Celsius Review UK 2023 – Features, Fees, Pros & Cons Revealed
The crypto market continues to innovate and bring cutting edge financial products for everyday users. The Celsius network exchange offers some of the most exciting crypto products for investors.
In this Celsius Network Review, we cover everything you need to know regarding its app, fees, supported coins, trading tools, features, loan rates and safety.
What is Celsius?
Celsius is a decentralised finance (DeFi) platform that was launched in 2017 by the company Celsius Network LLC. Through the Celsius app and web platform, you can earn, borrow and buy cryptocurrency.
The Celsius network was created by Alex Mashinsky and S. Daniel Leon who both had a focus to use blockchain technology to disrupt the financial industry and provide financial freedom through the crypto market.
Registered with FinCEN in the US and managing more than $20 billion in assets, more than 1.6 million people use the Celsius network. The platform allows you to buy cryptocurrency from your bank account, savings account or credit card, earn up to 17% APY on your crypto holdings (HODL) and access crypto-backed loans from just 1% APR.
In this Celsius exchange review, you’ll learn all about the Celsius fees, Celsius cards and the whole range of products it provides to crypto users. Let’s start with how Celsius works.
How Does Celsius Work?
One of the most basic services all crypto users want is the ability to buy new and more coins. You can buy Bitcoin, Ether and other cryptocurrencies using your credit card or bank account easily from the Celsius app.
However, the Celsius network is really known for its ability to provide crypto investors with a very high yield and passive income on their holdings. If you transfer your crypto to the Celsius network you can earn up to 17.78% APY and get paid weekly. You can find the rates you could earn in a crypto savings account further in this Celsius review.
You can also use your crypto to access a crypto loan with borrowing fees or loan interest as low as 1% APR. Furthermore, there are no credit checks, no origination fees and easy refinance options. There are also no withdrawal fees, holdings fees or transfer fees making the Celsius fees structure one of the best in the business as there simply are not any fees!
There is an eagerly anticipated Celsius card where you can spend what you earn but continue to earn on the rest of your holdings.
From doing a thorough Celsius network review, it’s clear to see the platform provides access to a wide variety of coins. Currently, you can transfer in and earn interest on 53 coins ranging from Bitcoin, Ethereum, Polkadot, Avalanche, Polygon, Solana, Litecoin (LTC) and many others.
The amount of interest and rewards you can earn on each of the 53 coins are covered in more detail in the next section of this Celsius network review. It’s also worthwhile knowing that the Celsius network has its own coin called Celsius (CEL).
Through the Celsius app, you can purchase cryptocurrency using a wide range of fiat currencies. This is because Celsius has teamed up with Simplex – a leader in fiat-to-crypto purchases.
Through the Celsius and Simplex partnership, users can purchase cryptocurrencies via credit or debit cards including Visa and Mastercard. The Celsius network has also partnered with GEM to provide in-app coin purchases via two crypto providers Wyre and Coinify.
While the Celsius fees are zero for buying crypto, the partners the network use will charge a fee. For example, Simplex will charge 3.5% for purchasing crypto and 2.99% for those purchasing from the EEA and UK.
Celsius Interest Rates
As you are already aware in this Celsius network review, you can earn interest on your crypto holdings. The amount of interest is much higher than you would find at traditional banks. The full interest rates for the 53 supported coins can be found on their website with a selection listed below:
|Coin Name||Interest Rate|
|USD Coin||7.10% APY|
|Binance USD||7.10% APY|
When of the best features we found in this Celsius network review is that there are no Celsius fees! As the Celsius network makes its money through its crypto lending service, there are no other hidden fees passed on to its users.
|Fee Type||Celsius Fees|
|Early Termination Fee||Zero|
|Transaction Fee||Zero. Facilitated through Simplex, Wyre and Coinfy with third-party fees.|
When you buy cryptocurrency such as Bitcoin, you need to find the best Bitcoin wallet UK to hold your coins safely. With more hacks and criminals targeting crypto users, it’s never been more important to store your coins in a secure wallet.
