The Celsius wallet app is simple and quite easy to use. The website claims to work in over 150 countries, however, it is worth checking whether or not your country provides full support for Celsius features. For example, in the United States, new users in Washington State and New York have not been able to purchase any assets through the app since July 2021. No reason was given for this change. Additionally, the Celsius Network’s flagship loyalty reward token, called CEL, is not available for sale to US residents.
Despite these drawbacks, residents of the United States are still required to submit a Social Security number and photo ID to comply with Celsius’ KYC (Know Your Client) requirements.
Once your identity is validated, you will need to fund your account. This can be done with an automatic transfer from your bank’s clearing house (ACH) using regular money. Or you can directly buy any number of the 10 supported cryptocurrencies for direct deposit from two of Celsius’ partner trading exchanges.
Since Celsius does not have its own trading exchange, it has a very basic dashboard to monitor withdrawals, deposits, and gains. That’s it.
You can start earning interest immediately, with interest payments deposited directly into your account every Monday. So if you wager an asset for Celsius to start lending on Wednesday, you will receive an interest payment for the rest of the week deposited the following Monday – five days later. The app offers a suite of other financial solutions such as crypto-backed loans, free withdrawals, and sending payments directly to family and friends.
If you are looking for a hassle-free loan, Celsius has it. Just choose your loan amount, desired interest rate, and payment plan – and that’s it. No credit approval, closing costs or background checks. The loan is secured by your crypto assets on deposit. One cool feature is that your coins stay in your wallet and keep earning even while you pay off the loan. You don’t have to liquidate any assets and you keep accumulating – a really rare win-win banking scenario.
Cryptos on Celsius
Celsius has limited options for making crypto deposits in its wallet app. He doesn’t have his own purse, which is a serious drawback. Instead, users can only make crypto purchases in the app using Wyre or Coinify.
Once a coin or token is deposited, it can be converted into one of the following digital assets. The stored coins can then start earning interest. The rates below change weekly, but were in effect from the first week of September 2021.