Celsius Network Review – Lend & Borrow Crypto

Disclaimer: None of this is financial advice. It is educational and marketing content. Interest rates and other loan terms might not be accurate. Do your own research before borrowing.

I am trying out Celsius Network’s lending and borrowing scheme to write a short review to share with our readers. Note that Celsius Network is also just called Celsius on their website. Their domain is celsius.network though. I’ll call them Celsius Network throughout this review.

Table of contents:


To access the Celsius Network user interface you need to install the app. It is available in both the Apple App Store for iOS and in Google Play for Android.

There is also a ‘web app’ you can use. You can’t use the web app to borrow money though. At least not at the time of writing this review.

You need to enter your details and go through a quick KYC process to be able to deposit crypto to Celsius. When registering, you need to choose a PIN code for access to the app. I wrote this down not to have to memorize it and risk losing access. I was happy to be prompted to enable biometric login as well in the app. I used an Android device, but I would guess this also works on devices with iOS, like iPhones.

Depositing Ethereum

Celsius Network accepts a wide range of cryptocurrencies you can use as collateral for your loan. I wanted to deposit Ethereum because I don’t mind sitting on my Ethereum holdings for the duration of the loan. If you rather want to hold another crypto, you would deposit that one instead.

You’ll get an address that you can copy on your device or share. I clicked on share and sent it to my email address. From there I could access it on my computer where I have access to my Ethereum.

I transferred 0.2 ETH (~$500) from the Metamask app I have installed as a plugin for Google Chrome. It took just a few minutes to transfer the ETH to Celsius Network. The fees I had to pay for the transfer were just $0.69 worth of ETH.

Promo & Referral Codes

When registering, there also is a field for entering a coupon code. I believe this is where you can enter your referral code.

My referral code: 179196df41

If you use my referral code, we both can get $40 in BTC when you make at least a $400 transfer.

At the time of writing this, there is a promotion going on which makes it possible to be rewarded $50 worth of crypto by using the promo code BTC50. You’ll have to enter this one after you register and before you deposit your crypto. You’ll find the field to enter the promo code by going to ‘your profile’ in the app.

There are also additional promo codes available for people transferring larger sums on crypto to Celsius Network. These are listed on the app download page on their website. Just scroll down below where the app install buttons are.

You can not use both the first time deposit bonus and the referral bonus code. You’ll have to choose either.

Borrowing Crypto with Celsius Network

At this time, you can borrow from $500 in stablecoins and from $25,000 in fiat currency.

I wanted to borrow $100 with my fresh $500 in collateral but that was not possible, unfortunately. Instead, I had to deposit another $500 worth of ETH to qualify for a $500 loan. This means I had 2x my loan amount as collateral (50% LTV).

The annual interest rate (APY) is not as great with just 50% LTV. You’ll get the amazing 1% APY with 25% LTV and you can get 6.95% with 33% LTV.

After depositing additional ETH I was able to apply for the loan of $500 worth of the stablecoin TUSD. I got a message saying it could take up to 48 hours to process my application due to a higher than normal volume at Celsius Network.

I got the money in about 5 hours.

Withdrawing Money from Celsius

After getting the loan, I wanted to withdraw the 500 TUSD to my MetaMask account. It was a bit disappointing that I had to wait 24 hours before my withdrawal account got unlocked after first adding it.

Not a very big deal though and I guess it may be good for security reasons.

Earning Interest with Celsius Network

From what I understand, you start earning interest at once you have deposited a coin into your Celsius Network wallet.

The default setting will be to earn rewards in CEL, which is their native coin. You can toggle that to instead earn interest in the crypto you have depositet.

At the time of writing this, you’ll get 8.88% on USDC and other stablecoins, 5.05% on Ethereum, 3.51% on Bitcoin, and the list goes on.

Interest is calculated from Friday to Friday and paid out every week on Monday.

You can earn higher interest rates with other options though. YouHodler, for instance, offers up to 12.7% on stablecoins and higher Bitcoin and Ethereum interest rates as well. See more interest-earning options with crypto.


I found Celsius Network easy to use and I am happy that they are able to allow US persons to use their services as well.

I didn’t like that the minimum amount to borrow is $500, which means you’ll have to deposit $2,000 worth of crypto as collateral for the best interest rate.

Then again, their best interest rate of just 1% APY is the best I’ve seen from any crypto-backed borrowing options.

Overall I give Celius Network a score of 4/5.