Celsius Network Interest Account Review
Best For
- Retail Lenders
- Stablecoin Holders
- Blockchain Focused Companies
Celsius is a centralized crypto asset lending platform offering interest products to both retail and enterprise grade customers. The company launched in 2018 following a controversial ICO in which over $50M USD was raised. Celsius supports 20+ crypto assets including Bitcoin (BTC), Ethereum (ETH), large market cap altcoins, and every major stablecoin.
Celsius Network Interest Account - 2020 Comprehensive Review
Celsius Network Interest Account Overview
| APY Rates | 0.00% - 16.16% |
|---|---|
| Interest Earning Assets | BTC, ETH, LTC, XRP, BCH, ZRX, BTG, ZEC, XLM, DASH, TUSD, GUSD, PAX, USDC, DAI, USDT, EOS, CEL, OMG, TGBP, TAUD, TCAD, THKD, ORBS, XAUT |
| Rate Variability | High, Low Variable, Medium Variable |
| Earn Interest on | Stablecoin, Crypto |
| Deposit Amounts | $1 - $1,000,000 |
| Payout Frequency | Weekly, Daily |
| Lockup Terms | Flexible |
| Compound Interest |  |
| Network Token | CEL |
| Token Benefit | CEL Token must be deposited in your CEL wallet in order to lock-in the rates published. (5% in CEL tokens of the account balance.) |
| Platform Type | Centralized Lender |
| Deposit Insurance | False |
| Credit check | No |
| KYC Check | Yes |
| Platform Fees | No Fees |
| Supported Regions | All Countries |
| Excluded Regions | Sanctioned Countries |
Celsius Network Interest Rates (APY)
| Earn On | APY Rate |
|---|---|
| BitcoinBTC | 4.55% / 6.20% |
| EthereumETH | 4.55% |
| LitecoinLTC | 5.05% |
| XRPXRP | 3.61% |
| Bitcoin CashBCH | 4.51% |
| 0xZRX | 3.00% |
| Bitcoin GoldBTG | 0.00% |
| ZCashZEC | 3.61% |
| StellarXLM | 3.10% |
| DashDASH | 5.50% |
| TrueUSDTUSD | 11.55% |
| Gemini DollarGUSD | 11.55% |
| Paxos StandardPAX | 11.55% |
| USD CoinUSDC | 11.55% |
| DAIDAI | 16.16% |
| TetherUSDT | 11.55% |
| EOSEOS | 4.45% |
| CelsiusCEL | 5.12% |
| OmiseGOOMG | 3.11% |
| TrueGBPTGBP | 11.55% |
| TrueAUDTAUD | 11.55% |
| TrueCADTCAD | 11.55% |
| TrueHKDTHKD | 11.55% |
| OrbsORBS | 0.00% |
| Tether GoldXAUT | 4.51% |
Celsius Network Interest Account Alternatives
Pros and Cons
Pros
- No Account Fees - Celsius users can make zero-fee withdrawals at any time, and there are no minimum balance requirements.
- Interest Rates - Celsius offers very competitive interest rates on the majority of their supported crypto assets.
- Experienced Team - The founding team at Celsius has an impressive entrepreneurial track record.
- No Minimum Deposit - Celsius does not have minimum account balance requirements. This makes it easier for beginning investors to earn interest on their crypto assets.
- No Lock Ups - Users can withdrawal their crypto assets at any time without being subjected to penalties or fees.
- Crypto Assets Supported - Interest rates are available for Bitcoin (BTC), Ethereum (ETH), every major stablecoin, and 10+ large market cap altcoins including: EOS, Ripple (XRP), Bitcoin Cash (BCH), ZCash (ZEC), and more.
Cons
- Account Balances Not Insured - User account balances with Celsius are not insured and as a result, there is a significant amount of trust being placed in the company when using their services.
- No Compound Interest - Users only earn interest on the initial principal of their crypto asset deposits.
- Weekly Interest Payments - Celsius pays interest on user crypto asset account balances every week as opposed to daily.
- Native Platform Token - In order to receive the highest possible APR on crypto asset deposits with Celsius, users have to accept interest payments in Celsius (CEL) tokens. The token is not listed on many major exchanges, and there are concerns that CEL may be labeled as a security by regulators.
- Withdrawal Limits - Any withdrawals valued greater than $20,000 per 24-hour period require the account owner to contact customer support for manual withdrawal approval.
- Limited Accessibility - The Celsius platform can only be used via their mobile app.
- Privacy - Creating an account with Celsius and depositing funds does not require a KYC process. This being stated, users must complete KYC before they can begin earning interest on deposits.
Frequently Asked Questions
Can I earn interest on my stablecoins with Celsius Network?
Can I earn interest on my Bitcoins with Celsius Network?
Does Celsius Network have a mobile app?
Does Celsius Network offer compound interest on account balances?
Summary
Celsius has become a popular choice for both retail and enterprise grade investors looking to earn interest on their crypto asset holdings. Since launching their services in 2018, the company claims to have overseen $400M USD in deposited crypto assets with 53,000+ active wallets.
Despite their early success, we believe there are better interest product options available for retail lenders. Celsius does not offer compound interest on customer account balances, pays out interest weekly as opposed to daily, and their services can only be accessed via their mobile app.
Blockfer believes that both Nexo and BlockFi offer superior interest product options.
As an important reminder, potential Celsius users should be aware that their account balances are not insured and as a result, they are depositing at their own risk. Crypto asset interest products should always be used responsibly and users should not deposit more than they can afford to lose.
| Learn More | Best Features |
|---|---|
|
Legal & Regulation - Facts & Figures
| Legal Name | Celsius Network Limited |
|---|---|
| Incorporated Country | United Kingdom |
| Headquarters | New York, NY United States |
| Year Founded | 2017 |
| CEO | Alex Mashinsky |
| Total Employees | 11-50 |
| Regulators | Not Regulated |
| Links | Website, Crunchbase, Whitepaper, Source code, Twitter, Blog, LinkedIn |
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About The Author
Delton has been writing about blockchain finance & technology, decentralized applications, and crypto assets since 2017. His work has been published and featured by several independent news publications and blockchain projects.
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Methodology: How We Review And Compare
Our mission is to provide the most informative, unbiased, and useful reviews and comparisons possible for products and services in the blockchain finance industry. Assessments are powered by experts with years of relevant experience.
The interest product providers found in this category have been tested extensively by our team as part of the review process. Factors we analyze in our interest product reviews and comparisons include: APR rates, compound interest, available assets, terms and fees, and deposit amounts.
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