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Celsius Network Review: Are The Interest Rates Real?

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celsius network review

Those of us in the cryptocurrency world always aim to maximize our profits. Most crypto investors limit themselves to look for the next big coin. However, many of us choose to find platforms that allow our crypto to work for us.

Using your resources wisely can lead you to obtain great benefits if done in the right way. A lot of the time you will find that possibilities that look too good to be true are really not… There are some instances in which they truly can be that good.

That is precisely why today’s review focuses on Celcius Network. A platform that is a bit different from the conventional ones we have reviewed in our exchange and wallet sections. This is not an exchange or a wallet but a completely different way to interact with cryptocurrencies.

The premise is simple: have your crypto work for you. This is why Celcius Network defines itself as the bank of the future.

As we will see later in this Celcius Network review, the platform operates similarly to a “Fixed Term” typical of an ordinary bank. However, there are many user benefits that are way more convenient than those offered by conventional banks.

This all sounds too good, so many of you are probably wondering “Is this true? Can I really profit by holding my crypto in Celsius Network?” Well, we are going to answer all the questions for you in this Celsius network review, so make sure to keep reading. Let’s get started.

What is Celsius Network?

Celsius Network is a platform focused on providing interest-bearing cryptocurrency saving accounts.

They offer rates as high as 17% APY that gets paid out weekly! All you have to do is deposit your coins onto their platform and you will instantly start earning interest. 

Compared to typical banks who usually give you less than 1% on your savings, this is a huge increase. 

The platform was founded in 2017 by entrepreneurs Alex Mashinsky and Daniel Leon, who still act as CEO and president respectively. With a mobile app available for Android and iOS, as well as a web app, the platform has quickly become a favorite of many crypto investors.

The mission behind the platform was simple: Creating An economy that starting from 0 would allow anyone to invest. No matter how much crypto you previously had, with Celsius network, you can participate in the market and benefit as much as anyone else.

Celsius Network allows crypto investors to access loans and crypto saving accounts, creating new investment opportunities. By using the network, you will also gain access to new ways of using your crypto in daily life, including performing payments.

As you will see from this Celcius Network review, this platform is revolutionizing how people hold their crypto. After all, there is no reason for your holdings to remain static.

How Secure is Celsius Network?

New crypto traders know that crypto investing is not free of risks. Advanced traders, on the other hand, know that higher risks represent the chance for higher rewards.

However, when it comes to securing your crypto, you shouldn’t accept any risk when storing it. The more security guarantees any crypto investor is offered when giving custody of their crypto, the better.

Transparency

Celsius Network is known for its high transparency and security, with the platform updating its balance sheets publicly on its website.

As of October 2021, there are more than one million active users relying on the application, more than $8.20B in loans processed, and $21 billion in community assets. Ensuring the security of such a big amount of crypto assets is not easy.

User Authentication

As far as account security is concerned, Celsius has made sure to follow the latest security practices. It has quite advanced user data authentication factors, including support for multiple 2FA mobile apps. This is great as it decreases the chances of users falling for SIM swap-type scams.

2fa

With biometric authentication also being supported, you can further increase the security of the platform when using the mobile app.

Multi-Party Computation (MPC)

To ensure that money transfers are completely secure, Celsius Network makes use of Multi-Party Computation (MPC). This ensures your transactions are not only highly private and efficient but also as secure as they come.

MPC is a bit of a tricky subject to grasp but you can get a more detailed understanding of it here if you’d like.

Insurance Policy

Unfortunately, Celsius Network doesn’t offer an insurance policy to its users. This means that if the assets were stolen somehow, the platform wouldn’t be held responsible for them. While this has not been the case so far, it is an important aspect to consider.

HODL Mode

Finally, we have a security feature for those looking to invest for the long term: HODL mode.

If you know you won’t be selling or trading your crypto any time soon, this mode is for you. Activating it will disable fund withdrawal, CelPay crypto transfers, and changes to whitelisted withdrawal addresses. If you ever want to deactivate the mode, a 24-hour wait period will take place.

