Celsius Network Review
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In this Celsius Network review I cover all things relating to the Celsius crypto wallet. Whether the Celsius app is safe and if the high Celsius Network interest payments are real. This Celsius Network review will highlight the products it has on offer and some of the cool features of the platform too.

As a relative newcomer to the Cryptocurrency space, I had some hesitation around investing in the broader crypto market. Nefarious stories being portrayed in the media caused me this hesitation.

After doing my own research I came to see the possibilities of the underlying technology. The high interest rates from lending crypto also intrigued me. Therefore I was keen to build out my crypto portfolio, starting with a Celsius account.

High interest payments, low withdrawal fees and safety were paramount when looking for a crypto platform. As was familiarity and ease of use. Read more below on my Celsius Network Review to see if this platform is an option for you too.

Our Choice
Celsius Network – Earn Yield On Your Crypto!

Celsius is a great platform to earn weekly yield on your crypto. It also enables you to buy, sell, swap, transfer and borrow crypto too.

$50BTC Sign Up Bonus!
We may earn a commission if you sign up to Celsius, at no extra cost to you.

What is Celsius Network?

Celsius are financial disruptors, with a vision to provide financial freedom to Celsius users via crypto. They are an online wealth management platform that allows users to lend, borrow, pay and transfer crypto assets, all at lightning speeds. Celsius has a mobile app and recently released a web based platform for all Celsius users.

An important thing to remember here, is that while Celsius is a cryptocurrency exchange. It is one of the few specialist crypto lending platforms. Therefore it is slightly different from other crypto trading platforms or crypto exchanges.

With the customer in mind they have flipped the banking model on its head. Disrupting the status quo of big banks keeping hefty dividends and large paypackets for themselves. Celsius distributes 80% of its revenue among its users and retains the other 20% for a small profit and to cover operating expenses.

This revenue model is what allows Celsius Network to offer crazy interest rates. Some as high as 16% on select cryptocurrencies held in customers wallets. Celsius has not just fired a shot across the bow of the banks, but sent missiles on a collision course! 

Celsius Crypto Review
Celsius Stats

How Does Celsius Network Work?

The best way to review Celsius Network is as a wealth management platform that enables crypto lending and crypto loans. Celsius makes money from loan interest by making crypto loans from their communities’ digital assets to Hedge funds, institutional and retail investors. Celsius generates interest payments from these loans as well as revenue through crypto trading.

The Celsius loans offered on coins require 150% collateral, this requires the user to deposit cryptocurrency. Additionally Celsius will receive loan interest. When loaning out fiat currencies Celsius takes digital assets as collateral and collects interest.

This lending of assets is exactly how a traditional bank makes money. Except Celsius pays out up to 80% of its revenue to “Celsians” (members of the Celsius community). 

The interest rates on the digital assets change daily. Celsius reviews interest rates weekly and pays their crypto community every Monday. This is a great way to earn passive income from within the crypto industry.

Celsius Network Review
Celsius Crypto

Is Celsius Network Safe

‘Hot Wallets’ always carry more risk than a “Cold Wallet”. The Celsius wallet is a Hot Wallet. Hot wallets are constantly connected to the internet, cold wallets aren’t. Therefore cold wallets are much safer for your crypto holdings as you retain access to your private keys. 

That said, the Celsius team puts a lot of emphasis on the security of its digital assets and protecting its customers’ wealth. They achieve this through the use of cyber intelligence and cyber security measures.

These include Multi Party Computation, 24/7 asset monitoring, incident response experts, advanced data and crypto monitoring software. It also uses two factor authentication, identity verification and their signature HODL mode as an extra layer of security.

HODL mode allows you to essentially block your wallet from withdrawing or sending any assets externally. It requires an additional password sequence, email verification and has a 24hour time limit prior to accessing the wallet after unlocking HODL mode.

Celsius Network is reviewing the feasibility of building a self-insurance feature for your digital assets. I eagerly await to see the outcome of this and will update this Celsius Network Review once an outcome occurs.

Celsius will use its current balance sheet to cover any lost or stolen digital assets. This is one of the reasons for their 150% collateral as it enables them a significant buffer should there be a security breach.

The purchasing of cryptocurrency on the platform was very easy and secure too. The platform gives you the choice to purchase crypto through Gem or Simplex. These platforms enable bank transfers or payments via credit or debit cards.

