Trying Celsius, the app that PAYS INTEREST on your crypto

By Squeaker | Crypto Dog | 11 Mar 2021


"The modern way to manage assets"

I've heard of the name 'Celsius' for quite a while now. There's so many players out there nowadays (without mentioning DeFi) that offer interest on crypto holdings that I never have had a good reason to try out the platform.

Briefly speaking, Celsuis is a wallet that offers services such as loans, interest and quick pay features. It is a custodial wallet (the company keeps control of the keys for each of your cryptocurrency wallet) so it can deter a few but in return it allows to pay other Celsius users in crypto with no fees! 

Celsius isn't a DeFi platform, it's managed by a regulated company and requires KYC, but in exchange, it offers real ease of use and a somewhat sense of security. For the average user, or the crypto noob, it's a great opportunity to hodl some coins and get an extra bonus. 

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Testing out earnings!

While browsing through their website, I realised that new users could put in a promo code (NEW40) and get a free 40$ in DAI. Of course there are a few conditions but they aren't very hard to meet.

 

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So yeah i transferred a bit or ETH into the account and all I have to do is wait till the 9th April and get $40 in DAI + the interest I gain on ETH (5.05%). Pretty sweet right?

The down side is the ETH interest isn't really that high compared to other similar platforms and especially compared to DeFi ones. (I wrote an article on earning with nexo : https://www.publish0x.com/crypto-dog/earning-with-nexo-an-introduction-xpnvpdk). Interest is paid weekly, not as good as other players but not too bothering. 

Celsius supports a good number of crypto and is extended the list as much as they can, so good positive point!

Here are some images with a list of all supported currencies and respective earn rates. 

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The Celsius app, and general philosophy of the platform is to provide a very user friendly experience to the consumer. While this is appreciated, sometimes a little more complexity would be welcome...

Now on to 5 things I like:

--> Easy to use

--> Good looking app

--> Ability to pay other Celsius users in crypto FEE FREE is a great bonus in my opinion

--> Interest rates might not the sky high, they are still attractive in my opinion

--> NEW40 promo code is literally free money. Sending ETH into celsius for a month is definitely worth it. 

5 things I don't like:

--> Only mobile app, no desktop version :(

--> Transactions to the wallet are pretty slow (i've never withdrawn yet). I got scared I put in the wrong wallet address because etherscan said transaction complete but it took 2 FULL HOURS before Celsius credited my account

--> The earn in CEL (native token) and the loyalty programs aren't very clear, like I tried to put the option to earn in CEL but it still gave me the same rate... So whats the point to earn in CEL??? 🤷‍♀️

--> KYC. Yeah it's annoying, but nowadays it's kinda everywhere so

--> It's custodial, so you don't actually own your private keys, but I guess it's necessary if no fee paying exists

 

I'll come back on the 9th April once I get my $40 in DAI and give you people a more comprehensive review. 

 

If you ever want to sign up to Celsius, please use my referral link (it helps a lot 😁) : https://celsiusnetwork.app.link/108143cddc 

Or use code 108143cddc when creating an account. When you deposit 200$ or more in ONE transaction (important) and keep it in the app for a certain time (i think a month) you get 30$ in BTC. 

Combine that with the promo code NEW40 and get a total of 70$ for an initial $200 transfer!!!

 

My twitter: https://twitter.com/ingres73296648 

Go check out my other blog posts !!

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