Celsius is an amazing lending platform that conceptually and practically just blows me away. They’ve essentially looked at what banking does and what banking does wrong for it’s customers and have completely reinvented the model to be focused on user-centric profits. After watching many hours of AMA’s with the CEO of Celsius Alex Mashinsky, I’ve really gained a good grasp of where he and the team are coming from with the creation and implementation of Celsius.
They’ve been very clear about where and how they make their money, as well as the percentage they give back to their customers. Over the summer I had been lending on Crypto.com, and while everything was fine, I came upon Celsius and started to discover that Celsius was the first in the crypto space to offer lending on crypto.
By lending with Crypto.com I would earn weekly interest, but that interest would go into a separate account and wouldn’t automatically be compounded. I initially didn’t like that part but didn’t see another option, that is until I started using Celsius, where interest compounds automatically every week.
Interest rewards are earned and compounded every Monday
After trying it out, I completely love the layout, the design, the feel, and the overall practicality of how easy the app is to use.
So how do you use Celsius?
Download the app, get verified, and then you’re ready to deposit coins.
You’re able to deposit Bitcoin, Ethereum, multiple other alt coins such as XRP, XLM Litecoin, Bitcoin Cash, as well as stable coins such as USDC, DAI, and many others. So pretty much if you look at your portfolio you probably have a lot of options that can be lent out on Celsius :)
The interest rewards are paid out every single Monday and compound automatically. The rates vary depending on the coin, and they can very week to week, but as far as I’ve seen they’re some of the best, if not the best in the industry.
Right now at the time of this writing they’re paying out 6.2% on Bitcoin, 6.5% on ETH, and 11.55% on USDC!
Your money is also never locked up, so you’re able to withdraw at any time and Celsius actually covers the fees. Yes that's right, they cover the withdrawal fees!
That means if you want to send in $1000 and then a day later you want to pull it right back out, you can do that immediately without having to pay any withdrawal fees.
Yes, even if it’s ETH or ERC20 tokens with high gas fees, you don’t have to pay the fees when withdrawing from Celsius. This is something that they cover on their end which again makes the user experience so seamless, practical, efficient and freeing.
Another easy thing about Celsius is there’s no minimum or maximum to what you can deposit, so you can deposit $.10 (like I did with some Litecoin below haha) or you can deposit $10,000 if you want. It’s all gonna work out just the same by compounding week over week, again and again, and can be taken out anytime you want.
I sent some Litecoin dust I had leftover in a wallet, and sure enough, my .10 cents worth of Litecoin was accepted onto Celsius! Can't wait for all that interest lol.
The app is super simple to use, and they even have a calculator which allows you to say ‘OK I want to put in say $1000 worth of ETH, what will that bring me over time?’, and it’ll show you.
Celsius' calculator allows you to see that $1000 USD worth of ETH will bring in almost $65 a Year in interest rewards.
So when considering having money in a normal banking account and maybe, just maybe getting up to 1% in interest, compared to a platform that you know is safe, secure, and trusted, where we can earn up to 11.55% on a stable coin, it’s just an amazing step forward for the crypto and financial space, and for everyday people like you and I who can take advantage of these financial services.
It works the way they say, it’s secure and super easy to use, and Celsius will give you $20 bucks worth of Bitcoin as a bonus for signing up and holding at least $200 in Celsius for 30 days when using my code '1331255003'.