I liked the fact that I received an email after purchasing some Cryptocurrency from Celsius to confirm whether I had in fact received it in my wallet. 

Celsius Network Review
Celsius Wallet Security

Celsius Fees

One of the biggest factors when choosing a brokerage account for stocks is the fees charged on the platform. This is no different for crypto platforms as fees  or network fees deteriorate your returns.

Let’s review Celsius Network’s fees below so you can get an understanding of the cost involved. The Celsius Network platform charges you no fees for their service. It charges no fees for withdrawing, transferring, transacting or leaving the service.

While using their platform is completely free, you should know that there are some fees charged by Simplex (3.5% or $10 minimum) if you wish to purchase digital assets with a debit or credit card. Likewise if you send fiat currency from savings accounts you will pay significantly less (0.5%).

If you are sending digital assets from an external wallet, you may have network fees or transaction fees from that wallet or exchange. But Celsius covers your Gas fee, in fact they have saved customers $7million in gas fees.

If you opt for a bank transfer, then there is a minimum order limit of €50. However if you go for a debit or credit card there is no minimum limit. There are no account minimums or network costs from using the Celsius mobile app.

Crypto Celsius Network Review
Celsius Network

Celsius Network Crypto

There are just over 40 different coins that you can access using your Celsius wallet, with more coins being added frequently.  Some of the more well known coins include Bitcoin, Ethereum, Ripple and Polygon.

Some digital assets can’t be purchased within the Celsius app, however you can still earn passive income by lending them on Celsius.

There is a native token to Celsius Network and that is Celsius token or CEL tokens. I will touch more on this later, but it essentially acts as a bonus rewards based token.

Lending versus Staking 


Celsius Network operates as a crypto assets lending platform. Through cryptocurrency lending, Celsius earns interest on their crypto loans to Institutional investors. In this instance, Celsius operates very much like a traditional bank does with fiat currency. The Bank uses customers’ money to lend out for home or business loans. 

One of the big differences is Celsius requires the borrowers to provide up to 150% collateral for the loan. This is how they protect their balance sheet and minimise significant risks. Borrowers can get margin calls should their Loan to Value Ratio drop.

With Celsius and their lending platform, you can access your digital assets at any time with no restrictions. Celsius offers interest rates on the crypto assets. These get adjusted weekly and paid out every Monday.

Celsius lends crypto with fully asset backed collateral, as well as placing no restrictions on accessing your digital assets. Due to the higher level of safety, you would expect slightly lower interest rates from lending your digital assets than if you staked them. This is a great way to earn passive income.

Celsius Wallet
Celsius Wallet


Staking your digital assets requires you to lock them away for a certain amount of time in order for the network to use your assets to validate blocks. In more traditional financial terms you could view this closer to a term deposit. Just with a lot more risk as the platforms are still experimental and in their infancy.

Given you are committing your digital assets for a period of time, and exposing them to higher levels of risk, you will be offered a higher return on your investment. You will receive rewards in the asset that you Staked. Staking is an internet protocol that runs using smart contracts due to blockchain technology.

I opted to use Celsius Network after reviewing the platform and observing that it operates very similarly to a traditional bank (without the fees). With the added bonus of me being able to earn interest on my digital assets.

Tax Reporting

Crypto Tax reporting can often be difficult to do correctly, not to mention time consuming or costly for your accountant to do. When you receive weekly interest it is also difficult to understand your accurate cost base of assets too.

Fortunately my favourite Crypto lending platform Celsius integrates with my favourite Crypto tax reporting platform Koinly, via API. For a small fee you can sign up to Koinly and receive crypto compliant tax reports from your Celsius crypto activity.

If you want to learn more about Koinly, then you can read my Koinly review here. If you want to manage your Crypto tax affairs efficiently then Koinly could be a great option for you.

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    Lasso Brag

Celsius Credit Card

This is yet to be released and will compete directly with the BlockFi Credit Card. However, it has been described as a credit card that will enable users to earn rewards on your collateral. While paying no fees and having the ability to pay with fiat, stablecoins or rewards. Watch this space, as this will be an awesome release when it goes live!

Celsius Review Credit Card
Celsius Credit Card

Celsius Network Review- Education

I really appreciate Crypto platforms that offer users great educational content. This way it shows they care about their users knowledge and understanding of the platform and crypto industry. Celsius does a good job with their videos and weekly AMA’s with their CEO Alex.