With audits by Nyman Libson Paul, Celsius Network has proven it gives a lot of thought to user security. We believe that when it comes to this aspect, Celsius Network shines especially bright.

What Features Can You Find In Celcius Network?

As we have explained before in this Celcius Network review, this platform is not intended to be thought of as a cryptocurrency exchange.

As such, it does not have the typical mechanics you would expect when using a crypto exchange like FTX. However, this doesn’t mean that Celcius doesn’t have some sweet features to offer you. Let’s take a look at them:

Interest Rates

This is the main reason why most users choose to hold their crypto using Celcius Network. When depositing your cryptos, you will have the chance to generate passive income in the form of interest. The process is simple:

  • Deposit your cryptocurrencies in Celsius, choosing from a wide range of available currencies.
  • The platform invests the crypto for you, giving it to retail lenders and other protocols chosen after an exhaustive study.
  • Every Monday, you will receive the profits that your money has generated from being invested by the platform.
  • That’s it!

The interest rate you get depends on the coin you choose. For example, most stablecoins right now earn 8.88% while other coins go up to as much as 17%! 

To get a full list of the interest rates available click here.

We ourselves have tested the operation of Celsius and have profited from these interest rates. The passive rewards you will be paid can be received using the cryptocurrency of your choice.

However, if you choose to receive your rewards in the platform’s token (CEL), you can get up to 25% more rewards.

Choosing to receive rewards in CEL is also a great way to ensure the growth of the platform, further increasing its potential to generate rewards for you.

Send and Receive Crypto

Celsius Network has also partnered with CelPay to provide its users with additional services. This partnership allows you to send and receive crypto from other people when using the platform.

As a result of the collaboration, CelPay charges absolutely no fees to users who operate by using Celcius’ app. This makes it a great alternative to send your cryptos in the cheapest way, allowing you to make payments and transfers easily.

Calculators

Available in the mobile and web application, you will have access to a calculator that will allow you to better calculate your future earnings.

This feature comes with multiple options that will ensure you can get a good approximation depending on which crypto you enter. After all, crypto investing is all about projection in the long term!

Despite the high volatility of cryptocurrencies, this calculator will prove extremely useful to all investors. With crypto borrowing being a great option for advanced traders to generate more income, being on top of your projections is everything. As such, expect to be using this feature a lot if you are looking to make use of advanced trading strategies like Yield Farming.

Crypto Credit Card

As its slogan “Unbank yourself” indicates, Celsius Network sees a future in this market where your money is not tied to the strict rules of traditional banking.

However, while Celsius is not a bank in the traditional sense, it is looking to change how we think about banking in the future. This is reflected by the platform’s ambition and approach toward crypto investing.

This led the team behind the platform to announce that in a time not yet estimated, they will be launching a Celcius Network credit card. This means you will soon be able to capitalize on those weekly rates directly by using a credit card tied to your account.

While no date has been confirmed for the launch, we can expect this feature to be available soon. As such, we are including it in this Celcius Network review. You might want to double-check if the product is already available in your country at this time.

Currency support

As far as currency variety is concerned, the truth is that Celsius does not have a very wide variety. Since it is a tool for making investments, it only has the most reliable cryptocurrencies. In fact, even the application itself warns you that the safest way to invest is to use stablecoins.

This doesn’t mean that variety is something you should worry about. As far as it goes, you are certain to find that the most popular cryptocurrencies are readily supported by Celsius Network.

