Celsius is no longer just a temperature and American’s will actually use it. Celsius is a crypto-lending platform similar to BlockFi. With Celsius you can stake your crypto – which allows Celsius to lend out your crypto in exchange for interest. Unlike its competitors, Celsius pays you interest weekly. This means you can compound your growth faster than with services that pay out monthly!
Currently Celsius holds nearly $20 billion in assets for over 1.6 million users. Since its launch in 2018, Celsius has paid out nearly $900 million in yield and rewards.
Like with other crypto lending platforms, APY for each crypto is subject to change. For Celsius, and the 30 crypto it permits staking in, the rewards can be found here. Note that Celsius offers a higher APY as a bonus for “loyal” investors that hold a certain percentage of CEL in their portfolio, though this requires you to qualify as an “accredited investor.” Currently the top rate is 17.78%; however, this is not the case for most of the crypto you can state. Your rates are more likely going to be somewhere around 5-9% APY. It all depends on the crypto you stake and how much you stake.
In recent updates, the Celsius app has become much simpler to use and offers one of the best interfaces for reviewing your holdings and earnings through Celsius.
Similar to its competitors at BlockFi and Crypto.com, Celsius will soon offer a Credit Card option, which will likely earn you cash-back in the form of crypto.
Another thing that sets Celsius apart from its competitors is the Promo Codes. There are four types of promo codes: (1) Referral Codes, (2) First Transfer, (3) General Transfer, and (4) Coin-Specific Transfer.
- Referral Codes are designed to encourage new users to sign up and fund their account in exchange for $50 in Bitcoin (BTC). Note, you must enter the referral code in the box to get the BTC, even if you use a referral link. Click here for a referral code for $50 in BTC when you sign up and fund your account.
- First Transfer are only for users who have never transferred coins. Note that each account can only activate one first transfer promo code, because first transfer codes are designed for new users. You can use either a referral code or a first transfer promo code while signing up, not both.
- General Transfer are for new and existing users to transfer any kind of cryptocurrency, stablecoin or other token that meets the promo code conditions. Sometimes multiple coins can be used to fulfill the minimum required transfer amount.
- Coin-Specific Transfer are for new and existing users to transfer a specific coin to meet a coin-specific transfer promo code requirement.
Now for some downsides. Adding funds to Celsius is not as simple as with BlockFi or Coinbase. It does take a bit of time to transfer from another account or to purchase crypto directly through Celsius.
Overall, other than being more time consuming, the process is fairly straight forward. Celsius is a great alterantive to BlockFi, especially while US users cannot add to their staked crypto on BlockFi.
Referral links for free crypto for using the platforms:
CoinBase: Earn $10 in BTC – Link
BlockFi: Earn $10 in BTC – Link
Celsius: Earn $50 in BTC – Link
Yotta: Earn 100 bonus tickets and up to $1,000 instantly – Link
What platforms are you currently using? Is there another platform you’d like to see reviewed?