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Celsius is a US based crypto bank that earns you interest on your holdings. You can also loan out your tokens to earn further interest! Celsius lets you transfer up to 45 different tokens including its own native token CEL to earn.
Why would you pay fees (both centralized and decentralized ie. gas or transaction costs) when you can pay and earn higher earnings in crypto?
For those more familiar with crypto, earning interest is an easier way to stake. You sacrifice some of the upside to staking in exchange for accessibility, convenience, and loan collateral on your holdings.
You can choose to earn interest in the form of the token you hold with them or the native token. While the rates are lower with CEL, there are numerous benefits to Celsius. Both holding CEL and the app itself.
1. Compounding interest -
You will receive additional interest on any CEL you earn from other coins. This does not offset the difference in the earning option (token-held vs CEL). This is a nice way to passively earn more CEL without staking any additional crypto. Celsius also covers all gas and network fees for its customers while helping them earn interest rates well above the standard centralized banks.
2. Low collateral loans -
Another way to boost your earnings is to take out loans. There is already a positive earning rate on loans taken out and staked. For example, with collateral of 0.005580 BTC you can take a loan of $100 and earn the stable coin rates of 10.02% at this time while paying 6.95% over a 6th month period. you will likely need to provide additional information for the loan agreement such as a bank statement with your name and proof of residency aka an address.
3. Loan discounts and reward boosts -
While holding CEL, you can enjoy discounted loan rates as seen here based on the ratio of CEL held to total portfolio value.
Additionally, the reward rates on all coins will be improved with each level.
4. CelPay -
You can pay your contacts directly up to $2,500 by sharing a link or through the app to other "Celsians". While not hugely revolutionary, as regular banks have done this for several years now, it is intriguing the prospects Celsius has as an all in one crypto bank.
Being able to pay contacts without worrying about screwing up an address is convenient but there are other apps out there that I think currently do this slightly better with usernames. But both are very realistic for making banking of the future easier.
Overall -
It has a clean layout and they are constantly improving the app. The customer service has been good. The one downside I have noticed is that they only accept Polygon (MATIC) via Ethereum and do not yet accept MATIC on its own protocol. For loans, the best rates are on stable coins such as BUSD or USDT but they also have coins like Tezos, 1inch, UMA, etc.
*enterable in the settings tab and these are the current available promos:
For All Users
Code Transfer Amount Reward Amount Unlock Period Users
CELSIUSCARES $5,000 (any asset) $150 BTC 60 days ALL
$400 ADA $40 ADA 30 days ALL
$20,000 ADA $500 ADA 90 days ALL
$400 BNB $40 BNB 30 days ALL
STABLE10 $50 USDC/USDT $10 BTC 30 days ALL
STABLE50 $200 USDC/USDT $50 BTC 30 days ALL
STABLE600 $25,000 USDC/USDT $600 BTC 90 days ALL
For First Transfers
Code Transfer Amount Reward Amount Unlock Period Users
$100 (any) $10 BTC 30 days NEW
$400 (any) $50 BTC 30 days NEW
HODL500 $25,000 (any) $500 BTC 90 days NEW
$250,000 (any) $2,500 BTC 90 days NEW
Feel free to give it a try and do not hesitate to contact support if you have questions or experience any trouble!
This is not financial advice, merely my opinion on my experience and the current status of Celsius for potential users ;).
Enter my referral code as 1031314d6e or click
https://celsiusnetwork.app.link/1031314d6e
or also try
https://apps.apple.com/us/app/celsius-earn-borrow-crypto/id1031314d6e
https://play.google.com/store/apps/details?id=1031314d6e
