If you already have crypto assets and wish to make the most of them, you can consider lending your crypto. It allows you to earn passive income with crypto assets without trading them. You essentially have to lend your assets on a platform that acts as a custodian of the deposited assets. The platform then lends the said assets to institutional borrowers or corporates through collateralization. When you HODL your crypto with lending platforms, you earn interest on your assets.
Crypto.com is one such platform that allows customers to spend, trade, store, and save cryptocurrencies. It offers an array of services and is one of the most popular platforms for HODL-ing your cryptocurrency. It is easy to convert money on Crypto.com with low fees and robust security. Customers can also earn interest on their crypto assets by lending them out on the platform. The platform supports over 100 coins and 20 fiat currencies. However, almost 40 of those coins are not present in the U.S, and not all coins are present in every state.
The downside of Crypto.com is that the website can be overwhelming for those who are new to crypto lending. The company has revamped its website recently, but the interface is still a bit difficult to navigate. Read our Crypto.com review and customer service can be improved further. Moreover, the official website does not have enough resources for those who are new to the crypto space. Due to all these reasons, users may want to look for an alternative to Crypto.com.
Customers who are keen on earning interest on their cryptocurrencies can consider these five crypto.com alternatives.
|Interest Rates (APY)||6.2% APY on BTC & 10.5% APY on stablecoins||5% APY on BTC and 5-9.3% APY on stablecoins||7.2% APY on BTC & up to 12.3% APY on stablecoins||4.8% APY on BTC & up to 12.7% APY on stablecoins||6% APY on BTC & 10% APY on stablecoins||6.5% APY on BTC & up to 12% APY on stablecoins|
|Min. Amount||No Minimum||No Minimum||US$100||US$100||No Minimum||US$100|
|Mobile app||iOS app coming soon||iOS, Android||iOS, Android||iOS, Android||iOS, Android||iOS, Android|
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Top 5 Crypto.com Alternatives for HODL-ers
Hodlnaut is an emerging crypto interest-earning platform based out of Singapore. The platform offers up to 10.5% APY on five asset classes: BTC, ETH, USDC, DAI, and USDT. There are no lock-in periods or minimum deposits, and Hodlnaut has a dedicated customer support team that provides a hassle-free experience to customers. If you are a crypto enthusiast looking for a Crypto.com alternative, then Hodlnaut is an excellent option. Hodlnaut offers competitive interest rates, as shown below.
The company has recently introduced its much-awaited Token Swap feature, which allows customers to swap tokens seamlessly. With this new feature, customers can trade tokens from the available pool of assets within the Hodlnaut platform. Thus, they earn interest in the crypto of their choice without having to switch to another platform. Hodlnaut also has an affiliate program with which customers can refer their friends and earn 10% commission on their friend’s interest. Moreover, the referred friend gets a bonus of $20 as well.
To give the maximum benefits to their customers, Hodlnaut also offers a VIP fixed-term loan. Customers need to deposit an equivalent of 25 BTC or more in the same asset class for a duration of one, three, or six months with Hodlnaut. Upon meeting these requirements, customers will earn a higher yield than the Hodlnaut Interest Account. These interest rates are subject to market conditions, and for the latest information, one can always contact the Hodlnaut team at [email protected] Here are some pros and cons of Hodlnaut to review before considering the platform.
- Hassle-free deposits and withdrawals
- User-friendly interface and dedicated support team
- Attractive interest rates with no minimum deposits or lock-in periods
- The platform doesn’t support buying or selling crypto
- No mobile applications as of yet
- Limited crypto assets
To learn more read our Hodlnaut review.
2. BlockFi – A Crypto.com Alternative
BlockFi is one of the most popular crypto lending platforms for individual investors. The platform offers financial services to crypto users at low costs. The user interface is simple, and there is something for everyone. Currently, BlockFi offers crypto-backed loans, interest account, and trading account. This platform enables customers to earn up to 8.3% APY on crypto assets. The interest is accrued daily and can be withdrawn monthly.
BlockFi also has a waitlist for early adopters of BlockFi credit cards and a bitcoin rewards program. However, the card will be released in the US, and the release will be limited to a few states. BlockFi also recently lowered its crypto interest rates. Let us look at BlockFi’s pros and cons for a better idea about the platform.
- Renowned crypto lending platform with a sizable AUM
- Attractive rewards program
- Earn, trade, and borrow crypto from a single application
To learn more about the platform, read our BlockFi Review.
- Limited assets available
- Users are allowed only one free withdrawal for crypto and stablecoins
- Payouts are monthly instead of weekly
CoinLoan provides crypto savings accounts that enable customers to loan their assets and earn attractive returns. It is based out of Estonia and offers fiat borrowing and lending as well. The best thing about crypto lending platforms, including CoinLoan, is that customers don’t have to undergo any credit checks while borrowing or lending. All you need to do is put up your crypto or fiat currency as collateral to get a loan-to-value rate of 70%. CoinLoan also offers a token of their own, for which it offers a CLT-staking reward of 2%. The platform offers up to 12.3% APY, mostly on Euro and stablecoins.
- Lucrative interest rates
- No withdrawal fee
- Licensed European virtual currency provider
- Relatively new platform
- Lacks transparency
- Crypto volatility affects your loans
To learn more about the platform, please read our Coinloan review.
YouHodler is a versatile financial service company based out of Switzerland that helps crypto users earn interest in cryptocurrencies. You can trade crypto or fiat currency, take a loan with keeping crypto as collateral and invest in a high-interest savings account. The platform is suitable for all types of investors and allows users to grow their crypto seamlessly. Users can earn up to 12.7% APY on 22 assets, including BTC, ETH, and the like. YouHodler also has an integrated wallet for cryptocurrencies and fiat. Products such as TurboCharge and Multi-HODL can be interesting for those who are experienced in crypto.
- A wide array of crypto assets
- Interesting trading products
- High interest rates
- Not available in countries like the USA or China
- Mobile application needs to be improved
- It comes at a higher price compared to other platforms
To learn more read our YouHodler review.
Nexo is a renowned platform in the crypto space with a mission to replace traditional banking with cryptocurrencies. It has a good mix of interest accounts, crypto debit cards, crypto loans, and exchanges. It is an excellent alternative to Crypto.com as its platform is easy to navigate, and there are enough resources to help customers understand the products. Nexo supports 17 crypto assets and some fiat currencies like Euro, British Pound sterling, and US Dollar. Nexo offers 12% APY for those who choose to earn in NEXO tokens.
- Earn higher yield with Nexo tokens
- Well established platform with over 1 million clients
- No fees for withdrawal or transactions
- Best interest rates are available only for those who hold Nexo tokens
- Borrowing rates are higher than other platforms
- Insurance is only applicable to assets stored in cold storage.
Crypto.com Alternatives: Conclusion
Bitcoin started the cryptocurrency revolution, and other cryptocurrencies are gaining momentum too. Needless to say, cryptocurrencies are emerging to be the future of finance. However, holding crypto is not the only way one can invest in them. A good alternative is lending the crypto assets to earn interest on cryptocurrencies, thus making the most out of your cryptocurrencies.
Although Crypto.com is a great platform, other platforms in the market are worth exploring too. Hodlnaut, BlockFi, CoinLoan, YouHodler, and Nexo are the top five alternatives to Crypto.com. With the right strategy, users can earn passive income through these crypto lending platforms. It is best always to do thorough research to understand the platform better before beginning your interest-earning journey.