the referral steps in this BlockFi referral article.

BlockFi Products

BlockFi Trading

This offering provides a central point for cryptocurrency trading enthusiasts. BlockFi adds to the experience by providing a wide array of tradable cryptocurrencies. Also, once a trade is closed, the new coins in your wallet start accumulating interest.

The platform has a robust trade matching engine that allows for instant transactions. The trading product is available on the platform’s mobile application since BlockFi believes that “financial services should be as mobile as you are.”

BlockFi Over the Counter Trading

BlockFi reduces the barriers commonly faced by corporate institutions when joining the cryptocurrency ecosystem by using its OTC desk. With this product, BlockFi takes the position of an execution partner where it engages in spot/margin trading, among other credit functionalities.

Dedicated trades in Asia and the United States drive the OTC desk. For now, the BockFi OTC desk deals in virtual currencies with a large market capitalization like ETH, LTC, and BTC.

BlockFi Interest Account (BIA)

BlockFi’s BIA accounts have varying annual interest yields depending on the deposited virtual currencies. Generally, the APY can reach as high as 8.6 percent. The product has an easy-to-use user interface allowing depositors to manage their accounts and enjoy flexible payments.

BlockFi adds even more flexibility by allowing users to choose which virtual currency they prefer to receive the accrued interest.

Although interest is calculated every 24 hours, earned interest is disbursed monthly. Also, there are no minimum account balances to start earning interest. To prevent malicious account access, BlockFi uses two-factor authentication, among other security measures, to give users peace of mind when depositing funds and earning interest.

BlockFi Loans

Crypto-backed loans allow BlockFi users to access cash without liquidating cryptocurrencies held in their wallets. The rate on loans reaches a low of 4.5 percent. By eliminating credit background checks, the platform can disburse the loan in hours compared to days, as is the case in the traditional financial world. If you have the collateral, BlockFi has the cash.

The platform also gives users the freedom to repay loans. For instance, you can repay a portion of the full amount or all at once and eliminate prepayment charges. The platform supports a loan-to-value ratio of 50 percent.

What Should You Choose Over the Other?

Our Crypto.com vs BlockFi comparison illustrates fierce rivals vying for the number one spot in savings accounts, loans, trading, and OTC services. This rivalry has led to the platforms taking different paths toward the same destination.

Consequently, each platform has its strengths and weaknesses. For instance, while Crypto.com offers higher referral bonuses, it has a more complicated rewards program compared to BlockFi. However, the Crypto.com exchange provides more services than BlockFi’s virtual currency trading platform.

On loans, BlockFi provides a lower rate, but Crypto.com lets users choose their repayment schedules without charging late repayment fees. Crypto.com offers higher interest on deposits, especially for accounts holding stablecoins.

Dig deeper into the many products and features that make Blockfi unique in this Blockfi Review.

Conclusion

The above Crypto.com vs BlockFi comparison results in a narrow path of preference. If you are interested in earning a high APY on your deposits, stick with Crypto.com. However, for security-conscious users, BlockFi ‘s use of Gemini security on stored funds provides confidence in the platform. For OTC traders, BlockFi provides a more extensive offering. Overall, Crypto.com offers more services than BlockFi.

If you think you don’t know enough about Crypto.com, we have a solution for that. Read this Crypto.com Review and discover if its products really function as advertised.