Hodl your crypto assets and earn interest with Celsius Network. Also, buy cryptocurrency, borrow fiat money or stable coins, and with the CelPay feature, instantaneously transfer your crypto assets with no fees. Is the Celsius network safe? Continue reading this Celsius Network review to find out more, and also get a promo code. Using my Celsius Network referral code, new users will get $40 in Bitcoin for free.
With a recent update, the referral bonus changed from $40 in Bitcoin to $50 in Bitcoin. But, as well, the amount that new users will need to transfer increased from to $400.
Table of Contents
What is Celsius Network?
The initial plan for the Celsius Network originated in the year 2017. The founders are, a well-known and very noticeable on social media channels entrepreneur, Alex Mashinsky, and Daniel Leon, who currently holds the position of Chief Operating Officer (COO) in the Celsius Network.
The CEO of the company, Alex Mashinsky, is a successful entrepreneur who developed VOIP (the Voice Over Internet Protocol) and many other successful companies. For example, Transit Wireless, which was valued at significantly more than $1 billion. Therefore, no person could be better, to start a blockchain company like Celsius.
By the end of 2018, the Celsius network exceeded $50 million in community assets. And the first users already gained interest in their hodled cryptocurrencies. Also, earlier that year, the network’s native token, CEL Token, was made available worldwide, and the Celsius Network app was released.
Nowadays, the Celsius Network has approximately $10 billion in community assets and nearly 500,000 users worldwide. Also, the Celsius Network intends to bring as many people as it can, into the cryptocurrency world and help them gain their financial freedom. I have to say this slogan captured me.
So, what is Celsius Network? Celsius Network is a mobile crypto wallet, available on both Android and IOS operating systems. The Celsius mobile app offers its users, high interest-earning possibilities, over their hodled crypto assets. Also, the Celsius Network users will be able to buy cryptocurrencies directly in the app and borrow stable coins or fiat money.
Celsius Network brings the easiest way to earn weekly interest, just for holding (HODL) your crypto coins in the Celsius mobile app. Also, there are no fees on any transactions made within the app.
The Celsius Network Token – CEL
- USD
- EUR
- GPB
- AUD
- JPY
Celsius Network(CEL)$0.18506564.96%
The CEL Token is behind the Celsius Network ecosystem and holding CEL coins in your portfolio, will bring higher earning rates and lower loan rates. Therefore, this digital asset has high utility in the Celsius Network.
CEL is a ERC-20 token, build on the Ethereum blockchain, and it can be traded on many exchanges. For example:
- Liquid exchange;
- Bilaxy exchange;
- Hoo.com exchange;
- AAX exchange;
- FTX exchange;
- Hotbit exchange;
- BitMart exchange.
Also, the Celsius Network team, continuously buys CEL tokens from the exchanges, in order to pay the rewards in the app. As a result, this buyback program delivers value to CEL token holders.
Available cryptocurrencies and current earn rate
On the Celsius network, there is no minimum investment amount. Users can deposit any amount they want. Also, there is no locking period, the crypto assets can be withdrawn at any time and with no fees or penalties.
Currently, the best earning rates are at SNX – Synthetyx Network Token, Matic token – Polygon, BNT – Bancor Network Token, and also, at stable coins. See the list below or on the official Celsius Network website.
Also, be informed that the earning rates depend on the user’s Celsius loyalty tier. There are four loyalty levels, and these are explained furthermore in this Celsius Network review below. Also, in order to properly view the starting point of every new Celsius user, the earning rates listed below, are from my beginner Celsius wallet, with no CEL tokens in my portfolio.
