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.
|Product Type||Crypto savings and borrowing app|
|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%
|Interest Rate On Loans||Starting at 0%|
|Loyalty Tier Loan Interest Discount||Bronze: 5%
|Min Loan Term||6 months|
|Credit Check Required On Loans||No|
|Deposit or Withdrawal Fees||None|
|Supported Payment Types||Bank Transfer
Entering your PIN/2FA for any withdrawal
Photo/ video verification for wallet actions
|Mobile App Availability||iOS and Android|
|Preferred Customer Service Options||Phone, Contact form, Help center|
|Promotions||$50 In Bitcoin Sign-Up Bonus|
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.
- Create an account.
- Press and hold the Celsius logo in the lower right hand corner.
- Select “Transfer” from the drop-down menu.
- Select a currency from the drop-down box beneath the currency logo.
- 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.
- From the application, copy your one-of-a-kind transfer address.
- Paste the address (together with the DT/MemoID) into your sending account/withdrawal exchange’s field(s).
- 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):
- Celsius Token (CEL)
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- EOS (EOS)
- 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.
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.
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.
|Loan Origination Fee||$0|
|Early Termination 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.
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