Celsius Network is a trusted lending platform for crypto that lets you earn interest on your digital assets. For anyone who wants to buy and hold for a long term, Celsius is a great platform. You get paid the interest weekly. The interest rate also changes every week depending upon the market conditions.


Celsius Review 2022: In Less than 1 Minute

  • Interest rate changes every week.
  • Celsius have their native tokens, CEL.
  • If you want to get paid in CEL tokens, the interest rate that you are paid is higher.
  • Secured, but there are always risks with crypto. Read the entire article to have a better understanding of the risks.
  • Get 50 USD worth of BTC for free using this code: 173194d2b6
  • Sign up link: Click here

For the detailed review, keep reading.

Celsius: Information

Website : Celsius Network

Web based or App: Web app and mobile app available

Started in: 2017

Founders: Alex Mashinsky, Nuke Goldstein and S. Daniel Leon

What is Celsius Network?

Celsius network is a crypto platform where users can buy, pay and borrow in over 40 cryptocurrencies. It is a CEFI platform based on blockchain technology where users can earn interest on their crypto holdings and are allowed to borrow fiat currency against their assets.

Though you can use Celsius Network to buy and sell crypto, the platform is mostly used for users who wants to earn weekly interest on their crypto investments.

Crypto Offered by CEL and their APY (Interest Rate)

Celsius Network offers different APYs for the US and rest of the countries (International countries).

US and International Rates offered by Celsius Network

TUSD 7.10
GUSD 7.10 CEL 5.10
PAX 7.10 SNX 14.05
USDC 7.10 MATIC 7.25
MCDAI 4.60 AAVE 4.86
USDT 7.10 DASH 1.75
TGBP 7.10 COMP 1.75
TAUD 7.10 BCH 1.25
THKD 7.10 UMA 1.00
TCAD 7.10 EOS 4.45
BUSD 7.10 LTC 1.75
ZUSD 7.10 ZRX 0.50
BAT 1.00
ETC 2.25
PAXG 5.50 LINK 1.75
KNC 0.50
XRP 2.50
UNI 2.50
ZEC 0.50
BTC 3.05 OMG 0.50
ETH 5.35 MANA 0.50

Pro Tip: How to Earn 50 USD worth of BTC for free?

Transfer 400 USD worth of assets to Celsius and get 50 USD worth of crypto for free. Use the below link to sign up.

Supported Payment methods for purchasing crypto in Celsius Network

  1. Credit card or debit card
  2. SEPA
  3. Automated Clearing House (ACH)

Payments are processed by third-party processors (Simplex, Wyre and Coinify) and hence, requires an additional KYC process.

Supported countries

Celsius Network operates virtually across the globe.

But the platform does not support countries such as: Iran, North Korea, Sudan, South Sudan, Syria, Cuba and any other country on which US/UK/EU imposes financial sanctions or embargoes.

CEL token: Celsius’s Native Token

The platform issues CEL token, its’ native crypto token. It is the backbone of the Celsius Network. It is an ECR-20 token that can be used by the users to borrow loans, earn interest, make peer-to-peer payments and more.

CEL play a significant role when using the Celsius Network. It helps you earn more interest as a lender and you need to pay lesser interest as a borrower, if you hold CEL.

Note: Users have to hold and stake CEL coins to achieve the highest interest and lending rates.

The more the users utilize CEL tokens, the greater the rewards and special discounts they receive.

Celsius Network Tiers – Bronze, Silver, Gold and Platinum

The staking system adopted by Celsius Network is quite different, a four-tiered system consisting of Bronze, Silver, Gold, and Platinum tiers.

The amount of CEL tokens staked by the user can be determined by the tier they belong to. This tiered system is similar to the levels of accounts found at CFX brokers and Forex.

CEL tokens & rewards program

Celsius Network has labelled the tier system as a loyalty system. The higher the tier system, more number of CEL tokens are staked leading to higher interest rates, special discounts on loans borrowed from the platform.


  • Bronze Tier: Users who hold 5%-10% of their investment portfolio in CEL tokens belong to this tier. They receive 5% as bonus rewards or payments of interest and a 5% discount on borrowed loans from Celsius Network.
  • Silver Tier: The users who belong to this tier have 10%-15% of their investment portfolio in CEL tokens, which entitles them to 10% bonus rewards and a discount of 10% on on borrowed loans from Celsius Network.
  • Gold Tier: Users who hold 15%-20% of their investment portfolio in CEL tokens belong to this tier. They receive 20% as bonus rewards or payments of interest and a 20% discount on borrowed loans from Celsius Network.
  • Platinum Tier: This is the most elite tier of the loyalty system. Users holding 20%-100% of their holdings in the form of CEL tokens belong to this tier. They are provided with 30% as bonus rewards or interest payments and 30% discount on borrowed loans from the platform.

