With everyone looking to invest in cryptocurrencies, let’s look at Celsius Network, one of the leading providers of crypto credit.
Celsius Network is a cryptocurrency loan platform. Investors can earn interest in their cryptocurrencies and use them as collateral. The core of Celsius Network, a crypto-based asset management platform that enables users to lend and borrow through blockchain assets, is the CEL token and ERC-20 token that the platform uses to generate interest, borrow, send (P2P) peer-to-peer payments, and much more. Compared to competitors, Celsius Network offers the best interest rates in the industry for depositors and borrowers. As a Crypto lending platform, it claims to have the lowest interest rates in the industry regarding borrowing for crypto and using your cryptocurrency as security. When investors deposit their cryptocurrency in the app, they can earn interest rates up to 17.78%, which is higher than many competitors.
How many cryptocurrencies are available to trade?
The secure crypto platform, which acts as a crypto app and credit platform, allows users to transfer and withdraw Ethereum, Bitcoin, and more than 40 other cryptocurrencies for free. The platform offers users an opportunity to obtain better interest rates and discounts on loans by using CEL tokens. The complete list of assets using which you can earn interest on Celsius can be seen here, along with the rates offered. You can find the details of all tokens and associated words on Celsius Network’s official glossary page.
Payment Methods Supported by the Exchange
Celsius Network offers users a variety of payment methods such as:
- Account Transfers (fiat currencies)
- Credit/Debit Card, etc
The network has also introduced its payment system, CelPay. With CelPay, users can send cryptocurrencies to other pallets free of charge from the Celsius mobile app. You can find more about CelPay and its features here.
Celsius Network Fees
Celsius does not charge any fee at all. All services provided by the Celsius network and its application are free of cost. The only fees customers are charged with are extras offered by Celsius Partners, which depend upon payment methods and country. You can find answers posted regarding the fee structure on Celsius Network’s support.
Are my funds safe – What if the exchange gets hacked?
In short, yes, your funds are safe in Celsius. Celsius Network is a trustworthy platform with many security measures to safeguard customer experience and assets. Some of which are:
- AML protection: Celsius implements an anti-money laundering program led by an expert team certified by ACAMS (Association of Certified Anti-Money Laundering Specialists).
- 2FA: Celsius Network provides extra security via Two-Factor Authentication for the mobile application.
- Safelisting Addresses: Celsius offers its users the option to safelist crypto addresses, so the withdrawals are limited to these addresses for the safety of your assets.
- ISO/IEC 27001 certified: Celsius network is also ISO 27001 certified, which means that the platform has tough security protocols to protect the organization’s (and user’s) data.
It is also recognized by FinCEN (Financial Crimes Enforcement Network) and DFPI (California Department of Financial Protection and Innovation). The GMO Internet Group also regulates the exchange. Fireblocks also insure the digital assets on Celsius. All crypto exchanges have a risk of hacks, so it is recommended to store your crypto assets in a private wallet. For more information, you can visit Celsius Network’s trust page.
Does it provide a smooth user interface?
The Celsius Network is easy to navigate. You just need to create an account that requires ID verification. This process might take some time. After creating your account on Celsius, the platform is straightforward to use and the application, even more so. Your earnings are displayed at the top of the dashboard with a weekly report of your profits and your deposit/withdrawal history. You can also get a loan in just a few steps. You just have to enter an amount, an interest rate, and the payback schedule. Celsius also has a ton of guides for its users should the need arise.
Is the exchange available in my country?
Celsius Network is available in over 100 countries worldwide. The exchange has not, however, shared a list of supported countries. Customers looking to find out about this can request the “Celsius Network Countries API” by submitting a request.
Does the exchange provide enough liquidity?
Yes. The Celsius Network provides enough liquidity. Liquidity is essential as it determines how easily an asset can be converted to cash (fiat currency). Celsius Network has plenty of investors, such as Tether. With support for over 40 crypto assets, over 950,000 users worldwide, and over 20$ Billion in assets, rest assured that Celsius Network provides enough liquidity.
Celsius Pros and Cons
Following are the pros and cons of the Celsius crypto exchange platform –
- Easy Interface
- Global Availability
- No fee charged
- CelPay (Free payments)
- Great Rewards
- Limited crypto assets
Celsius Network is an excellent platform for beginners who want to buy crypto without taking the full risk associated with a volatile market. You can earn additional rewards for cryptocurrencies by keeping cryptocurrency deposits on the platform. It is also good for people who want to earn a high-interest rate on their cryptocurrency without doing additional work, which essentially provides a solid passive income. Given the high volatility of crypto, Celsius Network also performs margin calls, which means that if the hedging value falls below a particular price, the network will ask you to add more to meet the minimum coverage of your loan. As a crypto-banking platform that allows you to earn interest on your cryptocurrency, Celsius Network remains a significant and popular attraction. As competition grows, the Celsius Network offers competitive prices and is an easy-to-use platform that is attractive to users.