Cryptosphere is heating up, especially the DeFi side.

For those of you who are aware, let me tell you Celsius network is going to be a massive player in the decentralized financial ecosystem. After all, the company paid around $30 million in dividends in 2021.

I think you have already sensed that given the fact you are reading this article. So let me not beat around the bush more and tell you straight about Celsius, what I know and why it is so significant?

In this Celsius Network review, we are going to talk about the Celsius crypto lending platform around the following lines:

  • What Is Celsius Network?
  • Celsius Team
  • How Does Celsius Lending Works?
  • Features Of Celsius
  • Why Choose Celsius For Crypto-Backed Loans?
  • Cel Native Token Utility
  • How & Where To Buy Cel Token?
  • Celsius Comparison With Others

So let’s just right into it:

Our #1 Recommendation

  • Earn upto 17% APY Interest on Crypto 

  • Get Weekly Interest Credit 

  • Funds are Insured by BitGo

  • Get Bitcoin Bonus worth $50

Celsius Network Review: What Is Celsius Network?

Celsius Network is a crypto lending financial platform that is acting in your best interest.

It is a crypto lending company facilitating borrowing and lending for the people who needs it the most. For borrowers, there are low-interest rates, whereas, for the lender, there is a fair share of the income distribution.

Celsius believes that the world needs banking but doesn’t need a bank. So it has taken it upon itself to be that kind of service that provides banking services to the billions who have no financial playing field, but they do have their mobile phones.

Celsius is leveraging the power of blockchain and blockchain-based tokens to provide a just system that is built ground up by a team of competent people to take it to the masses.

Thus Celsius’s goal is to bring the next 100 million into crypto by providing them services that aren’t available to the general masses via traditional financial institutes.

Celsius offers a wide range of products to its users. These include traditional crypto borrowing and lending and innovative features like CelPay, CEL token, and institutional desk services. Hence, you can do a lot with your crypto assets in Celsius.

Celsius Team

Alex Mashinksy and S. Daniel Leon are the two co-founders of Celsius. Alex is the Chairman of the company, whereas S. Daniel is the President and COO. Other prominent members of the Celsius Network team are:

  • Nuke Goldstein – CTO
  • Jeremie Beaudry – CCO
  • Camilla Churcher – Global Head of Business Development
  • Roni Cohen-Pavon – Chief Revenue Officer
  • Ron Deutsch – General Counsel & Head of M&A
  • Ashley Harrell – VP Finance and Operations
  • Patrick Holert – Finance Risk officer
  • Carl Hua – Chief Architect
  • Shiran Kleiderman – Chief Security Officer and Head of IT
  • Vijay Kondru – CMO
  • Aliza Landes – VP Lending
  • Yaron Shalem – CFO
  • Rodney Sunada-Wong – Chief Risk Officer
  • Harumi Urata-Thompson – CIO
  • Trunshedda W. Ramos – VP of People


Apart from these key members, Celsius has a board of advisors comprising blockchain pioneers, investors, and finance experts.

Celsius team believes in doing good and doing well concepts meaning everyone can do good and do well provided they are given the opportunity.

Team Celsius takes the most fundamental aspect of financial service, i.e., lending and borrowing, to democratize and decentralize it so that it acts in the best interest of its users.

Thus the team is comprised of individuals with unique backgrounds such as serial entrepreneurs experienced in disrupting moats, veteran business people, banking experts, business development people, and of course, women.

Celsius believes, real disruption of this scale cannot happen without women, so women members form a considerable part of their team.

Features Of Celsius

I am not a spokesperson of Celsius, but their features are worth bragging about, especially after you understand their vision and commitment to transparency. Some of the features of Celsius that I like are:

  • Earn Cryptocoin

The cryptocurrencies you have put in your cold storage could be earning upto 17% if you deposit them with Celsius. This is an age-old method applied by wall street veterans for making their existing money make more money for them.

Celsius makes it accessible to you, and it doesn’t matter how much crypto you have. Whatever the amount, you are ready to stake it at Celsius and get-go from the start to earn weekly interest (every Monday) in terms of stablecoins.

