Celsius Wallet Referral Codes, Promo Codes, and Reviews

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Celsius Wallet Referral Codes, Promo Codes, and Reviews

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Authored: 2019-10-24 21:00:20 | Updated: 2021-08-04 21:32:01

Are you looking for lending or borrowing services for your cryptocurrency? If so, the Celsius network is worth checking out. Celsius Network is a lending and borrowing platform created for individuals to use with their cryptocurrencies. There are a lot of different factors an individual should review before deciding on what platform to use for lending and borrowing. This piece will thoroughly inspect the different aspects of Celsius Network to help the reader make a decision!

 

An important note about Celsius is that it’s a centralized financial service. The company was founded by Alex Mashinsky, Nuke Goldstein, and S. Daniel Leon in the U.K in 2018. Celsius is the second largest in assets with over $3.3B in coins excluding 350m CEL tokens. Celsius has a global outreach as it is available in over 100 countries worldwide.

 

There are many decentralized cryptocurrency services that have been gaining interest over the past few years. Decentralized finance (DEFI) has privacy advantages; users do not have to give up their identity. This is critical in areas that have harsh regulations against cryptocurrencies. Yield farming, a way to borrow and lend crypto at very high rates, has also helped grow the industry.

 

However, DEFI can potentially create more risk and a harsher user experience. DEFI applications do not have a service team to assist with customer questions. Many actions taken with cryptocurrencies are permanent, which may scare users away from the do-it-yourself decentralized method! Companies like Celsius offer clear instructions on their website about their services and have a support staff waiting to help.

 

Celsius Network Overview

Celsius is a centralized borrowing and lending platform for cryptocurrencies. While many cryptocurrencies have appreciated in value over the last few years, there is still a demand for crypto users to turn their coins into government-issued “fiat” currencies. Not many vendors today will accept cryptocurrencies for their goods and services. Plus, many cryptocurrency holders believe the coins they hold will appreciate in value, and they do not want to outright sell their coins. Celsius looks to bridge the gap between traditional government fiat currencies and the new-age crypto economy. The company offers a path for crypto holders to get fiat currency liquidity without selling their coins. They also offer an avenue for a crypto holder to grow their assets through interest accounts. Celsius operates worldwide, allowing for the exchange of many fiat/cryptocurrencies.

 

Lending On Celsius Network

For individuals looking to earn interest on their crypto, Celsius has savings accounts where you can earn “rewards”. The amount of interest you can earn completely depends on the type of currency you are using, and where you are using it. Currently, the highest reward earning Celsius savings account was for 17.78% APR paid out in Celsius token. It is important to consider that U.S customers will not be eligible to be paid rewards in Celsius tokens. Celsius interest rates are also very variable. The rate you see today could be drastically different than the one you see next week. Below is an example of a sample rewards projection:

 

 

 

Celsius Token Rewards Program

For non-United States customers, Celsius offers a tiered rewards program. The rewards are paid out based on the percentage of CEL token a user holds in their portfolio. Members of the exclusive club get extra savings from their interest accounts paid in CEL tokens, and they get discounts on their loans. See the table below for full details:

Borrowing on Celsius Network

Celsius gives users the ability to borrow against their crypto in the cash of their native currency. The network allows a loan-to-value ratio of as little as 25%, and their website will let you know how much collateral you will need to cover the loan. You will pay less interest when you opt to pay the interest in Celsius’s native token. Check out Celsius loan projection. Note that you can toggle with the loan to value percentage to see how your interest payments will change.

Celsius Key Features

Celsius network supports over 30 cryptocurrencies. There are no maintenance fees, minimum deposits, or minimum account balances. The minimum loan term length is 6 months, with the maximum term length being 36 months. Celsius uses Fireblocks and Prime Trust as their insurance providers. Insurance does not apply to assets that are lent out, and loans can be collateralized up to 150%.

 

For non-United States customers, Celsius has a loyalty rewards program for the holders of Celsius coin. Celsius offers various bitcoin promotions for sign-ups to their platform. Currently, new signups can enter promo code: NEW40 to get $40 in the cryptocurrency DAI.

