An economy where financial freedom doesn’t come with a price tag. Where the interests of the people are put first. Where ethical behavior is the baseline, and where everyone – and they mean everyone – has the opportunity to succeed financially. With a little bit of humanity and honesty, and the power of a digital currency that’s as strong as it is accessible, they’re ushering in the new economy today.
Celsius is proud to provide a platform of curated services that have been abandoned by big banks – things like fair interest, zero fees, and lightning quick transactions. Their goal is to disrupt the financial industry, one happy user at a time, and introduce financial freedom through crypto.
What is Celsius Network?
The Celsius Network is a peer-to-peer lending company that facilitates the borrowing and lending of cryptocurrencies. They allow borrowers to quickly access fiat funds by putting their crypto as collateral, paying minimal interest. For lenders, on the other hand, they offer profits on interest rates for the cryptocurrencies that they have deposited on their Celsius Network digital wallet.
In plain and simple these are their top services:
So, it’s a well-rounded platform if your primary goal is to stake or lend your assets.
Before you can trust any App your hard-earned earnings, it’s essential to look at what makes them safe and legit.
Is Celsius Network safe and legit?
Trusting a company your money is always an important decision to make so let’s see what makes Celsius Network safe and legit.
To keep it simple, let’s examine the facts:
- They have a solid team.
- Partnerships with Bitcoin.com, Chainlink, DaviPolk, and 20+ other companies.
- On top of that, Celsius Network Trustpilot review is Great – they lack a solid amount of reviews but there are no complaints that would be a deal-breaker.
- On top of that, your assets are insured by Fireblocks and PrimeTrust.
So, by examining these 4 points – the Celsius Network seems safe and legit. But as always invest only as much as you can afford to lose.
Up next, before going deeper into the Celsius Network review discussing functionalities and features, let’s explore how cryptocurrency lending works in general and why it could be something that you might want to give it a go.
What is cryptocurrency lending and why you should care?
All’n’all this sounds great but how can you benefit?
What if you want to make some money?
Or what if you just want to borrow some extra cash?
To answer these questions – we need to explore this further.
For the borrower
Let’s say you are a cryptocurrency investor and you have most of your funds locked up in crypto. That’s a smart move, especially if you believe that the value of cryptocurrencies will, as it has until now, rise even more in the future. But, unfortunately, an unexpected expense comes your way and you need access to a lot of fiat funds right away. You could, of course, sell a chunk of your crypto holdings, but that you would go against your philosophy of holding on to your asset portfolio for the future. That’s where cryptocurrency-backed loans start to become interesting. Instead of selling off your crypto, you put them as collateral and get a loan in fiat that you can repay at your own pace. Now, like with any loan, you should expect to pay interest on the borrowed funds, but it might be a much better solution, especially if the price of your crypto assets goes through the roof in the meantime. Paying a small interest rate might be the better option instead of selling your crypto for a low price. In short, the borrowing mechanic allows you to conserve your cryptocurrencies while giving you access to hard cash in case you need it.
For the lender
Having covered why it might be interesting to borrow fiat using crypto-backed loans, let’s check out the other side of the spectrum. Here’s another example: having invested a fair amount of your capital in cryptocurrencies, you want to do a bit more with them than just let them sit in your cold wallet. Unfortunately, you aren’t savvy enough to trade them on cryptocurrency exchanges, nor you have the time to learn.
Well, that’s where crypto lending comes to the rescue. This method allows you to lend your assets to others, and gain interest on the loan. This way, you will be effectively avoiding the risks that come with trading cryptocurrencies, while still being able to turn out a profit from your original investment. So, that’s borrowing and lending cryptos in a nutshell for you. You might have noticed it works similarly to the typical loans that you might take out with a bank, with the big difference that, well, there’s no bank involved here.
As a matter of fact, the Celsius Network’s goal is to give everyone the possibility to be a borrower or a lender if they have cryptocurrencies, where the company acts as a facilitator of that service. They want to eliminate the bank in the process and redistribute 80% of their profits from interest rates within their customer base.
Without further ado, let’s go into a bit more detail about who the people behind Celsius are and the pros and cons of the platform as a whole.
The Celsius Network team
One of the strengths of the Celsius Network are the people that are involved in the project. Celsius is comprised of individuals with unique backgrounds such as serial entrepreneurs, veteran businessmen, banking experts, business developers, and successful blockchain pioneers.
money and charge you for handling it, only giving you a small percentage in interest rates. Then they directly lend it to other individuals, taking all the profits from the interest on the loan.
Celsius allows individuals to lend their money to others and get back 80% of the profits from the interest rates, taking the bank completely out of the equation. It also allows them to borrow fiat, while paying very decent interest rates, putting their cryptocurrencies as collateral.
So here are the main advantages of the platform:
- There are no minimum deposits – This means that you can start earning interest by depositing whatever you want. They treat all of their clients equally, no matter if they deposit $5 or $5.000.000.
- Celsius Network fees – A rare, if not unseen, feature but there are no Celsius Network withdrawal fees, no deposit fees, no transaction fees, no early termination fees, no origination fees.
- Choose how to receive or pay your interests – The platform allows you to get your interest in-kind (the crypto you deposited) or in CEL tokens, the native token of the Celsius platform. If you choose this second option, you can gain up to 30% more interest.
- No locking of your funds – Usually, lending platforms shoehorn you into locking your cryptocurrency for a given time if you want to earn interest. Celsius does not. You can withdraw your crypto whenever you want, giving you full control of your funds at all times.
- No credit check – Because you are putting your crypto as collateral, you can take out a loan based on that only. Your banking history is not relevant here.
- Celsius loyalty tiers – Raise your holdings, raise your status. And in true Celsius fashion, it’s based on your ratio, not your amount – so anyone can access meaningful rewards.
Is Celsius Network safe and your investment secure?
Celsius Network works with Fireblocks and PrimeTrust to secures your assets that are stored in the cold wallets of the company. Fireblocks and PrimeTrust provide insurance for the assets stored on the Celsius wallet, covering any loss.
So, that’s quite safe.
But the bad news are that the most of the assets on the Celsius Network are not stored in the cold wallets but are instead placed and loaned in order for the community to gain interests. Unfortunately, Celsius does not directly offer insurance on your loans. This means that in case of a cyber attack on your assets, losses may occur. In that event, Celsius promises to use its own balance sheet to cover customers’ losses, although their Terms of Use do not guarantee the recovery of assets in case of a hack.
How to get started and get a $ 20 bonus at BTC?
Here’s a quick step-by-step guide on what to do to get started:
- Visit the Celsius Network website and download Celsius App.
- Launch the app and create an account. To receive the $20 bonus, submit this referral code – 194560dec5 when registering!
- Login to your account and verify your account (KYC).
- To receive the $20 bonus, you must deposit at least $200 in cryptocurrency and hold it for 30 days.
- You will earn interest all the time. Interest is paid every Monday. (Check reward rates based on coin type.)
- Also, share your referral link and get both $20 if your referral deposit in at least $200.
- Don’t forget to join our Telegram channel and follow us on Facebook.
Conclusion
There are several companies providing P2P loans. When considering these alternatives, Celsius is an obvious winner.
- Highest anual interest
- No minimum investment
- Frequent payouts
On top of that, Celsius accepts the largest number of cryptocurrencies, allows for borrowing and lending, and pays out weekly with zero fees. Add to top it all off, you can use the Celpay app to make payments without even cashing out your earnings.
In short, we got ourselves a winner.
