Founded in 2017, Celsius is described as a community of more than a million traders that earn up to 17% profits on their crypto. By joining the space, the vendor claims that you will get paid new coins weekly and borrow money at 1%. So far, over $477 million in gains has been paid to users in the last 12 months.
Celsius is based in Hoboken, USA. It also has branches in England and Lithuania. You can contact the team via the phone number provided on their website.
Celsius provides a platform where traders can borrow as well as lend a wide variety of cryptocurrencies and earn interest. So, if you want to enlist its services, you will have to complete the signup process. Once your subscription is accepted, you will also have to undergo a verification process. Then, you can enjoy the following:
- No minimum balance is needed.
- No fees charged.
- Available on web and mobile apps.
- The minimum amount that can be withdrawn is $1.
- Offers rewards every Monday.
- Supports today’s top currencies including native blockchain coins like Ethereum and Bitcoin, stocking coins like DASH, and utility tokens such as CEL.
- Also supports stable coins, which are digital assets attached to fiat currencies, such as the US dollar, and have rather low volatility.
- No credit checks.
- Provides loans. But you will also have to pick collateral and interest rate as well as indicate the length of the loan.
- When you pay off loans with CEL tokens, you will receive up to a 30% discount on all of your interest.
The idea behind Celsius
Celsius was created to offer fair and transparent services that the vendor felt had been abandoned by banks. Therefore, the developers sought to build a platform where traders can enjoy fair interests, zero fees, low rates for loans, and speedy transactions.
The core team
The team behind this service is quite big. It is composed of professionals with various skill-sets, including programming, economics, business development, investment management, etc. The team is divided into two. The first group has 16 members, who are all leaders.
We have provided a snapshot of some of the players in this category. We have Alex Mashinsky and Daniel Leon, who in addition to being the founders, play the roles of Presidents and COOs of the company. We then have Nuke Goldstein, who is also a co-founder and a CTO. Jeremie Beaudry is the COO. The second team comprises 3 members, and all of them are advisors.
Safety of Celsius and the network
Celsius promises to keep the assets of their clients secure. This is quite reassuring given that the crypto lending platform is never deficient in scams. Celsius has established several measures like the use of Multi-party Computation, biometric authentication, 2FA, and HODL mode (a security feature that enables you to temporarily disable outgoing transactions from your Celsius account) to protect investments. Customers are also advised to whitelist their crypto withdrawal addresses, use a unique email and an encrypted key manager, and refrain from using public WiFi networks.
This platform provides support for its customers. Therefore, if you have any queries, you are required to fill in a “contact us” form, and the professionals will get back to you shortly. However, we could not determine the time the team takes to respond.
Celsius has received a lot of mixed reviews on Trustpilot. Many of the customers are pleased with the services offered. But we noted a few negative reviews. We think you are entitled to know some of the mishaps you can encounter with the service. For instance, you may experience slow response from the support team, faulty apps that tend to freeze and difficulties in accessing loans.
Is Celsius a legit investment service?
Our verdictOur verdict
- Vendor is transparent
- Supports dozens of cryptocurrencies
- Insurance policy is not provided
- Slow response from the support team
- Malfunctioning apps