Business news  - Startup Club India
  • News
  • Stories
  • Ceo Interview
  • Founder Interview
  • Business
  • Press Release
  • Blog
No Result
View All Result
  • News
  • Stories
  • Ceo Interview
  • Founder Interview
  • Business
  • Press Release
  • Blog
No Result
View All Result
Business news  - Startup Club India
No Result
View All Result
Home Crypto

Review of Celsius Network: Earn Interest on Your Crypto Every Month

by Rishi Raj
January 4, 2022
in Crypto
1
Review of Celsius Network: Earn Interest on Your Crypto Every Month
Share on FacebookShare on TwitterShare on LinkedinShare on Whatsapp

In the world of blockchain, cryptocurrency interest accounts as well as lending programmes are mostly trendy presently. These companies, which replace selfish intermediaries, offer interest-bearing cryptocurrency accounts as well as low-cost lending which uses crypto as collateral. As a result, they are able to provide higher interest rates on savings accounts as well as cheaper loan rates than traditional options. 

Platforms like Celsius have developed in popularity because they let users generate a sizable passive income from their cryptocurrency holdings, especially when compared to interest rates on fiat-based savings accounts. Celsius Network is presently among the best cryptocurrency lending platforms. We’ll go over all you really need to know about just the Celsius Network platform in this review so you can decide whether or not it’s right for you.

Celsius Overview:

Product Type Crypto savings and borrowing app
Min Deposit $0
Min Balance Requirements $0
Interest Rate On Deposits U.S. residents: Up to 13.99% APY

Non-U.S. residents: Up to 17.78% APY

Loyalty Tier Reward Bonus Bronze: 5%

Silver: 10%

Gold: 15%

Platinum: 25%

Interest Rate On Loans Starting at 0%
Loyalty Tier Loan Interest Discount Bronze: 5%

Silver: 10%

Gold: 15%

Platinum: 25%

Min Loan Term 6 months
Credit Check Required On Loans No
Maintenance Fees None
Deposit or Withdrawal Fees None
Supported Payment Types Bank Transfer

ACH Transfer

Debit Card

Credit Card

Supported Coins 40+
Security 2-Factor Authentication;

Entering your PIN/2FA for any withdrawal

Photo/ video verification for wallet actions

HODL mode

Biometric security

Mobile App Availability iOS and Android
Desktop Availability Yes
Preferred Customer Service Options Phone, Contact form, Help center
Promotions $50 In Bitcoin Sign-Up Bonus

Review of Celsius Network: Earn Interest on Your Crypto Every Month

About Celsius Network

Celsius is indeed a decentralised finance (DeFi) network that focuses on cryptocurrency lending, borrowing, as well as earning. Celsius Network is a cryptocurrency lending application that is available for both the devices, Android as well as iOS. Keeping bitcoin funds in Celsius gives you weekly interest in the same way that depositing money in a savings account does. The principle is straightforward:

  • You just have to install the Celsius application and deposit cryptocurrency into it.
  • The funds are subsequently loaned out to both retail and institutional borrowers.
  • Every Monday, you’ll get a paycheck from Celsius, which comes from the revenue generated by the loans as well as other operations. The Celsius team claims that users receive 80% of the company’s earnings.
  • However, the app’s capabilities go far beyond simple interest costs.

Loans are also provided through Celsius on the other side of the lending scenario. You can take out cash (or stablecoin) loans with a variety of terms if you keep putting up cryptocurrencies as collateral. Celsius loans, unlike many other traditional lending services, don’t require a credit check and may usually be approved in minutes.

Cryptocurrencies on Celsius

When it comes to depositing cryptocurrency into Celsius’s wallet app, the possibilities are restricted. It lacks its own trading exchange, which is a significant disadvantage. Rather, customers must use Wyre or Coinify to conduct in-app crypto purchases. After depositing a coin or token, it can even be exchanged into a variety of cryptocurrencies. Let us now discuss how we can transfer coins to Celsius:

You may presently transfer over 30 different coins and tokens with Celsius. Keep in mind that while each has its own transfer address, several of them follow the very same format. BTC, BCH, and LTC addresses, for example, can all have the same format.

These are the steps to make a transfer to your Celsius account.

  1. Create an account.
  2. Press and hold the Celsius logo in the lower right hand corner.
  3. Select “Transfer” from the drop-down menu.
  4. Select a currency from the drop-down box beneath the currency logo.
  5. Click on the currency you want to transfer from the list (in this case BTC) or search for it by pressing on “Search assets” then typing in the desired coin’s name.
  6. From the application, copy your one-of-a-kind transfer address.
  7. Paste the address (together with the DT/MemoID) into your sending account/withdrawal exchange’s field(s).
  8. Select “Withdraw/Send” from the drop-down menu.

What cryptocurrencies are supported by the Crypto Network platform?

The Celsius Network is a cryptocurrency exchange that pays interest on a wide range of coins. Among the possibilities are (but are not limited to):

  1. Celsius Token (CEL)
  2. Bitcoin (BTC)
  3. Ethereum (ETH)
  4. Ripple (XRP)
  5. EOS (EOS) 
  6. Bitcoin Cash (BCH) 

There are also a lot of stable coins. BTC, ETH, XRP, BCH, LTC, and XLM may all be purchased straight from the application.