However, I feel they could put together more blog based content that also helps users learn. They are leaps and bounds ahead in their product offerings, however I feel they are a bit behind platforms like Swyftx for educational content.

What Does Celsius Offer?

There are a few key functionalities that Celsius Network offers, Earn, Borrow, CelPay, CelToken and the Celsian Community. These functionalities really help make Celsius a successful digital asset service provider.

Celsius Network Review
Celsius Network Review


Celsius Earn is the easiest way for you to make money on your digital assets. As mentioned previously Celsius will lend out your digital assets and receive loan interest from the borrower.

This loan interest is then passed on to you weekly (every Monday) and deposited straight into your wallet. The interest rate is assessed weekly and is very dynamic. It is based on supply and demand for the specific digital asset you are lending.The interest rate applies as soon as your assets are deposited and are pro rata.

You can earn interest or “bonus rewards” as Celsius calls it on over 40 different digital assets. You don’t need to do anything to start earning these rewards. It will automatically generate weekly rewards for you.

It is possible to select what digital asset you would like your reward to be paid in. You can either get your reward paid in the currency of the coin you are lending or in the native Cel tokens.

The difference here is that with the native Cel tokens you get higher reward payments. Take Ethereum for example, it currently earns 5.05% APR (at time of writing) if you earn in Ethereum. However if you wanted to earn Cel tokens you would receive 6.61% APR. They have different loyalty tiers, where you earn more interest the more Cel tokens you hold.

The beautiful thing here is the ‘interest’ being paid by Celsius is huge compared to what you would earn with fiat money in your bank. There are inherent risks and serious volatility with crypto, so ensure you are okay with that. Celsius is doing wonders to help Celsians build their wealth.


Another impressive feature that Celsius offers is the ability to borrow fiat currency and digital assets from within the platform from as little as 1% APR.

In order to borrow fiat currency or digital assets you must put up your digital assets as collateral. The amount required can be found using their borrow calculator, but you are required at minimum to provide 100% collateral.

This may vary based on the Loan to Value Ratio (LVR)  you choose, but their lending platform works well through using asset backed loans. One thing to consider when using digital assets as collateral is that if your digital assets drop in value significantly you will face a margin call.

A margin call is when your collateral is no longer meeting the agreed LVR. This then puts Celsius at risk as the lender. To prevent them no longer having enough collateral to cover the loan you are required to provide more digital assets to cover the decrease.

If you are unable to provide more digital assets, you can either pay off the loan or unfortunately the platform will be forced to liquidate assets. This is the same with any margin lending facility.

On the flipside, if your digital assets increase significantly in value, then a reverse margin call will occur. This means you are exceeding your agreed LVR and as such Celsius will release some of your digital assets as collateral.

There are always risks when borrowing money, additionally there are unique laws surrounding cryptocurrency. Remember this isn’t investment advice and you should ensure you are able to cover yourself given the extreme volatility in the cryptocurrency market.

Celsius Network Crypto Review
CelsiusX – DeFi


The CelsiusX feature is a new release from Celsius Network that aims to bridge the gap between CeFi and DeFi. It provides Celsius users the ability to wrap tokens and then access DeFi through the Celsius platform. At no additional cost to the users. They can benefit from algorithmic stable coins that can be fully audited. 


CelPay is a feature from Celsius that enables you to send and receive cryptocurrency from your Celsius wallet. This feature makes it extremely easy to send digital assets to friends or family, free.

Being able to send and receive digital assets via the Celsius wallet enables fast, seamless, borderless payments. There are also no currency conversion fees attached. You can only send crypto via CelPay to people that are in your phone contacts and that have the app.

Otherwise you will need to send them an invite code to join the App. If you are joining the platform look out for promo codes to take advantage of. CelPay works really well with their native token Cel token.

Cel Token Flywheel
Cel Token Flywheel

Cel Token

The Cel token is the native crypto token of the Celsius network and has multiple beneficial uses for Celsians. It is a digital asset itself, and has seen over a 9,000% rise since its creation in 2018.

The functionality of Cel tokens in Celsius wallet enables you to earn higher rewards on your digital assets and pay lower interest rates when borrowing if you choose to use CelToken.

Celsius has a loyalty tier, which is determined by the ratio of the value of CelTokens in your wallet to your total wallet balance. So if you had a total value of $10,000 in your Celsius wallet and $3,000 was CEL you would have 30% CEL putting you in the Platinum Tier.

