What is Celsius?
Celsius is a crypto-finance platform that aims to provide financial freedom through investing opportunities that are fairer and produce more profit than what traditional banks offer. Celsius claims that the economic industry has rotted to the core, abandoning the services that actually help people make money. To combat this, Celsius holds the interest of common crypto holders as its first priority. The platform offers users fair yield, quick and efficient transactions and zero fees.
Celsius was conceived in 2017. It soon began making progress and expanding services. Today, Celsius users can stake assets to earn interest, borrow crypto, buy crypto, swap assets or even obtain a crypto credit card that works all over the world. Celsius is a revolutionary platform for countless crypto holders and investors.
My Overall Thoughts on Celsius
Considering what it has brought to the worldwide crypto community and how easy it has made it to invest in crypto, Celsius deserves to be appreciated. Celsius allows the purchase of cryptocurrencies, offers CelPay for sending and receiving crypto assets and offers the lowest interest rate possible to borrowers.
All these things and more are integrated into a simple interface with a quick signup option, and even $50 FREE Bitcoin when you sign up with this link and deposit $400. But do you know what I think the best aspects of Celsius are? Look below to find out:
1) Investing is great, with up to 17% APY and several assets: This aspect is definitely one that attracted me the most about Celsius. Investors can earn up to 17% APY, depending on the asset they have chosen. And investors are not limited to a single or a few assets. Celsius allows staking on more than 40 assets. Many of these assets are popular, as well, so you may be able to simply deposit assets you already own and claim the APY after the staking period is over.
2) You can borrow with low interest: Users can borrow assets on Celsius just by providing collateral to the platform. Not only that, but the interest rate on loans starts at 0.1%, which is incredibly low compared to competitors.
3) The platform allows users to buy and swap cryptocurrencies: Buying and swapping are supported on the Celsius mobile app. While the swap feature is still in the beta phase, the buying option works flawlessly and utilizes several payment merchants.
My biggest complaint is that Celsius needs to consider adding the mobile-only features to the web platform so that all users get equal opportunities for buying, swapping, sending and receiving.
Key Features & Advantages of Celsius
Celsius is the perfect all-in-one place for crypto lovers who want to purchase popular cryptocurrencies, invest in them, borrow other assets or pay merchants throughout the world with ease. Celsius has made the earning aspect easier and much more beneficial due to the returns it offers. Users’ funds are safe and sound and they can earn a good amount by staking stablecoins. Users can also invest in volatile or regular crypto assets like ETH or BTC to increase earning potential.
Celsius has a really simple and beginner-friendly interface, and users can get started on the platform right away. Celsius even allows users to sign up with social platforms like Facebook or Twitter. But the benefits of Celsius do not end here! To learn the complete advantages of Celsius, take a look at the list below:
Negatives & Disadvantages of Celsius
If the above list has you convinced that Celsius is the best, hold your horses. The platform is not completely perfect. There are a few things that Celsius could improve in order to offer the best experience. Take a quick look below to discover the negatives and disadvantages of Celsius.
What Services Does Celsius Offer?
One great thing about Celsius is that it is not limited in features. While Celsius focuses on earning, the platform also has features like buying, borrowing, sending, receiving, crypto cards and swapping. Celsius even provides its own mobile app. Celsius has its own community and media coverage, helping users keep themselves connected to the crypto world. To top it all off, Celsius has an easy interface and quick signup options.
If you want to understand all the services of Celsius, dive into the details below!
40+ assets to stake: You can stake a great variety of crypto assets on Celsius. This allows users to expand their portfolios, check out different opportunities or simply stake the assets they already have rather than buying new assets just for the sake of staking.
Celsius offers staking on popular crypto assets such as BTC, ETH, USDC, UST, BUSD and SOL. The platform also actively adds and delists coins based on demand.
Earn up to 17% APY: The APY offered on Celsius depends on market conditions and varies from asset to asset, but the highest any investor can currently earn is 17%. This is a great rate that allows investors to build an income stream. Traditional banks offer only about 5% yearly returns and most crypto accounts offer 10% returns. Compared to those financial services, the investment opportunities at Celsius offers way more benefits.
Mobile app: In addition to utilizing the web-integrated platform, users can download the Celsius app on their mobile devices to start using all of the services of the platform right in one place. With the mobile app, users can access their funds, investments, and all the crypto features whenever and wherever they want. They can also keep themselves updated on market conditions, examine their portfolio, send and receive crypto and much more.
The Celsius mobile app can be downloaded from the Android and iOS app stores. Simply log in to your Celsius account to access everything within seconds of downloading the app.
Instantly buy and swap cryptocurrencies in the app: Celsius users can instantly purchase a number of cryptocurrencies or swap them with other assets through the Celsius mobile app. With these options, users can start investing on the platform right away or hold their assets in their Celsius wallet for as long as they desire.
The platform has made buying cryptocurrencies easy. Because Celsius offers convenient payment methods, users can save time with quick transactions and hassle-free processes. They do not have to visit another exchange to buy cryptocurrencies just to start investing on Celsius.
Borrow assets easily with low rates: If you are short on funds and want to borrow crypto assets without paying a massive interest rate, Celsius can help you out. Celsius mainly lends stablecoins like USDC and USDT, but you can explore other options as well.
