Celsius vs. Nexo - Which Platform is Better for You?

celsius vs nexo

Celsius and Nexo are both trustworthy Crypto Lending & Loan platforms in our opinion, but which one is the better choice overall for you?

We hope to give you the information you need to decide for yourself which is better for you — personally we use both Celsius and Nexo as they both have advantages that we’ll outline below, and we believe they’re both trustworthy — but we’d say Celsius is a better choice for most people.

Ultimately we’d say Celsius is a much better choice overall as they have lower interest rates for Crypto-backed loans and higher interest rates given on deposited Crypto — not to mention they have great sign-up promotions while Nexo doesn’t have any sign-up bonuses whatsoever — This isn’t to say Nexo doesn’t have anything better though, they have a Crypto Debit-card that’s pretty okay while Celsius has no such thing.

Which Offers the Best Yields - Celsius or Nexo?

Celsius wins this category quite firmly in our view — While Nexo wins out on their rates for newly added coins temporarily (currently Chainlink) Celsius’s regular rates are generally around 0.5% to 2% better than Nexo’s base interest-on-crypto rate.

This disparity is increased if you’re willing to take Celsius’s native token ($CEL) as interest, as if you do so rates are 1% -> 3% higher on top of it all — however personally we take the interest Celsius distributes to us in the crypto’s we deposit, maybe this isn’t the smartest decision but it’s what we do.

Which has less fees - Celsius or Nexo?

This Category is pretty much a draw — While Celsius offers way lower interest rates on crypto-backed loans, and no fees whatsoever otherwise, Nexo also doesn’t appear to charge any ridiculous hidden fees or quality-of-life fees. The only real difference here is that Nexo has an interest rate that’s around 5% higher than Celsius’s rate, other than that they both offer free withdraws from the platform and no hidden fees.

You might wonder why we say this category is a draw when Nexo charges so much more interest — well this is because of HOW they charge it. Nexo charges based off credit-line useage, meaning that if they give you a $5000 line of credit for your deposited Crypto and you only use $500 of it you’ll only be charged for $500 of it. 

Meanwhile Celsius offers more classical loans — You take out a set loan amount and you get the money instantly (or well next-day generally) wired into your bank account — the full amount.

This means in practice if you’re taking a loan out to buy more crypto or buy a “real-world asset” such as real estate then Celsius’s loan program is much better — but if you just want to have access to funds in an emergency situation (short-term) without having to sell your crypto, then Nexo’s loan structure is likely better. 

Which Has The Best Signup Bonus Offers - Celsius or Nexo?

Celsius easily wins this category as Nexo doesn’t offer any sign-up bonus or run any promotions for new-users at all — Meanwhile Celsius always has multiple promotions running that generally offer between $50 and $250~ in bonuses for new-users. You can check out Celsius’s promotions here — if Nexo begins to release their own you bet we’ll mention it — but as of now (Late-2020) they’ve yet to release any sign-up promotions or refer-a-friend programs.

Which is more Trustworthy - Celsius or Nexo?

We’d say this is pretty much a draw — they both have stellar teams, CEO’s and leadership, partnerships, and investments from massive hedge-funds or venture capital groups that definitely know what they’re doing. They also both have insurance through BitGo.

Because of this we wouldn’t really be concerned with having modest sums of crypto on their platforms — although just like any centralized exchange or service (including very old and trusted companies like Coinbase) we’d say you shouldn’t keep all your funds on them — especially on just one of them — just in case something ever goes wrong with the company. You never know what can happen, and you shouldn’t risk all of your crypto in a single platform.

What Advantages does Nexo have over Celsius?

As mentioned in the fees section of this article Nexo’s main (or really only) advantage is that they offer short-term immediate loans through a credit/debit card — meaning they’re a good option for folks who are low on cash but refuse to sell their crypto.

However otherwise Nexo doesn’t offer as good of interest rates on borrowed cash, nor interest on deposited crypto, or sign-up bonuses. They’re the only provider of Crypto “line of credits” through credit/debit cards rather than fixed loans though, so if you want that they’re really your only choice. But if you want to leverage your crypto for more money to invest in something (more crypto, real estate, etc) then we’d say Celsius or others like BlockFi is a better choice than Nexo.

What Advantages does Celsius have over Nexo?

Celsius has better rates both for lending your crypto out and getting crypto-backed loans from, and over-all are simply better for the services they provide. From a personal experience standpoint they also have a hair better customer service (faster/more-human-like) than Nexo, and of course they have great sign-up promotions.

Since we trust both of these companies, but we aren’t in need/interested in a crypto “line of credit” but instead a longer-term loan, we use Celsius and keep far more funds with them than Nexo — but that’s just us, maybe you have different needs.

If you think Celsius does fit your needs as well, then definitely check out their promotional offers here before signing up — they’re relatively easy to get after-all.