  • Borrow Cash [Cash loans]

If you are a borrower and you are a HODLer of cryptocurrencies, this is for you. Get cash or stablecoin loans at the lowest interest rates on your crypto collaterals. This is the best you can get and is also the best thing to do without selling your cryptocurrencies which you might appreciate in the future.

  • CelPay

About CelPay, I wasn’t able to find much info, but it looks like it is a wallet that allows you to send crypto from one wallet to another for free.

But as I understand, this feature is only useable for people already on the CelPay app. When you transfer crypto from your wallet to another, Celcius just does the background accounting work.

However, not to miss this point that it is actually a full-fledged cryptocurrency wallet and additionally facilitates paying your fellow Celsians instantly without leaving the app.

  • FeeFree Lending Platform

This part is exciting, and I know this is hard to do because I have worked in the traditional mortgage industry for a year. There you have fees upon fees upon fees. There is an origination fee, underwriting fee, closing fee, fee & fee & what not !!

But at Celsius, there are no withdrawal fees, no deposit fees, no transaction fees, no early termination fees, no origination fees, no breathing fees, making it the first fee-free crypto lending and borrowing platform, which is the need of the hour.

No fees! No fees!!

  • Cel Token Utility

CEL token is purely a utility token designed to give you the best possible financial services in the cryptosphere. There are several utilities and benefits of holding and having CEL tokens, and some of them are:

CEL holders get up to a 25% discount on their interest rates if they are borrowing from Celsius and maintaining a certain level of balance of CEL tokens. Also, CEL holders will get seniority in terms of getting dollar loans when the dollars become scarce.

As a lender, if you choose to get your weekly interest in CEL, you will receive up to 20%** more interest on all non-CEL deposits, and as a CelPay user, whenever you transact using the app, you will receive cashback up to 2% in CEL tokens.

Furthermore, you can earn a 4.86% APY by HODLing with Celsius.

How Do Celsius Lending & Celsius Network Interest Rates Work?

Celsius lending works similarly to other crypto lending platforms. You deposit crypto assets in your savings account and earn up to 17% APY on your crypto holdings.

A striking feature of Celsius’s lending platform is the high APY of 17%, which is significantly high than other platforms.

APY stands for annual percentage yield, which in simple words, refers to the interest you earn. However, 17% APY applies to the SNX token only. For other tokens, the APY ranges between 0.50%-8.88%.

The lending process is simple. All you need to do is fund your Celsius wallet with a cryptocurrency supported by Celsius.  Celsius has a minimum lock-up period of seven days. As you deposit an asset, it gets locked in for seven days.

That’s it. Once you have deposited cryptocurrency, you’ll start earning interest accrued daily. Celsius pays out interest payments every week.

Coming to APY, Celsius offers an APY of 8.88% on all stablecoins except MCDAI, for which the APY is 4.60%. The stablecoins supported by Celsius are TUSD, GUSD, PAX, USDC, MCDAI, USDT, TGBP, TAUD, THKD, TCAD, BUS, and ZUSD.

Celsius allows you to deposit three gold tokens – PAXG, XAUT, and WDGLD – and earn a 5.50% APY on them.

The APY offered on cryptocurrencies varies greatly. Celsius offers the highest APY of 13.99% on SNX and the lowest APY of 0.50% on MANA. For BTC deposits, the APY is 6.20%, for BTC deposits up to 1 BTC and 3.51% beyond that.

You can get a boost on your APYs by accepting rewards on CEL. The increase in APY is unique to each asset. For stablecoins, the yield in CEL is 11.21%, whereas for SNX, it is 17.78%.

Why Choose Celsius for Interest Accounts?

Celsius has one of the best lending products in the cryptosphere. Let’s look at some major benefits of using the crypto lending feature of Celsius.

