Celsius Review (2022)
Earning Interest on your Crypto
Celcius is a cryptocurrency wallet that allows users to earn high levels of interest on their crypto. Celsius goal is to help people achieve financial independence by giving them a easy to use app where they can earn incredible yield on their cryptocurrency investments. Celsius also in certain jurisdictions has a lending platform which I unfortunately cannot access yet. Once that is available in my State I will update this review.
Celsius was founded by Alex Mashinsky in 2017. He was critical in the development of VOIP in the early 90s. The main goal with Celsius is to drive customers to HODL their cryptos more. Alex believes people trade in and out of their cryptos to often. to do this they offer a much higher rate on your crypto holdings. Also they allow you to use your crypto as collateral and loan against it.
Currently the company has 1.5 Million users, 21 Billion in assets and those numbers are growing fast. By simply holding your crypto on the platform you are able to earn up to 15% and there are many digital assets they support including traditional cryptos like Bitcoin and Ethereum, stablecoins like USDC and USDT and even a token that tracks the price of gold!
Since Celsius is so large they have to follow strict regulatory protocol such as KYC(Know your customer). Some jurisdictions like mine don’t offer crypto lending yet for example.
As far as using the platform it is very easy to transfer money in and out of the platform. Once you whitelist your withdrawal address you can transfer your funds to any wallet you like at anytime. The app also has a swap feature which allows you to easily transfer one token to another. Celsius is best for long term blue chip crypto holders that want an easy way to generate yield on their crypto. The best part of celsius is its very easy to use and takes the guesswork out of yield farming crypto.
Celsius also has a very robust online following and community. The Ceo hosts a YouTube channel and podcast which can be found here .
Also there is a great reddit community that can be found here.
Current Rates for some Cryptocurrencies
Current Rates for some stablecoins
Here are some of the pros and cons of the Celsius platform
Pros
High Yield potential up to 15% paid weekly
No Minimum deposit on balances
Available in over 100 countries
Great Customer service and active reddit community
Easy to use Web and PC platform
Lots of promo codes and referral codes
Cons
Limited Cryptocurrencies
Centralized Platform
US residents are not able to use CEL token
Fetures like swap and lending are not available everywhere
No sweep function to get rid of dust
24 hour whitelist address lock
Celsius also offers a referral program if you sign up for celsius and make 400