Celsius Review 2024

Celsius has closed. Please see the list of similar brokers or the Best Brokers List for alternatives.
Celsius has filed for Chapter 11 bankruptcy protection. We strongly advise against making any deposits until the current situation has been resolved.
Please see the list of similar brokers or the Best Brokers List for alternatives.

1 / 5
Celsius is #124 in our crypto broker rankings.

Celsius Network is a UK-based cryptocurrency lending and borrowing platform with an in-built exchange and support for trading almost 40 digital tokens.


Celsius is a centralised cryptocurrency lending exchange where users can either take out cryptocurrency loans or invest in crypto to earn interest fees and profit from increases in crypto values. The platform has dedicated itself to being accessible and low-cost, boasting competitive interest rates and a sleek platform. This Celsius Network review will explore its platform, key features, pros, cons and other useful information.

Celsius Headlines

Celsius Network Limited was launched in London, UK, in March 2018 by founder Alex Mashinsky following the successful initial coin offering (ICO) of CEL, the platform’s native token. Since then, Celsius has grown rapidly and now CEL has a market cap valuation of USD 1.41 billion and, in March 2021, it surpassed USD 10 billion in community assets.

The CEL token is an integral part of the Celsius platform as it is used for the four-tier loyalty program that provides benefits like bonuses on earnings and discounts on loan interest rates. The four tiers are bronze, silver, gold and platinum and are determined by the percentage of a user’s portfolio that is made up of CEL.

The bronze tier (less than 5% CEL) provides no benefits to users, the silver tier (5-10% CEL) provides a 10% bonus on earnings and 10% discount on loan interest rates, the gold tier (10-15% CEL) provides a 20% bonus and 10% discount and the platinum tier (greater than 15% CEL) provides a 35% bonus and a 30% discount.Celsius official finance vs Flexi, Nexo, Swissborg or Blockfi

Celsius provides lending and trading on a range of stablecoins and cryptocurrencies such as USDC, XRP, XLM, ADA and MATIC.

Purchasing Crypto

In order to use any of the features on the Celsius platform, you must first acquire some crypto. You can either transfer crypto you already own to the coin’s native blockchain or purchase crypto directly. This is a relatively simple process whereby users go to the in-house wallet on the app, select the payment method of choice between credit card or bank wire transfer, the crypto to purchase and the fiat currency used for the transaction. After entering the desired amount and confirming the purchase, the crypto is then deposited in the user’s account.

Crypto Lending

Crypto lending platforms are a new alternative to banks for borrowing and lending, aimed specifically at cryptocurrency tokens. This platform connects the borrower to a crypto holder who wishes to loan out some of their coins in exchange for interest payments. This provides a means for lenders to earn passive income and an easier way for borrowers to loan what they need for trading.

The lending, or ‘Earn’ service is where a Celsius user can stake either a stablecoin, gold token or cryptocurrency that Celsius then loans out to either retail or institutional borrowers. After the tokens are loaned out, the lender then earns weekly payments either in-kind or in CEL from the revenue that is generated from the loans. The staking rewards vary from time to time so check the Celsius Network website for the most up-to-date rates.

Note that the gold tokens are not actually gold but digital assets, such as PAXG, that are related to the price of gold.

With this lending service, Celsius also provides a yield calculator for lenders to work out their potential earnings. Users input their choice of crypto for staking, how much and for how long to find out the annual yield and subsequent earnings.

Crypto Borrowing

Celsius provides a service for both retail and institutional customers to borrow either stablecoins or USD, with a cryptocurrency used as collateral. The minimum amount a user can request in stablecoins is $500 and the minimum in USD is $15,000, and so it is very accessible and affordable.

The loan application process is simple, users must go to the borrow section of the Celsius app, click the ‘apply for loan’ button and then choose between a stablecoin loan or a USD loan. For a stablecoin loan, you have the choice to receive any of the provided stablecoins on Celsius.

