How to buy Celsius Network (CEL)
A beginner's guide to buying and selling CEL in Australia.
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How to buy Celsius Network
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Celsius Network.
- Open an account on an exchange that supports CEL.
Most exchanges require an email address, phone number and proof of ID to register.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Celsius Network.
- Buy Celsius Network.
Complete your Celsius Network purchase and then find the best wallet to store CEL.
What is Celsius Network?
Celcius is a cryptocurrency lending platform that allows users to earn interest on their cryptocurrency holdings, or borrow fiat money like US dollars or stablecoins by depositing their crypto as collateral. By using cryptocurrency as collateral, users are able to access cash without the need to sell their coins.
The CEL token is used for a range of features on the platform, as well as the ability to earn it in return for lending. Lenders are also entitled to a higher rate of interest depending on the amount of CEL they hold in their wallet, while borrowers can also get a discount on their repayments by holding CEL tokens.
Celsius Network (CEL) is the 58th largest cryptocurrency in the world by market cap, valued at $3,113,371,025. The current price of Celsius Network is $8.148, which is 0.217% lower than yesterday. Prices have ranged between $8.252 and $7.695 over the past 24 hours. All prices are listed in AUD and accurate as of 22 April, 2021 10:04 UTC.
Where to buy Celsius NetworkFind an exchange to buy, sell and trade CEL by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Celsius Network at a glance
|Total CEL supply||695,658,161|
Celsius Network price performance over time
How to sell Celsius Network
You can cash out your CEL with the same exchange you bought it through:
- Sign in to the exchange you have CEL on.
If you store your Celsius Network in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of CEL you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Celsius Network.
What to consider when buying Celsius Network
The CEL token is used as part of a real-world business, which means you need to consider the risks associated with the underlying product as well as with cryptocurrencies in general.
- Customer or speculator?: If you plan to use the token on the platform, then you need to keep a few things in mind. In particular, you may want to calculate the amount of tokens you will need to receive discounts and bonuses, whether you are going to pay fees for using the token and what is required to earn additional tokens.
- Legal: Celsius is based in the US where cryptocurrency regulation is still ongoing and something of a grey area currently. As such, any crypto-related businesses may face challenges in the future depending on how the regulatory environment unfolds.
- Competitors: The crypto-lending space is becoming an increasingly popular field, with rival CeFi platforms such as Nexo, Crypto.com and BlockFi all having a strong presence in the space.
- Tokenomics: When assessing whether a token is a good long-term hold, you should consider what the token is used for, whether tokens are burnt when used (destroyed) and how new tokens are distributed. Keep in mind that Celsius users are rewarded with new tokens for using the platform, which will inflate the supply over time. On the flip side, users are motivated to hold a certain number of tokens for rewards, which may reduce availability in the open market.
The flywheel shows the design of a circular economy for the token. Source: Celsius
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