Funds held in a Celsius wallet are held with their custodian Fireblocks which is the number one institutional digital asset custody company in the world offering MPC-CMP wallet technology. Fireblocks provides the insurance on digital assets held by Celsius users.
When you earn interest on your crypto holdings this is accrued on a weekly basis (Friday to Friday) with interest paid into your wallet on Mondays.
Celsius Mobile App
The Celsius crypto app is available on Android and iOS operating devices. It is simple to use with an easy to navigate layout. From the Celsius app, you can access a variety of different features.
The home screen allows you to view the rewards you are earning, access the Celsius community and promo codes for different Celsius network offers. The rewards menu shows you how much you can earn from holding your cryptos.
You can also view a portfolio of your holdings and how much they are worth, transfer coins from external wallets, buy a new cryptocurrency and swap it to another coin with zero fees. There are also options to calculate how much you can borrow from using your crypto as collateral.
Celsius User Experience
In this Celsius network review, we had a good user experience. The Celsius network UK features and products are all very easy to access and understand through the app or web platform. In fact, both mediums were user-friendly.
From the web platform, you can view your balance, holdings and the number of rewards you are earning. You can also access options to send, receive and borrow crypto from the top menu.
The interest you can earn on each coin is also clearly laid out on the left side. You can search for how much interest you can earn on the 53 coins that are currently supported.
However, before depositing funds you will need to verify your identity which can be done in a few minutes digitally. This will include providing identity and address verification documents.
At the time of writing, Celsius was offering a $5 welcome bonus in Ethereum for those who complete the identity verification.
One element we found particularly useful in this Celsius network review was the fact you can access customer support from Monday to Saturday 10am – 11pm EST. Furthermore, there are a lot of promotions and bonus rewards that are easy to access including a referral program where you can $50 in Bitcoin.
Overall, the user experience for the Celsius app and products was top notch.
Celsius Tools & Features
In this Celsius exchange review we found that it provides access to a range of interesting tools and features for both beginner and advanced crypto enthusiasts. A few of them are highlighted below.
Crypto Loan Calculator
Through the Celsius app you can access a really useful crypto loan calculator. All you need to do is enter how much you would like to borrow (only available in US dollars) and which coin you would like to use as collateral (most of the 53 supported coins are available).
The loan to value percentage is fixed at 25% but you can choose the length of your loan from 6 months to 5 years. The calculator will then provide you with how much interest you would need to pay in USD, BTC, ETH or stablecoins such as USDC or in CEL which is the Celsius network UK’s native coin.
Perks for Using the Native Token CEL
The native token for the Celsius network is CEL. This is the main method of exchange across the network and acts as a loyalty reward token. When earnings are calculated at the end of each week it is based upon the interest you have earned, the crypto asset you are storing and your loyalty tier.
The Celsius network UK operates a four-tier loyalty reward system. The tier is defined by how much of your portfolio liquidity is held in CEL tokens. The more you hold in CEL the better rewards you receive.
In some cases, you can boost your earnings rates up to 30% and lower your interest payments by up to 25% by just using the Celsius native token. Higher tier users also get priority access to future products like the Celsius card.
Pay & Get Paid in Digital Currency Easily
In this Celsius network review, we found it was very easy to pay and get paid in digital currency using the Celsius app. Through the CelPay feature, you can pay friends and family in crypto as easy as paying friends and family using PayPal and with zero charges.
Celsius Minimum Deposit
The Celsius network does not impost any minimum deposits. However, there are some minimum amounts to be mindful of when using third party payment providers as highlighted below:
- Simplex minimum deposit = $0.
- Wyre minimum deposit = $1.
- Coinify minimum deposit = $50 EUR bank transfer or credit card purchase
Celsius Regulation & Licensing
As with most crypto lending platforms, Celsius is not regulated by a financial regulator and is not a traditional FCA broker or regulated by the Securities and Exchange Commission (SEC).
However, Celsius is registered as a Money Services Business (MSB) with the US Financial Crimes Enforcement Network (FinCEN). The company also has offices in the US, Lithuania and the United Kingdom.
