Celsius vs. Nexo - Which Platform is Better for You? [2022]

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 — we personally we use both Celsius now for reasons we’ll outline below — but basically they have better customer service, an overall better functioning platform, while having more or less comparable interest rates.

With that being said we’d say it’s a good idea to use multiple platforms to diversify your risk in any one of them having any variety of issues — another good crypto-lending platform to check out would be BlockFi. You can read our comparison of BlockFi vs Celsius here and BlockFi compared to Nexo by clicking here.

Below you’ll find a quick jump-to section if you want to just get to a specific are right-away, but essentially we’ll start by going into which one is best for earning interest on your crypto followed by which one has lower fees both in general as well as for crypto-backed loans.

After that we’ll briefly go over the current sign-up bonus offers Nexo and Celsius currently have, how trustworthy both platforms are (and how they’re regulated), before finally ending with a summary of it all and some FAQ’s.

Table of Contents

Which Offers the Best Yields - Celsius or Nexo?

Celsius wins this category quite firmly in our view — While Nexo wins out on their rates when earning in Nexo and holding large amounts of nexo tokens (by a couple percent per year), in practice none of us are going to be holding 10-20% of our crypto holdings in Nexo’s token, and if we do we won’t want to earn interest exclusively in Nexo (another requirement for the higher rates).

For average users with 0% -> 5% of their holdings in Nexo tokens, or those earning in-kind (bitcoin interest on bitcoin deposits) nexo’s rates are around 4% to 5% on their first earnings tier.

Meanwhile with Celsius their rates vary more greatly depending on the coin, but generally they sit at between 5% and 8% per year when earning in-kind, and they also offer higher yields if you hold their token or earn in their token, similar to Nexo — basically this nullifies Nexo’s advantage entirely, as with Celsius you’ll earn 50% -> 100% (double) more than Nexo offers normally, and about the same as someone holding large amounts of nexo tokens and earning in nexo tokens, without even holding any Celsius tokens or earning in CEL (their native token).

The only exception to this currently, in late 2021, is Nexo offers 0.8% more (about 9% more) yeild on stablecoin deposits when you hold their token and earn in their token AND lock your coins up for 1+ months on their platform — then you’ll get more than Celsius offers — which definitely is not worth it in my opinion. 

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 (fee) 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 $500+ in bonuses for new-users. Check out Celsius’s promotions here.

If Nexo begins to offer a sign-up bonus their self we’ll make sure to update this article and mention it right away — but as of now (Late-2021) they’ve yet to release any sign-up promotions or refer-a-friend programs.

Which is more Trustworthy - Celsius or Nexo?

We’d say Celsius wins this category firmly — We used to say this category was a draw, as they both have great 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 companies such as BitGo in the event that something goes wrong.

But after some recent experiences with Nexo, and an increasing number of complaints against them, we can’t recommend them customer-service wise. On paper they’re great and safe, and on paper they have a good team — however in practice in the last year they’ve failed horribly with their product quality/reliability and customer service from what I’ve seen and heard from people, as well as experienced.

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.