My CeFi experience #2: Celsius Network

By Lucasgaio | The Microcoiner | 6 Sep 2021


My experience with Centralized Finance (Ce-Fi) continues with Celsius Network. It is precisely an annuity platform that has been operating in the crypto sector since 2017 and which also allows you to have loans. The possibility it offers on passive income is very interesting because it has very high interest rates, sometimes even more than the competition. On Bitcoin, for example, you can get an APY of 6.20% and on Ethereum 5.05%. To all this is added a referral program that makes up to $50 in BTC. Let's see now how to use the platform and my experience.

 

Background

I start by saying that I met Celsius Network about a year ago, looking for various passive income possibilities for Bitcoin. The rates it offered attracted me a lot and I tried to sign up. Unfortunately for me, however, when I went through the KYC procedure it was not successful. Even today I don't know the reason, I have not received a refusal but the procedure was pending for days. So I tried to contact support several times but I was getting automatic replies. Eventually, tired of it, I decided to delete my profile. After a few months I tried again and this time the KYC procedure was very fast. Today I am a happy user of this service.

How is Celsius Network used?

Celsius is a very simple service to use. It does not require special precautions such as De-Fi and does not have daily changes in rates that force you to check them often. It can therefore be considered as a "deposit and forget". Furthermore, before starting, it is good to know that he has a token of his property ($CEL), which has risen sharply in the last period and which is used to pay interest. The interest on the crypro deposited, in fact, is paid in the crypto itself with a certain APY or in CEL with a usually higher APY. however, it is always possible to choose our preferences individually. In addition, holding $CEL in a certain percentage of total assets entitles you to a greater bonus on interest and preferential rates on loans:

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As for the use of the platform, here is the procedure:

1. From this link, create a profile directly on the Celsius website (referral code: 1127876f60).

2. Start the identity check (KYC) with a valid document.

3. Once your identity is approved you will be able to access your profile. I recommend downloading the mobile app which is very simple to use.

4. Click on "Deposit" to deposit the funds and choose the coin you are interested in.

5. Move the coin to the address that was given to you directly from your wallet or exchange.

That's all. Once the funds arrive you will begin to accrue interest, you can choose whether to receive it in $CEL token or directly in the currency you deposited. For further income, you can activate promotional codes to earn more from the "Profile", "Promo Codes" section. In particular, the things that can be activated are the following:

  • 1127876f60: $50 in BTC by depositing $400 of any supported asset.

  • ADA40 or ADA500: Deposit at least $400 or $20,000 in ADA and receive $40 or $500 in ADA respectively.

  • STABLE10 or STABLE50 or STABLE600: Deposit at least $50, $200 or $25,000 USDT or USDT and receive $10, $50 or $600 in BTC respectively.

  • BNB40: Deposit at least $400 in BNB and receive $40 in BNB.

  • HODL10 or HODL50 or HODL500: Deposit at least $100, $400 or $25,000 of any supported asset and receive $10, $50 or $500 in BTC respectively.

  • PAXG60 or PAXG600: Deposit at least $400 or $25,000 in PAXG and receive $60 or $600 in PAXG respectively.

  • UNI60: Deposit at least $400 in UNI and receive $60 in UNI.

But be careful because not all codes can be activated together: on you can activate the referral code (1127876f60) together with BNB40 to get $90 bonus but BNB40 cannot be activated with ADA40.

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Is Celsius Network Safe?

The opinions on this platform are always very positive. Beyond my experience, it must be considered that the deposited funds are guaranteed by an insurance provider whose provider is BitGo (Lloyd's). I therefore feel I can say that from a safety point of view there is nothing to fear. However, the fact remains that the private keys of the cryptocurrencies deposited are no longer in your hands and for this reason you will not be the owners.

 

Final thoughts

This is the annuity platform belonging to the second finance I try and review. I am very satisfied with the interest it offers on major cryptocurrencies. It is certainly a valid alternative to BlockFi, to be taken into consideration above all for these reasons:

  • High interest on BTC and ETH,
  • Ease of use,
  • No deposit or withdrawal fees,
  • Very advantageous referrals and Promo Codes.

All in all, however, I must also highlight some negative sides:

  • Inadequate technical support (see above),
  • Exposure to the volatility of the CEL token (if you choose it as a reward-token).

In conclusion, in my humble opinion, if you know how to use it (which is not difficult) you can make a great profit. Those who hold cryptocurrencies and want to rent them can consider allocating a part of them also on Celsius to minimize the risk associated with the failure of centralized platforms. By doing so, in the event of problems with a platform, the damage would be limited and limited to only one part of the portfolio and not all.

 

 

If you've been interested in Celsius Network while reading this article, this is my referral link. If you sign up from this link you will receive $50 in BTC after having deposited at least $400 and kept it for a month.

➡ LINK: https://celsiusnetwork.app.link/1127876f60 

➡ CODE: 1127876f60

 

 

Read also: My CeFi experience: BlockFi

How to Loose Money with Fiat Currencies - A Simple Experiment

 


 

If you liked this article please support me by following me here and on Twitter, leave me a like or use one of my referral links below👇

-Thank you-

L.

 

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Lucasgaio
Lucasgaio

I am a pharmacist and a scientist.


The Microcoiner
The Microcoiner

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