Exceeded

Score

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/10

Celsius

United Kingdom

|

5-10 years

MSB License|

Suspicious Overrun|

High potential risk|

https://celsius.network/

Website

Rating Index
Influence

Influence

A

Influence Index NO.1

United States 4.50

Better than 99.39% exchange(s)

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Influence
A

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FinCEN

FinCENExceeded

MSB License

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Company Name
Celsius
Phone of the company
+1 201 824 2888
+44 2033 185636
Company website
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Facebook
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Customer Service Email Address
nfo@celsius.network

WikiBit Risk Alerts

2
Previous Detection 2024-03-01

The number of this Exchange's nagitive field survey reviews has reached 1, please be aware of the risk and the potential scam!

MSB License goes beyond their business with the licenses United States FinCEN (license number: 31000170534951), please be aware of the risk!

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2 ratings

Participate in evaluation
Jefry
Celsius is very disappointing! High trading fees and unresponsive customer support. It's a pity!
2023-12-29 17:27
2
0
FX1092883462
The user interface of Celsius is so terrible that it makes you lose your mind and drive you crazy. Prices also fluctuate greatly, making it difficult to control with confidence!
2023-09-14 14:31
8
0

Celsius · Company Summary

Aspect Information
Company Name Celsius
Registered Country/Area United Kingdom
Founded Year 2017
Regulatory Authority FinCEN (Exceeded)
Cryptocurrencies Offered Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), and more.
Trading Platforms Celsius Mobile App, Celsius Web Platform
Trading fees Fixed Administrative Fee: $1.00 per transaction. Variable Network Fee (Updated Monthly): BTC - $9.00, ETH - $1.90, ERC-20 - $4.20, Alt Coins - $0.20. Total Withdrawal Fee: BTC - $10.00, ETH - $2.90, ERC-20 - $5.20, Alt Coins - $1.20
Deposit & Withdrawal Bank Transfer, Credit/Debit Card, Cryptocurrency Transfer
Customer Support Email support (celsiusinquiries@stretto.com), Phone support (+1 (855) 423–1530 (U.S.), +1 (949) 669–5873 (international))

Overview of Celsius

Celsius is a virtual currency exchange platform that was founded in 2017. It is registered in the United Kingdom and operates under the supervision of the Financial Crimes Enforcement Network (Exceeded). However, the regulatory status is exceeded.

The platform offers a variety of cryptocurrencies to trade, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), and more. With up to 1:100 leverage, users have the opportunity to maximize their trading potential. Celsius provides a comprehensive virtual currency exchange platform that serves the needs of traders. With its array of cryptocurrencies, trading platforms, deposit and withdrawal options, educational resources, and customer support, Celsius offers a well-rounded experience for users looking to engage in virtual currency trading.

Overview of Celsius

Pros and Cons

Pros Cons
Wide range of cryptocurrencies Limited deposit and withdrawal options
Maximum leverage of up to 1:100 Regulatory status is exceeded
Convenient trading platforms

Pros:

  • Wide range of cryptocurrencies: Celsius offers a wide selection of cryptocurrencies for trading, including popular options like Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. This allows traders to diversify their portfolios and take advantage of various market opportunities.

  • Maximum leverage of up to 1:100: The platform provides traders with the opportunity to leverage their positions up to 100 times, allowing for amplified trading potential. This feature can potentially lead to increased profits, although it also entails higher risks.

  • Convenient trading platforms: Celsius offers user-friendly and accessible trading platforms, including the Celsius Mobile App and the Celsius Web Platform. These platforms provide flexibility and ease of use for traders to manage their accounts and execute transactions efficiently.

  • Cons:

    • Limited deposit and withdrawal options: Despite offering convenient trading features, Celsius has limited options for depositing and withdrawing funds. While bank transfers, credit/debit card transactions, and cryptocurrency transfers are supported, some users may prefer additional payment methods for greater convenience.

    • Regulatory status is exceeded: Celsius's regulatory status is exceeded, implying potential regulatory issues. This lack of regulatory oversight may deter some users who prioritize trading on platforms with established regulatory frameworks to ensure security and compliance with legal requirements.

    • Regulatory Authority

      According to the provided information, Celsius is regulated by the Financial Crimes Enforcement Network (FinCEN). The Regulation Number associated with Celsius is 31000170534951. However, it is stated that Celsius has exceeded the Regulation Status, implying that there may be some regulatory issues.

      As for the License Type, Celsius is listed as holding an MSB License, which stands for Money Services Business License. The specific License Name for Celsius is Celsius Network Limited.

