If you came across this article, then you probably already own some crypto and you want to earn interest, preferably passively. Celsius Network is a financial service in the form of a mobile / web application that allows you to earn interest in cryptocurrencies on a weekly basis. It is one of the few on the market, which offers the highest APY – Annual Percentage Yield up to 16 percent.
How does Celsius Network make money?
Celsius Network makes money on crypto loans and distributes the profit among its „investors“ like you. They distribute 80% of its profit to their investors (that’s you :)) on a monthly basis, thus covering such a high percentage of interest.
Does Celsius Network have an insurance policy?
Yes, Fireblocks and PrimeTrust provide insurance on digital assets held by Celsius Network.
The Celsius Network Partnerships
Bitcoin.com – is web portal which provides a number of Bitcoin and Bitcoin Cash services such as purchasing and selling cryptocurrencies, cryptocurrency news, widgets and charts.
Bitfinex – one of the biggest exchanges which has its own cryptocurrency called Tether (USDT).
The Game of Numbers / when Lambo?
At the beginning, I would recommend you start with 400$, which is usually necessary to get a 100$ bonus at BTC when registering and using the promo codes below. It is not such a huge amount and you will test on it how this whole system works.
For example, if you decide to earn interest in stablecoins that have the largest APY, you will just deposit 400$, which you must send in the cryptocurrency of your choice to your Celsius account and hold it for 30 days.
It doesn’t matter which exchange you use to purchase crypto. After receiving the crypto / stablecoins in Celsius, you will automatically start to earn interest immediately and it is quite easy to calculate what your weekly passive income will be.
There are two options for earning interest. One is earning interest in a given currency, or you can earn interest in CEL tokens, which have a much higher interest rate and there is a good chance that the price of this token will increase in the future. However, the decision on what to save is entirely up to you.
By activating HODL mode withdrawals will be deactivated from your Celsius account. If you want to deactivate it, the time lock will be set to 24 hours before you can make a withdrawal.
Thanks to this function, it cannot happen that someone sends all your crypto to his wallet. To deactivate the HODL mode, you must verify the code via email and confirm it. Even after entering the code, you have 24 hours to reconsider the deactivation at any time by clicking on the link in the email, which cancels the deactivation of the HODL mode.
Within the Celsius Network, it is possible to send or receive funds completely free of charge between accounts on this platform. Cel Pay is very similar to Binance Pay.
Working with Celsius (Tips and tricks)
When depositing crypto on the Celsius Network, check carefully what type of address you are transferring crypto to, especially when transferring stablecoins. Most stablecoins works on the Ethereum (ERC20) network, so you may find yourself in a hopeless situation when you transfer crypto from Binance by BEP20 to ERC20 address. Unfortunately, this transfer is irreversible and you will lose all the funds you transferred in this transaction.
When withdrawing money, again make sure that the withdrawal address is in the correct format. I have to again mention Binance, which has the format of BTC, BEP2, BEP20 (BSC) and ERC20 addresses for Bitcoin. Use BTC for BTC and use the ERC20 network for Ethereum, BUSD and other ERC20 tokens.
Transfer fees on the ERC20 network are relatively high and can range from 3$ to 20$ for stablecoins. Therefore, I recommend using BUSD, which has the lowest fee, starting at 10 USD.
Never transfer all crypto or store your crypto in one place. Use 2FA verification, secure your email and never tell anyone your seed phrase.
Activate one of the Promo codes below in the „Promo codes“ section immediately after registration. Not all of them are always functional at once, their validity changes quite often, ie. sometimes HODL50 and sometimes BTC50.
It is important to follow the activation order, i.e. first activate the Promo code and only then send the amount listed in the table in the „Note“ column to your account so that the bonus is added / locked for you. Also, don’t forget to keep your finances for at least 30 days, otherwise you will not get the bonuses. For every used Promo code, you always have the exact date, hour and minute when you activated this code, so you know exactly when your reward will be unlocked.
Transfer $400 or more in UNISWAP to your Celsius account and receive $60 bonus in UNI.
Bold promo codes should be currently active.
Earn 50$ in BTC for registration (covers transfer fee to Celsius Network) + 50$ for promo code
If you install the app and register through this referral link, you will receive $50 in BTC when sending more than $400 (you can make a deposit by multiple transactions, even in different currencies) to your Celsius account and hold funds of this value for 30 days. In total you can get $100 with the codes listed above.
High interest rates then Crypto.com, BlockFi.com or Nexo.io between 3 – 12.5% depending on the selected cryptocurrency
Large number of supported cryptocurrencies
Withdrawals are completely free. All fees are paid by Celsius Network
Quick withdraws (up to 5 minutes on average)
Great and transparent team
Option to turn on HODL mode, which completely deactivates withdrawals.
When you register via this affiliate link and use the promo codes, you will receive 80 USD in BTC, which will easily cover your deposit fees. It comes in handy especially when you send ETH or USDT to Celsius, which may have incredibly large fees (Gas) for the transfer.
Celsius Network Cons
APY can change every week – 14 days 12.5% and then a month 10.5% and then again 12.5%.
Weak support – ticket processing takes days, sometimes weeks (if you are lucky, the ticket will be processed within 5 minutes, but it’s not standard)