Celsius Network Review: Earn, Borrow, and Pay with Crypto

Celsius Network is a platform for crypto-savvy buyers that need to profit from their digital property. With the agency, buyers can entry interest-bearing accounts, crypto-backed loans, and crypto rewards.

But is Celsius Network the correct option on your portfolio?

In this Celsius review, we’ll check out what the agency gives to buyers. We’ll offer you perception into how the platform operates and its pros and cons. That method, you may determine if it’s the perfect place on your investing wants.

→ Visit now: www.Celsius.Network

What Is Celsius?

Founded in 2017, Celsius Network is the brainchild of entrepreneurs Alex Mashinsky and Daniel Leon. The agency is a crypto service supplier with headquarters within the US, UK, Israel, Cyprus, Serbia, and Lithuania. Its purpose is to make monetary providers accessible to everybody.

However, Celsius Network is just not an exchange or brokerage. Rather, it’s a centralized finance firm that gives loans, interest-bearing accounts, and different related features for buyers with digital property.

How Does Celsius Work?

To use Celsius, you first have to make and fund an account. Here’s the way it works:

Getting Started

Celsius gives accounts to buyers in additional than 100 nations all over the world, together with the US, Canada, the UK, and a lot of the European Union.

Everyone who makes a Celsius account wants to finish the id verification course of. To achieve this, you’ll want the next info:

• Full identify
• Physical address
• Email address
• Country of citizenship
• Government-issued photograph ID
• Social Security number (US residents solely)

Opening an Account

Once you’ve gotten all the knowledge you want, you may open a Celsius account within the agency’s iOS or Android app.

→ Visit now: www.Celsius.Network

After downloading the app, click on the button to be part of Celsius. This will immediate you to enter your personal info and full the id verification course of.

As part of this course of, you’ll upload a photograph of your government-issued photograph ID. Account approval often takes just some minutes, however it may well take as much as a few days.

Funding Options

Celsius gives the first funding choices for account holders: crypto transfers, in-app purchases with GEM, and in-app purchases with Simplex.

For crypto transfers, you may transfer any of the network’s supported cash to your portfolio. There are not any deposit minimums, maximums, or charges when sending crypto to your Celsius account.

If you need to buy crypto in your Celsius account, you’ve gotten two choices: GEM and Simplex.

GEM is considered one of Celsius’ companions and it gives a simple technique to buy a couple of dozen completely different cash utilizing bank transfers (ACH and SEPA), debit cards, and credit cards.

Additionally, Celsius companions with Simplex for crypto purchases with a credit card or Apple Pay.

Cryptocurrencies Available on Celsius

Celsius helps greater than 40 cryptocurrencies on its platform for its Earn and Borrow features. This contains main cash comparable to:

• Bitcoin (BTC)
• Ethereum (ETH)
• Polkadot (DOT)
• Cardano (ADA)
• Chainlink (LINK)
• Litecoin (LTC)

However, all crypto purchases on Celsius are made by means of one of many firm’s two companions: GEM and Simplex.

GEM helps a smaller choice of cryptocurrencies for buy than the whole Celsius Network. These cash embrace:

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Bitcoin SV (BSV)
• Ethereum (ETH)
• USD Coin (USDC)
• Tether (USDT)
• Dai (DAI)
• Binance USD (BUSD)
• Gemini Dollar (GUSD)
• Paxos (USDP)
• Stellar Lumens (XLM)

Meanwhile, the Simplex platform as an entire helps over 90 cryptocurrencies. But there are solely about half a dozen cash out there for buy by means of Celsius’s mobile app.

Celsius Features

Celsius is a feature-laden crypto platform. These are a very powerful features that you simply’ll discover on the network:

→ Visit now: www.Celsius.Network

Celsius Earn

If you’re seeking to earn curiosity in your crypto holdings, Celsius Earn is perhaps what you want. This function is an interest-earning account that may internet you as much as 17% in your property.

Interest with Celsius Earn is paid weekly and you may earn extra rewards when you receive payments in CEL, the network’s native token. There are not any minimal balance necessities or charges for the service.

Additionally, Celsius Earn is likely one of the few curiosity rewards packages for crypto that provides compounding rewards. Many companies offer easy curiosity in your property, which isn’t as highly effective as compounding curiosity over time.

Celsius Borrow

Celsius Borrow is a crypto-backed mortgage function that offers eligible account holders entry to stablecoin or US greenback loans in a matter of minutes.

These loans require no credit checks. Rather, Celsius Borrow loans use your digital property as collateral. The potential profit to that is that you simply get fast entry to cash with out the necessity to sell your property.

