Celsius Network Review – All You Need to Know

Celsius Network is a peer-to-peer lending service that enables users to buy crypto, earn interest. And also borrow dollars instantly with no deposit, transaction fees, or withdrawal.

For the lenders, Celsius provides profits on interest rates for the crypto that has been deposited already.

Celsius Network

It enables you to lend your assets to others while receiving interest on the loan.

With the Celsius crypto wallet, you can:

  • Earn weekly on your crypto up to 15% APY (paid every week).
  • Transfer your crypto capital to your digital wallet in more than 30 cryptocurrencies.
  • Check your potential return on your crypto holdings using the Celsius currency calculator.
  • Apply for a cash loan against your crypto in just seconds.
  • Access promo codes and earning deals and earn even more on your cryptos.
  • Check bitcoin price, Ripple rates as well as the status of the rest cryptocurrencies on your crypto portfolio.

Celsius Network Supported Cryptocurrencies

Using Celsius, you can actually deposit and earn interest on any of the cryptocurrencies that earn a yield.

The supported cryptocurrencies of celsius network include:

  • Bitcoin
  • Ethereum
  • Matric Network
  • Synthetix Network Token
  • Gemini Dollar
  • True GBP
  • DAI
  • True CAD
  • TrueHKD
  • Paxos Standard
  • USD Coin
  • Tother

Celsius Web App

Unlike so many of its competitors, Celsius was available initially as a mobile app only for Android or iOS. Which could be quite frustrating.

But, after paying attention to the community as well as the needs of their users to get access to Celsius from every one of their devices. Celsius Network then launched a very sleek, safe, and easy to access web platform.

READ:  CEX vs. DEX: What's the Difference Between the Crypto Exchanges

On the web app, users can log in by making use of their mobile app credentials and also see the whole overview of their Celsius account using the interactive charts and graphs as well.

In addition to that, users can as well send, receive and begin to earn interest on their crypto. Celsius Network released only version 1 during the time of the Celsius review. So, there are some restrictions.

Though, Celsius Network has plans on adding more features in later versions.

Is the Celsius Network Safe?

Celsius Network has moved from the BitGo and it now operates with so many custodians. PrimeTrust and Fire Blocks are not excluded. Celsius Network has made it clear that security is more than only custodian and insurance.

It is also how they operate through the whole company. And the company made it very clear that their number one priority is securing the assets of their users.

Every loan is being collateralized up to 150%. And this simply means that the borrower offers Celsius an alternate asset as collateral. All these in exchange for the borrowed asset.

Celsius Network also states that should incase they disappear all of a sudden or get hacked, they would use their balance sheet to cover destruction.

And if all the losses are more than their balance sheet, they will make use of the Eligible Digital assets to absorb the rest losses and damages.

Also, Celsius Network provides 2FA authentication on their app and goes in line with the best practices whenever they are withdrawing from their wallet.

READ:  Pancakeswap Exchange: Everything You Need to Know About PancakeSwap (CAKE)

Celsius Network Loyalty Programme

The Celsius Network Loyalty Program is on a four-tiered system. In order to get the bonus rates, you will have to stake the CEL tokens. And to get the advertised rates, you will have to get to the “Platinum” loyalty level.

How Do You Earn Interest with Celsius?

To earn interest with Celsius Network, all you have to do is to transfer your cryptocurrency assets right into the Celsius app. You can earn close to 17.78% on your crypto and on stable coins 12.65%.

But take note that this all depends on your loyalty level, the crypto you deposited as well as your payment method.

The interest you earn is being issued week by week, every Monday. And there is no minimum balance needed. In all, you can actually deposit anyhow you would like to deposit. whether little or much.

Celsius Fees

The Celsius network is absolutely free. And this includes the termination fees and withdrawal fees, which are unlike most of its rivals.

In all, just be sure you have your 2 Factor Authentication put on. If not they will hold your crypto assets for 24 hours. Safety matters a lot!