      Regulatory Authority

      Security

      Celsius emphasizes security but doesn't disclose all specific methods for public knowledge. Here's what they do share:

      Account Security:

      • Two-factor authentication (2FA): Mandatory for all accounts, adding an extra layer of protection beyond just a password.

      • Password-Reset Protection: Disables sensitive actions for 24 hours after password reset, preventing unauthorized access after compromise.

      • Biometric authentication: Available on mobile apps for additional security.

      • Secure email protection: Encourage using 2FA on your email associated with Celsius.

      • HODL mode: Allows locking withdrawals and transfers with a separate code for added peace of mind.

      Platform Security:

      • Industry-leading security practices: Claim to employ best practices in security infrastructure, access controls, and encryption.

      • Bug bounty program: Incentivizes security researchers to find and report vulnerabilities.

      Cryptocurrencies available

      Celsius offers a wide range of cryptocurrencies for trading within its platform:

      Major Cryptocurrencies:

      • Bitcoin (BTC): The leading digital asset by market capitalization.

      • Ethereum (ETH): The second-largest cryptocurrency, known for its smart contracts functionality.

      • Litecoin (LTC): A faster and cheaper alternative to Bitcoin.

      • Chainlink (LINK): A decentralized oracle network powering smart contracts.

      • Uniswap (UNI): A leading decentralized exchange token.

      Stablecoins:

      • Tether (USDT): A stablecoin pegged to the US dollar, offering price stability.

      • USD Coin (USDC): Another leading stablecoin backed by US dollars.

      • Binance USD (BUSD): A stablecoin issued by the Binance exchange.

      Emerging Cryptocurrencies:

      • Polygon (MATIC): A scalability solution for Ethereum.

      • Aave (AAVE): A decentralized lending and borrowing protocol.

      • The Graph (GRT): A decentralized indexing protocol for blockchain data.

      • SushiSwap (SUSHI): Another decentralized exchange token.

      Services

      Celsius provides the following services for individuals and businesses:

      Borrow: Celsius offers a borrowing service where users can access funds using their cryptocurrency holdings as collateral. This service provides users with a convenient alternative to traditional lending, allowing them to access liquidity without the need to sell their digital assets.

      Pay: With Celsius, users can easily and swiftly send and receive payments using various cryptocurrencies. The platform ensures that transactions are processed quickly and without fees, offering users a friendly payment experience.

      Buy: Celsius facilitates the purchase of cryptocurrencies directly within its app, providing users with a convenient way to invest in digital assets. This service streamlines the buying process, making it accessible to both novice and experienced investors.

      Credit Card: Although currently in the waitlist phase, Celsius offers users the opportunity to join a credit card service. This service, once available, will enable users to spend their cryptocurrency holdings more easily, bridging the gap between digital and traditional finance.

      Swap: Celsius enables users to instantly swap between different cryptocurrencies within its platform. This service offers users flexibility and convenience in managing their digital assets, allowing them to quickly adjust their portfolios as needed.

      Celsius for Business: Celsius extends its services to businesses, offering tailored solutions and support for institutions, family offices, and other entities interested in engaging with cryptocurrency. This service provides businesses with access to Celsius's infrastructure and expertise, enabling them to navigate the crypto space effectively.

      Platform Solutions: Celsius provides opportunities for businesses to integrate with its platform through API partnerships. This service allows businesses to leverage Celsius's infrastructure for their own services, fostering innovation and collaboration within the cryptocurrency ecosystem.

      Developers: Celsius offers comprehensive API documentation and support for developers interested in integrating with its platform or building on top of it. This service encourages developers to explore new opportunities and create innovative solutions within the cryptocurrency space.

      Services

      Celsius APP

      The Celsius app offers a range of features for users interested in cryptocurrencies. Users can easily buy bitcoin, ether, and over 40 other cryptocurrencies directly within the app, as well as swap between 25+ assets with zero fees. Additionally, users can borrow against their crypto assets with loans starting at 0.1% APR, without credit checks or origination fees. The app also allows users to earn compounding yield on their assets and provides military-grade security to safeguard their holdings. Users can send crypto to friends and family and access real-time support from human representatives.

      The app is available for download on both iOS and Android devices.

      Celsius APP

      How to open an account?

      The registration process for Celsius can be broken down into the following steps:

      1. Download the Celsius Mobile App or visit the Celsius website to create an account.

      2. Provide your email address and create a secure password to access your account.

      How to open an account?

      3. Verify your email address by clicking on the verification link sent to your inbox.

      4. Complete the Know Your Customer (KYC) process by providing your personal information, including full name, date of birth, and residential address.

      5. Upload a copy of your identification document, such as a passport or driver's license, to verify your identity.

      6. Agree to the terms and conditions of Celsius, and submit your registration for review. Once your registration is approved, you can start trading on the Celsius platform.

