Celsius Network Review 2021: [Earning Yield on Your Crypto]

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Our very lives have been shaped by money… Not enough money, needing to work too much for money, or getting screwed over because of money. This highly valuable and deadly manipulative apparatus, for centuries now, been under the control of the big banks. But as we long for a time to come when money can actually serve humankind instead of the other way around, we'll take a peek now in or Celsius Network review why our hopes for such a future is getting ever rosier.

Celsius' tagline is quite simply, “un-bank yourself.” Although quite simple, it sends a very strong message that you'll no longer have to live by the archaic rules set by banks or the conventional way of how the financial industry works. As an all-in-one financial platform made available right at your fingertips, Celsius Network offers a place where you can earn, borrow, or pay with ease in any number of cryptocurrencies. And, it offers a whole lot more than just a regular bank.

You can earn more in returns on your savings while also paying less in interest for your loans. And to top it all off, Celsius brings together the conveniences of traditional banks that we've known and appreciated and combines that with new-age cryptocurrencies to remove any and all barriers so you can share money cheaply and quickly anywhere around the world. Not excited yet? Well, read along our Celsius Network review to learn more on why you should.

What Is Celsius Network?

Founded in 2017, Celsius Network is an all-in-one digital “bank” aimed at disrupting the traditional mainstay services offered by traditional banks, such as being used for savings or taking loans. As a digital-only platform, the only way to access Celsius's services is through their mobile app offered on Android or iOS – which we've found while writing this Celsius Network review that there's a promo code where you can get $40 in BTC if you sign up.

Since then, Celsius has grown immensely in size and has even recently won recognition from the FinTech Breakthrough Awards as the best cryptocurrency wallet on the market. Celsius remains one the most well-known and popular digital banks, especially when it comes to offering services for cryptocurrencies. This is reflected in their userbase, where there are currently over 580,000 users on Celsius, holding a combined total of more than $14.2-billion worth of assets.

What Does Celsius Network Offer You?

As of this Celsius Network review, there are 3 distinct services offered by Celsius for its users – earning cryptocurrencies through your savings, borrow cash or crypto at low-interest rates, or use cryptocurrencies to send monies or make payments. So for our Celsius Network review, we're going to dive a bit deeper into each one of those ways in which you can interact on Celsius…

Earn More On Your Cryptocurrency Assets

One of Celsius Network's most touted features is its offer for users to earn more than what they might with traditional savings account at a bank – even with a fixed deposit – or with some of their cryptocurrency-focused competitors. Although Celsius is a for-profit company, they claim that they return up to 80% of their earnings back to its users. As a result, you can earn up to 17.78% annually (the current rates as of this Celsius Network review).

Their webpage has a handy calculator to see how much you can earn yearly. For instance, we've found that you can earn up to 6.20% APY from your Bitcoin holdings and up to 13.30% APY for USDC stablecoin holdings in your Celsius wallet. Although, know that you're only able to earn more if you choose to get your rewards paid out in Celsius's native CEL cryptocurrencies; more on that later. However, you can also choose to be paid out in that particular crypto.

For instance, you can earn annual rewards in BTC for your BTC assets in your wallet. It's been reported recently that Celsius Network has paid out more than $250-million to its users since launch. Moreover, you can open up a Celsius account easily, without a minimum balance requirement. The yearly rewards on your cryptocurrency holdings are paid out every week, and you can choose to withdraw them at any time with no withdrawal fees, unlike some of its rivals.

Borrow Cash Or Crypto With Low Interest

Another key feature that we'll explore in this Celsius Network review is being able to borrow from its mobile banking app in either cash or cryptocurrency and with very low interest compared to other services. On Celsius, you can borrow against the collateral of either one of more than 25 cryptocurrencies in your wallet, with interest rates starting from just 1% APR. You'll only need enough collateral, and you could then apply for a loan within minutes from the app.

With its automated process, you won't need to file any paperwork, go through credit checks, or pay origination fees. Loan terms on Celsius start at 6 months, and they also offer the added benefit of a flexible loan-to-value option, where you can best optimize it to keep your interest rates low and minimize the amount of collateral that you need. Taking loans using Celsius is a great option if you don't want to sell your cryptocurrency assets for cash.

But why shouldn't you sell your crypto? For a start, selling it to gain some short- or medium-term capital would mean that you could be missing out on that cryptocurrency's future growth. Furthermore, Celsius's quick loans enable you the option to use your cryptos as collateral for you to buy even more tokens to add to your investment. To date, as of this Celsius Network review, they have lent out more than $8.2-billion to their users.

Pay With Cryptocurrencies Using CelPay

Through the Celsius app, users have the option to send (or receive) cryptocurrencies and pay anywhere in the world quickly, securely, easily, and without having to pay any fees. Compared to many other existing payment solutions such as PayPal, Celsius' CelPay is a far better option thanks to not needing to pay any hefty transaction or processing fees. Even better, you can transfer cryptos without needing to bother with any long and complex addresses.