Loan quantities with Celsius Borrow start at $100 for stablecoin loans at $15,000 for US greenback loans. You can receive your mortgage in considered one of six completely different stablecoins and select amongst greater than 40 cash on your collateral.

Interest charges on Celsius Borrow may be as low as 1% in case your loan-to-value ratio is 25% or much less. You can even rise up to a 25% discount in your interest rates based mostly in your CEL token rewards status and when you pay your curiosity in CEL.

Note that Celsius Borrow is just not out there in all geographic areas. Additionally, there are dangers to crypto-backed loans, significantly if the worth of your collateral drops whereas your mortgage is open. Keep these potential dangers and drawbacks in thoughts earlier than taking out a mortgage.

The present interest rates for loans is as follows:

Celsius Pay

Celsius Pay, or CelPay, is the agency’s streamlined technique to ship and receive crypto payments. With CelPay, you may ship any of the platform’s supported cash to different Celsius prospects in just some seconds.

The agency doesn’t cost any kind of transaction or network charges when sending crypto utilizing CelPay. However, you may’t use CelPay to ship crypto to individuals who don’t have already got a Celsius account.

Celsius Credit Card

The Celsius Credit Card is a rewards credit card that you should utilize on every day purchases. It lets cardholders pay for his or her purchases utilizing fiat currencies, stablecoins, or their CEL rewards.

Currently, the Celsius Card isn’t but out there to the general public and the agency hasn’t launched details about its rewards construction. But the corporate notes that the card has no annual, late cost, ATM, or international transaction charges.

CEL Token

CEL is the native token of Celsius Network. It operates as a utility and rewards token for customers of the network. There’s a most provide of about 695 million CEL tokens and solely about 75% of those cash are presently in circulation.

The easiest technique to earn rewards with CEL is to hold these cash in your interest-bearing Celsius Earn account. Additionally, buyers with sizable portions of CEL of their portfolio can earn as much as 25% extra rewards and rise up to a 25% discount on their mortgage curiosity payments.

The rewards bonus and discount that you simply receive on the platform rely upon the percentage of CEL token holdings in your portfolio. Celsius’ rewards status ranges are as follows:

However, do observe that the CEL token and the CEL token rewards program usually are not presently out there within the US.

Celsius Pro

Celsius Pro is the Celsius’ trading terminal and help service for institutional and high-net value buyers. The platform gives custodial providers plus aggressive trading and lending charges on 40+ digital property.

Account-holders with Celsius Pro additionally get entry to a devoted account supervisor. Fees for the service are decided on a case-by-case foundation. Contact Celsius instantly for extra details about Celsius Pro’s charges.

Mobile App

The Celsius iOS and Android mobile apps are the first method that buyers work together with Celsius Network. Both apps are pretty extremely rated with regards to their comfort and streamlined person interfaces.

On the app, you may entry all of Celsius’s features, together with Earn, Borrow, and CelPay. The app additionally helps crypto purchases by means of Simplex and GEM.

Additionally, you should utilize the app to ship and withdraw crypto to any exterior wallet. The app additionally supplies a QR code on your account so you may share your addresses with anybody that wishes to ship you crypto.

Celsius Pricing & Fees

Celsius advertises itself as a no-fee platform. The agency doesn’t instantly cost account, withdrawal, or deposit charges. However, there are some transaction charges related with Celsius which can be value mentioning.

In specific, when you select to buy crypto by means of the Celsius App, you’ll pay a purchase order fee to both GEM or Simplex.

Purchases made with Simplex incur a 3.5% fee ($10 minimal). The solely exception is for EEA and UK residents, who’re charged a 2.99% fee. Meanwhile, GEM charges differ from 0.1% to 0.5% relying in your cost technique.

→ Visit now: www.Celsius.Network

Celsius Security & Insurance

All Celsius accounts are protected by the agency’s cutting-edge security features. Celsius has a devoted security staff and a platform that meets ISO 27001:2013 security requirements.

Celsius additionally gives a unique function referred to as HODL mode. With HODL mode, you may briefly disable all outgoing transitions out of your account. This can stop any unauthorized transfers throughout long durations of time while you simply need to sit again and HODL your property.

With regards to insurance coverage, Celsius has an insurance coverage coverage from Fireblocks. However, this insurance coverage coverage is only for funds saved in your hot wallet—not for these in your Celsius Earn portfolio.

The firm does require collateral from debtors that use funds held in Celsius Earn accounts. But, there’s all the time a risk of loss if the agency experiences multiple main mortgage defaults.

