In the last year, I've made a decent amount in passive income thanks to these lending platforms and couldn't be happier. I'm hoping others who have used these services can chime in on their own experience. I tried to cover relevant topics but feel like I may have missed something and may update again at a later time.Anyways, I put together a list of crypto lending platforms in an attempt to find the best platforms to use. I've been a long time fan of BlockFi and Celsius Network. CDC has also made it into the top 3. But platforms I hadn't really looked at in depth were Nexo, Cred and Bitrue. I thought this was a good opportunity to put them together and see which ones came out on top.Article HEREHere's the table below to compare the platforms at a glance and probably the most helpful element until it ultimately is outdated in the span of a week due to update rates etc:https://ift.tt/3iE6CBN gist of it basically boils down to this:BlockFiProsFully Regulated in USBacked by Major VC firms like Coinbase, Sofi, Fidelity among othersCompound & In-Kind InterestNo Platform Tokens RequiredNo Minimum Balance RequiredPhone SupportConsLimited Number of Free WithdrawalsLimited Number of Supported CoinsInterest Paid Monthly1 Business Day to Process WithdrawalsI've been with them for over a year and their services is the only one I recommend to users unfamiliar to the crypto landscape. That being said, my biggest issue is their 1 Business Day withdrawal process. It's another layer of security in case your account is compromised, but it can feel like a lifetime when you're used to the immediate withdrawals on most other platforms.----Celsius NetworkProsCompound & In-Kind InterestWide-Range of Supported CoinsFree Withdrawal/Zero FeesInterest Paid WeeklyNo Minimum Balance RequiredInstant Withdrawals up to $25k/DayConsMust Earn & Hold CEL for Higher Rates (Unavailable to US users)Interest Rates Adjusted WeeklyI've been with them for the longest and I remain a loyal fan. But I did initially join them for the bonus rates they promoted which US users are still unable to access. Aside from that, if you see a rate for an asset that's agreeable, they are a solid option.----Crypto.comProsGreat App with 24/7 Support Live ChatSecurity Certification and ProtocolsLockup Not RequiredIn-Kind InterestWide Selection of Supported CoinsInterest Paid WeeklyConsWithdrawal FeesMust Lockup (3 Months) and/or Stake MCO for Best RatesNo Compound Interest — Unless Manually Redeposited into New Earn ContractMinimum Deposit Required to Earn InterestI find a lot of value in their suite of products, but for people looking strictly for the most flexible lending experience, CDC may feel more restrictive compared to the rest. They offer some of the most attractive interest rates but you generally have to stake MCO and lockup your funds for 3 months to take advantage.----NexoProsCompound InterestNo Minimum Balance RequiredNo Lockup RequiredNo Withdraw Fees/Zero FeesIn-Kind InterestInterest Paid DailyConsMust Hold Nexo Tokens for Best RatesOne of the simplest platforms from a design and use prospective, with their recent addition of new supported major coins, this may quickly become an additional platform I use on a regular basis.----CredProsNo Minimum Deposit RequiredWide Selection of Supported CoinsUS-Based and Regulated, Reputable Partners & Public Facing ExecsCons6 Month Lockup Required (3 Month Renewal)Interest Paid in LBA or USD OnlyProgram Entry Restricted to the 1st and 15th of Every MonthMust Hold LBA Token for Best RatesThese guys have missed the mark on many fronts. I hope they manage to re-examine their features as in its current state it's a bit of a double whammy - users must lock up their funds for 6 months and can only earn interest in USD or LBA. Might be a quadruple actually since the price of the asset is locked in at contract start (good in a bearish market, not good in a bull run) and you can only start a credearn term on the 1st and 15th of every month....this is many obstacles for users' to hurdle unless you're interested in rarer coins like iota or nano.----BitrueProsLockup Not RequiredInterest Paid DailyIn-Kind InterestOffers Highest Interest RatesConsQuestionable Trustworthiness — Limited Public Facing Figures & Company BackgroundPower Piggy has Daily Caps — Must Deposit Funds before Cap DepletionMinimum Deposit Required to Earn InterestWithdraw FeesNo Compound Interest — Unless Manually Redeposited to New Power Piggy ContractI had briefly looked into Bitrue last year after they made a splash with their 7.3% offer. They've lowered their rates for non-BTR holders, but it still remains that we don't know who the co-founder outside of Curis is or key members of their team that supposedly includes "senior management team from Capital One and website security experts" without providing names or bios.So I really can't recommend them at this stage, but their Power Piggy program looks very lucrative otherwise ;)----Wrap It UpIt's tough to narrow it to just one, the best, but BlockFi is close to the top as it's the one I recommend to friends and family. But due to their small range of supported coins, second place would go to CDC for me, since I don't personally mind their terms and prefer their higher rates. For ultimate flexibility, Celsius is no frills option.So again, the 3 platforms I have in heavy rotation are BlockFi, Celsius Network, and CDC. I find that this combination allows me to keep assets accessible in Celsius up to their $25k limit with zero fees; BlockFi as a backup for delayed access due to their 1 business day withdrawal policy and using their 2 free withdrawals/month; and finally taking advantage of CDC's high interest rates with 3 month lockup for anything that remains.What do you think? What's your favorite platform and strategy? Any features I forgot to mention? Am I wrong about Bitrue?
Submitted July 08, 2020 at 08:35AM
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