Celsius claims to offer one of the lowest interest rates on loans. The APR for borrowing starts at just 0.1%, which can be quite convenient. But users also must provide collateral in order to take out a loan.
You don’t have to waste time borrowing with Celsius, as there are no long procedures or forms to fill out.
Send and receive crypto with CelPay: CelPay is a separate feature introduced by Celsius that allows users to send and receive cryptocurrencies. It is currently available on the mobile app only. Celsius claims that CelPay is easy, fast and free, making it the best solution for crypto users. While CelPay supports a number of crypto assets, the list is not the biggest. Other crypto payment merchants charge hefty fees for this service, whereas it is absolutely free with CelPay.
Great customer support: Celsius has great customer service that is available from Monday to Saturday for a specified period. If users cannot call during working hours, they can leave a message. You certainly will not wait for long to get a reply from the Celsius support team unless you are contacting them outside their work hours. Your problem will probably be resolved through phone or message.
Users can solve their problems relatively quickly, which reduces stress regarding their funds, investments and transactions. The customer support can also help users understand the platform and the services it offers.
Beginner-friendly interface: The Celsius interface is well structured, making it very beginner friendly and easy to use. There are no complicated sections, terms or features that would confuse you, making you turn to a guide just to perform a simple activity. This feature allows users to easily explore the whole platform, use any service they want and get the most out of the platform without any expertise. Whether you are a beginner or an amateur, you will find Celsius easy to use.
Media section: Celsius hosts a dedicated media section with multiple subsections focusing on different services. Users can not only keep themselves updated with what is happening in the crypto world but also learn, grow and expand their portfolio by meeting up with others, watching videos and attending events.
With access to these resources, you can grab opportunities faster, invest when it is the right time and connect with other community members to boost your confidence in and knowledge of the crypto world.
Quick signup with social accounts: You can instantly sign up on Celsius through your Google account or a social media account like Facebook or Twitter. This can save you precious time that you would rather spend finding investment opportunities. Instead of inputting your personal details, you can simply allow your social account to do it for you.
Attractive promotional offers including $50 FREE BTC with $400 deposit: Celsius offers tons of attractive promotional offers via promo codes. All offers require users to deposit a certain amount of crypto to receive a set amount of crypto in return. Users can earn up to $5,000 through one promotional offer in particular. They can also activate more than one offers at a time, though some offers are exclusively for new users.
Things I Don't Like About Celsius
No doubt Celsius is a great investing platform for crypto enthusiasts. But there are a few aspects that Celsius needs to improve. Let’s check those things out.
Many features are limited to the app: Celsius limits the desktop experience when it should be professional and advanced. Many features are available only on the mobile app. Specifically, users cannot buy crypto or send and receive crypto through CelPay using the web version. It can be quite the hassle for advanced users to always use their phones for such transactions. The simple solution would be to bring the same features to the web, and it would make a lot of users happy.
Long KYC verification: In order to proceed with Celsius, you first must verify your identity by following a long KYC verification procedure in which you provide your authentic details along with all the documents to support them, which can be quite time consuming. Only after verification will you be allowed to use the services available at Celsius.
Celsius Deposit Fee
The deposit fee at Celsius is as follows:
- Crypto wallets: Free
- Credit/debit cards through Simplex: 3.5% or $10
- Credit/debit cards through Simplex for EEA and UK users: 2.99%
- ACH transfers through Wyre: 0.1%
- Bank transfers through Coinify: 0.5%
- Credit/debit card purchases through Coinify for EU users: 2%
- Credit/debit card purchases through Coinify for non-EU users: 3.5%
Celsius Fiat Withdrawal Fee
Celsius does not support fiat withdrawals.
Celsius Crypto Withdrawal Fee
Crypto withdrawals are free.
Pros and Cons of Celsius
- FREE $50 BTC sign-up bonus
- Up to 17% APY rewards through staking
- 40+ cryptocurrencies supported
- Borrow funds with a low interest rate
- Buy and swap cryptocurrencies with ease
- Send and receive cryptocurrencies with CelPay
- Several features are limited to the app
- Troublesome KYC verification
Celsius does not fail to deliver what it promises. In fact, Celsius delivers more than the usual crypto investing platforms, and it is gradually expanding, improving and enhancing its services and features. The platform has over $10 billion in assets along with more than 130K+ in BTC, which showcases the trust users have in it.
If you are a casual crypto user who does not have much knowledge about the industry, you can easily get started with Celsius. You can invest, borrow, send, receive or swap assets in a single safe and secure environment. And, of course, the high APY returns can make it worth your while.
If you want to research other crypto interest platforms before committing to Celsius, you can read our article on the best places to earn interest on your crypto.
Frequently Asked Questions
Yes, US users can use the investment services available at Celsius. However, US users cannot hold, invest or be rewarded with the native token of the platform, CEL.
Celsius is a safe platform for crypto enthusiasts that has never been hacked or breached. You can trust Celsius with your funds and assets.
No, crypto trading is not available at Celsius. Users can only buy, swap, borrow and invest their assets on the platform. If you are interested in trading crypto, read our article on the best crypto exchanges here.
Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.