These CEL rewards are not applicable to crypto-users in the US. Residents of the United States of America cannot take advantage of this feature of the Celsius Network.

Note that the rates for CEL tokens are dynamic which means they can change anytime.

How to sign up for Celsius Network?

Users can sign up on Celsius Network only through the app. Celsius’s website cannot be used to manage the account, it can be done solely through the app.

Follow these steps to register on Celsius Network:

  1.  Start by downloading the Celsius Wallet app or the Web app.
  2. Create a Celsius account by providing the details asked. Make sure to connect the account to your primary email address which you check regularly as regular and payment notifications are sent to your mail. It is also important in case of margin calls, to make sure your collateral is not liquidated while loaning.
  3. You will be asked to add a 6 digit pass-code for verification, which will be asked for every time you log in.
  4. Complete your KYC process by adding the basic details such as Name, Address, Date of Birth, Citizenship and keep a valid proof of identity and residence in hand.
  5. After completing the KYC process, your Celsius account should be created successfully.

Celsius states that new accounts are verified within 24 hours.

Celsius also provides users with a benefit of promo codes which can be used during lending to gain rewards in Bitcoin. These promo codes expire after a period of time and thus, change from time-to-time.

Celsius Network’s Services: Benefits of creating account with Celsius

The platform provides 3 main services currently:

Earn interest on your crypto accounts through Celsius Network

Interest on the user’s crypto holdings deposited in their crypto wallet on Celsius will be automatically generated. The payments of this interest is made weekly, for balances held by the previous week.

The interest will be paid in the same currency as the deposit. For example, if the crypto deposit is made in Ethereum (ETH), the interest on that deposit will also be paid in the form of Ethereum (ETH). This is a default mechanism.

Users have another option of choosing to earn their interest in CEL tokens which will fetch them bonus rewards and special discounts as discussed in the four-tier system above.

There is no minimum balance to generate interest. Funds can be withdrawn by the user at any given time, 24/7.

To calculate the interest rates you can earn, click here.

Fiat loans backed by crypto

Users of this platform can borrow cash as loans against their crypto assets. They can opt to borrow the loan either in fiat currency or selected stablecoins only.

The loans are over-collateralized, to make sure the loans are repaid regardless of the fluctuations in the market.

Besides the KYC process, there is no other process for the loan to be approved.

The options of Loan-To-Value (LTV) ratio on Celsius ranges from 25% to 50%, with loan terms stretched from 6 months to 36 months. Longer the term of the loan, larger the LTV ratios and higher the interest on the loan.

The interest is charged monthly. It can paid in the form of USD, any supported crypto or CEL tokens. Users can avail a discount by using CEL tokens as payment.

Opting for loans is useful when the user requires fiat currency immediately. Taking out loans backed by crypto can benefit the user with capital gains without any sale of their crypto assets. This also serves as a non-taxable event.

CelPay: Transfer crypto to other Celsius Network account for free

CelPay is Celsius Network’s official payments service where users can transfer crypto for free to anyone, including people who do not have a Celsius account through a link or text message. The receiver has to create a verified Celsius account to accept the payment.

Celsius Mobile App: Register and Get started Now

The Celsius mobile app is user friendly and convenient to use. It is available on both Android and iOS phones.

Note that new users can sign up by using the mobile app only. The web app does not support new registrations, but existing users can sign in. All of Celsius’s features and services can be accessed through the mobile app.

You also get 50 USD worth of BTC for free if you sign up on their platform now.

Celsius Web App

Fees: Celsius Network

This Celsius Network platform does not charge any extra fees for any of its services.

Deposits, transferring money using CelPay, borrowing loans and withdrawals are free of charge. Withdrawals from Celsius are free, however there is a standard network fee for processing the transaction levied by the specific blockchain.

Buying crypto on the app is charged by the payment processors and not Celsius Network.

Restrictions (for users in the US)

  • Users from the US cannot use credit card for purchases. Even users from India can’t use their credit cards as well for crypto purchases.
  • The US citizens cannot take loans.
  • The US citizens have no access to CelPay (Note: Celsius Network can be used with a VPN, however this is not recommended)
  • The US citizens do not have the option to earn interest on their holdings in CEL tokens.

Celsius Network review

Is Celsius Network secure?

It is a centralised platform. Celsius Network utilizes a custodial wallet, which means your coin is stored on their addresses and you do not get the keys of the account. But do not let this off your decision to give Celsius a try. The reason being, all the major exchanges hold access to your coins. Celsius is quite a reputed network. The chances of your crypto vanishing from the platform is very rare. Having said that, do not forget to set up your 2FA and create a strong password.

