Is Celsius Network Safe? Should You Invest with Them?

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Is Celsius Network safe? Cryptocurrency has now become a highly sought-after financial asset around the world, owing in part to the meteoric rise in the price of Bitcoin in recent years. Bitcoin and other cryptocurrencies have recently become desirable assets for lending services. The Celsius Network is a major player in the bitcoin lending sector. The Celsius Network, which is growing by the day, is home to thousands of cryptocurrency investors. This platform connects users looking for Bitcoin loans with Bitcoin lenders.

Celsius Network, designed to benefit both parties, offers an ecosystem in which investors who lend their Bitcoin holdings can earn handsome interest. It also assists borrowers in making large returns by investing borrowed Bitcoin assets in technological ventures and decentralized financing. But is it legit? Is Celsius Network safe, especially for beginners? This article answers all the questions about Celsius’ legitimacy.

What is Celsius Network?

Celsius Network is a cryptocurrency lending platform established in the United Kingdom that allows you to earn interest on your cryptocurrency investments. Alex Mashinsky founded the platform in 2017, and it now manages more than $15.5 billion in investor assets. This makes Celsius Network one of the world’s fastest-growing P2P lending platforms.

Celsius Network has gone through multiple funding rounds. The crypto-lending platform earned $10 million from Tether and another $18 million from investors who participated in Celsius’s equity fundraise, coordinated by BnkToTheFuture.

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However, the platform’s quick growth is costly, which is why the company lost $34 million last year. Currently, Celsius Network offers 30 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Uniswap (UNI), Chainlink (LINK), and Tether Gold are among the most prominent digital currencies and stablecoins (XAUT). Read our thoughts about Celsius in this Celsius Review.

How Safe is Celsius Network?

Celsius Network holds permits from FinCEN and the American Securities and Exchange Commission. In addition, many safeguards are in place to secure user assets at the company. They range from two-factor authentication to biometric signatures.

Furthermore, funds are held by third-party custodians like as PrimeTrust and Fireblocks. Both offer insurance on the assets of their customers. The Fire Block wallet system is based on MPC (multi-party computation). Celsius has an in-house security team comprised of ex-military cybersecurity experts.

Celsius has never experienced a hack, security breach, or financial loss in its more than three years of operation. As a result, Celsius Network can be relied on to pay interest and make loans promptly. You won’t be startled when utilizing the site if you keep an eye out for these difficulties.

The Celsius Network app is only an interface designed to make user activities seamless, Which means it does not store users’ assets. Also, it comes with extra security features, such as:

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Two-factor authentication

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Password security

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Biometric authentication

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Requires account owner PIN/2FA for any withdrawal

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The HODL mode

Blocked access to withdrawal worth over $150,000 without human verification by the Celsius Network security team

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Inability to update users’ account addresses without email verification, as well as a 24-hour withdrawal freeze

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Verification through photo and video for sensitive account activities

How Can You Safeguard Your Celsius Account?

Although Celsius takes considerable measures to maintain its users’ cash security, your account is only as secure as you make it. Follow these safety precautions to keep your account as safe as possible:

1. Change the password connected with your email account to something solid and unique.

Use a password that is at least eight characters long

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Include lowercase and uppercase alphabetic characters, digits, and symbols

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Create a password at random

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Never use the same password twice (for example, across numerous software platforms or user accounts).

2. If you haven’t already, add 2FA to your email login.

[/fusion_text][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” font_size=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” line_height=”” letter_spacing=”” text_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]3. Change the password connected with your Celsius account to a unique and robust password (it’s unnecessary if you created your account through social registration).[/fusion_text][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” font_size=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” line_height=”” letter_spacing=”” text_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]4. Use a distinct and strong PIN (do not use important dates like birthdays).[/fusion_text][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” font_size=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” line_height=”” letter_spacing=”” text_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]5. Turn on 2FA on your Celsius account.[/fusion_text][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” font_size=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” line_height=”” letter_spacing=”” text_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]

Is Celsius Network Insured?

The corporation has a $20 million insurance policy in its hot wallets. These are coins en route from one location to another. Celsius, on the other hand, does not have insurance on the currency it lends out.

Why? Because Celsius lends coins to a wide range of organizations. Unlike many others in the business, these loans are collateralized. That signifies that there’s a small chance that numerous institutions will be compromised. If this occurs, the company’s funds may be lost. The network would not have enough collateral to pay its losses in this worst-case scenario.

Is Celsius Network Regulated?

Celsius Network recently filed an exempt offering of securities with the Securities and Exchange Commission (SEC) in the United States. As a result, Celsius Network is not subject to any regulations or restrictions that we are aware of. However, the Financial Conduct Authority in the United Kingdom has provisionally registered the site as a crypto asset business (FCA).

Based on our study into Celsius Network’s compliance in several countries, we can affirm that the company is the most compliant in the crypto lending industry.

How Easy is it to Use Celsius Network?