      How to Buy Cryptos?

      Website:

      • Navigate to the Celsius website and log in to your account.

      • Locate and click on the “Buy Coins” button, usually found in the main navigation menu.

      • Choose the desired payment method, such as “Credit card,” from the options provided.

      • Select the cryptocurrencies you wish to purchase and enter the amount you want to buy.

      • Review the transaction details to ensure accuracy.

      • Enter your credit card information, billing address, and contact details as required.

      • Read and agree to the Terms and Conditions and Privacy Policy by ticking the respective boxes.

      • Finally, click on the green “Pay Now” button to initiate the transaction.

      • App:

        • Open the Celsius app on your mobile device and log in to your account.

        • Tap on the “Buy Coins” button, typically located on the main dashboard or navigation menu.

        •  App:
          • Choose the preferred payment method, such as “Credit card,” from the available options.

          •  App:
            • Select the cryptocurrencies you want to purchase and enter the desired amount.

            • Review the transaction details, including the fiat currency used for payment and the value of your request.

            • Confirm the transaction details to proceed.

            • Input your credit card information, billing address, and contact details when prompted.

            • Read and agree to the Terms and Conditions and Privacy Policy by checking the respective boxes.

            • Finally, tap on the green “Pay Now” button to complete the purchase process.

            •  App:

              Fees

              Celsius imposes a fee structure consisting of fixed administrative fees and variable network fees, which are updated on a monthly basis.

              The fixed administrative fee stands at $1.00 per transaction.

              In addition to this, variable network fees vary depending on the type of cryptocurrency being withdrawn. For Bitcoin (BTC), the network fee is set at $9.00, while for Ethereum (ETH) it stands at $1.90, ERC-20 tokens at $4.20, and alternative coins at $0.20.

              Consequently, the total withdrawal fee comprises both the fixed administrative fee and the variable network fee. For instance, for BTC withdrawals, the total fee amounts to $10.00, for ETH it's $2.90, for ERC-20 tokens it's $5.20, and for alternative coins, it's $1.20.

              Fees

              Deposit & Withdrawal

              Celsius supports various deposit and withdrawal methods for users. Deposits can be made through bank transfers, credit/debit card transactions, and cryptocurrency transfers. Users can choose the method that is most convenient for them based on their location and preference.

              The processing time for deposits and withdrawals on Celsius varies depending on the chosen method. Bank transfers and credit/debit card transactions typically take a few business days to process, while cryptocurrency transfers are generally faster, with transactions being confirmed on the blockchain within minutes.

              Customer Support

              Celsius offers customer support services to assist users with their inquiries and issues. The available hours of the customer support team are vary, and users are advised to check the Celsius website or contact the support team directly for the most up-to-date information on their operating hours.

              For contacting the customer support team, Celsius provides various channels for users to reach out. These channels may include email support (celsiusinquiries@stretto.com), and phone number (+1 (855) 423–1530 (U.S.), +1 (949) 669–5873 (international)).

              Customer Support

              Is Celsius a Good Exchange for You?

              Celsius is the best exchange for passive income generation. With its feature-rich platform offering high APY rates on deposited cryptocurrencies, it's ideal for traders seeking to earn passive income while holding their assets. This aspect makes it particularly attractive for those looking to grow their wealth steadily over time.

              Celsius is suitable for various trading groups, including both experienced traders and beginners.

              For experienced traders, Celsius offers a wide range of cryptocurrencies for trading, including popular options such as Bitcoin, Ethereum, and Ripple. These traders can take advantage of the platform's convenient trading platforms and maximum leverage of up to 1:100 to execute their trading strategies effectively. Additionally, experienced traders who are interested in earning passive income can utilize Celsius's additional products and services, such as earning interest on deposited cryptocurrencies.

              For beginners who are new to virtual currency trading, Celsius provides educational resources such as trading guides, video tutorials, and webinars. These resources can help beginners gain a better understanding of virtual currency trading, learn basic trading concepts, and develop essential skills. The platform's user-friendly interface and convenient mobile app also make it accessible for beginners to start trading and navigate the platform with ease.

              Conclusion

              In conclusion, Celsius offers a wide range of cryptocurrencies for trading, with prices influenced by market dynamics. The platform also provides additional products and services to enhance the trading experience for users. The registration process is straightforward, and the trading fees are competitive with other exchanges in the industry. Celsius also offers educational resources and community support to assist traders in making informed decisions.

              However, users should be aware of the potential volatility in cryptocurrency prices and conduct their own research before trading. Additionally, the availability of customer support is vary, and users should check the Celsius website for the most up-to-date information.

