At one time, Celsius was one of the leading centralized providers of cryptocurrency loans, allowing its users to simultaneously earn yield on their long-term investments and take out cash loans against the collateral. The utility of this kind of solution gave Celsius widespread appeal, but unfortunately, the platform ran into financial difficulty during the 2022 crypto winter and has since filed for bankruptcy.

Despite the collapse of Celsius, there are still some great options on the market for people seeking to make the most out of their cryptocurrency investments. This list puts together the 6 best alternatives to Celsius in 2024 — we’ve considered security track record, breadth of features, and other key characteristics to determine the top picks.

Best alternatives to Celsius in 2024:

1. Nexo– The best alternative to Celsius overall
2. YouHodler– One of the oldest collateralized lenders in the space
3. CoinLoan– High yield Bitcoin staking
4. Binance Earn– Staking service by the world’s largest exchange
5. Aave– The best decentralized alternative to Celsius
6. Lido– One of the largest staking platforms in crypto

The 6 best alternatives to Celsius for earning crypto yield

1. Nexo – The best alternative to Celsius overall

Nexo takes the top spot as the best alternative to Celsius in 2024. The platform offers a range of features, including an integrated cryptocurrency exchange and a crypto card that instantly converts crypto holdings into fiat for spending and offers 2% rewards when used.

In terms of borrowing and lending, Nexo provides staking services for a variety of cryptocurrencies with annual rewards that can reach 16% for certain tokens. Users can also borrow against their staked assets at a rate of 6.9% and above, and take their loan in over 40 fiat currencies.

As one of the leading centralized solutions for cryptocurrency borrowing and lending, Nexo is undoubtedly a top choice for anyone seeking an alternative to Celsius in 2024. The platform allows crypto holders to make their investments go further, whether through spending online or in shops, staking to earn passive yield, or borrowing against their assets to gain additional cash flow.

Pros for Nexo:

• Crypto card available with additional rewards
• High yield compared to competitors
• Native token for additional rewards
• 60+ cryptocurrencies supported

Cons for Nexo:

• Not available in all regions around the world

Visit Nexo

2. YouHodler – One of the oldest collateralized lenders in the space

YouHodler offers collateralized loans for a variety of cryptocurrencies and has proven itself to be a reliable centralized crypto lending solution. In addition to offering a crypto card that allows users to hold crypto and spend fiat, YouHodler offers yield-bearing accounts where stakers can earn up to 7% for top cryptocurrencies on an annual basis, including BTC.

The Swiss-based company is a trusted and secure solution for cryptocurrency borrowing and lending. The platform is fully regulated, and while it does require KYC like most centralized crypto solutions, it unlocks the ability to take cash loans against cryptocurrency holdings that can be linked to a standard bank account.

On balance, YouHodler is a top alternative to Celsius for anyone seeking good yield and secure collateralized lending. The platform launched in 2017 and now has a great track record for withstanding asset volatility over multiple 4-year cycles in the crypto markets.

Pros for YouHodler:

• Crypto card available
• High yield compared to decentralized alternatives
• Instant collateralized loans in cash or crypto

Cons for YouHodler:

• Fewer cryptocurrencies supported compared to competitors
• Not available in all regions around the world

Visit YouHodler

3. CoinLoan – High-yield Bitcoin staking

CoinLoan offers a cryptocurrency exchange in addition to custodial lending services. The platform has been in operation since 2017 and offers high-yield staking options for cryptocurrency holders. With CoinLoan, users can earn 3.2% on BTC staking as well as up to 9.2% with other crypto assets.

In addition to staking and earning a passive yield, CoinLoan offers crypto-to-cash loans. Once collateral is staked with the platform, CoinLoan offers instant loan evaluations while retaining custody over the collateral. The platform’s interest rates for both borrowing and lending are very competitive, which makes it a great alternative to Celsius in 2024.

CoinLoan offers both flexible and fixed earn accounts, meaning that users can choose whether or not to have variable interest rates. The platform also has its own native token, CoinLoan Token (CLT), which unlocks higher yield for all staked assets when it’s purchased and used as collateral.

