Celsius Network Review
The best cryptocurrency exchange platforms are essential tools for every player in the crypto world. They allow crypto users to buy, sell, or make passive income by holding or staking their asset portfolios.
However, that does not mean that you pick any exchange that becomes your way. If you are new in the crypto world, it is essential to note that the exchanges have different features and user benefits. That means you should choose an excellent exchange platform that works for you personally to get the most in the game.
Celsius Network is one of the most reliable crypto exchanges in the market. If you would like to try out the Celsius software, here is a review of everything you need to know about it.
What Is the Celsius Network?
Celsius Network is a cryptocurrency platform where you can borrow and lend crypto and earn a yield on your crypto assets. It is available for iOS and Android devices.
Alex Mashinsky developed the network in 2018. Besides creating this network, Mashinsky is also created Voice over the Internet Protocol (VoIP) alongside other technological innovations in New York City, U.S.
Similar to saving your money in a bank account, keeping your crypto assets in a Celsius account will earn you interest every week. The premise works in the following manner:
- You send crypto to your Celsius account.
- The account managers lend your crypto holdings to institutional borrowers.
- The borrowers repay the principal amount plus interest.
- The exchanges algorithms calculate your interest earnings every Friday.
- The account managers credit your Celsius account with interest earnings every Monday.
Besides the weekly interest on loans, the users can also enjoy up to 17% APY on specific assets like Ether (ETH) and ADE Bitcoin (BTC). Not to mention the instant approval of loans that Celsius users get on stable coins at 1% interest.
However, loans can only be approved if the borrowers have some asset holdings to pledge as collateral.
The Celsius platform has its native CEL token. The managers of the platform leverage their CEL through a four-tiered staking system called Loyalty Tiers. The loyalty tiers come with a plethora of benefits that cumulate simultaneously with your CEL stake. These tiers include the following.
The tier offers you a 5% bonus on interest earnings and a 5% discount on the loan interest for holding 5-10% of your asset portfolio in CEL tokens.
The tier rewards you a 10% bonus on your interest earnings and a 10% discount on loans for holding 10-15% of your asset portfolio in CEL tokens.
The tier gives you a 15% bonus on your interest payments and a 20% discount on loans for holding 15-20% of your assets in CEL tokens.
The tier offers you a 30% bonus on interest earnings and a 30% discount on loans for holding 20% or more of your assets in CEL tokens.
Better still, the network charges zero costs for all services. It also offers a payment wallet called CELPay for more streamlined payments.
What Crypto Assets Does Celsius Network Support?
The Celsius network supports more than 40 Altcoins and selected stable coins, including GBP, USD, HKD, AUD, and CAD. Examples of the Celsius network’s supported Cryptos include BTC, LTC, EOS, XLM, ZUSD, and KNC.
What Are Some Features of the Celsius Network?
The Celsius network offers various features for the benefit of its user. We have summarized for you all the network’s features in the form of a table. Find them in the section below.
|Type of Exchange||Crypto borrowing and saving app|
|Minimum deposit requirement||$0|
|Minimum asset Balance||$0|
|Interest on savings||Up to 13.99% APY for US residents and up to 17.78% APY for non-US residents|
|Loyalty tier saving bonus||Bronze: 5%Silver: 10%Gold: 15%Platinum: 25%|
|Interest on loans||It starts at 0%|
|Loyalty tier discount on loans||Bronze: 5%Silver: 10%Gold: 15%Platinum: 25%|
|Minimum loan duration||Six months|
|Credit checks on loans||No|
|Account maintenance charges||$0|
|Charges for Deposits or Withdrawals||$0|
|Supported payments||Bank TransferACH TransferDebit CardCredit Card|
|Security||2-Factor Authentication, Photo / Video Verification for HODL Mode, Wallet Actions, and Biometric Security|
|Mobile App Support||iOS and Android|
|Preferred Customer Service Options||Contact Form and Help Center|
Celsius Customer Support
The Celsius network’s site includes a help center where you can find answers to questions related to deposits, withdrawals, interests on loans, interest payments, and so on.
If your questions are not sufficiently answered in the section, you can contact the customer support team for help.
To contact the support team, you should fill and submit the contact form. After viewing your ticket, the support team will reach you via email.
With more than 1,500 reviews and a rating of 4.1/5 on trust pilot, the chances are high that the Celsius support team will help you out.
The Celsius network supports various payment methods, including:
Celsius Trading Fees
Unlike premium exchanges like Coin base, Celsius Network does not charge any fees for its services. However, some Celsius partners like Simplex (Credit Card), Coinify, and Wyre (ACH Bank Transfer) charge fees for crypto purchases.
Celsius Safety and Security
Celsius is a legit network registered with the Securities and Exchange Commission in the U.S. and the FinCEN unit of the US treasury department.
However, Celsius network’s asset holdings are not FDIC or SIPC insured. To reduce the risk of loss, the team lends the investors’ assets to institutional investors. Also, the network partners with the custodian, Fireblocks, to secure its assets holdings.
Frequently Asked Questions
Below are the commonly asked questions on the Celsius Network.
Is Celsius Network legit?
Celsius is a legit network registered with the Securities and Exchange Commission in the U.S. and the FinCEN unit of the US treasury department. It has grown into the world’s biggest exchange since its inception in 2017.
Does Celsius have a credit card?
No. the network’s credit card is currently on a waitlist. However, the network partners with Simplex for its credit card transactions.
Does Celsius Network offer any signup bonuses?
Yes, new clients can always secure $50 BTC after transferring at least $400 of supported assets.
You now have everything you need to know about the Celsius network. It is upon you to decide whether to join and enjoy the benefits of one of the world’s largest and cheapest cryptocurrency networks.