Let’s take a look at the list of supported currencies:

Stablecoins

TrueUSD (TUSD)Gemini Dollar (GUSD)Pax Dollar (USDP)
Tether (USDT)USD Coin (USDC)True GBP (TBGP)
TrueAUD (TAUD)TrueHKD (THKD)TrueCAD (TCAD)
Binance USD (BUSD)Zytara Dollar (ZUSD)Multi Collateral DAI (MCDAI)

Gold Tokens

  • PAX Gold (PAXG)

Other Tokens

Synthetyx (SNX)Polygon (MATIC)Polkadot (DOT)
Bancor (BNT)Terra (LUNA)Celsius (CEL)
Aave (AAVE)Dash (DASH)Compound (COMP)
Bitcoin Cash (BCH)EOS (EOS)Sushi Swap (SUSHI)
1 inch (1INCH)Litecoin (LTC)Cardano (ADA)
Ethereum (ETH)Bitcoin (BTC)Ethereum Classic (ETC)
ChainLink (LINK)XRP (XRP)Uniswap (UNI)
Bitcoin SV (BSV)Zcoin (ZEC)0x (ZRX)
Stellar (XLM)Basic Attention Token (BAT)UMA (UMA)
OMG Network (OMG)Kyber Network Crystal Version 2 (KNC)Decentraland (MANA)

Customer service

In this area, Celsius is simply superior to most platforms.

Not only will you have access to the standard knowledge base we have come to expect but also to direct customer support. When using the knowledge base, you will find answers to common and complex questions you might have.

From how to create an account to how to find IRS reports, Celsius has got your back.

However, if the articles in the help center are not enough Celcius will always have someone ready to help you solve your problems.

This can be done via a support ticket that can be submitted via Celsius’ website or app. The waiting times for support tickets to be replied to are usually lower than 24 hours, which is lower than those of other crypto platforms.

Unfortunately, there is no live chat or phone support at this time. While you will find a chat icon, clicking on it will result in a virtual assistant popping up. This tool is great if you have basic inquiries but will not provide you with any information you can’t find in the knowledge base.

We also want to highlight that the whole design of the support page is stylish, clean, and well organized. This makes the navigation of the help articles to be extremely easy and pain-free, ensuring that you can find the information you are looking for.

Fee structure

As we have been emphasizing throughout this Celcius Network review, Celsius is not a cryptocurrency wallet. Its focus is on the loans and benefits that the user can obtain with the trust placed in the company.

With its mission being to “democratize” the use of cryptocurrency by making it available to everyone, the platform seeks to be free of fees.

According to the Celsius team, platform fees prevent poor people from having the same opportunities as other users. In their eagerness to include everyone in this revolutionary economy, they decided to offer their service free of:

  • Transfer fees   
  • Holding fees    
  • Origination fees 
  • Withdrawal fees   
  • Gas fees

This is great news for crypto investors as it allows them to make use of the platform without having to consider all manners of fees. After all, it is about making money by holding your crypto!

Conclusion

You have made it to the end of this Celsius Network review. In case it is still not clear enough, we have a positive impression of this platform. We believe there are many reasons why most cryptocurrency investors could benefit from using it.

If you’re ready to sign up for an account, by clicking this link you will get a bonus $50 BTC when you deposit $400 or more of any currency and hold it on the platform for at least 30 days: https://celcius.network/turbowallet!

Celsius has truly exceeded our expectations. We approached this review wondering if the profits were real. This is not surprising with many illegitimate platforms making it to the news every day for running rug pull scams or failing to deliver. However, we were positively surprised as the platform has given us from the beginning all the security guarantees that we needed.

With a vibrant and big community behind Celsius, it is possible to say that a lot of crypto investors agree with us. The platform also has a development team that listens to its users. Add the incredible level of transparency and security offered by the platform… And you got yourself a no-brainer.

Without a doubt, Celsius is an opportunity that you can’t pass up  lightly as long as you consider the risks and are willing to take them. This doesn’t mean that using the platform is especially risky when compared to other platforms but as with any custodial platform, the risk is always there.

All in all, Celsius Network is a great platform to have your crypto start working for you. We totally recommend you give it a try. With the increasing number of platforms in the crypto world, there is no excuse to have your crypto collecting dust.

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