I am earning passive income with lending and borrowing platform Celsius. This is an article on how I use this platform to do this.
The main features of Celsius are:
- Lending coins
- Borrowing coins
- Buying coins
I use the platform only for lending coins and earning interest. The interest on the coins is interested especially because of the loyalty program, which I will describe later in this article.
There is webapp version and a phone app version of Celsius. I use the phone app version because most settings can only be updated there. I use the web app version only to check the status of my earnings.
Given the fact that you have some coins (bought on this platform or on another exchange), it is easy to deposit to Celsius.
On the phone app:
- Select Transfer coins
- Select the coin you want to transfer and copy the address you need to use as deposit address
- Go to the exchange/wallet you want to sent the tokens from and use this address.
Celsius is a lending platform that lets you earn interest in $CEL and the native coin/token that you deposited. You will get your interest each Monday of the week and the amount is calculated on Friday.
You can choose between 2 options.
Option 1: Earn interest in $CEL. In this case you get a higher APR. For example you deposit $BTC but you will receive interest in $CEL.
Option 2: Earn interest in the coin/token you deposited. For example you deposit $BTC and you will earn interest in $BTC as well. Note however that the APR in this case will be somewhat lower than in option 1.
Note: For each coin/token you can choose between these two options.
On the main page of the app you can select “Reward rates”:
In case you select “Learn more” you will see your Loyalty Level.
You can even earn more interest in case you have a certain percentage of $CEL in your wallet. You can get up to 25% more in case you are PLATINUM level.
Note that this is not 25% APR but 25% more !
There are a couple of ways to buy $CEL.
- Buy on Celsius app
- Buy on FTX
Note: At the time of this writing the cheapest way to buy $CEL tokens is through FTX broker.
Globally the following steps are needed:
- Transfer money from your Bank to exchange Binance broker
- Buy $USDT on Binance
- Sent $USDT from Binance towards FTX (through TRON network)
- On FTX buy $CEL
- Sent $CEL to Celsius wallet address
The steps are detailed in the next sections.
- Register on FTX (in case you do not have an account on this exchange)
- Register on Binance (in case you do not have an account on this exchange)
1) Transfer money to Binance
You can transfer money to Binance through a Bank deposit (SEPA) or Credit Card.
Choose: https://www.binance.com/en/fiat/deposit/EUR
or https://www.binance.com/en/buy-sell-crypto?channel=hzBankcard&fiat=EUR
2) Buy $USDT
3) Sent $USDT to FTX
The most important part of this step is that you choose the Tron network to sent the coins. This has the lowest fee.
- Goto Wallet on you FTX account and select deposit at USDT
- You get several options to choose from, but select the TRC20 (TRON) address. Click on COPY.
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Source: https://medium.com/crypto-and-defi/earning-passive-income-with-celsius-8e112be55ed3?source=rss——-8—————–cryptocurrency