Is money secure on Celsius Network?

Celsius Network’s deposits are not insured (by both FDIC or SPIC), unlike Banks. However, insurance on digital assets is provided by Fireblocks and PrimeTrust. Insurance is not provided for collateralized assets (which are over-collateralized up to 150%).

Celsius Network: My views on the Account security

Moving on to account security, users have the options to secure their account using:

  • 2-Factor Authentication
  • A PIN code or 2FA required for any withdrawal
  • Facial recognition for wallet transactions
  • HODL mode (this locks the user’s accounts from any transactions or withdrawals for 24 hours, HODL mode is not applicable for CelPay)
  • Bio-metrical security

What is Celsius Network doing to improve security?

Celsius’s user base is fast-growing because of the high interest earns users can earn, when compared to a traditional bank, this is essential for the mass adoption of cryptocurrency.

Celsius Nework is trying to improve the users trust and have been licensed by the U.S. Treasury Department’s FinCEN unit and by the Securities and Exchange Commission in the US.

Celsius also generates tax reports on the users wallet transactions to the IRS as they wish to comply with the US financial regulations.

Celsius Network review

Where did Celsius receive funding from?

Celsius has got four rounds of fund raising so far and raised $93 million dollars, with venture, corporate rounds and ICO.

The platform funds payments of interest by loaning users deposits to retail and institutional borrowers, at a higher interest rate.

Celsius shares up to 80% of its revenue with users.

Disadvantages of Celsius Network:

  • Users have to download the mobile app to access all features and services of Celsius Network.
  • Geographical restrictions.
  • Customer service is not responsive as their chat-bot sends the user’s issues to an email support service, where  sometimes they are left unanswered.
  • Lack of live chat support for customer service.
  • There is no option to convert between crypto.
  • Fluctuating interest rate.

Celsius Network is a successful crypto lending platform. The loan interest rates are the lowest when compared to other lending platforms, and the interest rates are high for depositors comparatively, especially if the users are willing to stake higher for more benefits.

Being aware of the cons of this platform is crucial, regardless of it being a custodial platform, having the knowledge and utilizing your crypto assets on Celsius might lead to interesting gains.

Frequently Asked Questions (FAQ)

What are the alternatives to Celsius Network?

BlockFi is a great alternative to Celsius Network. Nexo is another alternative.

Is Celsius worth it?

The network’s popularity is growing steadily with the CEL tokens on an upward slope. It can be considered safe in terns of lending crypto. Balance the pros and cons and make your decision wisely.

Where can you trade CEL tokens?

The top crypto exchanges for trading in CEL tokens are currently OKEx, FTX, HitBTC, Gate.io, and Hoo.

How long does the CelPay link last?

A CelPay link once sent, lasts till the transaction has been completed, i.e., when the receiver accepts the money.

How to reach Celsius’s customer support?

For general questions, click here to find answers.

Is Celsius Network a SCAM?

Celsius network is not a SCAM. They are a trusted company in the crypto space. They have a business model in place and they earn profits from it. The more the platform grows, the more profitable will the network be. So, in my honest opinion, if you are looking for a passive income, Celsius Network should be your go to company.

Can Celsius Network be hacked?

We can’t say NO to such questions. Celsius Network had been hacked earlier whether the hackers were able to get the userbase. Celsius Network was quick to inform their users about the hack, so that the users do not get trapped by phising emails. I liked the transparency and the urgency from Celsius network in informing their users about the hack.

Since then, there has not been any negative incident on the platform. They also have added securities in place. So for me, though literally Celsius can be hacked like any other company, I personally still feel SAFE about the platform.

Celsius vs Other Crypto Lending Platforms

Celsius vs BlockFi: In many instances, I see Celsius winning over BlockFi, and in some BlockFi has an upper hand. We have discussed all of that in another article. Click here to read the comparison between Celsius and BlockFi.

Final Thoughts: My recommendation for Celsius Network?

After using the Celsius Network myself, I can say I have liked the company. The app UI is simple and easy to use. I like the use case of Celsius, and for anyone looking to earn passive interest on their crypto holding Celsius is a good platform. Only thing I hate about Celsius is that it is CEFI. I would start using it more, once they launch the DEFI part of Celsius, which I do not think they have any plans for it. The automatically weekly pay feature is excellent. Also, I liked the fact that they did not made it compulsory to hold a huge chunk of my money in their native token. Celsius is also giving a 50 USD worth of Bitcoin for anyone signing up on their platform and transferring 400 USD worth of coins or more. Use the below given promo code to avail the offer.

Use Celsius PROMO Code: 173194d2b6


Celsius Network review