  • No Balance Requirements: Celsius is one of those few cryptocurrency lending platforms with no minimum balance requirements. You can fund your account with any amount and start earning the same returns as anyone else.
  • No Fees: Celsius doesn’t charge to savings account holders. There are no transfer fees either. Moreover, the Celsius website assists that they’d even assist you if you ever decide to leave.
  • Weekly Rewards: Celsius pays out the accrued interest every week into your savings account. This allows you to earn compounding interest and grow your account exponentially.
  • Support for Multiple Cryptocurrencies: Celsius allows you to earn interest on over 40 digital assets. There are hardly any other cryptocurrency lending platforms that offer guaranteed returns on these many crypto assets.

Celsius Network Review: How do Celsius Loans Work?

Celsius loans work in a very straightforward manner.

Anyone who requires cash loans can apply and get crypto-backed cash loans at a 4.95% annual rate. This is mainly for dollars and stable coins like USDT, USDC, etc. So get guaranteed out cash or stable coin loan against your BTC, ETH, XRP, BTG, and BCH at the lowest interest rates.

However, there is a minimum loan limit of $3000, meaning you need to collateralize crypto worth $3000 to get a loan in cash or stablecoins from Celsius.

Further, if you have a crypto interest account, whatever you as a lender deposit on the Celsius platform gets loaned out to crypto hedge funds and crypto exchanges at a predetermined interest rate. 80% of this interest charged is given back to you by Celsius since you have lent it and the remaining percentage Celsius takes.

Getting a loan on Celsius is fairly straightforward. You need to select the amount you want to borrow, and the platform will reflect the collateral you need. Contrarily, you can enter the collateral you have, and the platform will show the loan amount you are eligible for.

Celsius allows you to use all the 44 digital assets as collateral on which it offers interest. Therefore, you can use any crypto asset you own to take a loan.

Once you have decided the loan amount you need and the asset you’ll use as collateral, you need to select an interest rate you’re comfortable with.

Celsius decides the interest rate based on the loan-to-value ratio (LTV). LTV is the amount of loan you can get against the asset you have used as collateral. Suppose you use 1 BTC as collateral, and the LTV is 50%. If the current market price of 1 BTC is $50,000, you can get a loan up to 50% of $50,000, which is $25,000.


Celsius has three LTV-interest rate combinations:

  • 50% LTV – 8.95% interest rate
  • 33% LTV – 6.95% interest rate
  • 25% LTV – 1.00% interest rate

Based on your LTV and interest rate requirements, you can choose an LTV-interest combination that suits you. Celsius offers loan terms ranging from 1 year to 3 years. Your loan term doesn’t affect your interest rate or LTV.

To wrap up, here’s a step-by-step process to getting a loan on Celsius.

  • Choose a cryptocurrency or stablecoin that you’d like to use as collateral.
  • Enter the amount you want to borrow, and fund your account with the desired amount of collateral. Ensure that you’ve understood the LTV and interest rates properly.
  • Select the duration of your loan.
  • Confirm all the details and get approved. After approval, the funds will be transferred to your bank account.

This is how it works !!

Why Choose the Celsius App For Crypto-Backed Loans?

There are many reasons to choose Celsius over other crypto lending platforms, and all the features that I have listed above advocate for Celsius in itself. But still, here are some of the top reasons for which I believe you should use Celsius before trying any other crypto lending site:

  • BitGo is their custodian, so your assets are safe with them as BitGo covers up to $100m for Celsius.
  • There are no hidden fees in Celsius. No origination fees, no early withdrawal or minimum balance fee, etc.
  • No penalty for early withdrawal or your deposit. You will earn interest for the exact number of days you kept your crypto with Celsius. So your money is always within your reach.
  • Interest rates on cash or stablecoin loans backed by your crypto are the lowest in the industry.
  • The team has a lofty goal of introducing crypto to 100 million users, which is a real goal and shows their seriousness.
  • CEL token has exclusive utilities, which is missing in other lending platforms.

How & Where To Buy Cel Token?

There are numerous ways to buy the CEL token. Suppose you are registered on a cryptocurrency exchange. You can buy the CEL token on Liquid and IDEX exchange for ETH since it is an ERC20 token. Celsius also allows you to buy the CEL token from the Celsius app.