 

Celpay

Celsius offers a payment system in Celpay that allows users to send cryptocurrencies to anyone. Users can send the cryptocurrencies via SMS and email. The recipient does not even need to have a wallet, a message with a link to a Celsius wallet will be provided. No fees are charged for users of Celpay, and users have the opportunity to earn 2% cashback by sending Celsius tokens. Celpay is eligible for the over 30 cryptocurrencies Celsius offers.

 

Celsius Referral Program

Celsius has a referral program that they use to help grow their company. How it works is an ambassador gets a referral code to distribute to his/her connections. If the new signup deposits $200 and keeps the deposit for over 30 days, both the ambassador and the new signup will be credited $20. Celsius has also offered a $400 deposit for $40 reward in the past. A nice perk is the benefits are paid in Bitcoin rather than fiat or another cryptocurrency. The benefits are even greater for referring loan clients. If an ambassador refers a new client for a loan, Celsius will pay $100 to the ambassador. The top Celsius ambassadors get featured on Celsius’ website with their own referral codes included. You can use our Celsius referral code "1964771671" which gets you a signup bonus as well.

 

Celsius Wallet Advantages

Celsius offers very competitive terms for its users. As mentioned earlier, you can earn over 17% APR at Celsius. This is significantly higher than the top APRs at Blockfi (8.6%) and Linus (4.5%). Celsius also offers no fees to their clients, something a lot of their competitors cannot claim.

 

The company’s website is very user-friendly. All terms for loans and estimations on interest-earning accounts are laid out neatly for the user. The speed that Celsius operates at is way faster than a traditional bank. Celsius does not require credit checks, and the turnaround time for a loan is much quicker than the archaic banking system. Celsius also offers a mobile app through both IOS and Android.

 

Celsius Wallet Disadvantages

It is important for Celsius users to consider that deposits are not FDIC or SIPC insured. Celsius operates like a bank, where they lend deposits out to other entities. Unlike traditional banks, Celsius does not have the backing of these large government-created insurance agencies.

 

Many view the amount of Cryptocurrencies Celsius offers as a positive benefit. While this may attract more customers, Celsius is enabling more risk. Altcoins carry even more volatility than bitcoin, which could create greater opportunity for a margin call on a loan.

 

There is a significant drawback for U.S consumers not being eligible for CEL rewards. The whole tiered reward system is locked out for anyone in the United States. U.S users will not be able to capitalize on the high rewards rate in CEL in their savings accounts as well.

 

More thoughts on Celsius + Celsius Referral Code

Like anything in life, using Celsius comes with trade-offs. When an individual is looking for a loan or looking for a crypto savings account, they need to consider which aspects are important to them. A DEFI service may offer better rates than a centralized platform like Celsius. However, this comes with a much higher risk and potentially a more confusing user experience.

 

Celsius Network is very transparent about its offerings on its website. Users can see the terms of a loan and savings account in just a few clicks. Celsius even has a treasury section of their website where you can view the circulating supply of their CEL token. They offer no fees, no account minimums with extremely competitive interest rates.

 

Celsius referral codes and promo codes do reward up to $60 depending on how much you deposit. they do make you hold your deposit in your Celsius wallet for 30 days before releasing it but it does prove a better referral code than what you would get with competitors like Blockfi.

 

A big trade-off with the Celsius platform is that you are putting your coins into the company’s hands. The user should be aware that the coins in their rewards account are being lent out to other Celsius customers. Celsius also holds the collateral on a loan, some users may want to be able to secure the collateral themselves. Celsius offers many attractive features for cryptocurrency lenders and borrowers. There are plenty of good reasons why the company is growing. Cryptocurrency holders should examine the tradeoffs of using any financial service like Celsius before lending or borrowing.

 

Celsius Network Pros

  • Easy to use UX
  • Good projections for lending and borrowing with private keys
  • Loan to borrow ratio up to 50% for borrowers
  • Send crypto payments through the app for free
  • No credit checks insured
  • Celsius referral codes and promo codes available

 

Celsius Network Cons

  • Lots of Alt coins which can be confusing
  • You don't hold your private keys which is risky
  • Deposits not FDIC
  • CEL coin trades not available in the USA
  • Celsius referral code bonus not released for 30 days

 

 

Celsius Promo Codes

$60 Celsius Referral Code

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$40 Celsius Referral Code (HODL 30 Days)

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