Celsius Network Quick Summary
|Fees and Account Minimums||5 Stars|
|Ease of Use||5 Stars|
|Customer Support||4 Stars|
|Mobile App||4.5 Stars|
One of the things that make Celsius Network so beginner-friendly is that there’s no account minimum and no hidden fees. Celsius generates its profits through its lending activities so it has no need to nickel and dime its users.
With that said, you will have purchasing limits depending on how you buy your crypto in the app. If you’re using Wyre, you have a weekly maximum of $5,000 and a monthly maximum of $20,000 on bank transfers. Coinify has a 50,000 EUR daily maximum on bank transfers and a 1,000 EUR daily maximum on credit card purchases.
|Loan Origination Fee||$0|
|Early Termination Fee||$0|
Overall, the Celsius app is very easy to use. While the onboarding process is simple, there is a bit of delay due to the need for identity verification. The app is available in over 100 countries, each with its own unique laws surrounding cryptocurrency. So, your onboarding and identity verification process will be different depending on which country you’re in.
Once you’re onboarded, the app itself is easy to use. The user interface is intuitive, so you’ll be able to navigate your way around with little guidance. If you need a tutorial, it has a ton of videos that walk you through each of the features and how to use them.
Your balance and total earnings to date are available at the top of your dashboard, and with a single click you can see a weekly breakdown of your earnings over the entire time you’ve had the app. So, it’s easy to keep track of your earnings, deposits and withdrawal history.
It’s also easy to start earning interest. Your rewards are calculated every Friday and added to your wallet each Monday. The day you make your deposit is the day you start earning. If you deposit on a Thursday night, you’ll see your first rewards in your Celsius wallet the following Monday.
Other features like buying more coins, withdrawing money, paying friends or taking out a coin-backed loan are equally simple processes.
For loans, you just choose your amount, your interest rate and your payback schedule — and you’re done. The loan is backed by your coin balance, so the amount is limited based on the amount in your wallet. Your coins stay in your wallet and continue earning while you’re paying back the loan so it’s a convenient option for when you need cash but don’t want to make a withdrawal from your Celsius wallet.
The CelPay feature allows you to pay friends and family in crypto as easily and quickly as you would with any other payment app. The person you’re sending crypto to doesn’t need to have a Celsius wallet, either. Overall, it’s a very convenient and easy-to-use platform that makes it simple for users to navigate and use all of the features it offers.
Celsius was not built to be a lively trading platform, so it’s a little light on educational material relating to technical or fundamental analysis. While it doesn’t offer a ton of educational resources, it’s still a great learning tool for beginning crypto traders.
The website does offer some helpful resources to learn about the different features and options in the app. It also has a handy glossary with all the slang and jargon that’s tossed around by crypto traders so you can learn to decode what they’re talking about as you dive deeper into their world.
Since it’s designed for more passive investing, you can dip your toes in the crypto pool without putting more money on the line than you’re comfortable with and without paying crazy-high transaction fees.
Celsius Network is going through some growing pains, and as a result, customer support has been a little slower to respond. However, the company is extremely responsive on social media—on Twitter and Reddit, in particular. It is also taking steps to expand its customer service team, so the level of support is expected to improve.
For that reason, we give it 4 stars for its willingness to be proactive on this front where many other startups wait too long to build out their customer service department. In the meantime, we recommend reaching out via its social media channels if you’re not getting the rapid response you need through its customer support channels in the app.
Celsius Network’s main perk is the weekly earnings payout users get just for holding their coins in their Celsius wallet. It also offers low-interest loans and a pay feature so you can send coins to friends and family without transaction fees.
In the app, you’re able to buy coins through ACH transfer, debit/credit card purchases or SEPA transfer. Currently, the coins Celsius offers include:
It also offers CEL tokens, Celsius’ own currency, although U.S. residents can’t buy these yet. Each Friday, your earnings are calculated based on the interest earned by Celsius, your loyalty tier and the specific cryptocurrencies you’re holding.
Celsius Network uses a 4-tier loyalty program. Your tier determines your interest rates and other benefits. The 4 loyalty tiers are defined by what percentage of your portfolio is in CEL tokens:
- Bronze Tier: Less than 5% of your portfolio is in CEL tokens
- Silver Tier: 5%-10% of your portfolio is in CEL tokens
- Gold Tier: 10%-15% of your portfolio is in CEL tokens
- Platinum Tier: 15% or more of your portfolio is in CEL tokens
The extra perks associated with each tier are as follows:
- Bronze: No bonuses; you earn standard interest and get standard loan interest rates
- Silver: 10% bonus on your earnings and a 10% discount on loan interest rates
- Gold: 20% bonus on your earnings and a 10% discount on loan interest rates
- Platinum: 35% bonus on your earnings and a 30% discount on loan interest rates
Also, all users get a 2% cashback bonus if they send CEL tokens with the CelPay feature in the app. However, you can send any of the available cryptocurrencies using the app — you just don’t get the cashback bonus when you do.
Celsius only offers the mobile app and because of that, all of its development efforts go into making it as intuitive and user-friendly as possible. You can access all the services and features that Celsius has to offer right from your phone.
The home dashboard has a clean, useful display with your total account balance and total earnings at the top along with easy-to-read graphs charting the growth of each cryptocurrency in your wallet.
Celsius Network is a great platform for beginners who want to start buying crypto without taking on the full risk that comes with this more volatile market. It’s also great for passive investors looking for a safer tool for buying and holding crypto. There are no account minimums, no hidden fees and no complications when you’re ready to withdraw your money.
You’ll still need to do your own research to learn more about the different currencies and the general landscape of the crypto market, but the app itself is so intuitive that you can start earning right away while you’re learning.
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