Keep in mind that only after you upgrade to a higher loyalty tier, the earning rates in CEL tokens will be greater. Until the first loyalty level, the earning rates will be the same in both earning possibilities.
| Available cryptocurrency to earn interest | Earn in CEL Token (APY) with no CEL in portfolio | Earn in the same coin invested (APY) |
|---|---|---|
| Bitcoin – BTC | 4.06% | 4.06% |
| Ethereum – ETH | 5.05% | 5.05% |
| Dash – DASH | 5.50% | 5.50% |
| ChainLink – LINK | 4.51% | 4.51% |
| Bitcoin Cash – BCH | 4.51% | 4.51% |
| Bitcoin SV – BSV | 2.02% | 2.02% |
| Litecoin – LTC | 4.08% | 4.08% |
| Zcash – ZEC | 2.02% | 2.02% |
| XRP – XRP | 2.50% | 2.50% |
| Stellar – XLM | 3.10% | 3.10% |
| OMG Network – OMG | 2.02% | 2.02% |
| TrueUSD – TUSD | 10.51% | 10.51% |
| Gemini Dollar – GUSD | 10.51% | 10.51% |
| Paxos Standard – PAX | 10.51% | 10.51% |
| Multi-Collateral DAI – DAI | 10.51% | 10.51% |
| PAX Gold – PAXG | 5.50% | 5.50% |
| USD Coin – USDC | 10.51% | 10.51% |
| Celsius Token – CEL | 4.86% | 4.86% |
| 0X – ZRX | 3.51% | 3.51% |
| Tether – USDT | 10.51% | 10.51% |
| TrueGBP – TGBP | 10.51% | 10.51% |
| TrueAUD – TAUD | 10.51% | 10.51% |
| TrueHKD – THKD | 10.51% | 10.51% |
| TrueCAD – TCAD | 10.51% | 10.51% |
| EOS – EOS | 4.45% | 4.45% |
| Tether Gold – XAUT | 5.50% | 5.50% |
| Ethereum Classic – ETC | 3.00% | 3.00% |
| Basic Attention Token – BAT | 3.51% | 3.51% |
| Binance USD – BUSD | 10.51% | 10.51% |
| Kyber Network – KNC | 2.53% | 2.53% |
| Polygon – MATIC | 13.99% | 13.99% |
| Synthetix Network Token – SNX | 13.99% | 13.99% |
| Uma – UMA | 7.01% | 7.01% |
| Uniswap – UNI | 2.50% | 2.50% |
| Decentraland – MANA | 2.02% | 2.02% |
| Compound – COMP | 4.60% | 4.60% |
| Aave – AAVE | 7.51% | 7.51% |
| Bancor – BNT | 10.51% | 10.51% |
Also, there are pretty impressive cryptocurrencies that will come next in the Celsius Network portfolio. And these are Yearn.finance – YFI, Cardano – ADA, Polkadot – DOT, Curve Dao Token – CRV, and Hedera Hashgraph – HBAR.
Keep in mind that these earning rates can change at any time. Also, everybody should do their research before investing.
Celsius loyalty tiers
On the Celsius Network app, will be four loyalty tiers, which depend on the CEL token amount ratio, owned by every user. So, the loyalty tiers are Bronze, Silver, Gold, and Platinum.
Benefits of Celsius loyalty tiers:
| Tier level | CEL Token amount ratio | Reward bonus | Borrow interest discount |
|---|---|---|---|
| Bronze | 5%-10% | 5% | 5% |
| Silver | 10%-15% | 10% | 10% |
| Gold | 15%-25% | 15% | 15% |
| Platinum | 25%-100% | 25% | 25% |
To be in the Bronze Tier, users of Celsius will have to hold a ratio of 5% to 10% of CEL tokens in the app. As a result, the rewards will be with bonus of 5%. Also, the loan interest will be discounted by 5%.
In the Silver Tier, users of Celsius will have to hold a ratio of 10% to 15% of CEL tokens in the Celsius app. As a result, the rewards will be with bonus of 10%. Also, the loan interest will be discounted by 10%.
To achieve the Gold Tier, users of Celsius will have to hold a ratio of 15% to 25% of CEL tokens in the Celsius app. As a result, the rewards given will be with bonus of 15%. Also, the loan interest will be discounted by 15%.
