You are looking for a trusted Crypto Asset service to help you securely store and earn interest on your cryptocurrency. But, with so many new digital financial services emerging, it can be difficult to know who you can trust.
I am here to solve this problem by offering up my full Nexo vs Blockfi review and comparison of these two popular web platforms that provide unique crypto services and interest accounts to clients.
Both Nexo and Blockfi are well known by new and experienced crypto traders alike because they offer crypto account services that accumulate interest over time, which can benefit long term cytro traders.
Keep reading my Nexo vs Blockfi review to learn more about what benefits Nexo and Blockfi offer to you, the user, and what features make these two platforms similar and different, before you decide which one has the best interest account and bonus features to grow your crypto.
Overview of Nexo and Blockfi:
Nexo is one of the largest lending institutions in the world of digital finances. Born in 2018, Nexo currently boasts hosting more than 1.5 million users for its services now available in over 200 jurisdictions.
In comparison, Blockfi is just one year older than Nexo, establishing a name for itself in 2017.
Blockfi strives to find the middle ground between traditional banking and blockchain technology to provide high quality, straightforward banking services to their crypto clients.
What do these two companies have in common? On both Nexo and Blockfi, you have the ability to earn interest on your cryptocurrency through high interest accounts.
Both promise advanced security systems and user friendly digital interfaces to make your crypto banking and trading easier.
Nexo and Blockfi Interest Accounts: How Do They Compare?
While both Nexo and Blockfi provide users with uniquely high interest earning on stored cryptocurrency, Nexo offers a higher interest rate than Blockfi.
When you open a crypto interest account with Nexo, you can earn up to 12% on your wealth with daily compound interest.
You are faced with minimal fees with a Nexo account; account maintenance, transactions, and unlimited fiat withdrawals are free, and there is no minimum amount you need to maintain in your crypto internet account in order to earn interest.
As well, if you sign up for Nexo’s FLEX offering, you can benefit from their unique daily interest payouts that give you more immediate access to the money you are growing.
On the other hand, Blockfi offers upwards of a 7.5 annual percentage yield (APY) on their Blockfi Interest Account (BIA). Similarly to Nexo, Blockifi boasts no hidden fees or any set minimum balance required in your interest account. Keep in mind that while you can withdraw crypto at any time with Blockfi, you only get one free withdrawal a month.
Blockfi pays out interest to their clients on a monthly basis, and gives users the option of which cryptocurrency they would like their interest payments in.
Nexo and Blockfi User Platforms: Which One is Better?
When comparing the usability of both the Nexo and Blockfi, I would argue that these companies offer a similarly high level of user friendly programming.
Nexo comes recommended for all users, and particularly beginners who are new to saving their crypto in an interest account.
They offer an organized, comprehensive platform that does not take long to master navigating through.
One more unique benefit of using Nexo is their NEXO Token system.
You can opt to buy in to NEXO tokens which gives you access to additional interest benefits, dividend payouts, and a position in Nexo’s Loyalty Program.
In comparison, Blockfi stands up similarly to Nexo’s usability. Blockfi’s straightforward and innovative platform design caters to both beginner and intermediate users, while offering a wide array of features to accommodate to advanced crypto clients as well.
A client can register for an account with Blockfi in under two minutes. The Blockfi platform provides an easy tool for users to trade between their assets, and it can be accessed with users world wide, with the exception of some sanctioned countries.
For even easier access to the Blockfi or Nexo platforms, both companies offer a mobile app version of their services, so that you can manage your crypto accounts on the go.
Nexo and Blockfi Security: Are They Safe?
When determining which cryptocurrency digital service is best for you, conduct your own research and consult with a licensed financial provider before making any big financial moves.
Know that with all cryptocurrency interest accounts there is an inherent amount of risk involved. These financial platforms are not traditional banks.
This is why these crypto accounts are designated as interest or investment accounts, rather than savings accounts or bank accounts, because they do not offer that same level of guarantee.
With that being said, both Nexo and Blockfi go to great lengths to ensure a high level of security for their users.
Nexo partners with Bitgo and Ledger Vault to create a diverse custodial security system, meets Cryptocurrency Security Standard Level 3, and uses cold wallet security and multi signatures to support the security of their accounts. Combined, Nexo has $375 million in insurance on their digital assets.
In comparison, Blockfi uses the custodian Gemini for their system security, and Gemini keeps the majority of its assets in cold storage. Blockfi is also US based and regulated, so they are bound to US law and are institutionally backed.
Nexo vs Blockfi Review: The Bottom Line
|• Up to 12% interest earnings||• Not as many educational tools offered for beginner crypto users, in comparison to other competing platforms|
|• Ideal for long term investors||• Not FDIC insured|
|• Easy to use mobile app|
|• $375 million in insurance|
|• NEXO token and Loyalty Program benefits|
|• Get paid interest daily|
|• Low fees|
|• High interest earnings in comparison to other leading crypto interest accounts||• Not subject to FDIC protection|
|• US Based and regulated||• Limited to one free withdrawal a month|
|• Available worldwide, with few exceptions|
|• Monthly interest payments|
|• Easy registration process|
|• Responsive customer service|
|• Now offers a Bitcoin rewards Visa credit card|
|• Trade instantly while earning compound interest|
Weighing these benefits can help you decide if it is Nexo or Blockfi that has the best cryptocurrency interest account for you.
Overall, both companies are legit, have competitive interest earnings on their accounts, and offer clients with straightforward and user friendly platforms.