Celsius Review: Is Celsius The Best Crypto Trading App?

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This Celsius review will guide you on how the platform facilitates borrowing, loaning, and payment options using cryptocurrencies. The founders developed Celsius with a clear mission of creating financial freedom for its community of users.

Deposits made to Celsius attract a weekly interest, which is loaned to single or corporate borrowers. The resulting revenue is shared with the depositors. The borrowers must submit cryptocurrency as collateral. No loan appraisal is conducted, and processing is over in minutes! If you want to be referred via Celsius referral, you may sign-up with Celsius using our Celsius Referral Code: 196028baa6 and read this Celsius referral guide to get your bonus successfully.

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Currently, the only way to access the Celsius network is through a mobile app available for Android and iOS users. However, there is good news for those who prefer the web version because it’s currently under development. In this Celsius Network Review, you will get a picture of what Celsius is and know if it is right for you.

Celsius Token (CEL)

CEL is the native token of Celsius. These tokens are the key to Celsius Network’s financial solutions. For instance, the platform uses CEL to send and receive payments and interest. Furthermore, investors can stake it to earn high-interest rates.

Celsius Network offers a four-tier incentive plan for users who choose CEL as their receiving cryptocurrency. Bronze will earn 5% bonus rewards and 5% loan interest. Discount on CEL account holdings ranges between 5% to 10%.

[/fusion_text][fusion_imageframe image_id=”4925|full” hover_type=”none” align_medium=”none” align_small=”none” align=”center” lightbox=”no” alt=”Celsius CEL Token” linktarget=”_self” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” caption_style=”off” caption_align_medium=”none” caption_align_small=”none” caption_align=”none” caption_title_tag=”2″ animation_direction=”left” animation_speed=”0.3″ filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″]https://www.tastyreferrals.com/wp-content/uploads/2021/02/cel-token.png[/fusion_imageframe][fusion_separator style_type=”default” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” flex_grow=”0″ top_margin=”10px” alignment=”center” /][fusion_text rule_style=”default” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” animation_direction=”left” animation_speed=”0.3″]

Platinum is the highest category. It has a 30% bonus reward and 30% loan interest discount on CEL account deposits between 20% to 100%. The token has exhibited high volatility since its release in the middle of 2019. Consequently, a significant number of Celsius investors prefer earning interest in CEL.

Ways to Interact with Celsius

[/fusion_text][fusion_text rule_style=”default” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” animation_direction=”left” animation_speed=”0.3″]Withdrawing
On the Celsius app’s home page, click on the blue “Celsius” icon at the bottom right corner. Subsequently, hit the “withdraw” button. On the drop-down list, select the asset you want to withdraw and then enter the desired amount.

Click on the “check wallet address” button, which will allow you to verify the external address to which you are sending money. Hit the “confirm withdrawal” icon after you verify all the details.

You can still change the withdrawal address if it was entered incorrectly on the first attempt. However, if you make any changes, the system will suspend the withdrawal you are making for 24 hours.[/fusion_text][fusion_text rule_style=”default” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” animation_direction=”left” animation_speed=”0.3″]Earning from The Celsius App
Celsius investors can earn up to 21.49% per annum on their deposits. Celsius users can lend their assets to borrowers and gain interest (earnings) from those loans. The lending functionality comes in handy for crypto users who find the crypto trading exercise tedious and risky. However, the cryptocurrency choice for the investment and the reward offered will determine the annual percentage rate (APY).[/fusion_text][fusion_imageframe image_id=”4930|full” hover_type=”none” bordersize=”2″ align_medium=”none” align_small=”none” align=”center” lightbox=”no” alt=”Earn With Celsius” linktarget=”_self” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” caption_style=”off” caption_align_medium=”none” caption_align_small=”none” caption_align=”none” caption_title_tag=”2″ animation_direction=”left” animation_speed=”0.3″ filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″]https://www.tastyreferrals.com/wp-content/uploads/2021/02/earn-with-celsius.png[/fusion_imageframe][fusion_separator style_type=”default” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” flex_grow=”0″ top_margin=”10px” alignment=”center” /][fusion_text rule_style=”default” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” animation_direction=”left” animation_speed=”0.3″]

For instance, investing in Bitcoin worth 100 USD will yield 6.20 USD after one year if paid through the CEL token. The applicable APY would be 6.20%. However, if the reward currency changes to BTC, the APY drops to 4.74%, with annual earnings of only 4.74 USD.

Celsius provides a superb lending calculator where you can juggle the amount of cryptocurrency you wish to invest to see the expected yield. Celsius’s vision is to give 80% of the profit they garner from interest rates back to their investors and only keep 20% for themselves.

[/fusion_text][fusion_text rule_style=”default” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” animation_direction=”left” animation_speed=”0.3″]Borrowing from The Celsius App
Though some crypto users may prefer trading crypto, the downside is the low amount available. Celsius finds a solution to this problem by offering crypto borrowing services. Borrowers will retain the ownership of the crypto they have invested on the platform. However, this claim seems misguided since they need collateral for the loaning process.

