How To Use Celsius Network (Review and Guide for 2021)

celsius network review

Currently, over a million users are now earning with the Celsius Network. If you are looking to make some passive income off of your cryptocurrency holdings, take a look at the Celsius Network.

Cryptocurrency lending platforms like Celsius are trying to disrupt the status quo in banking and providing people with an alternative to just keeping money with a normal bank or financial institution with low interest rates.

Celsius is a decentralized finance (DeFi) cryptocurrency lending platform designed to bring financial freedom to a new age of banking. And many people are taking advantage of the high APR interest rates from keeping your assets with them.

Celsius Network was founded in 2017 by Alex Mashinsky, who is known for his revolutionary work in VoIP.

The Celsius Network allows you to earn interest on your cryptos, just by keeping them in your Celsius wallet. The network supports a variety of cryptocurrencies with varying interest rates.

Since they are a lending platform, and are known for extremely low loan interest rates compared to competitors like BlockFi.

One of the main features of the Celsius network is CEL tokens. CEL tokens are used to increase your weekly rewards and get discounts when you borrow with Celsius.


Sign up for Celsius, click or use this code: 1529325918

We both get $50 in BTC when you deposit over $400 or more and hold it for 30 days

Downloading the Celsius App

how to use celsius network logo

Celsius Network is a cryptocurrency lending platform that allows users on iOS and Android to store and earn interest off of their digital assets.

Luckily, the Celsius app is available both on iOS for iPhone users and Android users on the Google Play store.

Over a million users have already downloaded the app, so you know it's legit and safe. More on this later...

Verifying your Identity

To deposit crypto to the Celsius Network and earn interest, you first need to verify your identity.

This is the information you will need:

Name, Address, Birthdate, Gender, SSN # (except non-US), photo of ID (National ID, Driver’s License or Passport).

Note that a SSN is only required for US residents.

  1. On the home screen, select "Deposit Coins"
  2. And then click "Verify Your Identity"
  3. Enter your info and upload the pictures of your ID
  4. Typically, it should take Celsius a few minutes to verify your identity, but it should not take any longer than 24 hours.

Withdrawing from your Celsius Wallet

It's also very easy to withdraw your crypto from the app whenever you wish. however, if you've never withdrew from your account before, you will have to wait one day for the transaction to actually go through.

Again, this is an added security feature to prevent an unwanted withdrawal. You will receive an email notification about the new wallet being used for the withdrawal.

Additionally, one great benefit to using Celsius is that they don't charge for withdrawals, which is great! That means more money back in your pocket! This is why many hoddlers choose to earn interest with Celsius compared to their competitor, BlockFI.

If you're looking for more information about the fees involved when earning and borrowing with Celsius, check out our Celsius fees guide.

Depositing to your Celsius Wallet

Depositing Cryptocurrency to your Celsius account is an extremely simple process after you have downloaded the app.

If you have cryptos stored in another wallet that you want to store in your Celsius wallet, transferring is easy. In the Celsius App, click the "Options" menu and the "Transfer" button.

transfer with celsius network

After that, select the supported crypto asset that you wish to transfer. They support BTC and over 40 other cryptocurrencies (including variety of popular alt-coins).

Simply copy and paste the wallet address from Celsius to the network that you are trying to transfer from like Binance, Coinbase, etc.

Once the deposit is complete, you can see your balance on the main Celsius App page.

On your Celsius home screen, you can see all of your holdings as well as the current yield rate that you are earning with Celsius by keeping that crypto in your account.

Buying crypto with Celsius

You can also buy crypto with Celsius by depositing a fiat currency like USD. You can buy cryptocurrency on Celsius via a credit card or via Bank transfer.

The global credit card fee rate is 3.5%, which is pretty standard, we see similar fees with Kraken, Gemini and Coinbase. The ACH fee is .1%.

There is a $10 minimum on credit card purchases.

Alternatively, you can verify your bank account using Gem, where you will purchase the crypto. This means that Celsius never actually has your bank account details themselves, which is a pretty nice built-in security feature.

To buy crypto with Celsius:

  1. On the home screen of the Celsius app, select "Buy Coins"
celsius app home screen

2. Select how you wish to pay, either Credit card or ACH

4. Verify your information with Celsius' third party partners.

buying crypto with celsius

5. Select the supported Coin you wish to purchase (BTC, LTC, ETH, etc)

6. Enter the amount you wish to Purchase

7. Confirm your information

celsius uses gem

Earning Passive Income with Celsius

Every Monday, Celsius pays out the interest from the assets being stored in your account.

