in this article we will describe, step-by-step, how you sign up with Celsius Network and start earning 10% on Ethereum ETH holdings.
This a part of our Bitcoin and crypto lending and passive income guides.
The steps in this guide includes
- Sign up with Celsius
- Buy Ethereum on Celsius Network
- 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.
As earlier mentioned, Celsius Network is purely a mobile application and therefor you must be on a mobile device to download the app.
Go to Celsius by clicking on our link below and after this you click on “Download on the Apple Store” or “Get it on Google Pay”.
Once you have downloaded the app, just follow the easy instructions to sign up.
2. Buy Ethereum with celsius Network
Celsius Network doesnt offer exchange services themselves but they have some third-party services offer you this in their app.
If you press the “Buy Crypto” button you will get the following alternatives
- Credit card via Simplex. Simplex charges 3.5% or $10 minimum fee that is included in the price you will see when you buy via this option.
- Wyre charges a fee of 0.1%
- Coinify charges a fee of 0.5%
3. Deposit Ethereum to celsius Network
Since you might already own Ethereum on another crypto exchange or you find more preferable buying rates you might want to deposit Ethereum into your ETH address on Celsius Network.
This is how you can do,
- 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
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%).
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.
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.