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Celsius Review: Pros, Cons, and More

Celsius Review: Pros, Cons, and More
Written by publisher team

Celsius wallet app is straightforward and fairly easy to use. The website claims to work in over 150 countries, but it’s worth checking if your country offers full Celsius features support. For example, in the US, new users living in Washington and New York states have not been able to purchase any assets through the app since July 2021. No reason was given for this change. Also, the Celsius Network’s flagship loyalty reward code, called CEL, is not available for sale to US residents.

US residents are required to provide a Social Security Number and Photo ID to comply with Celsius’ KYC (Know Your Customer) requirements. After verifying your identity, you will need to fund your account. This can be done by transferring the Automated Clearing House (ACH) from your bank using regular funds. Or you can buy any number of the 10 supported cryptocurrencies for direct deposit from two of Celsius’ partner trading exchanges.

Since Celsius does not have its own trading exchange, it has a very basic dashboard to monitor withdrawals, deposits and profits. This is.

You can start reaping interest right away, with interest payments deposited directly into your account every Monday. The app contains a range of other financial solutions such as crypto-backed loans, no withdrawals, and direct payments to family and friends.

If you are looking for a hassle-free loan, Celsius has it. Just choose the loan amount, desired interest rate and payment plan – and that’s it. There are no credit approval, closing fees, or security checks. The loan is backed by your crypto assets upon deposit. A great feature is that your coins stay in your wallet and continue to earn, even while you pay off the loan. You don’t have to liquidate any asset, and you’re still accumulating – a rare all-win banking scenario.

Encoder in Celsius

Celsius’ options are limited when it comes to depositing cryptocurrency into its wallet app. It does not have its own trading exchange, which is a serious drawback. Instead, users can only make in-app crypto purchases using Wyre or Coinify.

Once a coin or token is deposited, it can be converted into various cryptocurrencies, including those in the table below. The stored coins can then begin to reap the benefits. The rates below change each week, but were effective as of the first week of September 2021.

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