While Celsius is not covered by any government insurance scheme, the mere fact they are not based in a low transparency, offshore island speaks volumes about their credibility and safety for a cryptocurrency exchanges.
Celsius Contact and Customer Service
One of the best features we found in this Celsius network review was the availability of customer support staff. You can access a customer support agent live via a US telephone number Monday to Saturday 10am – 11pm EST.
You can also fill out an online customer contact form and wait for one of the customer support agents to get back to you. The fact a crypto exchange has live customer support agents is already a differentiating factor to many others operating in the same field.
How to Earn Crypto Interest on Celsius
Below is a step by step process on how to earn crypto interest from the Celsius network platform.
Step 1 – Open a Celsius Account
Step 2 – Verify your Identity
To comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, Celsius will need to verify your identity. This includes providing full name, date of birth, citizenship and address details.
You can upload supporting evidence to verify your identity and address from the app or from the website. Celsius will send you a secure link to your phone where you can then upload your documents or take a live picture of them.
Step 3 – Download the Celsius App
You can download the Celsius app through the Google Playstore or Apple App Store. Once you have downloaded the app, you can login using the authentication details created in step 1. The app is really simple to use and packed with lots of features and products to earn and borrow crypto easily.
Step 4 – Deposit Funds or Transfer Coins
If you already have some cryptocurrency stored in another wallet you can transfer them into your Celsius wallet without any fees. Then you can start earning interest on them if it is one of the 53 supported coins. Alternatively, you can swap your coin into one of the supported coins without any fees.
You can also purchase cryptocurrency directly from the Celsius app. By opening the app, you just need to click on Buy Coins, choose your preferred payment method (credit card or bank transfer), choose your desired fiat currency and cryptocurrency and then confirm the transaction.
While Celsius does not charge any fees, the payment processing company – Simplex, Wyre and Coinify – may do so. Transactions can take up to 24 hours before being seen in your Celsius wallet.
Step 5 – Start Earning Interest
Once you have either bought some crypto or transferred it into your Celsius wallet you can start earning interest. This can be done easily from the web platform or the Celsius app.
In this Celsius network review, we found you can earn interest up to 14% APY which can be paid into your Celsius wallet on a weekly basis.
The interest rates will vary over time but they are all easily viewable for each supported coin.
Through the Celsius app home screen and dashboard on the web platform, you can not only see your account balance but also how much you are earning in rewards.
Is Celsius the Best Crypto Interest Account? Celsius versus AQRU
In this Celsius network review, we have highlighted some great features from its platform. Which exchange should you choose? Celsius, BlockFi, Nexto, AQRU, etc? If you’re looking for an even better offering then you should definitely look into the AQRU review – another DeFi platform owned by Accru Finance Ltd, a London-based financial services company authorised as a Virtual Assets Service Provider (VASP) under Lithuanian Law.
AQRU offers users the ability to earn up 12% per year on their crypto holdings and supports a variety of major coins, stablecoins and altcoins. The best feature is that there is no lock-up period with AQRU so you can withdraw your holdings at any time.
Furthermore, AQRU has reserve funds of $30 million in case of cyber attacks and also partners with Fireblocks which is the leading crypto wallet security firm to safeguard your holdings.
The AQRU mobile app is available on Android and iOS operating devices and is one of the best we’ve seen. Not only is it user friendly but there are also zero transaction fees, zero deposit fees and zero fiat withdrawal fees.
Cryptoassets are highly volatile unregulated investment products. No UK or EU investor protection.
In this Celsius network review, we’ve covered everything you need to know about their services and products. However, if you’re looking for a top notch cryptocurrency exchange to buy, earn and borrow crypto seamlessly then you should consider AQRU.
Not only is AQRU fully authorised by a European regulator – a rarity in the crypto world – thereby providing you with a high level of safety and security, there are a ton of features and great interest rates for its users.
You can open a free account today to see all of the features, products and services for yourself.
Cryptoassets are highly volatile unregulated investment products. No UK or EU investor protection.