A Step-by-Step Guide to Earning Interest with Celsius Network - Medium

Have you considered putting your idling crypto to work? Many choose to leave their beloved crypto on an exchange or wallet, letting their valuable coins collect digital dust — but what if you could increase your holdings while you HODL instead?

Enter Celsius Network where you can easily deposit your coins into their interest accounts and start earning passive income immediately with no fees or lock up!

So how do they do it? Celsius Network lends coins to hedge funds, exchanges, and institutional traders, and by issuing asset-backed loans. Read more about how they are able to offer these rates HERE

Interest rates are updated weekly and can range anywhere from 2.5% to 10%!

Examples of Celsius’ weekly interest rates

What’s Great about Celsius:

  • No Minimum Deposit — Earn on $1 or $5,000,000. You’re free to deposit as little or as much as you like and test out the platform until you feel comfortable depositing more.
  • Fee Free — Make a withdrawal at any time for any amount without worrying about fees or penalties. You’ll never be charged for accessing your own funds.

  • Earn In-Kind or in CEL — Get crypto interest payments in-kind or earn more in CEL tokens — additional 10%~25% (What are CEL Tokens?).
  • Weekly Payouts — Wake up to interest payments every Monday morning, like clockwork.
  • No Lock Up — You’ll always have access to 100% of the funds in your Celsius wallet. They’ll never require a minimum balance or deny you access to your crypto.
  • Your Cryptocurrency of Choice — With over 15 cryptocurrencies actively accepted on their platform, you can deposit your favorite currency and put them to work immediately.
  • Free $20 BTC* —When you input promo code 1861129813 during account creation and deposit $1000 within the first 5 days.

Things to Consider:

  • No Compounding Interest (i.e. Simple Interest ONLY) — You’re interest will not compound (What is Compound Interest?). That is, the interest you earn will not earn interest itself (ever). If you deposit 1 BTC and earn 0.1 BTC, you will only continue to earn interest on 1 BTC and not 1.1 BTC and so on and so forth. Withdrawals will always be taken from your principal first and interest earnings will be withdrawn last. The only way around this is if you opt to earn in CEL then proceed to sell your CEL for BTC, ETH, or others on an exchange (cannot buy/sell crypto in-app) and re-deposit to your wallet.
  • CEL does not Earn Interest — You have the option and are incentivised greatly to earn interest in CEL. However, the CEL you earn will never earn interest like the rest of your assets.
  • No Downloadable Earnings Statement (for now) — They’ve mentioned plans to add this feature in the near future — useful for better bookkeeping and tax season. Currently interest earnings are listed within the app under each coin or consolidated into a single list with no means of organizing other than by hand.
  • 24 Hour Address Lock — They only allow adding a single withdrawal address for each coin (BTC, ETH, USDC, etc). If you need to send funds to a different address, you must contact support to change it. Changing a withdrawal address will place a 24 hour withdrawal lock on that specific coin. Better security, but more hassle.
  • $20k Limit on Immediate Withdrawals — For any withdrawals over $20k you will need to contact support to have it processed. Again, better security, but less convenient.
  • Must Pass KYC to Earn Interest — You can create an account and deposit funds to your Wallet without KYC; however, if you want to earn interest you must submit all required information.
  • Mobile App Only — They only offer wallets for mobile devices (iOS and Android). They have yet to add web access or a desktop wallet.

How to Download and Create a Celsius Account (MOBILE ONLY)

1. MOBILE (Android, iOS) → Follow this LINK or scan the QR code below and download the app from the app store.





↑ Download the Celsius App and Receive $20 BTC* ↑

DESKTOP to MOBILE → Go to Celsius.Network and text yourself the app.

2. Once the app is downloaded, open the app and hit “Join Celsius”. You will be taken to the account creation page.

Don’t forget to enter promo code 1861129813 under “Have a promo code?” to earn your free $20 BTC* .

3. Create a 4 digit security PIN.

4. And voila! You have now successfully created your Celsius Network account and are well on your way to earning interest!

How to Start Earning Interest

In order to earn interest, you must first verify your identity .

1. Click on any of the “Deposit” or “Deposit Coins” from your account screen and hit “Verify Identity” when prompted.

2. You will need to enter your profile details, address, and social security number. US residents are required to submit SSN in order to earn interest.

Non-US residents’ Tax IDs are NOT required.

3. Next, you will need to upload a photo of your National ID, Passport, or Driver’s License and hit submit. Uploads can take time, make sure you leave the app open until you get a notification telling you the “KYC process has begun”.

4. And you’re finished. Nice work!

Celsius will verify your information and approve your account, generally in a few minutes but no longer than 24 hours.

My account required manual approval after several days of no communication so make sure to email support at app@celsius.network if you experience any issues or if approval takes longer than expected.

How to Deposit Funds to Earn Interest

Once your account has been approved, you can begin the process of moving your coins to your wallet to earn interest.

1. From the home screen, go to “Deposit Coins” and select the coin you’d like to deposit from the dropdown menu.

Alternatively, you can click “Deposit” any coin under “Deposited Coins” on the main screen.

2. This will display your Celsius deposit address. You can copy, share the address, or use the QR code provided.

3. Next, simply go to your exchange or wallet and transfer your funds to your address.

And that’s it! Once Celsius receives your funds, they will send you an app and email notification confirming the transfer went through

Your funds will start earning interest as soon as it hits your account. Interest will be paid every Monday morning.

Keep in mind, interest is calculated every Friday. If you deposit funds between Friday~Monday, your funds will earn interest but the correlating interest will be paid out on the following Monday.

I hope you found this guide helpful.

Please let me know of any further questions — you can always reach Celsius support at app@celsius.network.

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