The app simplifies the process of opening a crypto savings account and earning returns. You’ll also appreciate how simple the onboarding process is. However, you should expect a minor delay following onboarding. Why? Due to the requirement for identity verification. The Celsius Network app is available in over 100 countries. Each of these countries has its own set of cryptocurrency legislation. This diversity in legislation should not come as a surprise. After all, there are still some nations where trading cryptocurrency is considered a crime. In addition, the verification and onboarding process varies based on where you live.

The app’s user experience is streamlined and intuitive once you’ve logged in. As a result, you can use the platform without a steep learning curve or the need for assistance. If you need help, the Celsius app has a plethora of videos that walk you through each service and feature available. It also includes instructional videos on how to use them. For example, at the top of your dashboard, you’ll see your balance and total profits. In addition, you can see a weekly breakdown of your profits with data dating back to when you first joined the app with a single click.

Why is Celsius Network Popularly Used?

There have to be reasons why investors trust the Celsius network enough to use it for their cryptocurrency investment. There are several other platforms like Celsius out there, but here are the reasons why investors move to this platform:

Celsius Network’s interest rates on Bitcoin loans are affordable for both borrowers and lenders.

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The greatest feature about Celsius Network is that it allows users to earn significant returns on Bitcoin deposits.

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The platform does not make it difficult to use cryptocurrency to borrow loans in cash or other crypto coins.

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Celsius Network is ideal for newbies in the crypto lending industry because it simplifies the entire procedure.

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Another advantage of Celsius Network is that it allows cryptocurrency funds to be sent and received without fees.

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The platform is ideal for crypto investors and traders looking for passive cash-based income from their crypto assets.

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How Does Celsius Pay High-Interest Rates?

Celsius only pays what it earns. That is why the company’s pricing is adjusted so regularly. As a result, it accounts for around 15 to 20% of net income for traditional finance lenders or banks. These gains are paid to stockholders of the corporation rather than depositors. The network does not pay dividends to its stockholders. Instead, it distributes profits to customers.

Celsius’s ultimate goal is to return 80% of its revenue to the Celsius community in weekly interest payments. Celsius makes money by lending cryptocurrency to institutions (for example, Ethereum (ETH) or Bitcoin (BTC)). Celsius now has around 340,000 active users. There are also 340 institutional clients on the site. These figures are expected to climb further. It’s also worth mentioning that in 2019, Celsius gave a detailed explanation of how they set tariffs.

How Does Celsius Make Profit?

The finance team at Celsius Network generates returns for the community by lending the community’s digital assets to institutional and retail borrowers. Celsius Network has said that it intends to return up to 80% of the cash generated by lending the community’s assets to the community weekly.

Because the rate of return that the network can get in the loan market fluctuates virtually daily, Celsius modifies the rates that the community earns on crypto assets every week.

Celsius Referral Program

Celsius referral program is a system designed to bring in new users. For example, if someone joins Celsius Network using your referral code and deposits $400, you will both earn $50 in BTC.

When a new member makes their first deposit of $200 or more with your referral code at the time of sign-up, you will receive $10 in BTC. To get started, tap on the “Profile” button, then on the “Refer your friends” area, and you’ll find your referral code. If you want to sign up with Celsius but you don’t have a Celsius referral code yet, you can use our Celsius referral code: 196028baa6 and follow the referral steps in this Celsius Referral article.

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What Else Does Celsius Network Offer?

Another fantastic service Celsius Network offers is called CelPay. CelPay is a handy service offered by the company. Celpay, as the name suggests, is an in-app payment system. This tool allows you to connect with other Celsius users to send and receive cryptocurrency more easily.

You won’t have to deal with cumbersome cryptographic addresses or network fees this way. Instead, when you send one BTC, your acquaintance receives one BTC. Best of all, the recipient does not need to have a Celsius wallet to get your payments. It doesn’t get much simpler than that. In general, it’s a well-organized and user-friendly platform. Customers will find it easy to utilize and browse all of the capabilities available on this platform.

It’s also worth noting that the company is well-known in the community for not collecting Celsius network costs for its services. That means there are no deposit fees, transaction costs, withdrawal fees, early termination fees, or origination fees.

What costs will you be charged in the app? They are derived primarily from third-party services to acquire digital currencies (such as Wyre, Coinify, and Simplex). Celsius is also in the process of integrating CelSwap, a decentralized exchange (DEX) and automated market maker (AMM), inside the app.

Conclusion

Celsius Network is an excellent venue for beginners who wish to start purchasing cryptocurrency without taking on the whole risk associated with this more turbulent market. It’s also ideal for passive investors searching for a more secure way to buy and hold cryptocurrency. When it comes time to withdraw your money, there are no account minimums, hidden fees, or difficulties.

Nevertheless, you’ll still need to conduct your own research to understand more about the various currencies and the overall workings of the crypto market. Still, the software is so simple to use that you can start earning as you’re learning.

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What is Celsius Network?

How Safe is Celsius Network?

How Can You Safeguard Your Celsius Account?

Is Celsius Network Insured?

Is Celsius Network Regulated?

How Easy is it to Use Celsius Network?

Why is Celsius Network Popularly Used?

How Does Celsius Pay High-Interest Rates?

How Does Celsius Make Profit?

Celsius Referral Program

What Else Does Celsius Network Offer?

Conclusion

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