Celsius is a platform that lets you buy, borrow and repay in more than 30 cryptocurrency.
It is a mix of an investment portfolio and a savings account. Due to the level of centralization, users can also get undercollateralized loans for crypto assets.
Due to Celsius’s unique business model, the risk of trading crypto is reduced. All deposits are protected up to $100 million. There are no withdrawal limits, fees, lockup periods, or lockups so you can cash in whenever you need.
However, Celsius has since been bankrtupt.
What is Celsius?
Celsius is a platform for cryptocurrency lending that uses blockchain technology. It began offering services in 2017 and is the market leader in this field.
Celsius Network, a crypto lending platform, offers various financial services. It is known for its ability to offer Bitcoin loans at the most competitive rates. It also has its own cryptocurrency token (CEL), which is further discussed in this review. The platform and CEL tokens’ growth has been incredible since 2018. S. Daniel John and Alex Mashinsky are the founders of this platform. The platform is operated from London, UK by Nuke Goldstein. Nearly $100 million has been raised in investment funds by the company as of 2020.
Top Recommended Platforms
78% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading forex or CFDs on margin involves a high degree of risk and may not be suitable for all investors. There is a possibility that you may suffer a loss equal to or greater than your entire investment.
CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage effect. 68% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
According to Alex Mashinsky from Celsius Network, the company is targeting the US crypto lending market. It will have instant access for crypto credit facilities through the US market. Additionally, investors will be able to make passive interest income through the platform. The platform’s ultimate goal will be to make Bitcoin loans worldwide fungible, and allow them as funds to start a business.
This platform offers great interest rates on Bitcoin deposits, and crypto collaterals, to make Bitcoin lending easier and more accessible. The only player in this space is to offer the best Bitcoin loans worldwide.
You can easily borrow loans with this crypto lending platform. The rates for most financial lending services on this platform are very low. The Celsius mobile app and web app make it easy to send cryptocurrency to others.
How does Celsius work?
The Celsius wallet app can be used in a simple way. It claims to be available in more than 150 countries.
buy plavix generic https://noprescriptionbuyonlinerxx.net/plavix.html over the counter
However, it’s worth checking that your country has full support for the Celsius features. In the U.S., for example, users in New York and Washington are unable to use the app to buy assets. The reason for the change was not given. CEL, the Celsius Network’s flagship loyalty reward token, is not sold to U.S. citizens.
U.S. residents must provide a Social Security number as well as a photo identification to meet Celsius’ KYC requirements. After you have verified your identity, you need to fund your account. This can be done via an automated clearinghouse (ACH) transfer to your bank using regular cash. Direct deposit can be made from any one of Celsius’s trading exchanges to purchase any of the 10 supported cryptocurrency.
Celsius does not have a trading exchange. It has a simple dashboard that allows it to monitor earnings, withdrawals and deposits. That’s it.
Interest payments are deposited every Monday to your account so you can earn interest immediately. There are many other financial options available through the app such as crypto-backed loans or withdrawals with no fees. You can also receive direct payments to loved ones and family.
Celsius is your best choice for a hassle-free, easy loan. Select the amount you want, the interest rate you prefer, and choose a payment plan. No background check, credit approval or closing fees. Your deposit of crypto assets will be used as collateral. Your coins will remain in your wallet and continue to earn, even while you pay the loan back. This is a great feature. There is no need to liquidate any assets and your accruals will continue — a rare win/win banking situation.
Celsius Security
Security is very important to the Celsius team. It holds six security certificates, including ISO/IEC, 24/7/365 network monitoring, the most up-to-date cryptographic innovations and cyber intelligence. Multi-party computation, a unique technology that provides top-tier asset protection and security, is also used.
It also emphasizes the importance of Celsius users taking steps to ensure security and integrity for the network as well as their own holdings. These steps include:
- Activate two-factor-authentication on the Celsius mobile app
- Whitelist your crypto withdrawal addresses within our app
- Activate HODL mode – A unique safety feature from Celsius that blocks all withdrawals.
- Keep your HODL Code offline
- SIM swap attacks are a serious threat to your personal email and accounts. Use non SMS-based two-factor-authentication (like Google Authenticator app)
- Use a unique email you only use for your own purposes.
- Avoid using Wi-Fi networks that are public or unsecured.
- Avoid using public or shared computers and devices
- Protect your device using a strong password
- Use an encrypted password/key manager
- After you’re done using the app, log out and close your session
Celsius Crypto Offerings
Celsius’s ability to offer a variety of cryptocurrency options is one of its key advantages over other cryptocurrency lending sites. Investors have the ability to borrow or lend in many stablecoins as well as Ethereum, Bitcoin, and many other altcoins. The value of the digital asset that is provided determines the interest earned. Users will also be paid interest on the cryptocurrency they provide. Consider the future worth of the cryptocurrency that you lend, and not the interest rate.
You can buy coins using ACH transfer or debit/credit card purchases. The app currently has more than 30 coins.
CEL tokens, Celsius’s own currency, are also available, but they can’t be purchased by U.S. citizens yet. Your Friday earnings are calculated on the basis of Celsius’s interest and your loyalty tier.
Celsius offers a 4-tier loyalty programme. Your interest rates will depend on which tier you choose, and any other benefits that you receive. These 4 loyalty tiers can be defined by how much of your portfolio you have in CEL tokens.
- Bronze Tier: Below 5% of your portfolio is CEL tokens
- Silver Tier: CEL tokens account for 5%-10%
- Gold Tier: 10%-15% in CEL tokens
- Platinum Tier: 15% or More of your portfolio is in CEL Tokens
These are the additional perks that each tier offers:
- Bronze: No bonuses, you earn standard interest at standard rates and can get standard loans interest rates
- Silver: Get a 10% bonus on your earnings, and a 10% discount for loan interest rates
- Gold: Get a 20% bonus on your earnings as well as a 10% discount on your loan interest rates
- Platinum: Get a 35% bonus on earnings and a 30% reduction on loan interest rates
Users also get a 2% cashback bonus for sending CEL tokens to the CelPay feature of the app. The app allows you to send any cryptocurrency you want, however you won’t be eligible for the cashback bonus.
Below are some notable cryptocurrency interest rates Celsius offers:
- Polkadot up to 11.87% APR
- MATIC up to 9.52% APY
- AVAX up to 7.53% of APY
How to use your mobile app
The Google Play store has the Celsius app. You’ll first need the easy-to use Celsius Network mobile application for iOS and Android.
- Register now
- Verify your identity.
- Your crypto can be put to use.
It’s available for both Android and iOS users. The app is available for both iOS and Android users. Crypto traders can also download it from the respective store to receive a bonus.
Celsius Fee
The platform does not charge fees for any services. There are fees for third-party services offered by the app. Traditional banks do not charge upfront fees. Similar to traditional banks, crypto platforms can charge up-front fees as well as hidden fees that last for years. Celsius wants to change the banking system. It has recently announced hidden fees. This will ensure that members are not subject to greedy or other fees.
There are no origination fees for loans
The origination fee, which is usually 0.5% to 1.5% of the total loan amount, is charged by the lender as part of the compensation for the loan. However, the Celsius Network does NOT charge origination fees to its customers.
Conclusion
Celsius Network is a great platform that allows beginners to buy crypto without the high risk associated with volatile markets. This platform is also great for passive investors who are looking for a safer way to purchase and hold crypto. You don’t need to open an account, pay hidden fees or have to wait until you can withdraw your funds.
Although you’ll need to continue researching the different currencies and the overall landscape of the crypto market in general, the app itself is intuitive enough that you can immediately start earning while you’re learning.
