I have been using Celsius for a while and am quite content with the platform's ease of use. While it does not have the best APYs compared to other CeFi wallets like Nexo (especially if you're on Platinum status) or Hodlnaut, it sure beats the rates from traditional savings banks. For a while, I've been wondering what Celsius could do to differentiate itself from the competition if it didn't have the best rates. Well, my question was answered yesterday when I received an email from Celsius titled "Finally, crypto-to-crypto trading without the fees".
Curious, I took a look at the message and apparently, Celsius is gearing up to launch the in-app swap beta where users can supposedly trade crypto for zero fees. On its webpage, Celsius provides a simple comparison table to centralized exchanges, Coinbase and Binance. Having swapped on Coinbase before when I was an inexperienced newbie, I sometimes ran into pretty high fees, especially when I made big transactions. Binance is far better than Coinbase with a much smaller percentage and if your portfolio grows substantially, then that 0.02%-0.1% swap fee is nothing.
For me personally, this will come in handy as I have some crypto that I want to swap without incurring large fees. I've been holding a bunch of GUSD on Celsius for months after I decided to pull out all of my crypto from BlockFi. I don't have much use for it as I find other stablecoins like DAI to be more useful. On top of that, the options for swapping GUSD for something else are limited. On Gemini, the process is super roundabout and if I were to swap on Metamask, I will have to pay big gas fees.
Yes, please. GUSD/USDC is another possible pair as shown on the webpage.
Overall, I'm pretty eager to see how Celsius's swap feature will fare. That said, I want to wait for some user feedback first before I decide to use it myself. Celsius doesn't have the most... punctual customer service (check out PVMihalache's experience with that). The good thing is that the rollout will be gradual presumably so that Celsius can assess that everything is working properly.
If you're Celsius user and interested in the swap beta, you can fill out the form here. If you are not a Celsius user, but are interested in making an account because of the upcoming zero fees swap feature and/or Celsius's respectable APY rates, then you can use this referral link. You can earn $50 in BTC if you deposit at least $300's worth of crypto and hold it for 30 days.
