An Ethereum-based Decentralized Finance (DeFi) protocol is called Celsius (CEL). The absence of banking and financial services on the blockchain led Alex Mashinsky and Daniel Leon to launch Celsius in 2017. Numerous financial services are supported by Celsius, including lending pools, loans, payments, and even savings accounts at interest rates that are far higher than those provided by conventional financial institutions.
Everything is automated, transaction costs are determined by an algorithm, and you may borrow stablecoins using your cryptocurrency as security. Remember that aside from the original transaction price, there are no late fees or extra fees of any type.
The top two most popular cryptocurrencies are stablecoins like BUSD and USDT. Celsius offers over 40 cryptocurrencies as collateral, including SOL, AVAX, WBTC, and XTZ.
The native currency of Celsius, CEL, is utilised for making payments, obtaining rewards, and taking out loans. During its Initial Coin Offering (ICO), Celsius sold half of its total 700 million CEL token supply, raising more over $50 million. In 2021, the Celsius Network was indirectly exploited. From Badger DAO, a DeFi platform that lets customers use Bitcoin as collateral, hackers stole $120 million worth of WBTC. Users of CEL owned around $40 million.
Here are a few further summaries of Celsius:
|Asset Type||Ethereum-based Protocol|
|Market Cap||$492,460,868 USD|
|All Time High||$8.02 USD|
|All Time High Date||Jun 3, 2021|
Why Newton Is Great For Buying Celsius
Here are just three of the numerous factors that make Newton my exchange of choice for Celsius purchases:
- Very Low Prices
There aren’t any costs associated with trading, deposits, withdrawals, or anything else you can think of at Newton. Even better, they go above and above to help you save money by paying the first $5 of each cryptocurrency withdrawal.
Only by charging a small margin on each trade will Newton be able to profit from your transactions. You can view Newton’s current spread on Celsius on its Fees page. Newton’s spreads are highly competitive with those of other exchanges.
- A Broad Range Of Coins
Newton is your best option for discovering additional cryptocurrencies to trade besides Celsius because it presently supports more than 75 crypto assets.
Smaller altcoins like Celo and Chiliz are supported in addition to the more well-known currencies like Bitcoin and Ethereum, which are supported by Newton.
- Made With Canadians in Mind
You often have to fill your account with US dollars and pay foreign currency costs ranging from 2-5% if you use a non-Canadian exchange. However, because Newton is a Canadian exchange, you may fund your account without paying any fees directly with Canadian currency.
The fact that you can fund your Newton account for free using Interac e-transfer or money from your Canadian bank account, as well as the knowledge that you’re using a domestic exchange that complies with all current and future Canadian regulations, means your money and cryptocurrency are always completely secure.
Where To Store Celsius
As long as you have the proper cryptocurrency wallet to safeguard it and keep it secure, storing Celsius is simple. There are several wallets available, each with a unique set of characteristics, and many of them cost $100 or more.
With Newton, though, you can completely avoid pricey wallets and store your cryptocurrency just inside of their software. As a result of Newton’s ongoing third-party custodian relationships with Fireblocks and Balance, their users’ digital assets are kept in cold (offline) storage at facilities with institutional-level security. Additional advantages of utilising Newton include:
the most coin options of any Canadian cryptocurrency wallet or exchange
Every day, Newton makes off-site backups to guarantee that your cryptocurrency is always secure.
thirty seconds to open an account
$25 more when you spend $100 on cryptocurrency using my sign-up link.
I’ve been using Newton, a well regarded wallet and exchange, for more than a year. I can’t suggest Newton enough, whether you want to make your first cryptocurrency buy or just spread out where you keep your cash.