Moreover, if you’re depositing over $25,000 in your Celsius app, you can contact the Celsius OTC desk, and the Celsius team can help you buy the CEL token directly.

The important question, however, is that is buying the CEL token worth it? The answer is a big yes, and that’s for two reasons. First, the token offers several benefits to a Celsius Network user. You get a discount on loan interest rates and extra APY on lending your assets.

Secondly, the CEL token itself has been on an uptrend for quite a while. Therefore, holding CEL tokens can help you gain good returns in the long term.

Celsius Tiers and Rewards

Celsius offers extra earnings, also known as rewards, to non-US users who hold CEL tokens. There are four loyalty tiers, with each tier having different CEL token holding requirements and bonus rewards.

The four tiers are Bronze, Silver, Gold, and Platinum. Let’s look at the bonus rewards for each tier.

  • Bronze Tier: 5-10% CEL holdings – 5% bonus rewards and loan discount
  • Silver Tier: 10-15% CEL token holdings – 10% bonus rewards and loan discount
  • Gold Tier: 15-20% CEL token holdings – 20% bonus rewards and loan discount
  • Platinum Tier: Over 20% CEL token holdings – 30% bonus rewards and loan discount

Here’s a quick example of how the rewards work. Suppose you’re holding the SNX token in your interest account at 13.99% APY. With CEL holdings, you can earn up to 18.55% APY on the same.

However, please note that the Celsius token, and hence the rewards, are applicable for non-US uses only. People living outside the US can’t benefit from the CEL token and its advantages.

Does Celsius Charge Any Borrowing, Lending, or Withdrawal Fees?

The Celsius website doesn’t mention any fees associated with loans or lending. However, a transaction fee may apply when you withdraw funds from your Celsius account, depending on the transaction method. Additionally, there is a withdrawal minimum of $10.

How Does Celsius Compare With Others?

Now, you must be curious about how Celsius compared to some of its competitors, mainly crypto lending platforms like BlockFi, Nexo Loan, and Salt.

Celsius Network is way ahead in its vision and implementation compared to its peers like, Salt Lending, and BlockFi. Celsius already have a mobile phone app, which is lending and borrowing each day.

Plus, their interest rates and fee structure are precisely aligned to benefit the users of the platform. If you still have second thoughts, why don’t you go through this comparative analysis between all the competing parties in the cryptosphere:

As you can see, Celsius charges the lowest loan interest payment rates (4.95% onward), whereas the other platforms have interest rates starting from 6.99%, 8%, and 12%.

Celsius Network is also ahead of BlockFi and SALT in terms of fees. BlockFi charges a 2% loan origination fee, and SALT charges a membership fee. Celsius doesn’t charge any fee as of now.

Coming to the earned interest or APY, Celsius Network offers up to 13.99% APY on cryptocurrencies and 8.88% APY on stablecoins. In comparison, Nexo offers up to 6% APY on cryptocurrencies and 10% APY on stablecoins.

Celsius doesn’t have any minimum balance requirement, whereas BlockFi and other platforms do.

Most importantly, the Celsius Network platform has a dedicated mobile app for Android and iOS users. While other platforms have a mobile platform, Celsius is a purely mobile-based service. Hence, its mobile app is more powerful and intuitive than other platforms.

Is Celsius Easy to Use?

One of the major reasons to use Celsius Network is its usability. Everything from registration and onboarding to depositing and withdrawing funds is seamless. The user interface is intuitive and designed with beginners in mind.

You can easily use Celsius even if you don’t know anything about crypto lending and borrowing. The Celsius app has individual sections for each product/service, which makes using the app effortlessly. The process of withdrawing money is also seamless and hassle-free.

The only downside to using Celsius Network is the lack of educational resources. Since it’s not a lively trading platform like FTX and Binance, it has limited material that educates you about trading or investing.

The focus is on passive investing strategies, and the Celsius website and app do a good job of helping you with that.

How to Open an Account on Celsius?

Celsius has a seamless account opening process. Here’s a step-by-step process to opening an account on Celsius.

