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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.

Celsius Sign up

Once you’ve clicked on sign up, you will see this page.

Celsius Sign up

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.

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.”

Celsius

Once you’ve clicked that, you will be able to copy the address for your preferred coin.

Celsius

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.

Celsius Withdrawal

Choose “Profile.”

Profile

Click on “Security.”

Whitelist

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.”

Celsius Withdrawal

Click on “Borrow.”

Borrow

From there, you can choose the amount you want to borrow and how much to collaterize it with.

Borrow

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.

Celsius Withdrawal

Once there, click on profile.

Earn Interest in CEL

Click on “account.”

Earn In CEL

There, you can pick and choose which coins will earn interest in CEL.

***

That’s it for now. If you have any questions, please let us know.

 

The post How To Use Celsius appeared first on CryptosRus.

This DeFi founder explains why all users need a multi-chain wallet

CryptoSlate recently had the opportunity to chat with Emile, the co-founder and CEO of multi-chain DeFi wallet XDEFI. XDEFI Wallet’s Chrome extension is engineered to deliver the fastest possible experience for DeFi and NFTs. Unlike its competitors, it achieves this through native integrations with nine blockchains, proprietary gas pricing algorithms to ensure users never miss::Listen

CryptoSlate recently had the opportunity to chat with Emile, the co-founder and CEO of multi-chain DeFi wallet XDEFI.

XDEFI Wallet’s Chrome extension is engineered to deliver the fastest possible experience for DeFi and NFTs. Unlike its competitors, it achieves this through native integrations with nine blockchains, proprietary gas pricing algorithms to ensure users never miss a block, and by automatically adding new token contracts to users’ wallets.

Émile was in traditional finance working for Bloomberg and Reuters before moving into tech. He launched XDEFI Wallet with co-founder David in August 2020 whom he met after being hired by BCG to participate in the launch of Blockchain ventures for the De Beers group. Since then, XDEFI Wallet has grown from a team of four to around 35 and has a user base of over 70k.

The post This DeFi founder explains why all users need a multi-chain wallet appeared first on CryptoSlate.

How To Use Celsius

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