And to reach the higher tier, Platinum Tier, users of Celsius will have to hold a ratio of 25% to 100% of CEL tokens in the Celsius app. As a result, the rewards given will be with bonus of 25%. Also, the loan interest will be discounted by 25%.
The reward bonus only applies to the users who choose to earn their weekly interest in the CEL token. Also, the interest discount bonus applies to users who decide to pay their borrowed amount in CEL tokens.
Some bad news for United States residents, the earning rewards in CEL Token, are not yet available in the US.
The simplest way to upgrade your Celsius Network tier, for the users who don’t desire to buy CEL, is to enable the earn in CEL token feature. As a result, the user’s rewards in CEL tokens will be compounded every week, and once the ratio reaches the above levels, the Celsius tier will be upgraded.
How to start earning with the Celsius network?
The Celsius Network mobile app is available to download on both Android and iOS platforms. And as soon as the new user gained access to the Celsius wallet, and transfers or buys any supported cryptocurrency, the funds will immediately start earning interest. The interest is paid weekly, more specifically on every Monday, and it is calculated every Friday.
The rewards are paid directly in the user’s wallet, therefore all the funds will be compounded. As a result, the total compounded amount will start and make interest.
How does Celsius Network operate?
What everybody should know is that the Celsius wallet is a custodial wallet. Meaning that Celsius Network has access to your crypto wallet.
So, why does Celsius need to access our crypto wallet? This is how Celsius Network is able to provide earning interest to their users. The funds from our crypto wallet will be given as a loan to other users, especially institutional traders, and exchanges, and from doing that, the Celsius Network gains interest and pays the rewards to their users. More specifically, from the interest paid by these third parties.
Note that every user will see their funds in the Celsius wallet, and these can be withdrawn at any time, with no fees or penalties. Also, those third parties who borrow funds from Celsius Network will deposit up to 150% collateral to secure the coins. Therefore, every user’s funds should be safe. I said “should”, because we all know the risks of investing in cryptocurrency. For example, high volatility, hacking attempts, and regulations.
In all my research, I didn’t find anything bad about the Celsius Network. But, everybody should do their research before investing.
CelPay payment
CelPay is the payment product of the Celsius Network. With this feature, users can send crypto to their contacts without any crypto wallet address.
Even more, the crypto coins can be sent even if the user is not yet registered. This is done by sending a link to them, and after the sign-up and verification process is done, the new user can claim the crypto funds initially sent, by accessing again the link sent.
Every link must be confirmed by email, otherwise, that link will not work. Also, there is a $2,500 per day CelPay limit, in sent transactions.
As I said at the beginning, using the CelPay feature, there will be no transactions fees.
Buy crypto in the Celsius app
Users of the Celsius Network app can buy cryptocurrency directly in the app. The buying options are with a credit or debit card, or with bank transfers.
Using a credit or debit card, cryptocurrency purchases are instant, and Celsius doesn’t charge any fees for buying. But remember that the purchases are made through third parties. For example, Simplex with 3.5%, or the minimum $10 in fees, which are pretty high. Therefore, I use more often Coinbase, Crypto.com, and Binance to buy cryptocurrencies and then transfer the funds. See at the end of this Celsius Network review my referral codes and links for these platforms, to earn some sign-up bonuses. Only available for the new users.
Using the bank transfers there will be lowered fees. For example, with Wyre, only 0.1% in fees, but your funds will arrive in two or three days. Therefore, the best option is to transfer your funds from other platforms with lower transactional fees.
For now, in the Celsius Network wallet, users can buy Bitcoin, Ethereum, CEL Tokens, XRP, Bitcoin Cash, Litecoin, Stellar Lumens, EOS, Paxos Standard, USD Coin, Bitcoin SV, Dash, and Tether.
