in this article we will describe, step-by-step, how you sign up with Celsius Network and start staking BTC, ETH, ADA, USDT or any other cryptocurrency supported by Celsius.
Celsius Network is a great application to start earning passive income on cryptocurrencies.
The steps in this guide includes
- Sign up with Celsius
- Buy cryptocurrency in the Celsius Network app
- Optional: Deposit Ethereum to Celsius Network (Instead of buying in the Celsius app)
- Optional: Buy CEL tokens and increase your loyalty level and raise your return rates
1. Sign Up with celsius Network
First, you need to sign up and create an account with the Celsius Network.
Celsius Network is available both as an mobile app and a desktop version.
Once you have downloaded the app, just follow the easy instructions to sign up.
2. Buy Cryptocurrency with the celsius Network app
There is no possibility to exchange cryptocurrencies on the Celsius Network application.
However, they have some third-party services offer you this in their app.
If you press the “Buy Crypto” button shown in the screenshot below, you will get the alternatives we have presented below.
As you can see in the screenshot below from the Celsius mobile application there are two alternatives to buy cryptocurrencies in the Celsius Network mobile application
3. Deposit Cryptocurrency to celsius Network
Since you might already own any cryptocurrency another crypto exchange or you find more preferable buying rates you might want to deposit ETH, ADA or USDT into your Celsius Network account.
This is how you can do for ETH as an example,
- Login to the app
- Browse to the wallet by clicking the blue C-circle in the lower right corner. Now you will see a menu like the screenshot below.
- After this, press Transfer
- Now, you should look after available coins (If you dont have any ETH deposits before) and look after Ethereum
- Press the Ethereum and a deposit address will show up.
- Send you Ethereum to this address.
4. Buy Celsius CEL token to Increase Loyalty Level and payouts
You must deposit Celsius CEL token if you want to reach the highest loyalty level and receive the highest rates.
Celsius have different loyalty levels dependent on your CEL token holdings ratio.
See the table below for the requirements to reach the different levels.
The loyalty level is dependant on your total holdings and your CEL token holdings ratio.
Lets say you hold a mix of cryptocurrencies worth $10.000 in your Celsius account.
If your CEL token holding are worth $500 – $1000 you have Bronze level.
As you can see, both your bonus rewards and your loan interest discount is dependent on your loyalty level.
You can see your current loyalty level by clicking on the C in the lower right corner.
Now you should see the menu in the previous screenshot.
Here, press My Cel.
Here you see your loyalty level. Our loyalty level is Platinum since our ratio is over 30% (35%). Now Celsius has lowered the Platinum level to 25%.
Also, below the status level circle you have the menu “Earnings”. Here, you can select, whether or not, you prefer your payouts in CEL token. You can do this for each cryptocurrency.
Celsius VS Competitors - Best Interest
How is the Celsius Network VS the competitors? Where can you find the best interest rates?
We always list the best cryptocurrency interest rates for each crypto.
In addition, from that page you can click on each cryptocurrency to find out all available offers and interest rates for that specific crypto.
At the time for writing this, Celsius has the best Bitcoin BTC interest rates.
Staking as an alternative to Interest Account
Staking is an alternative, or diversification, to a crypto interest account on Celsius Network.
Staking means that you put your coins at stake for a proof-of-stake blockchain. By doing that, you will receive rewards. These are similar to mining rewards for a proof-of-work blockchain.
You can earn between 5-20% per year by staking different proof-of-stake blockchains.
Read more about how to stake crypto at Coinbase or Kraken.