Different tiers give you different reward amounts and interest discounts. These tiers are dynamic, and so will fluctuate all the time with the value of your digital assets in your wallet.

Note: If you live in America you can’t earn in CelToken yet, however in most other countries including Australia, you can earn in CelToken. For those believing in the platform and keen to HODL their digital assets, earning in CEL can be a great option to witness true compounding returns.

Celsius Crypto Wallet
Celsius Wallet

Funding Your Celsius Wallet

Unlike some other digital wallets the Celsius wallet is not a place to hold fiat money, you can only store your digital assets within the wallet. So you have a couple of options; you can purchase digital assets using fiat currency via the Celsius wallet. Or buy assets externally and make a bank transfer to Celsius.

As mentioned previously in this Celsius Network review fees section you can either purchase digital assets using a bank transfer or by using a debit or credit card..

The bank transfer can take up to 4 days to process and arrive in your wallet. While it has a much lower fee you may not be okay waiting that long given the volatility in the crypto market.  

If you want a more immediate purchase of assets, then you can use your debit or credit card to purchase the digital assets. This will attract a much higher fee, but will give you instant approval  at the prices you are seeing.

The other way to get crypto into your wallet is by purchasing them from other crypto companies and then transferring them into your Celsius wallet. Or receiving them from friends using CelPay.

Living in Australia, I am unable to purchase MATIC, however I am able to hold it within my Celsius wallet. It currently yields a 10.99% APR (closer to 14% if earned in CEL) so I wanted to try and get some of that yield in my portfolio. 

Celsius Platform
Celsius Platform

Test Deposit

After reading some horror stories on reddit of users accidentally sending their crypto to the wrong address I was very nervous about making my transfer. So I decided to follow the advice of many before me and made a test deposit.

I bought MATIC from Coinspot and sent the minimum amount of 22 MATIC (with 9 MATIC fee from Coinspot) to Celsius after triple checking the address wallet! I nervously waited for about 10 minutes before I was notified of the successful transfer.

After the successful test transfer I wanted to make sure I could get my assets out of the platform and made a test withdrawal. After triple checking my receiving address again I made the test withdrawal. It took about 20 minutes to show up in my receiving address, however I should note some users have had to wait much longer and reported unfavourable customer service in the process.

My Celsius wallet has been funded monthly with MATIC and I haven’t experienced any issues. I have also funded the wallet using the bank transfer twice to purchase ETH and used the card option once for ETH (wasn’t a fan of the fees).

Celsius Network Crypto Australia Review
Celsius Promo Codes

User Experience

User experience is also a big part of assessing a platform and its suitability. This review of Celsius Network accounts for my experience so far and I should also highlight what other users have experienced too.

So far I have experienced two glitches where I have been unable to log into the app. When this occurred I reached out to Celsius Network customer support via Instagram DM and received a response within 5 minutes.

Both times they were making updates to the app and their customer support suggested I update to the latest version. After doing so I was able to log in without a problem.

The other major glitch occurred when I logged in and saw MATIC’s value decrease 70%  in a matter of minutes. Wondering whether I had experienced a crazy rug pull or a technical glitch I reached out to customer support again via Instagram DM.

5 minutes later I received a response saying that they were aware of the issue, the price hadn’t crashed but there was an error with MATIC’s price data being pulled.

My experience of the platform has been great so far, but I am aware that there have been many users with the opposite experience. I have read users struggling to get in contact with customer support or having technical difficulties within the app or withdrawing funds. So I am producing this Celsius Network review based on my experiences so far.

I looked at their job board postings and they are actively recruiting more customer support staff. So it seems this issue is being addressed, to provide a great experience to all current and future users. 

Celsius Network Review Australia
Celsius Swag

Cool Celsius Features

Aside from all the great services the Celsius network already offers there are a few extra features I really like.

Celsius Promo Codes

I have reviewed Celsius Network promotional codes and I found that multiple promo codes can be used in conjunction with each other. This is a great way to maximise your deposits into the platform. Make sure you read the terms of the Promo codes as you often need to keep the digital assets for a set period of time in your wallet to receive the promo.

Celsius Social Media

Celsius is extremely active across multiple social media platforms, and they host frequent Ask Me Anything (AMA’s) with the CEO Alex Mashinsky and other major team members. I also really enjoy seeing other Celsians posting their weekly interest received across social media as another form of solidarity within the community.

