Celsius Network Review
Read this full review to find out how to use the Celsius network, what are the Celsius fees, what are the “CEL” tokens, how to register with the Celsius Network, how to make a deposit in Celsius, what is CelPay and more.
What is Celsius Network?
Celsius Network is an all-in-one banking and financial services platform for cryptocurrency users.
Is a peer-to-peer lending company that facilitates borrowing and lending of cryptocurrencies.
They allow borrowers to quickly access fiat funds by putting their crypto as collateral, paying minimal interests.
For lenders, on the other hand, they offer profits on interest rates for the cryptocurrencies that they have deposited on their Celsius Network digital wallet.
Use this code " 1393599f28 " when registering and you will earn $ 50 in btc for your first deposit.
Additional Celsius Network Data
Originating in 2017, the Celsius Network is one of the largest crypto lending platforms, with over 265,000 active user accounts and $ 3,3 billion in staked assets. Celsius Network aims to "give power back to the people" and create a new world of banking without banks.
Celsius is comprised of individuals with unique backgrounds such as serial entrepreneurs, veteran businessmen, banking experts, business developers, and successful blockchain pioneers.
There’s the CEO of Celsius Network, Alex Mashinsky. He’s one of the inventors of VOIP (Voice Over Internet Protocol) with a patent dating back to 1994. With a resume of over 35 successful projects to his name, he can be considered a successful entrepreneur as well, with two of his ventures being valued just shy of a billion dollars each. So with that experience and knowledge, his next goal is to develop a true MOIP (Money Over Internet Protocol).
The Celsius team believes that they can disrupt the banking system using blockchain technology and that their platform will help spread mass adoption even faster.
Celsius Network Main Features
Celsius Network fees. There are no Celsius Network withdrawal fees. This means that you pay no fees when withdrawing money from Celsius Network. No withdrawal fees, no deposit fees, no transaction fees, no early termination fees, no origination fees.
There are no minimum deposits. This means that you can start earning interest by depositing whatever you want. They treat all of their clients equally, no matter if they deposit $5 or $5.000.000.
Choose how to receive or pay your interests. The platform allows you to get your interest in-kind (the crypto you deposited) or in CEL tokens, the native token of the Celsius platform. If you choose this second option, you can gain up to 30% more interest.
No locking of your funds. This is one of my favorites. Usually, lending platforms shoehorn you into locking your cryptocurrency for a given time if you want to earn interest. Celsius does not. You can withdraw your crypto whenever you want, giving you full control of your funds at all times.
No credit Check. Because you are putting your crypto as collateral, you can take out a loan based on that only. Your banking history is not relevant here.
Use this code " 1393599f28 " when registering and you will earn $ 50 in btc for your first deposit.
Celsius Network Main Products
Earn interest on your cryptocurrencies. The main characteristic of Celsius Network, is that it has the ability to provide interest to users who deposit their crypto in Celsius, with its system of loans to other users and the collection of interest that it distributes to users who save their crypto in Celcius Network.
Borrowing in fiat money. One of the main advantages of using Celsius Network’s lending platform is the ability to borrow USD using crypto as collateral, giving users access to spending money without needing to sell their crypto assets.
Celpay. A crypto payment app that allows you to send crypto even to people who don’t have a wallet. It does this by generating a link, which can be shared, texted, or copied that gives the recipient their own CelPay wallet holding the coins you sent them.
What is the “CEL” Token?
Celsius Network has an ERC-20 utility token named Celsius (CEL), able to be purchased on exchanges like HitBTC, Liquid and IDEX. It was launched in June of 2018 raising $50m.
CEL is primarily used to stake in the app and get weekly compounding interest (the highest interest scheme in the app), earn up to 30% discounts on loan interest payments, and earn up to 30% more on staked assets, when receiving in CEL. In order to earn the highest rates users need to hold 30% or more of their crypto in the app as CEL, incentivizing users to HODL the token.
How to use Celsius Network?
To better understand how does Celsius Network work and how to earn money with lending, check out the tutorial we make for you below.
How to register at Celsius Network
First things first, you will be shown a quick guide on how to register in Celsius Network.
- Visit the Celsius Network website and get the Celsius App. Download the Android or iOs Celsius app on your mobile phone and start earning interest.
