Celsius Network review 2023: Is celsuis network safe? Top things to note

7 Mins read

What’s up guys am ObedfFX from and in this article – Celsius Network review 2021. I’m going to take you through the peer-to-peer lending company celsius network where you can borrow against your crypto assets as well as earn interest of up to 21.49. lots of guys have been asking me Obed, is celsius network legit and that’s what am about to answer in this article. 

Celsius Network review 2021: Is celsuis network safe?

Celsius network review

You do not need to have your crypto sitting idle in a wallet or maybe you want to borrow some cash but don’t want to cash out of your crypto investments then celsius might be a solution. with celsius network you can earn rewards on your crypto, you can borrow cash whilst keeping your assets, and pay and transfer in a tap in the app.

 to earn interest simply transfer your assets into celsius and you can currently earn up to 21.49 on your crypto. however, this rate will depend on your level and payout method which we’re going to come to shortly. these profits are issued out every Monday and there’s no minimum balance required, so you can deposit as little or as much as you want and you can deposit the likes of bitcoin, ethereum synthetics where the rates are currently high and you can deposit a host of stable coins plus tokens such as Xrp uni eos and bat.

and you can check out their rates at any time from this page and you’ll see that you’ll get the best rates when you’re holding their own CEL token.

 so for lenders, they offer profits on interest rates for the crypto that’s been deposited allowing you to lend your assets to others whilst gaining interest on the loan. but with celsius not only can you lend your coins to earn interest but you can also borrow cash against them, with celsius you can borrow against 25 different tokens and either receive dollars or stable coins with loans starting at just one percent apr or 0.7.

 if you are paying the interest in their CEL token their terms start at six months and you can extend or choose to terminate the loan at any time with no penalties. now as an example I could get a loan of a thousand dollars over a six-month period and I’ll only have to pay 3.50 of interest in cel which is an incredible rate of interest and since your loan is secured with your coins that are used as collateral they can offer very competitive interest rates compared to the likes of banks and credit cards. then once you repay your loan your crypto coins are yours to keep.

Is Celsius Network Safe

is celsius network safe

 Their co-founders Alex Mashinsky and daniel Leon came up with CEL networks in June of 2017 and completed fundraising in march of 2018. Alex Mashinsky is pretty active on platforms such as Twitter with the celsius community and also hosts weeklyAMA or  ASK MASHINSKY ANYTHING on youtube plus if you’re a subscriber of real vision there’s a great interview available where he talks about his background and the celsius network.

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now as I mentioned celsius also have their own CEL token which gives celsius members exclusive access to the best financial services for cryptocurrencies not only do you get better interest rates when choosing CEL as you’re receiving currency or by holding the token but you also gain access to a different array of member-exclusive advantages. 

and with celsius members purchasing more tokens to get the best rates and users earning tokens in rewards and Hodling this is driving up the price in fact the price was up nearly 4 000 in 2020 and we’re going to take a look at how you can get hold of these tokens during the walkthrough.

 celsius networks generate interest rewards by lending out the assets to on-boarded partners. and celsius are effectively using something called securities lending now when these assets are lent out they are not in short however all of the coin loans are collateralized by up to 150 percent and if celsius were to suddenly disappear go bankrupt or get hacked they state that they will use their balance sheet to cover damages if the losses exceed their balance sheet then they will use eligible digital assets to absorb the remaining losses.

currently, celsius is available as a mobile app on google play store for android and apple app store for ios. so let’s jump into it and I have a code in the summary below that will give you 20 when you deposit 200 for 30 days. so once you’ve used my referral link below to sign up, also upload a photo ID of your choice. once the KYC process has been completed and yourID has been verified you can start using the different app functionalities. and for me, the verification only took a few minutes.

you’ll also want to set up a pin to secure your account, plus you can also enable further security and use it in conjunction with google authenticator then from the main screen of the app you can view your balance, the total interest that you’ve earned you can buy and transfer coins view the available coins and any that are coming soon.

 if you press onto the circle icon in the bottom right-hand side of the screen this is where we have our main menu and there are links in here to all the in-app functions which include a wallet you can transfer withdraw, borrow and access your profile, etc.

and we’ll go through these different options today,y but the first thing you’ll need to do to get started is deposit some funds. to deposit or transfer funds you can click on to transfer from the main wallet screen or click on to transfer from the main menu where you’ll then be presented with a QR code and an associated crypto address. now one word of warning here is that just make sure that you’re sending the correct type of crypto to the correct address.

