Celsius Network Review 2021: How to use Celsius to Earn Interest

In this Celsius Network review, I take a look at the peer-to-peer lending platform, where you can borrow and earn interest on your crypto assets up to 17.78%. We’ll take a look around the Celsius App, the loan and borrowing rates, and their safety/security. Plus I explain why I choose to use lend my crypto on Celsius Network to earn interest.

If you currently have crypto sitting idle in a wallet or maybe you want to borrow some cash, and don’t want to cash out of your crypto investments then Celsius Network may be a solution.

Celsius Network Promo Code135806d934
Celsius Network Sign-up BonusNew Users Receive a $40 Bitcoin Bonus
Referral Bonus TermsNew users will receive a $40 BTC bonus when they deposit $400+. Click here for terms
Bonus Last ValidatedAugust 2021
Celsius Promo Code 2021

Celsius Network Review 2021

What is Celsius Network?

Celsius Network is a peer-to-peer lending company that allows users to purchase crypto, earn interest, and instantly borrow dollars with no deposit, withdrawal, or transaction fees. For lenders, they offer profits on interest rates for the crypto that’s been deposited. Allowing you to lend your assets to others whilst gaining interest on the loan.

With Celsius, not only can you lend your tokens to earn interest. You can also borrow dollars against your crypto, without the need to sell your tokens if you wanted to free up some cash. Because your loan is secured with your tokens which are being used as collateral, they can offer really competitive interest rates to its lenders. Plus your crypto tokens are then yours to keep after you’ve repaid the loan.

Celsius Review and what is Celsius

Who Are Celsius Network?

The Celsius Network was founded in 2017 by Alex Mashinsky (CEO) and Daniel Leon (Founding President and COO). Alex Mashinsky is known for bringing cell phone service and free WiFi to the New York City subways, enabling WiFI on U.S. flights, and creating Voice over IP (VoIP). Daniel Leon is a business and social entrepreneur, serving as a leader at several organizations, including Atlis Labs, Beyon3D, and GroundLink.

Alex Mashinsky is active on platforms such as Twitter with the community. He also hosts weekly AMA (ask Mashinsky anything) on YouTube. Plus if you’re a subscriber to Real Vision there’s a great interview available, where Alex talks about his background and in-depth about the Celsius network.

Alex Mashinsky Celsius Network Founder
Ledger Nano X - The secure hardware wallet

Celsius Network Promo Code July 2021: $40 BTC Sign-up Bonus

Celsius Network offers new users a $40 BTC Bonus when using promo code 126555d934 at sign-up. To earn your $40 BTC Celsius bonus you will need to transfer $400+, within 20 days of opening an account and maintain the balance for 30 days. Your BTC bonus reward will be distributed after 30 days after qualifying.

Celsius Promo Code135806d934
Celsius Sign-up BonusNew Users Receive a $40 Bitcoin Bonus
Referral Bonus TermsNew users will receive a $40 BTC bonus when they deposit $400+. Click here for terms
Bonus Last ValidatedJuly 2021
Celsius Network Referral Code July 2021 and Earn $40 BTC

I’ve recently been made aware that Celsius Network isn’t allowing UK residents to sign-up to their platform. If you´re looking for an alternative you can check out BlockFi

¨At this time, registration for new customers from the UK is unavailable. We will provide additional information as it becomes available.¨

Supported Cryptocurrencies

With Celsius, you can deposit and earn interest on any cryptocurrencies that earn a yield. This includes the likes of; Bitcoin, Ethereum, Synthetix, as well as a host of stable coins. In March 2021 they added Polkadot’s DOT token, where you can earn up to 3.18%.

What cryptos & stable-coins does Celsius Network support

You can currently borrow 34 different cryptocurrencies too, with interest rates as low as 0.7%.

Tokens can also be purchased within the app too, although this won´t be the cheapest option for buying your crypto.

Celsius Web App

Unlike a lot of its competitors, Celsius initially was only available as a mobile app for Android or iOS. Which could be a little bit frustrating. However, after listening to the community (and their user’s needs to get access to Celsius from all their devices), Celsius has now introduced a sleek, secure, and easy-to-use web platform.

Users can log in, using their mobile app credentials and view a complete overview of their Celsius account with interactive graphs and charts. Plus have the ability to send, receive and start earning interest on your crypto. Celsius has only just released version 1 at the time of this Celsius Review therefore there are some limitations. However, they have plans to include more features in later versions.

Is Celsius Network Safe?