Also, you can buy cryptocurrency using the integrated crypto platforms from my website. For example, Changelly, ChangeNow, and the subdomain exchange.cryptofiveo.com. Check them out and see if any support you better.
KYC – Know your customer verification
The KYC verification process is necessary on the Celsius Network. If users don’t pass this verification, they will not be able to use the Celsius wallet.
As for the information needed to pass KYC, users will have to provide their full name, home address, country of citizenship, and a picture of the government-issued document. Also, only for the United States users, it is necessary to provide their Tax-ID.
As for the documents needed, users can pass KYC using photos of their passport, national ID card, or driver’s license. Also, the verification process is pretty fast. For example, I was granted access to the Celsius wallet within minutes. But in some cases, it can take up to three days.
Is Celsius safe?
The digital assets held by Celsius are insured by two companies, PrimeTrust and Firebloks. But once the assets are borrowed to third parties, these two companies can’t provide insurance for those assets. Therefore, what Celsius Network does to ensure crypto funds return, is by demanding collateral assets of up to 150%. As a result, nobody would want to lose a greater amount than the loan. In this way, the funds are pretty safe and confident that everybody will pay the interest.
Also, everybody who requires a loan from Celsius will be analyzed from the perspective of financial ability, to repay the borrowed amount.
The Celsius Network company invests in many security features, to provide the best security and crypto asset protection. Until now this worked great, and in my research, I didn’t find any security incident with the Celsius Network.
Also, with more than $10 billion in community assets under management and almost 500,000 users worldwide, it is pretty easy to assume that the Celsius Network is a reliable and safe to use platform.
Hodl mode – Additional security feature
The Hodl mode is a security feature, that will temporarily disable all outgoing transactions from the Celsius app. This is the best option for those users, who don’t intend to make any outgoing transactions, for a longer period of time.
The Hodl mode can be activated from the security settings. The most important thing is to remember the deactivation code. Write it done and keep it safe because, without it, users can not deactivate Hodl Mode.
Also, once users deactivate Hodl mode, it will take 24 hours to completely deactivate. As a result, only after one day users will be able to make outgoing transactions.
Final words
For the new Celsius users, if you want to use my Celsius Network referral code/promo code to sign-up and earn an extra free $50 in Bitcoin, you will have to transfer to your Celsius wallet or buy an amount equivalent or greater than $400 in crypto assets. Also, you will have to keep them in the Celsius wallet for at least 30 days, and the amount not to fall under $400. The transfer must also be done with only one transaction.
The amount transferred will start making you interest rewards from the moment you deposit it in the Celsius wallet.
With a recent update, the referral bonus changed from $40 in Bitcoin to $50 in Bitcoin. But, as well, the amount that new users will need to transfer increased to $400.
As I said in the content of this Celsius Network review, the best way to buy crypto is to use other lower buying fees platforms. And then transfer your funds to use the Celsius Network wallet. For example, I mentioned that I use Coinbase, Crypto.com, and Binance exchange. The new users will have some benefits if the sign-up is done through my referral codes or links. Here they are:
- Coinbase referral link: free $10 in Bitcoin once you make a buy or sell order, of at least $100.
- Crypto.com app referral link: free $25 once you reserve a metal card from Crypto.com, and stake CRO coin in the app. Also, up to $50 on the Crypto.com exchange, depending on your CRO coin stake.
- Binance referral link: lifetime 5% discount at trading fees on the Binance exchange.
I hope this Celsius Network review is helpful to you, and also if Celsius is safe to use. Please feel free to share the content and subscribe to my little blog.
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Cryptofiveo disclaimer
This Celsius Network review is intended for informational purposes only. Therefore, the views expressed in this document are not, and should not, be construed as investment advice or recommendations. Readers of this document should do their own research, taking into account their specific financial circumstances. Also, the investment objectives and risk tolerance before investing. This document is not an offer, nor the solicitation of an offer, to invest, buy or sell any of the assets mentioned herein.
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