However, CelPay is best experienced when you're sharing or receiving money between other Celsius users, which Celsius refers to as ‘Celsians.' You can simply tap on another Celsius user's name through the app, select the type of cryptocurrency you'd like to transfer, and then add a note before sending it. This process is devoid of the common complexity that you'd often find in regular cryptocurrency wallets or exchanges.

What Is Celsius' Native CEL Cryptocurrency?

celsius network review

Within its platform, Celsius has its own native cryptocurrency, the CEL token. As we've highlighted earlier in our Celsius Network review, CEL tokens are mainly used to access more benefits on the Celsius platform. For instance, you can earn up to 25% more on your weekly rewards if you choose to be paid out with CEL tokens instead of other cryptos, or how you can get up to 30% discount on your loan's interest rate if you choose to pay them with Celsius' CEL.

As we'll take a look, later on, Celsius has also integrated its platform and services with some larger institutions, and they too can borrow from Celsius Network and get a similar (up to) 30% discount if they pay their interest with CEL. For regular users, the amount of benefits you can attain is dependent on your ‘loyalty tiers' – 4 of them; Bronze, Silver, Gold, Platinum – based on how much percentage-wise of your wallet is composed of CEL tokens.

Following a $50-million token sale in March 2018, Celsius reportedly grew its userbase by more than 800% in its first year. That growth momentum is still strong and has contributed to CEL tokens' huge spike in value to $7.01 as of this Celsius Network review. This price marks a monstrous gain of 31,266.86% from just 2 years ago. Combined with a market capitalization of $1,674,210,384, this makes Celsius' CEL the 69th-most valuable cryptocurrency.

A bit more on its tokenomics, Celsius has capped the supply of CEL tokens to 695,658,161 CEL, of which 522,197,452 CEL (or 75% of its total supply) are in circulation. The remainder 117,000,000 CEL is locked by the platform, mainly to help fund future developments. According to data from Messari, around 90% of deposits on Celsius come from regular users, while nearly 100% of borrowers are institutional clients. As such, Celsius's main earnings derive from lending retail deposits from regular users like you and me for large institutional clients.

See Also: Celsius Price Prediction

How Does Celsius's Future Look Like?

For the time being, as of this Celsius Network review, there is no fixed roadmap of what they might be planning up ahead. However, we can predict that their main focus is to continue expanding their user base even further. From a user's point of view, Celsius is among the most popular mainstream cryptocurrency-focused financial platforms on the market today. We can also expect that Celsius will be working with more crypto-based services in the near future.

Currently, they have a healthy list of partnerships. This includes working with platforms like Bitwala, Coinlend, Voyager, Monarch, Amon, Infinito, and more to bring Celsius services such as earning high interest on top of their users' cryptocurrency holdings. They've also worked with brands like Korbit to actively manage a part of their treasury. Added benefits such as zero network fees and low-interest loans are also accessible should brands partner up with Celsius.

Celsius Network Review: Conclusion

In closing out our Celsius Network review, we've actually found it hard to find any significant downsides to using Celsius. Their mobile app (no web interface, unfortunately) is very easy to use with slick navigations on top of a colorful and pleasing end-user experience. Although it seems that more than a few users have reported difficulties with their customer service, so it would be great to see Celsius address these shortcomings soon.

Other than that, Celsius, despite only being a few years old, has indeed lived up to their motto of “un-bank yourself.” Within a single app, Celsius offers a healthy number of services that regular customers can have access to with ease and still be able to benefit a lot from them. From just letting your cryptocurrencies sit idly by, you can earn high returns – much higher than most of its competitors. Or, you can borrow money in an instant with very, very low interest rates.

Moreover, Celsius's native CEL cryptocurrencies offer its users plenty of additional perks on top of Celsius's already generous rewards. As such, we can conclude our Celsius Network review with a strong recommendation for anyone looking at more equitable and accessible alternatives alongside their regular bank; with many ways to passively earn money, zero network or withdrawal fees to worry about, no minimum deposits, compounding interest, and very speedy transactions.

Celsius Network Review
Overall
4.8
  • Ease of Use
  • Features
  • Project Values
  • Tokenomics Model
  • Long-Term Sustainability

Pros

  • The app is very well designed and laid out, with colorful UI and easy navigation.
  • Users can easily earn high yearly interest (paid weekly) for their crypto assets.
  • Loans can be applied for within minutes with relatively very low interest rates.
  • Users can get more benefits and perks by holding CEL tokens – higher earnings, lower interest on loans, etc.
  • Zero fees on the network, so that users can withdraw tokens at any time without paying any withdrawal fees.
  • Withdrawals are practically instant, as well as quick transfers to other users thanks to CelPay.
  • No minimum deposit requirements are needed to open an account.
  • Celsius remains very friendly and compliant with regulations, with licenses from the SEC, FCA, and FinCen, etc.

Cons

  • Customer support can be slow or unresponsive at times.
  • The mobile app can be susceptible to bugs or glitches, like not being able to log in or crashing.

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