Celsius Network Review

Celsius Network Review

Celsius Network Review:

In this Celsius Network Review, we will be examining whether or not Celsius Network is a good Cryptocurrency Lending Platform.

Earn an $90 Bitcoin Bonus by firstly following the link below and inserting the Celsius Referral Code 123876ded1

After doing so, follow the steps below.


STEP 1

SIGN UP FOR CELSIUS USING THE CELSIUS REFERRAL CODE:
123876ded1


STEP 2

ON THE CELSIUS APP, GO TO THE PROMO CODES SECTION AND INSERT THE CELSIUS PROMO CODE:
BTC50


STEP 3

FUND YOUR ACCOUNT WITH A MINIMUM $400 WORTH OF ANY OF THE SUPPORTED CRYPTOS.


STEP 4

AFTER DOING SO AND LEAVING THE FUNDS IN YOUR ACCOUNT FOR AT LEAST 30 DAYS, YOU WILL EARN AN $90 BTC BONUS.


Celsius Network Review 3

Celsius Network: Background

Celsius is a platform for earning and borrowing up to over 30 different cryptocurrencies. Manage your crypto portfolio and earn compounding rewards (up to 15% APY) in BTC, ETH, CEL, and more. Qualifying users can get instant approval for a dollar or stable coin crypto loan at just 1%.

Celsius Network has already originated more than $1 billion worth of loans since its foundation in June 2018. They’ve clearly demonstrated a huge demand for low-interest loans.

As highly successful, high-net-worth serial entrepreneurs go, you don’t get much better examples than CEO and founder of Celsius Network, Alex Mashinsky.

Similar to putting money in a savings account, storing cryptocurrency funds in Celsius earns you interest on your holdings each week. The premise is relatively simple:

  1. You deposit cryptocurrency into the Celsius app.
  2. The company then loans those funds out to retail and institutional borrowers.
  3. Every Monday, you receive a payment from the revenue that Celsius gains from those loans and other activities.

The functionality of the app expands far beyond simple interest payments, though.

On the other side of lending, loans are available through Celsius, as well. By putting up cryptocurrency as collateral, you can take out cash (or stablecoin) loans at a range of different terms. Unlike most traditional loan services, Celsius loans don’t require a credit check and typically grant you approval in minutes.

Celsius Network: Safety

Alex Mashinsky, the CEO of the Celsius Network, is notable for his work bringing cell phone service and free WiFi to the New York City subways, enabling WiFI on U.S. flights, and creating Voice over IP (VoIP). Daniel Leon, Founding President and COO of the Celsius Network, Leon has had an accomplished career as a social entrepreneur, serving as a leader at several organizations, including Atlis Labs, Beyon3D, and GroundLink.

As of today, the Celsius Network supports over 101,000 users worldwide containing over $730 million in assets. Additionally, the platform has facilitated nearly $5.5 billion in loan originations (about $8.2 billion in today’s Bitcoin prices). The company has made $12 million in interest payments,

Celsius Network: Interest Rates

The interest rates we advertise are annual interest rates, so each week on Friday at 11:00:00, the Celsius calculates all interest according to prices at that moment. Interest will be deposited directly into your app. Currently, Celsius has mobile apps available on the Google Play Store for Android and on the Apple AppStore for iOS.

The interest calculation schedule is as follows:

  • Interest accrual period: Friday 05:00:00 UTC to Friday 04:59:59 UTC.
  • Interest calculation price snapshot: Friday 11:00:00 UTC
  • Interest payment day: Monday, no set time.

Interest in-kind example:

  • ETH price: $250
  • The interest rate on ETH: 4.50%
  • ETH deposit balance: 10
  • We can use the weekly compounded interest formula:
    P * (1 + r / n ) ^ n

In the case of Celsius:
Number of coins * ( 1 + ( Interest rate / Number of weeks in a year )) ^ Number of weeks in a year

  • 10 ETH * (1 + 0.045 / 52) ^ 52 = 10.460075 ETH <- balance after a year
  • 10.460075 ETH - 10 ETH  = 0.460075 ETH
  • 0.460075 ETH = $115.01 <- per year in compounded interest

Interest in CEL example: (Platinum Loyalty Level, +30%)

  • ETH price: $250
  • Interest rate on ETH: 5.85%   <-  (4.5% + (4.5% * 30%)
  • ETH deposit balance: 10
  • CEL price: $0.1010 ETH = $2,500 = 25,000 CEL
    25,000 CEL * ( 1 + 0.0585/52 )^52 = 26,505.2531 CEL
    26,505.2531 CEL = $2,650.52
    26,505.2531 CEL - 25,000 CEL = 1,505.2531 CEL
    1,505.2531 CEL = $150.52 <- per year in compunded interest

You can use the Celsius Network interest calculator by clicking on this link.

Celsius Network Review 3

Celsius Network: Features

  • Borrow Cash [Cash loans]

Celsius Network lets you borrow hard cash against your crypto. You send them your coins as collateral, and they send you over USD / stablecoins.

  • CelPay

CelPay is an in-app payment feature that allows users to transfer crypto faster and easier than ever before. It is completely FEE-FREE and requires no addresses or private keys. It’s a one-touch utility that enables users access to major digital currencies all in one place.

  • FeeFree Lending Platform

Celsius has no withdrawal fees, no deposit fees, no transaction fees, no early termination fees, no origination fees, and no breathing fees. All this makes the Celsius Network the first fee-free crypto lending and borrowing platform.

  • Cel Token Utility

The CEL token provides our ever-growing community with access to free, fair, and rewarding services available through the Celsius app. Members can earn interest income in CEL on 25 different cryptocurrencies at a rate of up to 30% more than earning interest in-kind or choose to earn compounded interest on their total CEL balance at a rate of 5% APR. In addition to earning interest, members can also complete loan interest payments in CEL tokens at a discount of up to 30% less than paying in crypto or fiat.

Celsius Network Review: Pros & Cons

Celsius Network: Pros

  • Trustworthy company
  • Good interest rates
  • No early withdrawal penalty
  • No trading fees
  • $30 referral bonus
  • Weekly payouts

Celsius Network: Cons

  • Slow customer support
  • Mandatory KYC for earning interest
  • Only work on mobile app

Celsius Network Review: Verdict

The Celsius Network is definitely one of the top crypto-based loan and interest platforms.

Celsius so far has had a remarkable track record and if you like Defi projects, this may be a perfect fit.

Overall, following the revolutionary path of Bitcoin, Celsius is contributing to this new decentralized financial system by providing better-than-traditional financial services.

Use the link below and get $40 worth of Bitcoin after you fund your Celsius Network account with at least $400.

  • OVERALL SCORE

    0%
Celsius Network Review 4

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