Welcome to our Celsius Network review, where you can find out everything about this zero fees crypto lending platform. If there’s something that you want to do with your crypto, Celsius Network is the place to do it.
Our experts have tested and rated all of the functions of this crypto app in order to bring you a fair and honest report. So if you want to discover whether or not Celsius Network is for you, read on for the fairest and most honest review around.
Celsius Network: Pros & Cons
- Multi-function crypto app
- No fees
- Individual and business accounts
- Crypto lending
- Deposits not FDIC insured
Celsius Network is a multi-faceted crypto app that supports a number of functions. While the focus is on mobile use, account holders do have desktop access as well, which is an advantage that this operator holds over some of its nearest competitors. For example, check out our Crypto.com review. In terms of aesthetics, the Celsius Network site looks clean and colorful, with a white background that allows the purple and magenta faded colors to stand out. Overall, it has the look of a bank website, rather than a crypto lending platform – but we wouldn’t necessarily say that’s a bad thing.
In terms of navigation, we found the site to be highly user-intuitive and well-designed overall. Finding out what functions are available to you is extremely easy and all of the information is displayed in a neat way. You can use the Celsius Network app to perform a range of functions related to cryptocurrencies, including buying, selling, borrowing and earning. You can also use your Celsius Network account to pay for things using crypto and they have a credit card in the post for 2023.
In terms of security, we have to say that we were very impressed with what we found when testing the app for our Celsius Network review. They have multiple cyber security, encryption and defense measures in place, with some of their technology being innovative and industry-leading. Their data and privacy protection policy is also airtight. In terms of deposit protection, funds are regulated by the UK government, but there is no FDIC or SPIC insurance for US deposits.
When it comes to your account login, there are multiple measures in place to ensure that it can’t be hacked. As well as two-factor authentication and whitelisting, you can also activate HODL mode and store your code safely offline in cold storage. The thing we liked the most is Celsius Network’s dedication to security and transparency. There is a whole area of the site dedicated to security, where you can read blogs and view videos about the various security measures that they have in place.
How to trade – Step by step with Celsius Network
Buying and selling cryptocurrencies with the Celsius Network app is extremely easy, and you can get yourself set up quickly and efficiently. As we mentioned above, you can do a lot more than merely trade crypto with Celsius Network, and below we’ve explained step by step how you can start using all of the available functions with the Celsius Network app, including trading, instant crypto loans and more.
Opening your account
Signing up with Celsius Network can be done quickly and easily via either the website or the app. As we mentioned above though, you will need to download the app once you start using your account, as Celsius Network is very much a mobile-based operator. If you’re looking for a trading platform that’s more web-based, then take a look at our KuCoin review. However, KuCoin doesn’t quite have as many non-trading crypto functions as the Celsius Network.
The sign up process is quick and easy using the form, and you just need to enter your name, and email address and create an account password in order to get started. If you want to open your account even quicker, you can do so by linking it up to your Google, Facebook, Twitter, or Apple account. In order to get full access to all of the available functions on the Celsius Network platform, you will need to complete both the KYC and the AML processes, which can only be done on the mobile app. This involves the usual verification measures, such as providing ID and taking a selfie, etc.
You can deposit funds and/or start buying crypto straight away with Celsius Network using your bank account and bank card. Additionally, you can also transfer your existing crypto funds and store them in a Celsius interest account, in which you can earn up to 18.63% APY. Additionally, you can also then use your Celsius Network account to pay for things using crypto. Though not available yet, a Celsius Network crypto credit card is set to launch sometime in 2023.
Ahead of buying and selling, crypto borrowing and lending are at the forefront of what you can do in the Celsius Network account. Is crypto lending safe? As is the case with everything involving crypto, it is risky and not recommended for beginners. We recommend buying and trading crypto in small amounts before you move on to lending and borrowing.
In a unique move compared to most other crypto exchanges, the Celsius Network has no minimum required deposit. However, deposits equal to or exceeding $400 in value will be eligible for a bonus worth $50 in BTC. You can buy cryptocurrencies on the platform by using your bank account or credit/debit card.
Crucially, there are no fees charged for deposits or withdrawals from the side of Celsius Network. This is a unique advantage that Celsius Network holds over its competitors, and it’s quite rightly one of its USPs. However, some of their partners do charge fees and they can’t account for any charges that may be imposed by your bank.
If you want to store your crypto with Celsius Network in the interest account, you can transfer it in minutes completely free. Additionally, you can also use the Celsius Network itself as a payment method. CelPay allows you to send and receive cryptocurrencies quickly and easily – and crucially again, there are no fees for this service!
Now, this is where we found one real surprise highlight in our Network Celsius review, as they actually have a phone helpline available. As you may have read in our Nexo.io review, being able to speak with a human customer service agent over the phone is something that is sadly quite rare with crypto exchanges in 2023.
The customer helpline is available Monday-Saturday between the hours of 10 am and 11 pm EST. While these might not suit customers on the west coast or outside of the US, there is also 24/7 customer service via the live chat and email address. Response times are quick with the live chat, but we found the level of service here to be a mixed bag. The phone service, however, is excellent and up to a high professional standard of North American customer care. In order to contact them via email, you have to complete a form that can be found in the “Contact Us” section of the website or app.
Celsius Network was founded in 2017 in London, where the HQ office remains to this day. Additionally, they also have offices in New Jersey and Lithuania for the US and European markets. In terms of licensing in the US, Celsius Network is registered as a Money Services Business (MSB) with FinCEN. The assets in your account are not insured or protected by FDIC or SIPC or any sort of equivalent.
Is Celsius Network safe?
As mentioned earlier in this Celsius Network review, security is an area in which this operator really excels itself. As well as safety and security, trustability and transparency are among the core values upon which the Celsius Network was founded. Celsius Network has developed its own platform called the Security Operators Center, which is manned 24/7 in order to protect you and the company itself. Overall, you can definitely rest assured that your data, assets and financial info are all very well protected with Celsius Network.
Reputation and customer feedback – What users’ Celsius Network reviews are saying
Celsius Network has an overall rating of around 4.0 on Trustpilot, which is extremely high for a crypto exchange platform. Crypto exchanges and trading platforms generally tend to have low scores, as users who have lost money tend to be those more ready to leave reviews. The fact that Celsius Network has such a high rating in this industry is extremely impressive. The two main factors that they earn plaudits for are their rewards and trustability – no real surprises there.
Overall, Celsius Network is an excellent crypto app with multiple functions, and everything is made as quick and easy as possible. And of course, the fact that there are no fees charged anywhere is obviously a massive bonus. However, the site will definitely favor those looking to lend and borrow crypto, rather than simply buy and sell. For the proper crypto enthusiast, we definitely wouldn’t hesitate to recommend Celsius Network. The bonus and rewards system is also something that is definitely to be enjoyed.