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

nexo vs blockfi

Nexo and BlockFi 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 BlockFi and Nexo as they both have advantages that we’ll outline below, and we believe they’re both trustworthy — but honestly we prefer Celsius to both Nexo and BlockFi as they have better rates and lower fees as well as even better sign-up bonuses.

But out of the two, Nexo or BlockFi,  we’d say it’s sort of a toss-up as they both have nearly identical crypto-backed loan fees as well as interest-on-crypto returns. The only real difference between the platforms is that BlockFi has great sign-up promotions while Nexo doesn’t have any sign-up bonuses whatsoever. 

Which Offers the Best Yields - Nexo or BlockFi?

Nexo offers slightly higher yields on deposited crypto — Ultimately while other platforms such as Celsius or (when $CRO is staked) offer higher yields than either platform Nexo’s offers aren’t all that bad either, just being half a percent or so below those platforms at around 5% for most cryptocurrencies they support and 10% for stablecoins.

BlockFi isn’t far behind though — their rates are only around 0.5% less on average than Nexo, which means when you take into account BlockFi’s sign-up bonuses unless you will be depositing millions of dollars generally the APY for the first few years will be higher with BlockFi (when accounting for the sign-up bonus reward).

Which has less fees - Nexo or BlockFi?

This is pretty much a draw — Both Nexo and BlockFi offer nearly identical Crypto-Backed Loan rates, with BlockFi being a bit lower if you take their lowest collateral level (20%) but otherwise rates around 7% for both platforms.

In terms of withdrawals and other fees there’s none for Nexo whatsoever, and BlockFi has none other than the network transaction fee when withdrawing funds — but this is waived once per month, so realistically you’ll not need to pay withdrawal fees with BlockFi.

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

BlockFi easily wins this category as Nexo doesn’t offer any sign-up bonus or run any promotions for new-users at all — Meanwhile BlockFi always has multiple promotions running that generally offer between $20 and $250~ in bonuses for new-users. You can check out BlockFi’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 - Nexo or BlockFi?

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 companies such as BitGo in the event that something goes wrong.

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 BlockFi have over Nexo?

BlockFi’s main advantage of Nexo is honestly just their sign-up bonus — while they have lower loan rates in some cases ultimately it’s not significant enough to really matter in our view.  Beyond this we might say BlockFi is a little more trustworthy and responsive (support-wise) than Nexo, but not by a huge margin. 

If you think BlockFi is a better choice for you, or you just want to snag some tasty free crypto, then make sure to check out their promotions before signing up for an account with them — otherwise you’re just leaving money on the table.

What Advantages does Nexo have over BlockFi?

Nexo’s main advantage is that their rates on deposited crypto are a hair higher than BlockFi’s, but the marginal benefit of the rate increase isn’t really beneficial unless you will be depositing hundreds of thousands of dollars worth of crypto, as otherwise simply taking BlockFi’s sign up bonus and buying crypto with it would net-net you more cryptocurrency than the fraction of interest extra that Nexo offers would net you over the first couple years using them.

Beyond this they’re practically identical platforms, so really just go with what you feel like. Personally we’d opt for BlockFi or simply go to a different crypto loans/lending provider such as Celsius since they offer higher rates, lower fees, and generally seem to be a better ran company in my opinion — plus Celsius has great sign-up bonuses.