After choosing the loan type, input the amount in USD that you wish to loan and which cryptocurrency to as collateral, the quantity of which Celsius calculates automatically. The user will then select the interest rate and loan term, where lower interest means more crypto is locked up as collateral. Celsius also tells the user the margin call, at which point the user will need to deposit more collateral, and liquidation price, where the collateral is sold to cover the margin, for the specific coin being used.

On the ‘Borrow’ page on the Celsius website, there is an interest calculator into which users put the aforementioned loan details and the total loan amount so that the monthly interest and total loan interest are calculated.


This is the in-house Celsius payment system that has made transferring crypto between users much simpler as it avoids the need for long crypto addresses. It works by having a user establish a network with other users, such as friends and family, to whom they can quickly and easily send any crypto that they like. All cryptocurrencies on Celsius can be transferred using CelPay but, if CEL is used, you get a 2% cashback bonus


Celsius has joined the booming DeFi industry with its own decentralised exchange (DEX) built upon an automated maker model system (AMM). A DEX is different from a traditional exchange as, rather than connecting buyers and sellers to complete transactions via an order book, the user trades crypto via smart contracts and ‘liquidity pools’. These pools are run by algorithms set up by the AMM to pair buying orders with available crypto. CelSwap was created to allow users to swap between cryptos and to capitalise on a certain token’s higher interest rate.

Celsius Pro

For high-net-worth and institutional clients, Celsius offers customisable services that can adhere to their needs through support and apps. One of the services that Celsius Pro provides is treasury management with a dedicated accounting team to monitor loans and risks in real-time. This allows customers to earn rewards by lending to Celsius without having to include collateral.


Celsius prides itself on its low-cost services, not charging clients any trading fees. This is possible as the broker generates profits through lending activities, rather than charging early termination, loan origination, deposit or withdrawal fees.

The only fees paid on this platform are due to third-party services like Coinify, Simplex and Wyre, which are used to purchase crypto and built digital wallets.


The yield rates for lending and borrowing vary depending on the currency you are using, as well as the specific time. Interest rates for coins like Bitcoin and Ethereum vary with market conditions like demand, supply and market cap, as well as Celsius’ previous week’s earnings. However, all stablecoins are pegged at 8.88%, except MCDAI.

Mobile App

There is a Celsius mobile app available for download on iOS and Android as well as a web app for PC users. The application can be found on the Celsius website, Apple App Store or Google Play Store.

Promotions & Deals

There is a wide range of promo codes available and users can select the reward amount, coin and minimum transfer required that is best for them. Most Celsius promotions are only a signup bonus for new users, though there are others such as the ADA40 promo, where the reward is 40 Dollars worth of ADA coin for a minimum transfer of USD 400. For the full list of wallet promo codes and their rules, see the Celsius website.

Celsius Ethereum, Bitcoin & USDC Interest


Celsius is ISO 27001 certified, which means that it has invested sufficiently into personnel, infrastructure and technology to protect users. This is evident as there have been no reports of hacks or security breaches in over three years of conducting business.

The account protections are strong as they require identity verification, two-factor authentication (2FA) and a QR code authenticator app for registration and profile login. The information that is required differs depending on where you are based. For example, US customers need to submit their social security numbers and ID due to the SEC’s know-your-customer (KYC) rules.

While there is protection against hackers gaining entrance, there is no compensation scheme if any crypto is stolen. This is because Celsius’ assets are not insured by any private or governmental insurance plan, so ensure you never invest more money than you would be comfortable losing.

It is worth noting that this is a custodial wallet platform and so Celsius holds the keys for all crypto wallets.

Customer Support

There is a comprehensive help centre on the Celsius website with an API portal and knowledge base section that has tutorials to help users learn about the platform and its features. However, there is no live chat service, so if you are having issues like the app not working or a withdrawal is unconfirmed then you can either submit a request via email or contact the Celsius Network team on their social media channels on Twitter and Reddit. You could also check out YouTube videos from the community for extra customer advice and the Celsius Network LinkedIn and Medium Blog are great places for upcoming features and related news.


Celsius is regulated and holds licenses with the American FinCEN and SEC, so users can be assured that it is a safe and trustworthy platform. It was previously on the Financial Conduct Authority’s (FCA) temporary registration, though the lack of certainty surrounding the UK crypto industry led it to cancel its registration.

