Celsius Review

On July 13th 2022, Celsius Network filed for Chapter 11 bankruptcy. Previously, they have suspended withdrawals, transfers and swaps due to a lack of liquidity. Do not consider Celsius Network as a tool for your crypto assets. The review below is outdated and we decided to keep it for educational purposes.

Celsius is a cryptocurrency lending and borrowing platform that enables users to deposit crypto and earn interest. As someone who has tested over 50 crypto platforms since 2016, I explored Celsius to determine if it’s beneficial for Canadians. Here’s our detailed Celsius review.

Celsius Summary 

Celsius is a centralized borrowing and lending platform with over 1.5 million global users and $18 billion in assets under management. The platform allows you to deposit your crypto and earn up to 17% APY, with interest paid out weekly.

Additionally, you can borrow crypto at rates as low as 1% APR by depositing collateral. Celsius is designed to encourage long-term crypto holding, rewarding users with interest on their holdings while providing access to borrowing options.

Celsius Features

Celsius offers its global users the ability to borrow or lend crypto, making it a versatile platform for managing cryptocurrency holdings.

If you’re a long-term holder, depositing crypto on Celsius allows you to earn interest, with rates varying depending on the asset. For instance, you can earn 6% APY on Bitcoin deposits or 8.5% APY on USDC. Celsius advertises returns of up to 17% APY, but this rate is limited to users opting to receive rewards in Celsius Token (CEL) for depositing Synthetix (SNX).

For borrowing, users need to deposit collateral in Bitcoin, Ethereum, or other cryptos, and can choose from a variety of stablecoins to borrow, including USDC, DAI, and GUSD. Borrowers benefit from an attractive interest rate of just 1% APR.

Celsius is also introducing a credit card, which is currently available via waitlist. This unique card lets you earn rewards on spending while earning interest on your crypto collateral. Unlike many crypto cards, the Celsius card functions as an actual credit card, where your collateral determines your credit limit. You repay your balance like any traditional credit card, with the option to pay back using rewards, stablecoins, or fiat.

Additionally, Celsius is set to launch a swap function, allowing users to exchange one crypto for another without fees. For free transactions between users, Celsius offers CelPay, enabling you to send and receive crypto seamlessly within the Celsius app.

Registration & Verification

To sign up to Celsius, first enter your name and email and create a password. Then, confirm your email.

Then, you’ll need to create a six-digit PIN. After this, your account will be created but you will need to go through the verification process to start earning. The process is the same as regular crypto exchanges. 

You will need to provide your full name, date of birth, and address. 

Next, you will need to provide your taxpayer identification number or SSN. Then, you will need to upload a government-issued ID. 

Fees

Currencies & Deposit Methods

To earn interest on your crypto holdings, you can deposit any of the accepted cryptocurrencies on Celsius, including Bitcoin, Ethereum, various altcoins, stablecoins, and even gold-backed tokens.

You have the option to earn interest in the same cryptocurrency you deposit or to earn rewards in the Celsius token (CEL), which can boost your yield by up to 25%. The maximum yield available is 17% APY on SNX tokens.

While you can purchase crypto directly within the Celsius app using a debit/credit card or through third-party bank transfers, this may not be the most cost-effective option for Canadians due to associated fees. Instead, we recommend transferring crypto you already own to Celsius, as transfers are free and allow you to start earning interest without additional costs.

Security and Safety

Celsius employs several security measures to safeguard your assets. These include 24/7 security monitoring, incident response drills, insurance, advanced data protection, and multi-party computation (MPC) technology to secure transactions and private keys.

Celsius is also registered with FinCEN in the US and holds a California Finance Lender License (license number 60DBO-133776), ensuring compliance with financial regulations.

For additional account protection, users can enable two-factor authentication (2FA), whitelist withdrawal addresses, and activate HODL Mode, which blocks any withdrawals until manually deactivated. These features provide multiple layers of security to keep your funds safe.

Mobile and Desktop app

The Celsius platform is simple to use. It has a clean layout and in the dashboard, you can view all of your crypto holdings, your earnings, and other coins that you can deposit. 

Click the “receive” tab to send crypto to your Celsius account to start earning. 

The Celsius mobile app has a 3.6-star rating on both the App Store (from 1,800 reviews) and Google Play (from 7,200 reviews). While most reviews are positive, highlighting the app’s ease of use and features, some users mention issues such as bugs and the inability to auto-invest earned interest into a coin of their choice, which can limit flexibility for some users.

Loan requests can only be completed using the Celsius app. You can also buy crypto with a credit card using the app. 

Customer Support

Celsius provides phone and email customer support six days a week. Users can either call their support team or submit a ticket through the Celsius website.

With 67% excellent customer reviews on Trustpilot, Celsius stands out as one of the best crypto platforms for customer service, demonstrating its commitment to user satisfaction.

Conclusion

On July 13th, Celsius Network filed for Chapter 11 bankruptcy. Previously, they have suspended withdrawals, transfers and swaps due to a lack of liquidity. Do not consider Celsius Network as a tool for your crypto assets. The review below is outdated and we decided to keep it for educational purposes.