Read More: Rainmaker presents the World’s First-ever Cryptocurrency Fantasy Gaming Platform

Is it possible to earn from Celsius Network?

Celsius Network provides you with the potential to make passive income from your cryptocurrency holdings, however there are a few things you ought to be conscious of. Getting interest payments on your investment is the main way of making money with Celsius Network. To take part, all you have to do is put BTC into a Celsius wallet. After that, every Monday, you’ll receive interest payments in your wallet. You have the option of receiving these payments in cash or CEL, it is a native token of Celsius.

Aside from regular crypto interest, Celsius Network also offers the chance to earn gold interest. Celsius, on the other hand, uses XAUt, an ERC-20 token with gold backing, but instead of actual gold.

Annual interest rates fluctuate regularly and from coin to coin. Nevertheless, they appear to be in the range of 3.00 percent to 11.00 percent in most cases. You will also get a larger amount of return if you choose to receive your interest payments in CEL. It should be noted that “Earn in CEL” is presently unavailable to users in the United States.

Exciting Rewards

As quick as any funds are credited to your Celsius account, users start earning incentives.

So each Friday, rewards are computed as well as given on Monday. That implies that even if you deposit money into your Celsius account in midst of the week, you’ll get prorated rewards on all of those assets until the next accrual period on Friday. If you deposit your coins on a Friday, Saturday, or Sunday, therefore, your initial reward payout would be the subsequent Monday.

The following is the reward calculation plan:

  • Friday 05:00:00 UTC to Friday 04:59:59 UTC is the reward accrual period.
  • A screenshot of the reward calculation price is as follows: 5:00:00 UTC on Friday
  • Monday, no specified timing for payment of the reward.

Celsius’s Fees Overview

There have been no fees other than the interest on loans. This distinguishes Celsius from so many of its rivals, who may levy withdrawal fees, termination fees, and other expenses.

ACTION CELSIUS FEE
Minimum Deposit $0
Withdrawal Fee $0
Loan Origination Fee $0
Early Termination Fee $0
Deposit Fee $0

Is it safe to use the Celsius Network?

Yes, using Celsius Network is risk-free. Alex Mashinsky (CEO) as well as Daniel Leon launched the company in 2017. (Founding President and COO). Mashinsky is known for providing cell phone coverage as well as free WiFi to New York City subways, enabling Wi-Fi on United States planes, and developing Voice over IP (VoIP). Leon has also had a successful role as a social entrepreneur, having held leadership positions at Atlis Labs, Beyon3D, as well as GroundLink.

Celsius Network now has over 101,000 subscribers around the world with over $730 million in assets. In fact, the platform has helped to enable about $5.5 billion in loan originations. Interest payments of $12 million have been made by the organization.

Is It Really Worth It?

The CEL token has already been steadily rising, which is fantastic news for Celsius. The Celsius network is vast as well as widely used. In the context of cryptocurrency lending, it’s also a secure alternative. Celsius is ideal for investors who do not require immediate liquidity as well as intend to hold their money over many months. Celsius is indeed a prominent participant in the cryptocurrency loan sector and could even be well worth it if you’re okay with the risks.

Want to learn more about Celsius Review? Read here

Tags: Crypto
ShareTweetShareSend
Previous Post

ITC on Capital Goods | Understanding Rules with Example

Next Post

Bhubaneswar Based Startup Raised Their First Round To Help Local Artisans To Sell Online On Their Own Website

Rishi Raj

Rishi Raj

Related Posts

No Content Available
Next Post
Typof

Bhubaneswar Based Startup Raised Their First Round To Help Local Artisans To Sell Online On Their Own Website

Comments 1

  1. Pingback: Bhubaneswar Based Startup Raised Their First Round To Help Local Artisans To Sell Online On Their Own Website

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Premium Content

Truck driver’s son started a logistics startup, now earning Rs 30 crores

Truck driver’s son started a logistics startup, now earning Rs 30 crores

August 21, 2021
IG Drones

IG Drones- Leading the Drone Ecosystem to make India the Drone Super Power by 2025

July 18, 2022
Host Namaste

Host Namaste – Best Dedicated Hosting in 2023

December 8, 2022
ADVERTISEMENT

Browse by Category

  • Blog
  • Business
  • Ceo interview
  • Crypto
  • Founder interview
  • News
  • Opinion
  • Press Release
  • Stories
  • Women Story
Business news  – Startup Club India

Startup Club India is a online magazine for entrepreneurs to share their experiences, and learn from one another. we wish to all indian startup share journey with our visitor.

Mail : media@startupclub.in

Phone : +91-9034408083


startup club

Newsletter

Recent Posts

  • Certified Professional Medical Biller-Cpmb Credential Opportunities
  • The Start-Up That’s Making Healthcare More Accessible To Corporate India
  • COSMOGENE-SKIN DNA TEST-New Breakthrough In Skin Care Technology
  • About Us
  • Contact Us
  • Disclaimer
  • Terms & conditions
  • Privacy Policy

© 2021 All Right Reserved Startup Club India

No Result
View All Result
  • News
  • Stories
  • Ceo Interview
  • Founder Interview
  • Business
  • Press Release
  • Blog

© 2021 All Right Reserved Startup Club India