This means that UK customer registration is closed, though preexisting users can continue to loan and borrow crypto on the platform.

In the USA, the specific features available to users can vary between states. For example, under the licensing by the California Department of Financial Protection and Innovation, Celsius can offer a zero loan with which Californians can borrow stablecoins at 0% APR.



Celsius Verdict

Celsius offers a novel and less complicated way for both beginners and more experienced traders to purchase, borrow and lend cryptocurrencies. With the high interest rates and low costs on offer, Celsius lending could be a great way for users to earn a passive income. The small minimums and collateral provide an accessible and affordable means of borrowing digital capital without the need to go to a regular bank.


What Is HODL Mode?

This is where Celsius users can temporarily disable all outgoing transactions from the account, essentially “holding on for dear life” as the name suggests. When this is activated, there is a 24-hour withdrawal prohibition before users can revert their account to normal. This includes prohibiting the sending of funds via CelPay and the changing of whitelisted withdrawal addresses.

Is Celsius Available In The UK?

No, registering from the UK is not currently supported as the broker withdrew from FCA registration. However, if you already had an account, you can continue to use the platform as normal.

Are There Any Gas Fees With Celsius?

No, Celsius does not charge for gas on their platform. There are no hidden fees that users pay, instead, Celsius makes money by lending coins to hedge funds, exchanges and institutional traders.

Does Celsius Offer Yield Farming?

Yes, this is just another way of saying ‘earning from lending’. For example, investing USD 1000 for MATIC staking at a current interest rate of 10.51% for 5 years would yield USD 690.

What Are The Currently Available Celsius Promo Codes?

The full list of Celsius’ 2021 referral and promo codes, along with their rules, is available on their website. Alternatively, you can keep track via their social media channels or Medium blog.

Top 3 Alternatives to Celsius

Compare Celsius with the top 3 similar brokers that accept traders from your location.

  1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
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  2. Swissquote – Swissquote is a Switzerland-based bank and broker that offers online trading and investing. The company has a high safety score and is listed on the Swiss stock exchange. The firm offers a huge range of products, from stocks, ETFs, bonds and futures to 400+ forex and CFD assets. Hundreds of thousands of traders have opened an account with the multi-regulated brokerage. Clients can get started in three easy steps while 24/7 customer support is available to assist new users.
    Go to Swissquote
  3. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
    Go to Interactive Brokers

Celsius Comparison Table

Compare Celsius With Similar Brokers
Celsius IG Swissquote Interactive Brokers
Rating 1 4.4 4 4.3
Markets Cryptos CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Forex, CFDs, Indices, Stocks, ETFs, Bonds, Options, Futures, Cryptos (location dependent) Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
Demo Account Yes Yes Yes Yes
Minimum Deposit $0 $0 $1000 $0
Minimum Trade $0 0.01 Lots 0.01 Lots $100
Education No Yes No Yes
Platforms Own Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral MT4, MT5, AutoChartist, TradingCentral Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
Leverage 1:30 (Retail), 1:250 (Pro) 1:30 1:50
Payment Methods 6 5 6
Visit Visit Visit Visit Visit
Review IG
Interactive Brokers

Compare Trading Instruments

Compare the markets and instruments offered by Celsius and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare Celsius Trading Instruments
Celsius IG Swissquote Interactive Brokers
CFD No Yes Yes Yes
Forex No Yes Yes Yes
Stocks No Yes Yes Yes
Commodities No Yes Yes Yes
Oil No Yes Yes No
Gold No Yes Yes Yes
Copper No Yes No No
Silver No Yes Yes No
Corn No No No No
Crypto Yes Yes Yes Yes
Futures No Yes Yes Yes
Options No Yes Yes Yes
ETFs No Yes Yes Yes
Bonds No Yes Yes Yes
Warrants No Yes No Yes
Spreadbetting No Yes No No
Volatility Index No Yes No No

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Celsius Network is a UK-based cryptocurrency lending and borrowing platform with an in-built exchange and support for trading almost 40 digital tokens.