  • Download the Celsius app on your mobile. The app is available for both iOS and Android devices.
  • Sign up on the app and verify your account. Since Celsius is a regulated company, identity verification is mandatory on the app. The Celsius team takes 24-48 hours to verify your account.
  • Deposit funds in your Celsius accounts to start using the Celsius services.

Is Celsius Network Safe and Legit?

Celsius Network is a fully regulated and SEC-compliant lending platform with a strong track record regarding security. It implements a comprehensive range of security features that provide all its users with a safe and hassle-free experience.

Let’s look at some security measures taken by Celsius.

  • Celsius has BitGo insurance, and all the assets are stored with BitGo. The coverage is up to $100 million against cyberattacks, thefts, or inside jobs.
  • Celsius stores 95% of its users’ funds in multi-signature cold Celsius wallets with private keys for added security.
  • Celsius allows users to activate two-factor authentication for enhanced account protection.
  • Celsius has mandatory KYC requirements to ensure the entire user base is verified.

Plus, Celsius has issued loans of up to $1.2 billion to date and has 30,000+ active users of the product. Do you still need me to speak for its legitimacy and security !!

Celsius Customer Support and Service

Celsius Network has one of the best customer support teams in the cryptosphere. It is one of the few crypto platforms that offer phone support in the US and the UK.

Apart from phone support, Celsius provides email support in three countries – the US, the UK, and Israel. You can also reach the Ceslisus team on Twitter (@CelsiusNetwork) and Reddit (r/CelsiusNetwork).

However, Celsius Network has recently been going through some growing pains. With the number of users of Celsius Network exploding, the response times have become slightly slower.

Celsius Network Pros and Cons

Since its launch in 2018, the user base of Celsius has been growing because of its ease of use and attractive services. However, there are some minor drawbacks that Celsius users must keep in mind before registering on Celsius.

Let’s look at the pros and cons of using Celsius.


  • Up to 17.78%, APY interest paid on crypto deposits is one of the highest currencies in the crypto market.
  • Weekly payouts
  • Intuitive mobile app available on iOS and Android
  • No loan origination, prepayment, trading, or other Celsius Network fees
  • Extra rewards on using the CEL token
  • No minimum deposits or balance requirements
  • Crypto loans available at low-interest rates
  • Support for a lot of cryptocurrencies and stablecoins
  • Top-notch security with insurance


  • CEL token and loyalty tiers not available to US users
  • Minimal educational resources
  • Centralized and regulated platform with mandatory KYC requirements
  • No advanced trading features

Who Should Use the Celsius Network App?

Any person who holds crypto or wants to start investing in crypto can use Celsius. The platform offers a wide range of features that allow you to do more with your crypto assets. Celsius is best for:

  • Generating passive income by lending your assets
  • Using your digital assets to borrow cash loans
  • Beginners who have investment advice and want to explore the cryptosphere

Celsius isn’t suitable for advanced crypto users who want to trade in cryptos actively and earn profits. If you’re someone who wants their cryptocurrencies to sit and generate passive returns, Celsius will be a great choice for you.


You can use the Celsius promo code to get a $50 worth BTC Bonus and also you can buy and hold their CEL tokens for exclusive benefits, which I have explained in the features section of this article.

The last important thing is since Celsius is disrupting the crypto lending and borrowing space for the unbanked people, the regulatory hurdles are meant to arise.

So I suggest you have a look at these notes, which shows that Celsius isn’t available everywhere yet and is still fighting the good fight.

That’s all from us in this introductory guide on the Celsius network.

If you are someone who has used this platform already? Then do share your experience with us and if you haven’t checked Celsius Network out, then do so as the registrations might close due increase in the popularity of crypto-backed loans !!

Our #1 Recommendation

  • Earn upto 17% APY Interest on Crypto 

  • Get Weekly Interest Credit 

  • Funds are Insured by BitGo

  • Get Bitcoin Bonus worth $50

Find out how does Celsius Network stacks up against other crypto lending platforms:

Sudhir Khatwani