Celsius has recently moved away from BitGo and now works with several custodians including Fire Blocks and PrimeTrust. Celsius state that security is more than just custodian and insurance, it’s how they operate through the entire company. Protecting the user’s assets is always their number one priority. 

All loans are collateralized up to 150%. Meaning the borrower provides Celsius an alternative asset as collateral in exchange for the asset they borrow. For more information, you can check out their terms of use here.

How safe is Celsius Network? Is it a scam

If Celsius were to suddenly disappear, go bankrupt, or get hacked, they state they will use their balance sheet to cover damages. If the losses exceed their balance sheet, they will use Eligible Digital Assets to absorb the remaining losses.

Celsius also offer 2FA authentication on their app and follow best practices when withdrawing from their wallet.

Where to Buy YubiKey

Celsius CEL Token

CEL is the official token from Celsius Network. CEL tokens gives members access to the best financial services for cryptocurrencies. Not only do you get better interest rates when choosing CEL as your receiving currency, but you also gain access to a different array of member-exclusive advantages.

Celsius Network token CEL gives users access to higher rates on earnings and lower rates on loans. Earn up to 25% more rewards on all deposits when choosing to earn rewards in CEL tokens. Also if you choose to borrow instead and pay interest in CEL, you’ll receive up to a 25% discount on your interest payment.

Celsius CEL Token Benifits

Another massive benefit holding CEL is its value, in 2020 CEL was one of the best performing crypto assets and the price has risen to nearly 4000% within 12 months. Plus in the dip during May 2021, the CEL token was one of the best performing tokens and dropped a lot less compared to the rest of the market which dropped about 50% over the few days.

CEL tokens are available to purchase on multiple exchanges such as UniSwap, FTX, and the Dharma wallet.

Celsius Loyalty Programme

Celsius loyalty program is on a four-tiered system and to receive the bonus rates, you will need to stake CEL tokens. To receive the advertised rates as seen on their website and social media, you will have to reach the ‘Platinum’ loyalty level.

Celsius Loyalty Tiers 2021


Bronze level is the starter level, which means you hold 5%-10% of your portfolio in CEL tokens. Celsius bronze members will receive discounts of 5% bonus interest and 5% loan interest.


Silver level means you hold 10-15% of your portfolio in CEL tokens. Celsius Silver members will receive 10% bonus interest and a 10% loan interest discount.


Gold level means you hold 15-25% of your portfolio in CEL tokens. Celsius Gold members will receive a 15% bonus interest and a 15% loan interest discount.


Platinum level means you hold more than 25% of your portfolio in CEL tokens. Celsius Platinum members will receive a 25% bonus interest and a 25% loan interest discount.

Celsius Network Financial Freedom

How to Earn Interest with Celsius

To earn interest with Celsius, simply transfer your cryptocurrency assets into the app. Currently, you can earn up to 17.78% on your crypto and 11.21% on stable coins. However, this will depend on your loyalty level, payment method, and the crypto that you have deposited.

The interest that you earn is issued weekly, every Monday. There’s no minimum balance required and you can deposit as little or as much as you like.

How to earn interest with Celsius

How to Borrow with Celsius

With Celsius, you can borrow a minimum of $500 in USD or stable coins at some incredibly low rates of interest, especially compared to a bank. With rates as low as 0.7% (when you pay with their CEL token), you simply use your crypto as collateral for the loan, without having to sell off your assets to free up funds.

borrow with Celsius

You can choose to borrow either USD (to be sent directly to your bank account) or stable coins which will arrive in your celsius account in 24hrs. Simply enter the amount that you’d like to borrow and choose the crypto that you’ve deposited and would like to use as collateral. Then select the term of the loan from 6 to 36 months.

A confirmation of the loan will then be presented showing the amount you’ll be borrowing. You’ll also be shown the estimated collateral which will be ultimately determined on approval. Just note that when borrowing, that these tokens will be locked and ineligible to earn interest.

Plus you’ll also be shown a margin call amount and a liquidation amount.

What are Celsius Margin Calls & Liquidations?

When borrowing from Celsius, you’re putting cryptocurrency down as collateral. Because of the high volatility of crypto, Celsius implements a margin call. Meaning that if your collateral value drops under a certain price, they will ask you to add more to meet the minimum coverage on your loan. 

If the price drops another threshold, and the margin call wasn’t met, they will liquidate a portion of your assets to cover for the margin call.  

