Is Celsius a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether Celsius is a good crypto exchange to start trading with. In this article you will learn whether Celsius is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker Celsius
Celsius was established in 2017. The mother company is registered in the U.S., and daughter companies were opened in the UK and Lithuania. At the moment, over 1.7 million traders from across the world use Celsius Celsius Network to invest in more than 30 cryptocurrencies. The exchange works with accredited investors and with non-professional traders who want to earn money on cryptocurrencies without actively trading. Celsius offers its clients easy-to-use mobile and web apps with an interface that allows you to complete the majority of actions in a few clicks.
| 💰 Account currency: | Cryptocurrencies (over 30 coins and tokens) |
| 🚀 Minimum deposit: | USD 1 |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, stablecoins, Gold Tokens |
| 💹 Margin Call / Stop Out: | No |
Celsius Pros and Cons
👍 Advantages of trading with Celsius:
•High security – account protection with a 6-character password and two-factor authentication;
•Minimum deposit - $1;
•Wide selection of available cryptocurrencies;
•High interest rate for holding CEL, the native token of the exchange;
•Bonus promo codes for new users;
•Zero cryptocurrency deposit and withdrawal fees;
•Referral program.
👎 Disadvantages of Celsius:
•Limited possibility of instant digital asset exchange;
•Fees on deposits and withdrawals in fiat;
•APY for holding popular cryptocurrencies is lower than competitors.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
-
Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
-
Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
-
Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
-
Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
-
Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
-
Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for Celsius Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. Celsius offers traders the following conditions.
| 💻 Trading platform: | Web platform, mobile apps for Android and iOS |
| 📊 Accounts: | Standard, corporate |
| 💰 Account currency: | Cryptocurrencies (over 30 coins and tokens) |
| 💵 Replenishment / Withdrawal: | Bank transfer, credit cards, ACH transfer, instant payments CelPay |
| 🚀 Minimum deposit: | USD 1 |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | USD 1 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, stablecoins, Gold Tokens |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | N/A |
| ⭐ Trading features: | The exchange is not designed for active day trading |
| 🎁 Contests and bonuses: | Promo codes |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of Celsius commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
In the course of the analysis of Celsius trading conditions, TU analysts established that the exchange does not charge fees for its services. Traders do not pay fees for transactions and for deposits and withdrawals. However, these conditions apply only to payments in cryptocurrencies. Celsius Network clients can work with fiat, but only via the exchange’s partners GEM and Simplex. Their fee is 0.1-3.5% depending on the chosen payment method.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | From $1 | Charge on withdrawals of fiat currencies |
Investment programs of Celsius
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. Celsius offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
Celsius crypto exchange offers its clients to earn additional income by holding digital coins in their personal account wallet. Accrual of APY on the balance of free funds is one of the simplest investment solutions for traders interested in earning passive income without wasting time on market analysis. Celsius has a native token (CEL). Holding CEL can bring the highest APY – up to 30%.
Passive income on Celsius
The exchange offers its clients options to earn money without actively trading. Traders who hold uncommitted funds in their Celsius wallet earn an annual percentage. The APY depends on the client’s status – the higher the status the higher the percentage. Traders of Platinum level earn the highest APY. These are accredited (professional) investors who meet at least one of the three requirements: have an equity of at least USD 1 million, a license of 7.65 or 82 series or annual income of over USD 200,000.
APY (as of the time this review was prepared):
On cryptocurrencies — 0.01-14.05% for retail investors. The maximum level for Platinum investors is 18.63%.
On stablecoins — 2.53-7.1% for investors without accreditation, 3.30-9.32% for professional investors.
On Gold Tokens — 5.5% for retail investors, 7.21% for Platinum investors.
Accredited investors can additionally raise the APY to 30% with the loyalty program. It is available to clients who have portfolios with 25% of CEL tokens in them. Also investors with a balance of CEL 25,000 and more can receive an increased APY.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
Celsius Partnership Program
Referral program with a USD 50 reward, which is credited in bitcoin.
Both referral and the referred client of Celsius Network receive the reward, but only if they follow two rules. The invited client must make a deposit of at least USD 400 and maintain the balance for 30 days.
Conclusion. Is Celsius good for beginners?
The Celsius cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, Celsius could be considered as a good cryptocurrency exchange for a start.
- Is Bitrue a Good Crypto Exchange for Beginners?
- Is Flitpay a Good Crypto Exchange for Beginners?
- Is Bitstamp a Good Crypto Exchange for Beginners?
- Is NDAX a Good Crypto Exchange for Beginners?
- Is Lykke a Good Crypto Exchange for Beginners?
- Is BankCEX a Good Crypto Exchange for Beginners?
- Is Bitcoiva a Good Crypto Exchange for Beginners?
- Is BingX a Good Crypto Exchange for Beginners?
- Is ProBit a Good Crypto Exchange for Beginners?
- Is Poloniex a Good Crypto Exchange for Beginners?
- Is Satang Pro a Good Crypto Exchange for Beginners?
- Is CryptoHopper a Good Crypto Exchange for Beginners?
- Is BW com a Good Crypto Exchange for Beginners?
- Is VALR a Good Crypto Exchange for Beginners?
- Is ByBit a Good Crypto Exchange for Beginners?
- Is Paribu a Good Crypto Exchange for Beginners?
- Is BitoPro a Good Crypto Exchange for Beginners?
- Is BitMEX a Good Crypto Exchange for Beginners?
- Is Catex a Good Crypto Exchange for Beginners?
- Is STEX a Good Crypto Exchange for Beginners?
- Is 3Commas a Good Crypto Exchange for Beginners?
- Is Coinut a Good Crypto Exchange for Beginners?
- Is EXMO a Good Crypto Exchange for Beginners?
- Is CoinDCX a Good Crypto Exchange for Beginners?
- Is Gate.io a Good Crypto Exchange for Beginners?
- Is Binance a Good Crypto Exchange for Beginners?
- Is Ledger Wallet a Good Crypto Exchange for Beginners?
- Is Cryptopay a Good Crypto Exchange for Beginners?
- Is VinDAX a Good Crypto Exchange for Beginners?
- Is StormGain a Good Crypto Exchange for Beginners?
FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
Related Articles
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.