Celsius Network provides interest-bearing savings accounts, digital and fiat financing, and payment services. The Celsius model challenges traditional banking models while putting the community first.
This Celsius Network guide covers all of the important topics regarding user protection, regulatory compliance, licenses, and security tips so that you feel safe using the platform.
Is Celsius Network Safe? Our Verdict
As Bitcoin’s price has surged in recent years, cryptocurrencies have become a popular financial asset worldwide. In fact, Bitcoin and other cryptocurrencies are now commonly used as collateral for loans. Celsius Network is one of the major players in the cryptocurrency lending market. The Celsius Network, a growing platform, hosts thousands of crypto investors.
On this platform, those looking for Bitcoin loans can reach out to Bitcoin lenders. This system, created to help both sides, lets investors earn attractive interest on their Bitcoin holdings. With Celsius, interest accounts and crypto loans are available at the lowest rates and fees. Besides being one of the leading platforms in the crypto space, Celsius Network also assists borrowers in making high returns by investing borrowed BTC into tech projects and decentralized finance.
The question of whether Celsius Network is safe is a valid one with a complicated answer.
Every week, there are stories about crypto entities getting hacked, leading to the loss of untold amounts of user funds. Thus, the question arises: What steps has Celsius Network taken to ensure the security of its customers’ funds?
Celsius Network is licensed by FinCEN. The company has put in place several security measures to ensure customer assets. Among them are two-factor authentication and biometric signatures.
Moreover, funds are held by third-party custodians such as PrimeTrust and Fireblock. Customers’ assets are protected by both companies. The Fireblock wallet uses MPC (multi-party computation). Celsius has a dedicated in-house security team comprised of former military professionals. Celsius has never had a hack, security breach, or money loss in their 3+ years in business.
The interest on loans from Celsius Network is paid quickly. By staying on top of these issues, you won’t be surprised when using the site.
| Operating Licenses | FinCEN |
| Other security measures | 2FA; Biometric Signatures |
| KYC Standards | Yes |
| Segregated Cold Crypto Storage | No |
Celsius Network Regulation & Licenses
The Celsius Network provides a high level of security and safety. It has been certified by the International Organization for Standardization as ISO/IEC 27001, and it has never experienced a security breach. Furthermore, the security department at Celsius is highly competent.
The company maintains high-security standards to protect its customers and assets. Celsius received ISO/IEC 27001 certification in May 2021. In addition, the platform had its ISMS (information security management system) thoroughly audited for the maintenance of its curated financial services.
The ISO (International Organization for Standardization) has published a series of internationally recognized IT security management protocols for this certification. Furthermore, Celsius developed a rigorous application process for this certification. Security standards like ISO/IEC 27001 are notable benchmarks for excellence.
A reputable cybersecurity team at Celsius also contributes to this excellence. You can trust the Celsius Network to pay out interest and provide loans quickly. All of these aspects contribute to the solid security of this digital investment platform.
Celsius Network User Protection & Compensation
Though Celsius takes great steps to protect the users’ funds, you are ultimately responsible for what happens to your account. Therefore, here are some safety tips you should follow to keep your account as safe as possible:
- Create a strong password for the email address associated with your account.
- The password should be at least 8 characters long.
- Include uppercase and lowercase alphabetic characters, numbers, and symbols.
- Create a random password
- Use different passwords for different accounts or software systems
- If you haven’t done so already, add 2FA to your email login.
- If your account is registered via social signup, change the password associated with your Celsius account to a unique and strong password.
- Make sure your PIN is unique (don’t use birthdays, important dates, etc.).
- If your device has a biometric scanner, you can use it to access your account for easier and safer use of the app.
If you want to store and profit from your crypto holdings, AQRU offers investors fully insured investments to protect their money from theft and hacking.
Cryptocurrencies are highly volatile assets. Use crypto leverage and derivatives products responsibly. Your capital is at risk.
Celsius Network provides insurance coverage. Fireblocks and PrimeTrust, their custodians, provide the insurance. These companies insure assets that are held within Celsius wallets.
Regrettably, they do not insure your loans, but the borrower can only withdraw a certain amount of what they have stored on their Celsius crypto wallet because the loans are collateralized.
How Celsius Network Protects Your Account
The Celsius platform follows industry best practices and is as safe as a custodial platform can be. The company’s funds and customer information are protected by top-notch security and cyber defense. In addition, Celsius has a 24/7 Security Operations Center, is Security ISO certified, and employs a team of cybersecurity experts.
Additionally, Celsius offers some excellent security options that investors in cryptocurrencies can deploy to ensure that their crypto is as secure as possible. The following security options are available:
- Enable two-factor authentication
- Enable biometrics
- Activate HODL mode
- Whitelist withdrawal addresses
Is The Celsius Network Crypto Wallet Secure?
Hacks and criminals are increasingly targeting crypto users, so storing your coins in one of the top crypto wallets has never been more important.
A Celsius wallet’s funds are held with its custodian, Fireblocks, which is the world’s leading institution for custody of digital assets with MPC-CMP technology. Celsius clients can also get insurance on their digital assets with Fireblocks.
