Celsius Network Referral Code
What is Celsius Network?
Celsius Network is a Financial Platform founded in 2017 that aims to unhinge the Traditional Financial World and allows its users to:
- Buy – Buy;
- Earn – To earn;
- Borrow – Borrow;
- Send – Send;
It therefore enters the world of Decentralized Finance and is a direct competitor of Nexo and BlockFi.
If you have cryptocurrencies, you want to buy others or make them income; you can try the service offered by Celsius Network, which can be accessed via an app, downloadable on both Android and iOS.
The company behind this platform is not a bank and its operations are subject to various regulations in the various countries in which it offers its services.
How to open an account
To open an account you need to download the app on your mobile phone at this address.
Once you have entered your personal data and completed the identification process, you will see all the currencies available on the platform.
Unlike other similar platforms, the advantage of Celsius Network is that it supports more than 25 digital currencies between stable coins and other cryptos.
How can I earn Coins with Celsius Network?
Just buy the desired currencies by credit card or transfer and keep them on the platform to receive your interests every Monday.
You can also transfer purchased currencies to other exchanges, of course.
Note that there are no minimum amounts to hold for each currency. All account holders are treated the same and receive the same interest.
The basic interests are excellent and reach 10, 51% on an annual basis on some stable coins, 4.74% on Bitcoin, and 5.05% on Ether.
You can decide to receive interest in the same currency in which you deposit your coins or in the currency launched by the platform, called CEL.
In this case, interest may increase because of the Reward scheme shown in the figure.
To reach the Silver level, your CEL amount must be at least 5% of the other currencies held.
In this case, the base rates of return will increase by 10%.
You do not have to pay any withdrawal fee, there are no restrictions on the amounts deposited, and the platform allows you to take advantage of the compound interest effect to increase the annual yield.
It also allows you to invest and receive interest in Tether Gold (XAUt) and, therefore, to invest in crypto-currencies linked to gold.
How Crypto Loans work
The loan service allows, starting from 500 Dollars, to receive Dollars or Stable Coins, placing your cryptocurrencies as collateral.
Interest rates are very low and start at 1% per year.
Obviously, the duration of the loan, the collateral, the Loan to Value (ratio between the value of the loan and the collateral) can affect the rates.
There is also another way to reduce the rate paid on loan, which is to use the CEL token, the platform’s native coin, to pay interest.
What is CelPay?
Thanks to CelPay, you can also transfer Crypto free between users of the platform and beyond.
In fact, you can also transfer coins to your friends by simply sending them a link.
It seems to me that this system is very efficient and allows for a quick transfer of money.
The lack of circulation of currencies is one of the problems that has hindered the rapid development of the crypto market, and for this reason, this functionality seems very interesting to me.
However, is the interest I am taxed?
Unfortunately, cryptocurrencies are not free from interest, and so are the interests obtained thanks to them.
I state that I am not a tax advisor, but the prevailing interpretation is the following.
First, there is the obligation for those who hold cryptocurrencies to declare in the RW part of the tax return what is held on foreign exchanges, regardless of the amount held.
Capital gains realized only if the average stock of wallets held by the taxpayer exceeds the amount of 51,645.69 euros, for a duration of at least seven continuous working days in the year, are then subject to taxation at the rate of 26%.
Interest obtained through the holding of cryptocurrencies, as capital income and therefore always subject to 26%, are subject to taxation.