Celsius Network Review & Tutorial 2021

Celsius Network Review & Tutorial: Borrow & Earn Interest up to 22%

Written by LouiseElizabeth

15th January 2021

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In this Celsius Network review, we take a look at the peer to peer lending platform where you can borrow and earn interest of up to 22%. We’ll take a look at what Celsius is, the team, fees, supported assets, and how safe the platform is.

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 may be a solution.

Celsius Network Promo Bonus

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, Celsius 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.

What is Celsius Network

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

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 Celsius Network Founder

Alex Mashinsky is active on platforms such as Twitter with the Celsius 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 he talks about his background and in-depth about the Celsius network.

Celsius Promo Code 2021: Earn $20 BTC Sign-up Bonus

Celsius Network offers new users a $20 BTC Bonus when you use this referral link here or code 135806d934.

You will also receive a $20 BTC Bonus for every person you refer to Celsius.

Celsius Promo Code

Supported Cryptocurrencies

With Celsius, you can deposit and earn interest on any cryptocurrencies that earn a yield. This includes the likes of; of Bitcoin, Ethereum, Synthetix, you can deposit a host of Stablecoins, plus tokens such as XRP, UNI, EOS and BAT.

Celsius Supported Cryptocurrencies

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

Plus you can also buy tokens within the app too, although this wont be the cheapest way of buying your crypto.

Celsius CEL Token

Celsius Network has its own token CEL. CEL token gives Celsius 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 Token

Celsius Network token CEL give users access to higher rates on earnings and lower rates on loans. Earn up to 30% 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 30% discount on your interest payment.

Another massive benefit holding CEL is it value, in 2020 CEL is one of the best performing crypto assets and the price has risen to nearly 4000% within 12 months.

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 the Celsius website and social media, you will have to reach the ‘Platinum’ loyalty level.

Celsius Network's loyalty Programme


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 15-20% of your portfolio in CEL tokens. Celsius Gold members will receive 20% bonus interest and a 20% loan interest discount.


Platinum level means you hold more than 20% of your portfolio in CEL tokens. Celsius Platinum members will receive 30% bonus interest and a 30% loan interest discount.

Buy CEL token with the Celsius App

How to Earn Interest with Celsius

To earn interest with Celsius, simply transfer your cryptocurrency assets into the Celsius app and currently you can earn up to 21.49% on your crypto. 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 and there’s no minimum balance required, 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 Stablecoins 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 a stablecoins 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 your borrowing from Celsius, you are putting some 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 didnt have to liquidate anyone.

Please ensure you never over borrow when borrowing on these type of platforms.

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!

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 the Celsius website or by emailing [email protected]

Any time i’ve had to contact Celsius support they have replied quickly. Their Trustpilot score is currently Great at a 4.1

Celsius Network Trustpilot

Is Celsius Network Safe?

Celsius have 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 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 Celsius 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.


Celsius Network Rating 4.5/5

Rating: 4.5 out of 5.

I have been using Celsius Network for over 6 months now, and always feel excited to receive my weekly rewards every Monday. However, I signed up thinking I would automatically receive the 30% bonus if I chose to receive payments in CEL. This isn’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.

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.

Celsius Network Promo Bonus



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