How Does Celsius Wallet Work? Complete “A” To “Z”

Want to know a bit more about how does the Celsius wallet work? 

In this article, we’ll be going over all of the different things you can and cannot do with the Celsius wallet. We’ll be looking at the different tabs, features, and anything you can expect to find inside the Celsius Network wallet, so that you get a grasp of how to go about using it, to the maximum potential.

Let’s check it out.

How Does Celsius Wallet Work

What Is Celsius Network?

First off…what is Celsius Network?

Celsius Network is a digital currency and digital asset yield-generating platform. It was created by the entrepreneur Alex Mashinsky, in 2017 and has quickly become one of the main cefi lending platforms in the cryptocurrency world.

It’s basically a bank for your cryptocurrencies and digital assets, with the difference that the customer and user of the Celsius Network platform, comes first, as opposed to what usually happens in banks (you, as a depositer, get the short end of the stick).

With Celsius, there are no transfer fees, no withdrawal fees, no origination fees, no minimum deposits, no credit score checks for loans, and (as of the writing of this article)…as high as 1% interest on loans, up to 17.78% API paid out weekly, on dozens of digital assets, with more and more added regularly.

A very common saying in the crypto space, is the saying:

“Not your keys, not your coins”.

Which basically means, that if you don’t have the private keys for the assets, then they’re really not yours.

This is also true with Celsius Network. 

They hold the private keys for your assets, not you.

You’re basically trusting them, to protect your assets, and go out there and generate yield for you, which they pay out every week on Monday.

With that said…Celsius Network has been working, non-stop since 2017, they’ve never NOT paid their customers in time, there have been a handful of liquidations (usually because of unresponsive customers) and there has never been a hack or breach for 4+ years…so you can trust that they have your best interest at heart.

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How Does Celsius Wallet Work?

The Celsius Network wallet, funcitons as follows:

  • You deposit your digital assets onto the wallet, either by buying them in the Celsius Network app, or by transferring them from an external wallet, cold storage or exchange.
  • You then automatically start earning weekly interest on your crypto, paid out every Monday either in kind, or in the native Celsius Network token CEL token.
  • You can now withdraw and transfer out at any moment, send payments to other users all for free, or take out loans, with as high as 1% interest rate.

Celsius Wallet: The Ins And Outs:

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The Celsius Network wallet.

Let’s now take a look at the different options and features that you have available to you, within the Celsius Network wallet, and what each of them can do.

Note: Depending on which part of the world you’re located in, there are some features (like the CelPay option or the borrow option) that might no be available to you. 

Wallet: This is the main section of your wallet. It’ll show you how many coins you have, of each asset, the percentage of APY interest, as well as the dollar value of said assets.

From here, you can choose to click on the different cryptocurrencies to see the amount, the change of price over time, the weekly rewards, buy coins, change the display, head over to your profile, open up all the other features, and so on.

This is also from where you check your total total balance and total rewards and how those have changed in time as a whole.

Celsius Network wallet. The main “go-to” section of the app. Here you can see all of your assets and rewards.

Transfer: This button allows you to head over to the asset list, and grab the wallet address for each specific address, so that you can transfer the funds over to that address, from an external wallet. You can also copy and share that address link. Alternatively

Withdraw: This section of the wallet, allows you to withdraw your assets, to an external wallet (without paying any fees). You can withdraw $20, $50, $100 and even everything, if that is what you’d like to do. You’ll need to have a whitelisted address and wait 24hours, for each asset address, as a security measure.

CelPay: The CelPay feature, allows you to send funds instantly to other Celsius Network members or contacts. This is a fee free way to send crypto, pay and get paid in crypto fast and easily. You can send assets over to other users of the platform through the contacts, or share as a link, to have the reciever download the Celsius app, and get your transaction.

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CelPay feature. You can send out and receive payment to and from other Celsius Network users, for free

Borrow: The borrow section, allows you apply for a loan on your crypto. Here, you’ll be able to see the status of all of your open, and closed loans. You can pay your loans through this section, as well as calculate the amount of collateral and interest rate required to apply and take out a loan for yourself. As of right now, you can ask for a loan on a $500 stablecoins minimum, or on a $15,000 fiat minimum.  

Profile: This section allows you to see and change your personal information, apply promo codes, modify your security options, change appearance of your app (skin), generate an api and download your transaction history. 

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Celsius Network borrow option. Here you can calculate your interest payment, choose an LTV and apply for a stablecoin or fiat loan.

Community: The community section shows you all of the major Celsius Network major metrics, with full transparency. Here you can see the total community assets, the most popular coins, how many users have downloaded the app, how many active users there are, how many of them earn in CEL vs in kind (for each loyalty level), how many rewards have been paid out, how much gas fees has been covered by Celsius…and a bunch more info.

My Cel: Finally, the “My Cel” option, shows you your loyalty level to the CEL token, as well as show you what your earnings and loan payments are, for that level. Basically, this shows you what your CEL to other coin ratio is. The more CEL you hold vs the other coins, the higher your loyalty will stay.

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Celsius Network wallet community tab, shows you a whole bunch of information and makes Celsius one of the most transparent projects in all of crypto.

Earn $50 FREE BTC On Your First Deposit Promo Code: 110665b3ee 

If you’re interested in getting more bang for your buck when it comes to Celsius Network, you can sign up using our special referral code 110665b3ee, and get (currently, although it might change int he future) $50 in free BTC after your initial deposit of at least $400 worth of accepted cryptocurrencies.

After you’ve held your assets on the Celsius Network wallet, for at least 30 days (throughout which they’ll have generated you 4 weeks worth of interest and you can take out whenever you please if you don’t want the bonus) your $50 free BTC bonus will be available within the wallet.

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