Now in the Bitcoin price drop in March 2020, the likes of Bitmex liquidated about a billion dollars. Whilst Nexo and BlockFi liquidated 100s of millions of dollars. However apparently Celsius didn’t have to liquidate anyone.

Please ensure you never overborrow when borrowing on these types of platforms.

Connect Trezor to MetaMask

Celsius Fees

Celsius Network is fee-free, this includes withdrawal and termination fees, which is unlike many of its competitors. I have personally withdrawn a few times and the withdrawals have been more or less instant. Just make sure you have your 2FA turned on, otherwise, your crypto assets will be held for 24hrs. Safety First!


On August 17, 2021, they announced that automated withdrawals from the Celsius account will only be processed in amounts of $10.00 USD or more.  If your account balance falls below $10.00 after August 17 and you’d like to complete a withdrawal, you will need to contact their support team to initiate a manual withdrawal. This will apply to all assets in your Celsius account and all assets supported in the Celsius app. When you withdraw more than $10.00 USD, as always, you can continue to withdraw assets from your account at any time and without any fees. 

Celsius Network Review


Celsius Network provides users with a dedicated Help Center with FAQs regarding deposits, withdrawals, etc. If you don’t have any luck with their Help Center, you can also submit a request via their website or by emailing [email protected].

Any time I’ve had to contact support they have replied quickly. Celsius Network reviews on Trustpilot are currently Great at a 4.1.

Celsius Network Trustpilot


There are lots of platforms fighting for this peer-to-peer lending market. Two of Celsius Network’s biggest competitors are BlockFi and Nexo. I personally have investments in all three and each have their positives and negatives. You can find video tutorials and reviews on both BlockFi and Nexo on this site and Every Bit Helps YouTube channel.

One of the more recent players to enter this market is the Yield App. This platform was released in February 2021 and is currently offering yields of up to a massive 20%. For more information on the Yield App, click here.


Celsius Network Rating 4.5/5

Rating: 4.5 out of 5.

After using the app for over a year, I thought it was time to create a Celsius Network review and share my personal experience. It’s still exciting to wake up and receive my CEL rewards every Monday morning and watch the tokens compound. However, I signed up thinking I would automatically receive the 30% bonus if I chose to receive payments in CEL. This wasn’t the case, I’m not sure if this is clever marketing or I just rushed in and didn’t read the fine print. Either way, I love receiving +16.16% on my SNX tokens!!

Celsius App is clear and easy to use, but it would be nice to have a web version available. The quick and free withdrawals are great, especially with the current high transaction fees, hopefully, they continue to offer this.

Celsius Network Promo Code 2021

I’m currently a Platinum member and receive the benefits of higher interest rates. However, with the market being so volatile I have recently dropped into the Gold member bracket. So, I will need to purchase some more CEL tokens and the only way to do this is to pay a 3.5% card fee or purchase on an exchange like UniSwap. But again with GAS fees so high, this can again be expensive. I would love for a way to quickly swap my tokens within the App for more CEL. I believe this would be a great feature for the community.

Although I’m happy using Celsius, I’m cautious with the amount I leave in any App or wallet. An interest rate of 4.56% and 5.5% is fantastic, in the world of zero interest rates. However, I would find it hard to justify losing all my crypto, if something unfortunate did happen to Celsius for the sake of 5% per annum. Like anything, be cautious and don´t put all your eggs in one basket.


Does Celsius Network Charge Fees?

Celsius Network doesn’t charge any fees for its services. Unlike some similar platforms, they charge no withdrawal, transfer, transaction, or early termination fees.

Did Celsius Network Support the Spark Token Airdrop?

All Celsians who held XRP tokens in their wallet when the Flare Network snapshot took place on December 12th, 2020, will receive Spark tokens on launch.

Does Celsius Support Binance Chain (BEP-2)?

Celsius Network does not currently support Binance Chain (BEP-2)

When do I Receive Interest from Celsius?

You start earning interest as soon as your funds are credited to your account. Interest is calculated every Friday and distributed every Monday. 


Louise created the Every Bit Helps YouTube channel back in 2017, after finding the process of buying Bitcoin difficult. Therefore, in an aim to help others, she hopes that her tutorials will make the process of buying, selling and storing crypto a lot easier for newbies in the future. After spending 20 years working in London in cyber security, she left the corporate life after having her second child in 2018. Louise now travels the world with her two small children trying to make the most out of life.

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  1. I put a small test amount of bitcoin into this and I only get 3.51% on it. Did the rate recently drop

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