Celsius Network Review: Is It Safe & Worth It?

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Celsius Network (or simply Celsius) is one of the most discussed crypto companies currently. The promise is a big one: deposit your crypto and you’ll earn a high yield on them. You can also borrow crypto for as low as 1% interest rate. In our Celsius Network Review, we cover for you all aspects we could think of that might be useful to you if you are considering joining Celsius.

The Whale Journal’s editorial team independently created this content. We may earn a commission from affiliate links in this article. This doesn’t affect our editors’ opinion.

If you decide to use Celsius, you can join it using our referral link (or directly use our referral code 131151d5d7) to get $50 in Bitcoin as a welcome bonus. The condition is to deposit $400 worth of crypto and hold them for 30 days. You’ll help The Whale Journal in producing independent content on cryptocurrencies.

To Start Our Celsius Network Review: What is Celsius?

Earn Yield on Crypto You Deposit on Celsius

This is what attracts most people on DeFi and CeFi platforms like Celsius. You deposit your cryptocurrencies (Ether, Bitcoin, etc.) on the platform and you receive money in return, based on an APY. This is the same mechanism for your savings account at your traditional bank.

Borrow

You can borrow money against your crypto, for an interest as low as 1%. That means your crypto will be the collateral that backs your loan. This is useful for people who need cash but don’t want to sell their cryptocurrencies. Celsius is indeed very much focused towards hodlers.

Pay

You can send crypto to others using the CEL Pay feature.

Good rates & Weekly Rewards

We tend to forget that our money produces interest. Today, in most developed countries, banks pay an interest below 0.5% per year for your savings. Decentralized finance in crypto offers much better interest rates. CeFi also and Celsius is known for offering some of the best rates for your assets.

If you chose to get your rewards paid in CEL token, you’ll get an even better yield percentage (which can be much better). For example, at the time of writing those lines, you can earn 8,88% on USDC if you want to be paid in USDC, but 11,21% if you select to be paid in CEL.

The calculation of your rewards is done weekly, every Friday. The rewards are deposited on your account on Mondays and immediately start generating yield themselves.

Phone app + Web app

Celsius is mainly used through is phone app. It’s simple to use and the design is fine. Nothing that would get them an award, but it gets the job done.

Future Plans

Celsius, like its competitors in CeFi, is a new company and innovations and novelties are frequently announced and released.

Credit Card

Celsius officially announced the future release of a credit card for its users. Compared to competitors like Crypto.com or BlockFi which already have cards available, Celsius is still early in the works. Not much details have been released yet.

You may be interested in reading our BlockFi credit card review.

In-app Swaps (for free!)

Celsius Network allows its user to swap cryptos in the Celsius app, starting August 19th. Beyond the simplicity and convenience this brings to users, a real benefit is that it’s free! Celsius cover the charges.

Insurance

Celsius is currently working on in house insurance. As it develops they will release further announcements. Our Celsius Network review can’t go into details here, but it’s worth mentioning as part of coming plans for the CeFi platform.

A strong and vocal community of “Celsians”

Reddit

Reddit is a very useful place to find conversations between actual customers and users of a service, especially in the crypto space. Celsius is no exception and the sub-reddit for the Celsius community is /r/CelsiusNetwork.

Here you’ll find quite a lot of information about what’s going on, new promo codes, potential issues users are facing, etc. You can also easily participate if you have a Reddit account.

Twitter

There is a large number of Celsius users on Twitter. You can easily find them discussing under the tweets of the official Celsius Twitter account.

Regular communications from Celsius

Weekly AMA on Youtube

Celsius holds on Youtube a weekly “Ask Me Anything” session. Alex Machinsky, CEO of Celsius, along with other staff members and guests, reply to questions asked live by people watching the show. These usually last around 1h30min and are hosted on Celsius Network Youtube channel.

Twitter

Celsius has an official Twitter account (@CelsiusNetwork) publishing content several times a day. It’s a good way to keep updated with Celsius official statements. Maybe the best, since there is more info posted there than in emails or on the company’s website.

Who Is It For? (And Is It For You?)

Celsius, like other CeFi platforms, is good if you hodl and are willing to trust a company with your crypto. Some will say “not your keys, not your coins” but that means you forego 5% or more annual return of the crypto you use.

For anyone hodling, keeping crypto for a long time, then Celsius is a good solution to earn to passive income, distributed weekly. It’s also good to know that your assets are not locked (unless you activated a promo code) and you can withdraw when you need.

If you are actively trading, it may not be practical for you to use Celsius, for the reasons discussed above.

Celsius Network Coupon, Promo & Referral Codes

Celsius Referral Code: 131151d5d7

Celsius Referral Code131151d5d7
Reward$50
Details & ConditionsDeposit $400 worth of crypto and hold them for 30 days.
Last VerifiedAugust 2021

If you decide to use Celsius, you can join it using this referral link and you’ll get $50 in Bitcoin as a welcome bonus. The only condition is to deposit $400 worth of crypto and hold them for 30 days. Then you will receive the equivalent of $50 in Bitcoin, which will start to generate yield immediately.

Alternatively, you can input this code when asked for a referral code (same benefits, same conditions): 131151d5d7. By doing so, you’ll help The Whale Journal in producing independent content on cryptocurrencies.

Regular Promo Codes

Celsius often have some promo codes available for different crypto. For example, at the time of writing those lines, there is a promo code for BNB (BNB40).

Celsius Network Review: Our Verdict

Celsius is among the most renown actors in the new world of CeFi. If you are decided to trust a third party with your crypto in exchange of attractive yield, Celsius is a good choice. Thanks to the company’s frequent communication and the vibrant Celsius community, you should be able to easily find a response to your questions.

This concludes our Celsius Network review, which is quite positive overall. DeFi and CeFi are both on a fast growing trend, and we are bound to witness exciting evolutions in the future. Read The Whale Journal to stay updated on the topic.

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