Everything You Need to Know About Celsius Crypto
Posted by Frank Gogol in Crypto | Updated on August 31, 2022
People who have special blockchain-based financial needs have started turning to Celsius Network, with an app that makes crypto buying and selling a piece of cake. The network hasn’t been around for a very long time, yet it managed to gain a lot of praise from people who used it.
Celsius has its own cryptocurrency, so people who are not familiar with cryptos outside of the Bitcoin, Litecoin, or Ethereum scene may not be aware of how to buy or sell it. Well, this article will tell you more about Celsius crypto and how to trade it.
Table of Contents
What Is Celsius Crypto?
Celsius Network is a financial technology platform where people can buy and sell cryptocurrency. It is also an app for cryptocurrencies that allows you to buy 10 cryptos that you can then convert to over 30 different e-currencies. It is amazing for beginners and people who want to get some passive income.
You can borrow some money against your coins, earn weekly interest and easily send and receive funds. Besides, crypto can be bought from the Celsius app directly, making things even better.
The Celsius Network has been around since 2018. Unfortunately, the token belonging to Celsius is not supported by all trading platforms. Coinsquare, for instance, is one of the platforms that doesn’t support it. Luckily, you can get it on different trading platforms for other large cryptos like XRP, ETH, BTC, or a fiat currency like Euro, U.S. dollar, and Canadian dollar.
The Celsius (CEL) token operates on Ethereum’s platform and has multiple planned utilities. For instance, it offers better rates for dollar loans, better coin loan rates, priority in line for loans, better-earning rates, and premium support. Today, Celsius has a price of $4.49, and a 5,763,391.36 USD 24-hour trading volume.
CEL is the loyalty reward token offered by Celsius, and it is the main exchange method across the network. Although the token is available in multiple locations, people from the U.S. cannot buy it yet.
Every week, earnings get calculated and deposited by taking three factors into account, specifically your loyalty tier, earned interest, and the particular crypto assets you have in your account.
Interest rates and other benefits are determined through the Celsius Network four-tier loyalty program. Your tier is determined based on what percentage of your portfolio consists of CEL tokens. If you have a higher CEL percentage, you will be able to enjoy more benefits.
How to Buy Celsius Crypto
Celsius integrated Simplex into their app, which makes it easy to buy crypto. They are also working on integrating a bank wire option so people can buy coins. In the meantime, people can purchase crypto using their credit cards.
The Celsius app currently has 7 leading cryptocurrencies that you can buy, respectively ETH, BTC, BCH, XRP, XLM, SGA, and LTC. Once you purchase any cryptocurrency, it will be deposited into the account that you opened with Celsius. Then, you will have the chance to earn interest immediately, or you may decide to use it as collateral to obtain a crypto-based loan instead.
If you want to buy Celsius crypto, here are the steps you have to go through:
1. Pick the “Wallet” Icon
Go to the Celsius app’s home screen and from there, select “Wallet”. Then, pick the blue “Buy Coins” button. You can find it under the total wallet balance. Selecting this button will let you start the buying process.
2. Use a Credit Card
For now, you cannot use bank wire in order to purchase crypto from the Celsius app. Fortunately, you can use your credit card in the meantime. Select the credit card you wish to use and get some of the best rates in the industry for purchasing crypto.
3. Pick the Fiat and Coin
There are different currencies that you can use to buy crypto from Celsius. The app has a lot of fiat options, including EUR, USD, GBP, and more than 15 others. On top of that, you can pick between 7 cryptocurrencies to buy, respectively SGA, XLM, LTC, BCH, XRP, ETH, and BTC.
4. Choose Your Amount
Enter how much you want to buy in crypto. The Celsius app will then give you the right fiat conversion amount so you will know how much you have to pay. When everything is set and you are ready to buy the crypto, you will have to select the “Buy Coins” button.
5. Confirm the Details
Look over your transaction and make sure the details are correct. If they are, select “Confirm & Buy”, and the purchase will be complete.
6. Enter Your Payment Information
After confirming the purchase, you will be sent to the payment page in order to complete the order.
Your cryptos will then be deposited into your Celsius wallet. You can earn up to 9.9% APY every week and HODL, or you can use the coins as collateral for a stablecoin or USD loan instead.
How to Sell Celsius Crypto
When you decide to sell Celsius crypto, you will have to follow these steps:
1. Sign Up on an Altcoin Exchange
The first step is to create an account on an altcoin exchange. Once you do that, you will have to fund your account with Celsius Network or load it into a Bitcoin ATM instead.
2. Sell the Coin for Ethereum or Bitcoin
Ethereum and Bitcoin are two of the largest cryptos in the world. Selling the Celsius crypto for them would make things much easier.
3. Transfer Everything to Your Altcoin Exchange
You can now fund your altcoin exchange account. If you are using Coinsquare, you can do it by selecting “Fund” and then you can follow the instructions for Ethereum or Bitcoin.
4. Selling the Cryptos for Fiat Currency
On the left side of Coinsquare, you will find Quick Trade. This makes it possible to sell any cryptocurrency quickly and easily.
5. Withdraw the Amount to Your Bank Account
You can now withdraw the Canadian dollar or Euro directly to your bank account by selecting “Withdraw” and following the instructions you get.
Considerations when Buying Celsius Crypto
Before you buy Celsius crypto, make sure you live in an area where the coin is available. Cryptocurrency regulation is still unfolding in the U.S., which is where Celsius is also based. Things are not stable, and you have to bear in mind that the businesses involving crypto may end up facing challenges.
Besides, you will have to calculate how much you need in tokens in order to receive the bonuses and discounts you are interested in. Also, you should consider whether you are willing to pay fees for token usage, as well as how much you need to get some extra tokens.
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- How to Transfer from Coinbase to Binance
- How Does Cryptocurrency Gain Value?
- How to Read Crypto Charts
The Bottom Line
Celsius crypto is growing in popularity and value, and it has good potential to become people’s favorite in the future. If you have enough in their token, you can get a lot of bonuses and discounts, which is one of the most attractive features. Before you dive in, you need to know how selling and buying crypto works. Don’t hesitate to come back to this article whenever you need guidance.
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