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Celsius Network review

Celsius Network lets you earn interest on your crypto and instantly borrow against it. No fees ever.
Celsius Network
Dean Fankhauser
7 January 2020
Our review

What is Celsius Network

With a simple app, Celsius Network allows you to earn, borrow and pay on the blockchain with no fees. You can borrow dollars at an interest rate starting at 4.95%. You can earn up to 10% interest on your crypto assets which cover most major crypto assets including Bitcoin, Ethereum, Stellar, Dash, Litecoin and US Dollar stablecoins. When you store your assets with Celsius, they’re stored with Bitgo which is an industry-leading crypto assets custody provider. All Bitgo wallets are insured for up to $100m by Lloyds Insurance.

Celsius was founded by the creator of Voice over Internet Protocol (VOIP). That’s the technology that drives Skype, Zoom and much more. They had a huge ICO in 2017 and on the back of that, launched their native token called CEL. CEL can be used to earn interest on the platform. They reward you for using their native currency with higher interest rates and much better loan terms.

Important to note

  • They use BitGo wallets which are covered by $100m Lloyd’s Insurance
  • Some of the most competitive rates in the industry
  • Higher rates require CEL tokens

How does Celsius Network work?

Savings accounts

Celsius Network offers savings accounts for US Dollar stablecoins, Bitcoin, Ethereum, Litecoin, OmiseGo, 0x, Zcash, Ripple, Dash, Stell and more. They also have industry-leading interest rates, earning up to 10% across their stablecoins.

Unfortunately, to earn the maximum interest, they require you to be paid in Celsius (CEL) tokens, which is their native currency. While Celsius tokens could increase in value, it’s generally much higher risk than many of the assets they offer savings accounts for.

It’s not compulsory to hold Celsius tokens in order to earn interest on their savings accounts, it’s just encouraged with a higher interest rate. For example, with Bitcoin you can earn 4.65% when paid in Bitcoin, but 6.05% when paid in CEL.

They also offer iOS and Android apps which is a great way to monitor, add or withdraw your holdings, however, they don’t offer a website which may be frustrating for some users.


So long as you offer a minimum amount of Bitcoin, Bitcoin Cash, Litecoin, XRP or Dash collateral, you can get a loan with Celsius. They offer up to 25%, 33% and 50% Loan to Value (LTV) with interest rates adjusted accordingly.

Their loan terms are 6 months, 1 year, 2 years or 3 years. If you pay interest in CEL instead of fiat currency, you receive up to 30% discount.


  • Insured wallets stored by BitGo for up to $100,000,000 per wallet
  • Created by reputable team
  • Competitive interest rates with flexible terms
  • No fees
  • Highly competitive interest rates, particularly on Stablecoins
  • Weekly compounding interest
  • Loans can be issued in any USD supported stablecoin or in fiat USD
  • There is an option to prepay the loan interest and a possibility to extend a loan term at any time
  • There is a CEL Pay option that allows transferring coins from one Celsius user to another Celsius user without any additional fees


  • App can be buggy and no web app. They have told us they are working on a web version now.
  • Need to be paid in native currency in order to earn higher interest rates

Celsius Network summary

Celsius Network is a favourite amongst the crypto community. It’s backed by some of the industry’s most respected people and it offers a high-quality, transparent and fair product that doesn’t make the user jump through hoops with native tokens in order to get the most out of it.

If you’re looking for an easy-to-use, safe, high interest paying savings account. It’s difficult to go wrong with Celcius. While they could do more to reduce withdrawal fees, it’s difficult to fault them beyond that.

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