How To Use Celsius
Crypto savings accounts like Celsius are very unpopular with one particular group of people: politicians.
Why? Who knows. Maybe it’s the cozy relationships they enjoy with traditional finance, or they just straight-up hate you and want to keep you poor.
Ultimately it doesn’t matter why. What does matter is that if you believe that HODL’ing is the only way then crypto savings accounts like Celsius are the perfect match for your long-term vision.
How To Use Celsius
Covered in this how to:
- Signing Up
- Depositing Into Celsius
- Withdrawing From Celsius
- Borrowing With Celsius
- Earning Extra Interest With CEL Token
How To Sign Up
Signing up for Celsius is very straightforward. You can download Celsius either from their official website or via your preferred mobile app store.
To signup for Celsius via your browser, navigate to Celsius.network. When on Celsius Network’s front page, navigate to the top right corner. Click on Sign Up.
Once you’ve clicked on sign up, you will see this page.
Fill out the form and click sign up.
Pro Tip: Make sure to fill out the promocode section. Celsius constantly have new promos for new and existing users. So if you aren’t using a referral link to sign up, you can still earn a bonus for depositing a certain amount on the platform. Also, unlike other sites, Celsius runs intermittent promos for existing users. Click here, and scroll down for current promo codes.
Once you’ve signed up you will be asked to provide KYC. But luckily getting approved is quite fast with Celsius.
How To Deposit Into Celsius
Recommended: How To Use MetaMask
Depositing into Celsius is basically the same as depositing into an exchange. You can either deposit straight from your bank or send crypto from an existing wallet.
Protip: purchasing crypto on Celsius directly using fiat is very expensive because they use a third party for bank transactions. Buying fees are 3.5% of whatever your buying with a $10 minimum. We recommend buying it from your favourite exchange like Coinbase Pro or any other cheap alternative and then sending it over.
To send crypto from another exchange, navigate to your now approved Celsius account.
Scroll to the bottom of the page and click Receive Coins. You will see what coins are available on Celsius.
In this example, I’m using Litecoin, a favourite of CryptosRus. JK. You will be prompted with a message telling you to make sure you are about to paste the right wallet address. Click on “I Understand.”
Once you’ve clicked that, you will be able to copy the address for your preferred coin.
Once you’ve copied head over to your preferred exchange and paste the address into the withdraw wallet of your coin of choice. That’s it.
How To Withdraw
The withdrawal process is a little bit different on Celsius. First off, it’s free if you withdraw to a crypto wallet because Celsius covers the gas fees on any withdrawal from the platform to a crypto wallet. If you wish to withdraw straight to a bank that comes with a fee from the third party Celsius uses for bank withdrawals.
Another important detail is you have to whitelist an address before withdrawing. It’s a safety precaution. After you’ve whitelisted, it will take 24 hours for it to go through. Once done though, withdrawing is really fast.
To whitelist address, navigate to the bottom of the Celsius crypto app. Click on the big blue “C.” You will see this pop up.
Choose “Profile.”
Click on “Security.”
Choose “Change Whitelisted Addresses.” Once you’ve clicked on that you can choose which crypto you want to whitelist. Then, you will be prompted to add an address. The address you pick should be for the exchange you are most likely to send to.
How To Use Celsius To Borrow
Celsius offers very reasonable rates for borrowing. Keep in mind, though, that no matter the interest rate, borrowing with crypto as collateral is risky. If you’ve owned crypto for any amount of time, you know just how volatile it can be.
Pro Tip: Always overovercollateralize.
To borrow, navigate to the bottom of the page and click on the big “C.”
Click on “Borrow.”
From there, you can choose the amount you want to borrow and how much to collaterize it with.
How To Earn Extra Interest
Celsius offers higher rates for CEL holders. The rates differ based on how much of your portfolio is in CEL. For more details on that, click here.
Don’t fret if you don’t want to own any CEL. Because even the rates they offer for non-CEL holders are higher than the industry standard.
Also, you can pick and choose which of your coins you want to earn interest in CEL. For example, you can opt to earn interest in Bitcoin and Ethereum, but if earn interest in CEL on your DOT.
To do that, navigate to the big “C” yet again.
Once there, click on profile.
Click on “account.”
There, you can pick and choose which coins will earn interest in CEL.
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That’s it for now. If you have any questions, please let us know.
The post How To Use Celsius appeared first on CryptosRus.
Text source: CryptosRus