Crypto Rewards
Crypto Rewards

Celsius Review- FAQ’s

Hopefully you are enjoying this Ceslius Network Australia review and finding the information helpful. In case you had further questions regarding Celsius Network Australia and what the platform is about I have compiled a list of FAQs below.

Is Celsius network legit?

Yes, Celsius is an SEC compliant, regulated cryptocurrency earning and borrowing platform. It has become one of the biggest of its kind globally since launching in 2017. 

Is Celsius available in Australia?

Yes it is. Celsius Network is available for Australians to use and is actually one of the best lending platforms Australians have access to. Australkans can earn interest in bitcoin and Ethereum through using Celsius Network.

Does Celsius pay interest in crypto?

The Celsius network Australia app pays interest out weekly on Mondays. The interest payments are made ‘in kind’. This means the payments are made in the cryptocurrency being lent out. Unless you select to earn in CEL. Therefore if you earn bitcoin interest, you will receive that interest as fractions of a bitcoin.

Celsius Network Crypto Australia Review
Celsius Promo Codes

What are the risks involved with Celsius Network?

Like many other cryptocurrency assets, Celsius faces a wide variety of risks — including loss of keys, irreversible transactions, and failure of underlying blockchains. The company could also face volatility, limited liquidity risk, and sudden or unexpected value losses.

Can I trust Celsius Network?

Celsius recently lost some assets through some of their De-Fi lending strategies. But were able to pay all users back as they had large treasury reserves. There is always a risk of lending assets to a third party. However Celsius does a great job at mitigating these risks.

Celsius Network Alternatives

The Celsius Network is a great platform for anyone wanting to earn interest by lending out their digital assets. Celsius Network doesn’t provide much functionality as a crypto exchange though. For that reason I have highlighted two alternatives to Celsius that could be worth checking out.

Swyftx is a great all round crypto platform, that has over 280+ digital assets to trade with. It also provides users the ability to stake some of their assets to earn passive income. Not to mention Australian users have the ability to set up a Trust or SMSF account with Swyftx. For this reason Swyftx is a great alternative to Celsius from a crypto trading point of review. You can read my Swyftx review here to learn more.

The other alternative to Celsius which is a lot more similar to the Celsius offering is BlockFi. BlockFi is a crypto lending platform that gives users rewards based on ledning their digital assets. It also offers a crypto credit card and crypto backed loans. You can check out my BlockFi review here.


  • Celsius provides the ability to earn interest on your digital assets
  • You have unrestricted access to your assets while earning interest
  • Extremely high reward rates on your digital assets
  • Interest paid out weekly
  • Seamless and fast loan approval
  • No Fees
  • HODL function provides extra layer of security (not at the same level as a Cold Wallet)
  • Celsius Credit Card Coming Soon
  • Crypto backed loans


  • Digital Assets are at risk when being lent out (just like a normal bank with fiat money)
  • Rewards rates vary due to volatile market moves (Crypto in General)
  • Celsius is custodian of your assets, for some this is not okay
Celsius Network Crypto Australia Review
Youtube Channel – Celsius

Celsius Review Conclusion

After reviewing Celsius Network it’s clear to see the platform provides a great option to help everyone attain financial freedom. You can achieve this through earning amazing loan interest  on your digital assets. By distributing up to 80% of their revenue to customers Celsius has created an army of Celsians that collect weekly interest.

Lending out your digital assets through Celsius is quite low risk. Given the collateral backed loan process occurs automatically. If you want higher interest rates and more risk there are other platforms out there that allow Staking or Yield of farming digital assets.

However, upon review I feel Celsius Network is a great Crypto platform that resembles something similar to a ‘bank’ with fiat money, just much better for the customer. 

Our Choice
Celsius Network – Earn Yield On Your Crypto!

Celsius is a great platform to earn weekly yield on your crypto. It also enables you to buy, sell, swap, transfer and borrow crypto too.

$50BTC Sign Up Bonus!
We may earn a commission if you sign up to Celsius, at no extra cost to you.

Sign Up Bonus

I hope you enjoyed this Celsius Network review. If after reading this Celsius Network Review you are keen to get started earning interest on your digital assets, then you can sign up using my referral code here. When prompted add this code 151955d48b to earn $50 in BTC when you deposit $500.

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