Celsius Network Reviews

Summary: I suggest you try them out after you do some additional research. I did extensive research myself, and deemed Celsius to be the best solution for me personally.

I tend to gravitate towards companies that look out for their customers moreso their shareholders. So for me, Celsius makes the most sense. I feel like the company respects who I am, and they currently provide the best payouts, every single Monday, and I cannot be anymore thankful.

Positive: Let me cut to the chase, so you can make an informed decision on what platform to choose:

1. Celsius gives back 80% of the interest income they earn right back to the depositor. In fact, this will be provable come June with their proof of community blockchain. It will literally show you exactly how much Celsius makes every week, and what percentage the company takes in vs. you, the depositor. This model truly looks out for the community.

2. Going off 1. - Celsius simply has the highest rates around. PLEASE compare rates before choosing a platform. Rates change all the time, so I will not list rates here - but compared to all other CeFi platforms, Celsius has the current highest rates.

3. Webapp / Mobile app security: Celsius has one of the most user friendly web and mobile experiences. It is very easy to navigate. Celsius also offers HODL mode, so in case your account becomes compromised, it is impossible for the hacker to remove your funds. The hacker would need to have access to your HODL mode key, which you would likely store at home or in a safety deposit box (depending on how secure you want this).

4. THEY ARE FULLY TRANSPARENT - They have a YouTube AMA every single friday @ 1pm eastern. This will NEVER change - so I feel comfortable saying that if you are reading this review, and you aren't sure what platform to use. You can listen to the CEO Alex Mashinsky every single Friday discuss the ongoing updates with the company. You can ask ANY question

5. Lowest APY loans: You can use your BTC/ETH, or any other cryptocurrency as collateral to borrow against and get USD.

Negative: Still waiting for in-app swaps (in-app exchange). This really isn't a con, but its a function Celsius still needs to build in.

Customer Support: Because Celsius is growing at a significant rate, their support team is bogged down by requests. Response times can vary, but based on the current chatter in the community, it takes around 24hrs for a response (pretty standard in any business).

Summary: Very positive. I hold over 240k in Celsius and am very comfortable with it. I've recommended this to several non-crypto friends because you can earn 10% interest rate just in cash. No need to even buy crypto.

Positive: 1) Easy mobile app interface to use.
2) Celsius changes their rates weekly based on how much revenue they generate, so you get small tweaks to your rates instead of very drastic drops in interest like with BlockFi
3) They have strong security protocols. For example, during the login process, Celsius tracks IP address and see if someone is logging in through Tor, VPN, IMEI (if you get sim swapped they can detect it as they track serial number on your phone)
4) They have free unlimited withdrawals! And when you deposit they don't lock up your coins for several months (unlike some competitors)

Negative: The CEO has founded several billion dollar companies before and I think the ego got to his head a little bit. He's pretty brash about bashing the competition. There's space for plenty of crypto companies to succeed in this space.

Summary: Bottom line: Nexo is not licensed properly in a lot of states in the US and could get shut down or have sanctions put on them at any moment. Blockfi is trustworthy like Celsius, but Blockfi’s rates are worse and they don’t act in their customers best interests. Remember, Blockfi has hundreds of millions of dollars in VC money and care more about a successful IPO for their investors rather than the users of their product. Lowering their deposit rates to 2% and in some cases 0% shows you this.

Celsius is the best option for security, yield and community.

Positive: Instead of spending 100s of millions in marketing, Celsius returns their revenue to the community through higher deposit rates, which drives user adoption and fuels token price appreciation. They have fantastic customer service and are always looking in the customers best interest. They personally helped me save tens of thousands of dollars.

Negative: They are growing like crazy so while customer service is super helpful, it does take 24 hrs for someone to first respond. They’re hiring quickly to get this time down but it is an issue they’re working through.

Summary: This app is a must-have for any person who holds cryptocurrencies for the long term.

I've been a user since November 2019 and have earned more interest in the past 1,5 years than my parents have in their entire life using a savings account in a bank. Truly revolutionary.

Positive: Fee-free service.
Amazing interest rates for earning.
Very low interest rates on loans.
Innovative & driven team.
Creates/offers non-predatory financial services.
Top-notch focus on security.

Negative: CEO sometimes overpromise on the timelines for new services. It's not a big deal since the new services are very good once they launch and I'd rather wait for a well-tested and robust service.

Summary: Experience has been great. The rates are constantly variable but have remained consistently competitive in the market.

Positive: Superior rates and no fees is the name of the game. The app is easy to use with a web app and in app swaps coming soon. The Cel token has been a strong performer but not required to have competitive rates in the app.

Negative: Honestly can not think of any cons. The app has served me well over a year.

Summary: I like Celsius, it will probably be my holding app for next several years. The 1% loans are also great.

Positive: Yield percentages - even on their own token.
CelPay feature - 0 fee transfer between Celsius users.
Referral codes.

Negative: Fee for buying coins in-app is too big, but that is due to other party doing the payments. If you want to buy coins, get them on exchange and then transfer.

Summary: Celsius talked a big game about being the ultimate crypto lender, and always said how much better they were than other crypto lenders and traditional banks. But it turns out they were running their risk management very poorly as it seems they are insolvent now and have halted all withdrawals.

Positive: Rewards are paid on time, CEL token price had a good run for a while. App is easy enough to use. Community is very die-hard.

Negative: They've halted all withdrawals without warning. This is literally the worst thing that can happen if you have your money with Celsius.