Earning interest on your crypto holdings is calculated on a weekly basis. Therefore, interest is paid into your wallet on Mondays.
Are Payments Secure On Celsius Network?
Celsius has never experienced a hack, security breach, or loss of funds in its 3+ years of business. As a result, you can trust Celsius Network to pay interest, make money from crypto, and provide loans on time.
The company offers a mobile payment application called CelPay. Using it, users can send coins directly to contacts who have the Celsius app installed on their phone, or they can send a link to anyone who hasn’t yet downloaded the app. Then, once they’ve created a wallet in the app store and verified it, they can open the link again to claim the coins.
Senders must keep in mind the next:
- CelPay requires email confirmation for all transactions. Therefore, CelPay transactions will remain “Pending” until the confirmation link is clicked.
- CelPay requires confirmation before the recipient opens the link. Otherwise, the link won’t work.
- Before users confirm the email, they have to ask the receiver to open the link again if they have already opened it. After that, the link is still valid.
- CelPay has a limit of $2500 per 24 hours.
These requirements ensure the security of payments. In addition, customers can rely on Celsius Network to process their payments. However, the use of an additional app to process a payment could be annoying to some users.
Is Celsius Network A Listed Company?
Unlike most publicly traded companies, Celsius Network does not offer stock or any kind of participation in the stock market. Therefore, it is not a listed company.
How Many People Use Celsius Network?
There are over 2 million members of Celsius Network and 1 million users on its platform. It has more than $19 billion in assets. As a result, it is pretty safe to assume that they can be trusted. You can also examine the over $80 million in interest payments already made, as well as the $8.2 billion disbursed in loans if you don’t want to assume. Furthermore, there are a lot of positive reviews all over the web regarding the platform.
Celsius Network Customer Service & Contact
Customer support has been slow to respond because Celsius is going through some growing pains. On the other hand, the company is extremely responsive on social media, particularly on Twitter and Reddit. The company is also expanding its customer service department, so the level of support should improve.
When you’re unable to get a rapid response through Celsius Network’s customer support channels in the app, we recommend you reach out to it via its social media channels.
Generally speaking, Celsius support emails are answered quickly. According to our experience and reading online reviews, support response times during normal operation times are generally 48 hours. Contact information is listed below:
- General Support: [email protected]
- Trading: [email protected]
- Loans: [email protected]
Additionally, Celsius features a well-developed knowledge base section for those who prefer to do things themselves. Finally, Celsius Online Help Center is a great resource for answering many of the questions that customers might have.
How to Keep Safe When Trading With Celsius Network
Security is a top priority for the Celsius team. There are six security certifications included in its portfolio, including ISO/IEC, 365/24/7 monitoring, the latest cryptographic innovations, and cyber intelligence. Additionally, it employs unique technologies, such as multi-party computation, in order to provide top-tier security and asset protection.
Celsius users are also urged to ensure the integrity of their own holdings and the network’s security. Among these steps are:
- Turn on two-factor authentication (2FA) in the Celsius mobile app
- You can whitelist your crypto withdrawal addresses within the app
- Activate Celsius’ HODL mode — a feature that blocks all withdrawals while it is active
- Store your HODL code offline
- Avoid SIM swap attacks on your personal email and accounts. Instead, use two-factor authentication that is not SMS-based (like Google Authenticator).
- Don’t use the same email on other services
- Wi-Fi networks that are public or unsecured should not be used
- Never use a public or shared computer or device
- Make sure you use a strong, unique password to secure your device
- Password and key managers should be encrypted
- When you’re done using the crypto app, log out and close the session
Is Celsius The Best Crypto Lending And Interest Platform?
Whether you are looking to borrow capital or earn interest on digital asset holdings – Crypto lending sites provide both options based on your goals. In particular, this is made possible due to peer-to-peer Bitcoin lending models, which eliminate the need to go through traditional financial institutions or banks.
Celsius is trying to challenge traditional banking methods by benefiting both parties involved. However, a newer platform could fit users’ needs better than Celsius. AQRU.io aims to offer its users a high yield on their crypto assets by providing an easy-to-use cryptocurrency exchange. AQRU holds a remarkable position in the market as a company founded by finance and technology experts frustrated with the low returns people see when it comes to crypto.
AQRU is a startup trying to simplify the crypto world and make it accessible to everyday investors. Furthermore, if this wasn’t enough, it hopes to provide clients with high-quality services.
If you want to begin lending your crypto and earn up to 7% interest on your cryptocurrency. AQRU is the best place to get started.
Cryptocurrencies are highly volatile assets. Use crypto leverage and derivatives products responsibly. Your capital is at risk.
Bottom Line
This Celsius network review has covered everything you need to know about their security, user protection, and licensing. However, if you are looking for a top-notch cryptocurrency platform that allows you to earn, borrow, and trade crypto seamlessly, you should check out AQRU.
In addition to being fully regulated by a European regulator – which is a rarity in the crypto world – AQRU provides a high level of safety and security, as well as a lot of features and great interest rates for its users.
It is free to create an account today so that you can see all of the features, products, and services for yourself.
Cryptocurrencies are highly volatile assets. Use crypto leverage and derivatives products responsibly. Your capital is at risk.