Each asset, whether it's Cryptocurrency, stablecoins, or gold-backed tokens have a unique APY.

For example, you can earn 4.08% on LTC, 5.35% on ETH and 6.2% on BTC. Here is some of the current yield rates that you can get by storing with Celsius:


Yield Rate

BTC (Bitcoin)

6.2% upto 1 BTC

LTC (Litecoin)


ETH (Ethereum) 

5.35% up to 100 ETH

ETC (Ethereum Classic)


Payments or "rewards" as Celsius calls them are paid out every Monday.

Celsius network in particular is known for their high interest rates compared to other platforms.

CEL Token 101

Celsius coin is an actual crypto that you can purchase. The more you hold, the more rewards and earning bonuses that you get. In order to get these bonuses, you need to hold a certain percentage of your total assets in CEL.

You can use your CEL token to obtain discounts on loan interest payments, which can be useful if you plan on borrowing with the Celsius Network.

The more CEL you have, the more you earn and the bigger your weekly payments are, it's that simple:

StatusCEL Token HoldingsBonus RewardsLoan Interest Discount
Platinum25% - 100%25%25%
Gold15% - 25%15%15%
Silver10% - 15%10%10%
Bronze5% - 10%5%5%

Should you buy CEL Token?

You can earn in CEL, meaning the more you store, the more CEL you are rewarded with. In turn, that CEL token being held in your account can offer you better interest rates, both with storing and borrowing.

WIth CEL, you can earn 4.86% APY. You can also earn up to 25% discounts on all of your loan interest payments if you choose to pay in CEL Token.

As metnioned before, you need to make sure your CEL token balance is a certain percentage of your total assets in order to achieve these discounts.

Borrowing with the Celsius Network

As mentioned, Celsius Network is a lending platform, so naturally, you can take out cryptocurrency loans and Fiat currency loans as well. When you borrow with Celsius, you are getting some of the lowest rates currently available in the industry.

You use your crypto as collateral when setting up your loan. More collateral with Celsius will allow you to take out bigger cash or stablecoin and big crypto loans (BTC, ETH, LTC).

Additionally, if you hold CEL, you can get a discount on the interest rates. Up to 25% as mentioned above.

They also have a margin call feature built in that will liquidate your collateral if BTC drops below a certain price. You can find all of the details and terms spelled out for you on the app.

Is Celsius Network Safe?

Celsius has a pretty stable community surrounding it and outstanding support for all of its services. The company claims that they aim to create a new world in the personal and commercial banking industry.

When it comes to safety, Celsius definitely beats out their main competitor, BlockFi.

Not only do they have standard security features like 2FA and storing assets in cold storage, but they also have a very detailed help section that covers common FAQ's regarding their practices.

If you are looking for a more detailed security review on Celsius, check out our "Is Celsius Safe?" article.

They even have a Celsius Community tab on the app which provides useful statistics about what cryptos are popular with the community and other latest trends.

Celsius Network Wrap-Up

Earning passive income by keeping your assets with a lending company can be a great bonus, especially if you don't earn with whichever trading platform you are currently using.

Celsius Network is one of the biggest names in cryptocurrency lending, and for good reason. They are pushing the envelope in how people earn with Bitcoin and other crypto and how banking services will work in the future.

It's important to remember that Celsius Network is not a trading platform, meaning you can not buy crypto using a trading pair. (I.e using your Bitcoin to get Ethereum). So if you are looking to trade crypto frequently, you won't be able to keep it in your Celsius wallet for too long.

Getting a bonus just by storing your crypto in a certain wallet is something that many Cryptocurrency HODLERS over look. You might as well be earning with your crypto if it is just sitting there not being traded. Otherwise, you are losing out on potential bonus cash. Celsius provides an amazing platform that could change the way we bank in the future. That's the beauty of a decentralized finance platform.

Whether you are looking for a reliable place for loans, a way to earn passive income on your crypto through interest or just a reliable app to store your crypto, creating an account with Celsius Network is a smart decision.

As always, feel free to comment below if you have any questions, I'd be happy to offer advice on using Celsius to make some passive income! 🙂


Sign up for Celsius, click or use this code: 1529325918

We both get $50 in BTC when you deposit over $400 or more and hold it for 30 days

About Crypto Ryan 72 Articles
Hi, I'm Ryan. I started investing in cryptocurrency in early 2014. Naturally, I want everyone to have the chance to learn about the crypto world so I created this blog! I hope my articles help you understand blockchain and cryptocurrency. Cheers!