Without the need for credit checks in their loan applications, loan approvals take minutes. Loan rates are as low as 1% APR, and the loaned amount can drop to as little as 500 USD.

Again, the platform has an impressive online calculator. It’s possible to enter the desired loan amount and terms in months and preview the expected annual interest. Celsius can pay in CEL or cash. You can even select cryptocurrency to use as the collateral needed.

For instance, a loan of 5000 USD, repayable in 6 months, requires 0.6932BTC collateral on a 25% loan-to-value index. The interest APR is 0.70% when paid in CEL but 1.0% when paid in cash. The former will accumulate 17.50 USD in earnings, but the latter a higher figure of 25 USD.[/fusion_text][fusion_text rule_style=”default” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” animation_direction=”left” animation_speed=”0.3″]The CelPay Service
CelPay, a function within the Celsius app, makes it possible for two Celsius holders to transact swiftly. The application conveniently loads contacts of fellow Celsius users for easy collaboration. Once you enter the crypto amount, you can add some text for the recipient and then send it.[/fusion_text][fusion_imageframe image_id=”4931|full” hover_type=”none” bordersize=”2″ align_medium=”none” align_small=”none” align=”center” lightbox=”no” alt=”Celsius Celpay Service” linktarget=”_self” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” caption_style=”off” caption_align_medium=”none” caption_align_small=”none” caption_align=”none” caption_title_tag=”2″ animation_direction=”left” animation_speed=”0.3″ filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″]https://www.tastyreferrals.com/wp-content/uploads/2021/02/celsius-celpay-service.png[/fusion_imageframe][fusion_separator style_type=”default” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” flex_grow=”0″ top_margin=”10px” alignment=”center” /][fusion_text rule_style=”default” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” animation_direction=”left” animation_speed=”0.3″]

The free service does not need private keys or addresses. Thus, there’s no need to set up a cryptocurrency wallet first. Your friends who don’t have the Celsius app can receive the crypto you send them through a text message. Once they click on the shared transaction link, it prompts them to install the app to receive their funds.

Celsius Referral Program

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When you use a Celsius referral code upon sign-up, you may get up to $50 for free. You just need to install the Celsius Network app on your phone, fill out the details and enter a Celsius referral code. Read more about the Celsius referral program to know more about the Celsius referral process and steps.

[/fusion_text][fusion_imageframe image_id=”4725|full” hover_type=”none” align_medium=”none” align_small=”none” align=”center” lightbox=”no” alt=”Celsius Referral Code: $50 in BTC” linktarget=”_self” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” caption_style=”off” caption_align_medium=”none” caption_align_small=”none” caption_align=”none” caption_title_tag=”2″ animation_direction=”left” animation_speed=”0.3″ filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″]https://www.tastyreferrals.com/wp-content/uploads/2021/01/celsius-network-referral-code.png[/fusion_imageframe][fusion_separator style_type=”default” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” flex_grow=”0″ top_margin=”10px” alignment=”center” /][fusion_text rule_style=”default” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” animation_direction=”left” animation_speed=”0.3″]

Celsius Currency Support

Celsius Network has more than 30 crypto coins to choose from on the deposit menu’s drop-down list. Apart from its native token CEL, the platform provides interest for major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH). It is also possible to purchase the said currencies directly in the Celsius app.

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Advantages and Disadvantages of Celsius Network

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Legitimacy and Security of Celsius

The CEO, Alex Mashinsky, is one of the pioneers of Voice over Internet Protocol (VoIP), whose government license runs way back to 1994. Celsius has strong partnerships with big corporates like Korbit, PrimeTrust, and Chainlink, to name a few.

Although the network has a favorable rating on Trustpilot reviews, it has many positive and negative reviews on both app stores. Most of the issues revolve around unfavorable Know-your-Customer (KYC) procedures and crashes during the ID verification process. Some users feel that Celsius’s quest for personal information goes beyond the acceptable KYC boundaries on the cryptocurrency ecosystem.

Celsius only offers insurance on investor funds, not lent out, creating a significant loophole that exposes the customer to unprecedented losses.

Final Thoughts on Celsius Network

Celsius Network beats significant competitors like BlockFi and Nexo by offering a higher annual interest, a larger number of cryptocurrencies, CelPay service, and frequent payouts with no minimum deposits. Celsius users also laud the app for its simplicity and ease of navigation.

However, Celsius offers no guarantee for fund security in case of bankruptcy or hacking. A centralized wallet compounds the risk.

In this Celsius Network Review, it’s established that Celsius has its fair share of benefits and downsides, it’s essential for investors to only place money on the network they can afford to lose. Another trading platform that you may want to consider is Binance, one of the top-rated cryptocurrency exchanges and supports the buying and selling of more than 200 crypto coins. Read our Binance Review to help you find out more.

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