              FAQs

              FAQs

              Q: What cryptocurrencies can I trade on Celsius?

              A: Celsius supports a wide range of cryptocurrencies for trading, including popular options such as Bitcoin, Ethereum, Ripple, and more.

              Q: How can I deposit and withdraw funds on Celsius?

              A: Celsius supports various deposit and withdrawal methods, including bank transfers, credit/debit card transactions, and cryptocurrency transfers.

              Q: What is the customer support like on Celsius?

              A: Celsius offers customer support services through various channels such as email support (celsiusinquiries@stretto.com), and phone support (+1 (855) 423–1530 (U.S.), +1 (949) 669–5873 (international)).

              User Review

              User 1:

              Celsius is legit, no doubt. Security's tight, like a vault with a hundred locks. Interface? Smooth sailing, mate. Liquidity's decent; I've had no trouble filling orders. But, their support? Meh. Takes ages to get a response, like yelling into a void. And those trading fees? Oof, they sting a bit. But overall, it's a solid exchange if you're not in a rush and don't mind the occasional fee pinch.

              User 2:

              Alright, so Celsius isn't bad, but it's not perfect either. Regulation? Could be clearer, ya know? Interface is clean though, easy to navigate. Cryptos? They've got a decent selection, something for everyone. But, deposit and withdrawal? Bit sluggish, like waiting for a snail to cross the road. And their order types? Limited, wish they had more options. Still, it's a stable platform, just needs a bit of fine-tuning here and there.

ExchangeCelsius distributes $2B of crypto to 172K creditors
In a recent court filing, Celsius' lawyers stated that although most eligible account holders have received their distributions, those encountering anti-money laundering (AML) and compliance issues might experience delays.
WikiBit

2024-02-17 10:55

Celsius distributes $2B of crypto to 172K creditors
IndustryFordefi Raises $10 Million from Electric Capital, Paxos to Make Retail Wallets Safer
Crypto wallet provider Fordefi announced today via press release that it has raised $10 million in funding to help bring its institutional-grade crypto
WikiBit

2024-02-13 12:04

Fordefi Raises $10 Million from Electric Capital, Paxos to Make Retail Wallets Safer
ExchangeHut 8 signs four-year deal to manage Celsius Bitcoin mining operations Ionic Digital
Hut 8 has formalized a comprehensive four-year partnership with Ionic Digital Inc., encompassing end
WikiBit

2024-02-02 15:30

Hut 8 signs four-year deal to manage Celsius Bitcoin mining operations Ionic Digital
ExchangeCelsius Resolves Bankruptcy, Commits $3 Billion Crypto Distribution to Creditors
Celsius has successfully emerged from bankruptcy proceedings and is now set to disburse over $3 bill
WikiBit

2024-02-02 07:21

Celsius Resolves Bankruptcy, Commits $3 Billion Crypto Distribution to Creditors
ExchangeCelsius Emerges from Bankruptcy and will Distribute $3B to Creditors
Tanzeel Akhtar Last updated:February 1, 2024 01:14 EST | 2 min read Source: Adobe/CanvaCelsius
WikiBit

2024-02-01 14:23

Celsius Emerges from Bankruptcy and will Distribute $3B to Creditors
ExchangeCelsius to Distribute $3B Crypto to Creditors as Firm Emerges From Bankruptcy
Celsius will be shipping out more than $3 billion to its creditors as its the firm's bankruptcy is o
WikiBit

2024-02-01 08:18

Celsius to Distribute $3B Crypto to Creditors as Firm Emerges From Bankruptcy
ExchangeFears of Price Dump Mount as Celsius Prepares to Unleash $1,030,501,203 in ETH
Ethereum now stands at the center of volatility risks as the defunct crypto lender Celsius prepares
WikiBit

2024-01-27 02:00

Fears of Price Dump Mount as Celsius Prepares to Unleash $1,030,501,203 in ETH
ExchangeCelsius moves a massive $1B in Ethereum to CEXs: Repayments incoming?
Celsius has moved nearly $1 billion worth of Ethereum to Coinbase Prime and Paxos deposit wallets.
WikiBit

2024-01-26 12:38

Celsius moves a massive $1B in Ethereum to CEXs: Repayments incoming?
ExchangeFTX & Celsius Transfer $43 Mln ETH, WBTC, MATIC Amid Bankruptcy Liquidation
Two prominent institutions in their bankruptcy liquidation phase, Celsius and FTX, have been activel
WikiBit

2024-01-20 19:22

FTX & Celsius Transfer $43 Mln ETH, WBTC, MATIC Amid Bankruptcy Liquidation
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