May 5, 2022 - 4 days read

Is Celsius Network legit? My personal experience after one year

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Celsius Network is a wealth management platform based on crypto that allows users to lend and borrow blockchain assets. The CEL token is build around this wealth management platform, although users…

Celsius Network Webpage

What is Celsius?

Celsius Network is a wealth management platform based on crypto that allows users to lend and borrow blockchain assets. The CEL token is build around this wealth management platform, although users are not required to hold any CEL in order to use their services, more on it later in this article.

The Celsius team is public, not hiding behind anonymous aliases. I reckon that this fact alone is not a guarantee for a successful project, but it certainly is a step into the right direction. I invite you to browse the official Website for more details on the team.

The sign-up and KYC Process

Celsius currently only comes as Android/iOS Application and there is no desktop/web version. Personally this is alright for me, as I prefer to have one proper and well developed version rather than trying to cover all systems/landscapes at the cost of quality.
The application is free of charges, you can either search for it online; in the App store or use one of the many invitation links to also take advantage of a 20$ sign-up bonus with your first deposit. Below my link which would make me very happy if you’d use it and support me:

The sign-up and KYC process was very smooth for me, there were no hick-ups and I was cleared to make my first deposit within 24 hours from signing up. According to different social media channels this is also the general consent for most of the users.

The Application

Once you open the app, you’ll need to setup/pass the verification (password/pin/touch id) and land on the home screen which you can see below.

This is what the welcome screen looks like (official Celsius picture)

You have many options to configure the home screen to your personal preferences, like: background color, showing the charts or just amounts and USD value and many more.
What you unfortunately can’t change is the currency in which your crypto holdings are displayed, I reckon USD is sufficient for most users but it’s pretty standard nowadays to include other currencies (EUR, CAD, GBP, CHF,..)

When clicking on one of the tiles, you’ll be able to see more details for the selected asset. Below you’ll find my example for LTC.

LTC holdings and earnings over time

The detailed view provides you with information how your specific holding developed over time and also tells you how much interest you earned.

The home screen also provides you with a total number for your assets and earnings — this view is less detailed but great to see all your earnings and balance. You also have the possibility to export the transaction list as CSV file which is super handy if you want to do your own analysis. In the next chapter I want to provide you with my experience when making my first deposit/withdrawal and the interest rate logic at Celsius.

First Transfer and how withdrawals work

In order to make your first deposit, you simply need to select the asset which you want to transfer into your Celsius Wallet, copy or scan the address and make the deposit. Below you can see what it looks like for BCH

Process to deposit BCH

For each currency you can toggle a similar view in order to obtain the deposit address. I never encountered any issue with my deposits, I am currently holding 10+ assets in Celsius and made over 30 deposits.

Withdrawals work in a similar way, Celsius is even covering the fees for you. One thing that you need to be aware of, when entering a new withdrawal address, there is a 24 hours lock before you can make the transfer. This is to protect you and your funds in case there is a security breach on your device.
If you already know where to withdraw your assets, you can whitelist the address right after you make the deposit to circumvent the 24 hours wait.

On the BCH deposit screen above, you see the option to buy BCH in App. I’d advice to not use this possibility as this are third party providers and you’ll end up paying a higher fee than necessary. It is always better to go with your trusted exchange (Binance, Kraken, Huobi,..) and transfer your assets from there.

Interest rates and the advantage of holding CEL tokens

Interest rates are updated on a weekly basis, and you should receive an Email every Monday with the new rates. Below you can see a screenshot how it usually looks like, keep in mind that there are different rates for US and international.

Internal rates for the last January week (25.01.2021)

The rates are updated on a weekly basis and calculated based on the demand and offer for each currency as Celsius also needs to make some money when balancing interest rates they pay out and interest they receive from giving out loans. It is my observation that the rates for the top10 currencies don’t fluctuate much, but I saw already bigger differences from one week to the other for other assets, i.e. Compound.

Celsius also offers a loyalty program and for each asset you can chose if you want to earn interest in-kind or in CEL tokens. Based on your total CEL holdings you can increase the interest rates when getting your rewards in CEL tokens by up to 30%. Below the overview of the loyalty program

Current loyalty tiers (25.01.2021)

The highest tier, platinum is not completely out of range as you need to have 20%+ CEL token holdings. This means if you have total assets of 10k USD, you’ll need 2001 USD in CEL to keep the platinum tier. As you can see there are also other brackets, so even if you drop out from the higher brackets you still keep some advantages and you can rebalance your holdings.

The loyalty tiers also give you a discount on loans, but as I never used the loan functionality I can’t really comment on it.

Celsius Network Communication and Transparency

Celsius CEO Alex Mashinsky is holding a weekly live AMA which gives the users an opportunity to submit their questions beforehand and if the topic is popular it will also be picked up.

In general I like the approach as it adds a lot of credibility to a project in crypto space when the team goes public and is openly communicating with the customer base. At the end of the day Celsius is also a business and people committed to it want to make a living from it, but it’s definitely nice that they pass a good chunk of the profit to us, their customers and investors. Without our crypto the entire business model would not be viable, the CEL token would loss much of it’s value and make the entire CEL ecosystem collapse.

I believe that the leadership team and Alex understood this and therefore pursue this high transparency communication strategy.

My Verdict

Below I’m providing you with a short list of pros and cons which I encountered over the last 12 months. Please keep in mind that this is only my personal opinion (4+ years experience in crypto).


  • Intuitive App, easy to use with regular updates & improvements
  • No minimum deposit thresholds. It’s up to you if you want to put 10$, 100$ or 1000$ in order to earn interest
  • No withdrawal fees, Celsius covers them for you!
  • Transparent communication with no “bad surprises” over night thus far
  • Interest payments always on schedule with nice weekly email updates
  • Weekly AMA by the CEO and Celsius listens to their customers
  • Multiple security layers to protect your assets
  • Asset portfolio is constantly revised and extended


  • Centralised wallet with no control over private keys. Even if very unlikely; you can always lose all your assets and should be aware of the risk
  • App feels a bit clunky with room to improvement

Overall I am happy with Celsius, it never let me down; deposits, withdrawals, interest payments all worked as expected. I’m looking forward to many more weeks and hopefully years of passive income.

I’d invite everyone who is comfortable with putting their assets into a centralised wallet, to take advantage of the Celsius interest rates, which are more often than not the best you can find in the crypto space. In the section below you can find my other article containing all currently active promo codes to maximise your income even further!

Sign-up today and start earning!

Download the app today, register and deposit your first 200$ in any supported coin to Celsius to start earning interests right away. After holding these 200$ for 30 days you will be rewarded with 20$ in BTC as a bonus! Use my referral ink below:

Just enter the referral 1707597474 when signing up!

Check out my other Celsius post with up-to-date promo codes

You can use my Celsius guide to earn up to 100$ just by signing up and making use of all the active promo codes for your newly created Celsius account:


Disclosure: Some of the links above are affiliate links

This is not a financial advise, just a recount of my personal experience using the App for nearly 1 year, including a tutorial for how to use the Celsius referral program and how it works.