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if, for example, you send bitcoin to an etherum address you could risk losing all your funds, and if you don’t already have any of the coins that you’d like to deposit you can also buy them inside the app which you can do with credit card or bank transfer although just be aware that this will be a rate around 3.5 percent which won’t be the cheapest way to buy these tokens as you’re going to be paying for that convenience if you want to know some of the best places to buy bitcoin or other cryptocurrencies Click HERE.

 so once you’ve deposited you start earning profits right away with payouts coming directly into your celsius wallet every Monday.

You also have the option to switching rewards to earning in CEL which could potentially increase your rewards depending on the coin or the rate that you’ve deposited. and it also shows me the current price and 24-hour change of your deposited asset as well as the transaction history plus it’s worth mentioning that there’s no locking up of your funds usually lending platforms make you lock in your cryptocurrency for a given time if you want to earn interest however with celsius you can withdraw your crypto whenever you want.

 so let’s take a look at borrowing and applying for a loan with celsius now so if we head across to the main menu and choose to borrow from here you can use their calculator to see how much interest you’ll be paying and you can check these out under their faqs then once selected it will show you the amount of bitcoin that you’ll be using as collateral. and from the sliding bar, you can select the term of the loan from 6 all the way up to 36 months and then continue which will then provide confirmation of the loan.

it will tell you how much you’re borrowing. the estimated collateral will be ultimately determined on approval and just note that these tokens will be locked and ineligible to earn interest it will show you the loan length, the rate monthly interest, and total with the total payments which are your amount borrowed and total interest.

you have something called a margin call and liquidation when you’re borrowing from celsius you’re putting some cryptocurrency down as collateral and because of the high volatility of crypto celsius implements a margin call meaning that if your collateral value drops under a certain price they will ask you to add more to meet the minimum coverage on your loan and if the price drops another threshold and the margin call wasn’t met they will liquidate a portion of your assets to cover for the margin call.

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now in the bitcoin price drop in march 2020, the likes of BitMEX liquidated about a billion dollars and Nexo and blockfi liquidated hundreds of millions of dollars however apparently celsius didn’t liquidate anyone so please ensure that you never overborrow when borrowing from these types of platforms if you’re happy with the loan you can go ahead and continue where you’ll be asked to agree to their terms and conditions.

 once you receive your cash celsius will start to withdraw your monthly payment from your linked account once a month and as soon as your loan is fully paid off the cryptocurrency that you use to back your loan will be fully unlocked and it’s yours to do with as you please.

Celsius My CEL (How to acquire CEL tokens)

 next up we’re going to take a look at My CEL so as I mentioned the CEL token is a great way to access the best interest rates for both lending and borrowing. under My CEL, it will show you how and if your rewards would be better for earning loans if you use their CEL token to earn rewards or pay interest and there are two different ways that you can get these CEL tokens first you can earn them as interest.

 and the second way is to buy the tokens is from the wallet or the main screen you can simply tap onto buy coins, then you can choose your currency and select celsius under the received token then just enter in your credit or debit card or bank account details to finalize the transaction and you should then have your cell tokens within a couple of minutes.

Celsius CEL Pay

so next let’s take a look at CEL pay. so cell pay makes it faster and easier to send and receive crypto and you do this fee-free with amounts of up to two thousand five hundred dollars worth of crypto is simply select the crypto from the drop-down list here then enter the amount that you’d like to send or you can use the predefined amounts here then you just have to go through and import your contacts and you can add a note and then send your funds.

Celsius Community

then finally we’ll take a look at the community. here you see an overview of the celsius network, member counts, the total assets under management, the most deposited coin on the network, as well as the total coins deposited.  and how many people are earning in CEL.  And  that completes my walkthrough on Celsius network review 2021 and I hope you enjoyed this lengthy article today


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