Celsius Customer Support

As far as buyer help goes, Celsius gives intensive on-line assist pages. You can even contact buyer help by electronic mail.

That being mentioned, Celsius doesn’t presently have phone or in-app chat help. Additionally, it may well take a number of days to get a response from the corporate’s buyer help staff, particularly in periods of high market volatility.

Celsius Pros

• Available in additional than 100 nations
• Supports a big selection of cryptocurrencies
• No account minimums or upkeep charges
• Access to interest-bearing crypto accounts
• Quick entry to crypto-backed loans
• Opportunity to earn additional rewards utilizing CEL
• Celsius Pro out there for company and high-net value shoppers
• Solid security features
• Can ship crypto without spending a dime utilizing CelPay

Celsius Cons

• Funding choices are advanced and probably costly
• Limited crypto buying alternatives
• CEL token isn’t out there within the US
• Maximizing rewards requires a big CEL balance
• Slow buyer help system
• Photo ID verification required for all accounts

Celsius Alternatives

Not certain that Celsius is the platform for you? Here are some good Celsius options to take a look at earlier than you make an account:

Nexo

Nexo is a quickly rising crypto lending and monetary providers platform. The firm has greater than two million customers in additional than 200 nations all over the world.

→ Visit now: www.Nexo.io

At Nexo, buyers can entry interest-bearing accounts with charges of as much as 17%. However, buyers are restricted within the number of occasions that they will withdraw crypto from a Nexo interest-bearing account every month.

The firm additionally gives crypto-backed loans with payouts in stablecoins or fiat currencies. Additionally, Nexo has a streamlined crypto exchange. So, it’s a probably nice alternative for anybody that wishes to do all of their crypto trading and investing on one platform.

BlockFi

BlockFi is an up-and-coming New York-based crypto providers supplier. The agency supplies lots of the identical features as Celsius, together with crypto-backed loans and the flexibility to earn curiosity in your digital property.

→ Visit now: www.BlockFi.com

When in comparison with Celsius, BlockFi gives comparatively few cryptocurrencies, barely decrease interest rates on property in your account, and larger interest rates on loans. However, BlockFi gives a extra user-friendly trading platform and a candy referral program.

The firm can be US-regulated and it gives extra performance for buyers in all 50 US states. So, it’s typically a pleasant different for buyers within the US who won’t in any other case be capable to make the most of all of Celsius’s features. Read our full BlockFi review to study extra.

Who Is Celsius For?

Celsius is a platform for crypto-savvy buyers that need to earn curiosity or entry crypto-backed loans. It’s a strong device for buyers that need to earn passive income on their digital property with out the hefty charges and account minimums that you simply get at many different firms.

However, the network’s native token, CEL, isn’t out there within the US. For US-based buyers, this lack of entry to CEL can limit the performance of the platform.

Additionally, Celsius isn’t a crypto exchange. Therefore, it’s an excellent extra device for individuals who have already got an exchange that they know and trust, because it’s probably not going to be your go-to supply for crypto trades.

Celsius FAQ

Here are our solutions to a few of your mostly requested questions on Celsius Network:

Is Celsius Network Safe?

Celsius Network is a well known crypto providers platform. The agency has high-end security features. However, there are actual dangers to crypto-backed loans and interest-bearing accounts. So anybody contemplating opening an account with the agency ought to perceive these dangers earlier than getting began.

Is Celsius Network Better Than Coinbase?

Celsius is a special kind of crypto platform than Coinbase. With Celsius, you may entry interest-bearing crypto accounts, crypto-backed loans, and restricted crypto purchases. Meanwhile, Coinbase is primarily a crypto exchange that helps individuals commerce digital property. It additionally gives a slew of different features, however Coinbase is primarily for crypto trades.

How Does Celsius Network Make Money?

Celsius makes money by means of its lending providers. It earns curiosity on all loans processed by means of Celsius Borrow. Additionally, any funds held in Celsius Earn accounts are lent out to firms and buyers who pay Celsius for entry to that property.

Is Celsius Network Insured?

Celsius Network has insurance coverage coverage by means of its custodian, Fireblocks. However, funds in Celsius Earn which can be lent out to buyers usually are not insured. In these conditions, Celsius requires debtors to submit collateral on their loans as a type of insurance coverage in opposition to loss.

Is Celsius Network Regulated?

Celsius states that it’s registered with regulatory authorities in all of its supported nations. In the US, Celsius is a registered Money Services Business with FinCEN. It additionally holds finance licenses in lots of US states.