If you were looking for the updated Celsius Network app Interest Rates table, check out the image above provides you with a complete summary. And below for USA customer.
Celsius Network is indeed the wallet that pays you interest every week and has smashed through 5.3 billion USD managed crypto assets (data source: Celsius Network Ltd).
If you are a new user of the application you can also get a welcome bonus worth 40 USD. A quick guide explains you how to get the Celsius Network bonus.
Celsius Network interest rate: How it works
Celsius Network recognizes an interest rate on supported cryptocurrencies, tokens and stablecoins.
The interest rate is annualized and varies from week to week. If, for example, the annual interest rate on bitcoin (BTC) is 4.55% APR (Annual Percentage Rate), you will receive on the following Monday the interest fractioned by 1/52 weeks: it means that you have to divide 4.55% by the number of weeks that make up a year, or 52 weeks. So we will have 4.55 / 52.
Interest is earned on a weekly basis and is usually credited on the following Monday. The interest received accumulates with what you already had, so the following week you will receive interest calculated on the new amount.
To sum up.
- Celsius Network interest rate: the interest rate is annualized and varies from week to week
- Celsius Network interest calculator: In order to calculate the weekly interest, it is necessary to divide the annualized interest rate by 52 weeks. Example: 4.55% / 52 weeks.
- Celsius Network interest payments: weekly payments are verifiable through the transaction history, present in the personalized screen of each crypto asset held.
Celsius Network earn in CEL
Another important chapter of Celsius Network's interest rate working mechanism concerns the recognition cryptocurrency.
In fact, the user can ask to receive interest in the deposited cryptocurrency or stablecoin, or in CEL.
Let's explain what that means with two practical examples.
Interest recognized in cryptocurrency
If you deposit 3 bitcoin cash (BCH) and wish to increase the amount of BCH deposited over time, you will need to set the the app to recognize weekly interest in the same deposited cryptocurrency.
Usually the app is set up to let you earn interest directly in the deposited cryptocurrency and you shouldn't to do nothing. But to check, go into the cryptocurrency's custom screen (in the example BCH) and check how you are receiving interest.
Check out the image below showing how interest right now is received in deposited cryptocurrency.
Interest recognized in CEL
Alternatively, Celsius Network's interests are in CEL. The CEL token is native to the service and is listed on cryptocurrency exchanges like any other token.
Why does Celsius Network recommend (but not require) that you receive interest in the CEL token? Obviously because it's your token!
Those who activate Celsius Network interest earnings in CEL get a higher APR as a benefit. That is, they receive higher annualized interest which will also be higher on a weekly basis. In this case, however, the interest will be credited as CEL tokens.
To receive interest in the form of the CEL token, enable the option.
Is it worth receiving the CEL token for Celsius Network interest payments? This is up to you.
If you haven't already done so, download the Celsius Network app and use the code 15406186c8 to get the welcome bonus.
CEL Loyalty program
Celsius Network recognizes increasing interest based on user loyalty. The longer you store cryptocurrencies the higher your loyalty to the service. The CEL Loyalty program is a loyalty program for those who keep cryptocurrencies on the platform for a long time and decide to receive rewards in the form of the native CEL token.
The loyalty program has various levels, assigned as certain parameters and factors change. Scaling the various levels presented in summary in the image below, you will receive more interest on crypto and discounts in case you apply for a loan.