- Then start the app and create an account by clicking on “Join Celsius”.
- It is advisable to create an account with email to avoid future inconveniences.
- Enter your real data such as first name, last name, email, a password and we will accept the terms of use of Celsius Network. In addition to all this, you can also place a referral code, which will give you $ 50 as a gift for making a first deposit of $ 400 and keeping it for 30 days.
Use this code " 1393599f28 " when registering and you will earn $ 50 in btc for your first deposit.
- After having placed all the data we click on “Create Wallet”.
How to verify(KYC) your Celsius Network account
Once your Celsius account is created, your first action before depositing will be to verify your profile. Without verification, you will be unable to use Celsius services.
The verification is very simple and does not take more than a couple of minutes to be accepted.
- First you must put the information that is required in the form such as names, domicile address, number of national identity document, etc.
- Finally you must upload a photo of a piece of your identity document. If all is well, your account will be verified in a couple of minutes.
Once the KYC (know your customer) process has been completed and your ID verified, you can start using the different app functionalities.
How to deposit cryptocurrencies on the Celsius Network
The main step to earn interest on your cryptocurrencies is to fund your wallet.
- The first thing is to go to the main panel and click on “Add coins”.
- You can then choose the cryptocurrency you want to deposit, and you can also see the unique address of the cryptocurrency you choose.
- You must copy your unique address in your main wallet and send the funds you want to deposit. When the transfer is complete, your wallet will update itself and you will gain access to the interest-earning feature automatically.
How to borrow on Celsius Network
If you've entered a crypto deposit for the long term benefits, but are in need of cash, Celsius allows you to borrow USD and stablecoin using your crypto as collateral.
- To request a loan, we go to the main panel and click on the Celsius logo.
- When entering, we click on the option “Borrow”.
- Then select the option “Apply for a loan”.
- In this part, you must select the option that best suits your needs. You can select stablecoin loans (Usdc, Usdt, Dai, etc.) which will be deposited in your Celsius wallet to withdraw or loans in Dollars that will go directly to your Bank account.
- Finally, you must choose the amount you want to borrow, choose the term in which the loan will be paid and how much amount you want to use from the total of your deposits as collateral.
- It can be as fast as 60 seconds with no credit check, no transaction fees, or instant cancellation and approval. Users can obtain loans for amounts equal to 25%, 33% or 50% of the value of their collateral (to protect lenders, of course), with 25% being the lowest interest rate, currently 1% per year!.
Use this code " 1393599f28 " when registering and you will earn $ 50 in btc for your first deposit.
How to make a withdrawal on Celcius Network
After having learned how to deposit and earn money on Celsius Network, now we will see how to make a withdrawal.
- First things first, we go to the main panel and click on the Celcius logo.
- Then we will click on “Withdraw”.
- Finally, you will only have to choose the cryptocurrency you want to withdraw, enter the address to which you want to send the cryptocurrencies and select the amount you want to withdraw and click on “Withdraw”.
What is CelPay?
Celpay is a feature on the Celsius Network app that allows you to seamlessly send cryptocurrencies to your contacts. Where it differs from other wallets, is that it is very beginner-friendly. Here, there’s no need to install a cryptocurrency wallet beforehand or dabble with private and public keys.
The whole point of the app is to allow you to share your crypto with your friends by sending them a link with the transaction in a text message.
To redeem the coins you send them, they just need to follow the link and the instructions to install the app to automatically receive their funds.
It’s a convenient method to get novices acquainted with cryptocurrencies and Celsius so they can start earning profits themselves.
Final Conclusions
For cryptocurrency enthusiasts that don’t have time for trading, this certainly opens an opportunity for passive income and many other advantages:
Zero deposit or withdrawal fees.
Great interest rates, whether you are borrowing or earning.
Weekly payouts.
No locking of your funds.
A large number of supported cryptocurrencies, and the ability to earn interest rates on all of them.
No-nonsense cash borrowing, with no banks involved.
Celsius Network is without a doubt one of the most secure, serious, stable platforms with an unbeatable track record.
Use this code " 1393599f28 " when registering and you will earn $ 50 in btc for your first deposit.
🢃 Recommended Platform 🢃
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