Pros for CoinLoan:

• Competitive yield
• 25+ cryptocurrencies supported
• Native token for additional rewards
• Instant collateralized loans in cash or crypto

Cons for CoinLoad:

• Fewer features compared to competitors
• Not available in all regions around the world

Visit CoinLoan

4. Binance Earn – Staking service by the world’s largest exchange

Binance Earn is the staking service offered by Binance CEX. As the biggest digital asset exchange in the world by both total users and daily trading volume, Binance has become a massive player in the world of Web3 since it initially launched back in 2017.

Binance offers a flexible savings product that allows users to earn yield on their cryptocurrency on a daily basis, while retaining the ability to withdraw their assets at any time. The locked version of the savings product offers higher yield than the flexible product, but users will be required to keep their assets staked for a certain period of time.

Ultimately, Binance Earn offers a huge variety of different crypto staking options and each one provides annual yield. On top of that, users can borrow against their collateral directly through the platform which unlocks cash flow from any dormant investments. A major benefit from staking with Binance is that there are low entry barriers — users can start earning yield on their cryptocurrency with as little as 10 USDT.

Pros for Binance:

• Competitive yield
• 180+ cryptocurrencies supported
• Native token for additional rewards
• Instant collateralized loans in crypto

Cons for Binance:

• Not available in all regions around the world
• No cash loans available

Visit Binance Earn

5. Aave – The best decentralized alternative to Celsius

Aave is the first fully decentralized alternative to Celsius on this list. The platform offers a range of cryptocurrency staking options across 10 EVM blockchains at the time of writing. In addition to being able to stake crypto on Ethereum, Aave is compatible with Avalanche and all major Ethereum layer-2s, including Polygon, Optimism, Arbitrum, and Base.

Not only does Aave support staking for a variety of tokens on their native chains, but it also offers BTC and WBTC staking across most supported networks. While yield earned through Aave is typically lower than on centralized alternatives, the platform has a proven track record for security that spans over 6 years and is a reliable choice for anyone seeking a fully decentralized alternative for crypto borrowing and lending.

Aave’s overcollateralized lending protocol also enables users to borrow cryptocurrency against their staked assets, and there are a variety of strategies that can be used to maximize investment returns using this method. However, there are some risks involved with borrowing against staked assets, so users should learn how Aave’s protective system works to keep their collateral safe from liquidation.

Pros for Aave:

• No KYC required
• Proven track record for DeFi security
• Instant collateralized loans in crypto
• Zero counterparty risk

Cons for Aave:

• Fewer cryptocurrencies when compared against some centralized providers
• Lower yield when compared against centralized providers
• No cash loans available

Visit Aave

6. Lido – One of the largest staking platforms in crypto

Lido is the second decentralized alternative to Celsius on this list. The platform only enables ETH and MATIC staking at this moment in time, but it offers a unique mechanism that can’t be found with any of the other Celsius alternatives.

Lido is a liquid staking derivatives (LSD) platform that provides each staker with a 1:1 equivalent token such as stETH or stMATIC in addition to base yield for contributing to a blockchain’s validator node. This unique mechanism enables users to make even more use of their cryptocurrency.

For example, a person might stake 1 ETH in Lido. In addition to earning 3.8% APR, they will be given 1 stETH that can be redeemed at a later date for their collateral. stETH can then be sold or re-staked on other platforms such as Aave and earn additional yield, and can also be borrowed against to get cash for living expenses or other investments.

To summarize, Lido and other LSD platforms offer the chance to maximize staking returns in several ways. Not only can ETH be staked twice, but stablecoins or other cryptocurrencies can be borrowed against the LSD token as well. This has made Lido a popular decentralized staking option that is fast becoming a staple element of the Ethereum ecosystem.

Pros for Lido:

• No KYC required
• Allows liquid re-staking of owned crypto assets
• Reduced counterparty risk

Cons for Lido:

• Only supports ETH and MATIC staking
• Lower yield when compared against centralized providers
• No cash loans available

Visit Lido

The bottom line: What is the best crypto lending alternative to Celsius in 2024?

There are some great picks for anyone seeking a Celsius alternative in 2024. To recap, the three best direct alternatives are as follows:

1. Nexo
2. YouHodler
3. CoinLoan

Each one of the top three platforms listed here offers a centralized, custodial solution that has proven itself to be a reliable option for crypto borrowing and lending. Some other great picks are Aave and Lido, which offer a completely decentralized alternative thanks to their secure smart contract functionality.

To learn more about crypto borrowing and lending solutions, check our article Top 10 Alternatives to BlockFi.

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