Celsius Network Review: Pros, Cons and How it Compares

Reviews 📝
#1

With the launch of Bitcoin (BTC) in 2009, digital currencies have grown in value and reputation by leaps and bounds. More than 18,271,364 BTC exist, and the total coin supply of Bitcoin is 21 million. What's more, an estimated 23 million entities hold BTC. 

This is a companion discussion topic for the original entry at https://bitcompare.net/reviews/celsius-network
#2

I’ve deposited Bitcoin in Celsius Network expecting to earn 8.43% interest. So far, I haven’t received anything close to that. Are they lying? Is it a scam? Is my money safe with them?

#3
#4

How often do Celsius Network change their interest rates?

#5

How often does Celsius change its interest rates?

#6

Do they have any risk management system such as minimum capital ratios for their loan portfolio. What would happen event of a bank run or or massive drop in the value of cryptos

#7

How do I deposit into Celsius Network?

#8

Hi Sebastian,

Celsius Network change their interest rates every week based on supply / demand of loans and savings accounts.

Best,
Dean

#9

Hi Sarah,

When you sign up to Celsius Network, there should be a ‘Deposit’ button on the homescreen. When tapping that, it’ll give you an address to deposit your assets. If those assets are supported by Celsius Network, then you should be able to deposit it to the corresponding address.

Should you need to reach out to Celsius Network, we recommend getting in touch here https://twitter.com/Celsius…

Best,
Dean

#10

Hi Kyle,

Celsius Network change their interest rates for savings accounts and loans every week.

Best,
Dean

#11

Hi Korean Visitor,

They have Loan to Value ratios that generally protect them in such events. Should the value of the crypto drop below a certain price, the collateral and loan will be automatically liquidated protecting them from any such events.

The Loan-to-Value (LTV) is what determines the amount of crypto collateral you need to provide. For example, if you want to borrow $10,000 in a collateralized loan and the LTV is 50%, then you would need to provide $20,000 worth of Bitcoin.

Most crypto lenders offer such solutions with significant crypto-based collateral protecting them from such events. It is a really good point though and something to look out for when choosing a lender. Generally, those without healthy LTVs are best to avoid as they could be problematic in a bear market.

#12

I heard about Celsius Network when they just launched the platform,
I haven’t used it myself, but this article definitely is very clear, I hope you can share more info in the future.

#13

BTW I read that Celsius Network app is available in more than 100 nations and each of these countries comes with unique laws surrounding cryptocurrency, I travel a lot so how do I know which countries I will be able to use it. ?
thank you