How to Buy Celsius Token (CEL)

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Contributor, Benzinga
Updated: June 29, 2022

Wondering how to buy Celsius Token? You can buy CEL on FTX.

Celsius is hoping to reinvent the banking industry by incorporating crypto into standard banking practices. From credit cards to loans, Celsius offers a variety of traditional banking services that incorporate crypto. The platform is also focused on its users, providing nearly $1 billion in rewards since its launch in 2018.

What Is Celsius Token (CEL)?

CEL is the native token of the Celsius platform and is used in a variety of ways. Most of its uses are for rewards, which is a major selling point of the platform. The token uses Ethereum’s ERC-20 standard, meaning it is built on the Ethereum chain.

The main utility of CEL is for rewards. Users earn CEL through a variety of programs. While Celsius is a for-profit company, it returns 80% of profits to its users. Because of this, CEL is able to offer higher rewards than other platforms.

One of the ways users can earn rewards is through staking. Users can give their crypto positions to Celsius and earn up to 17% APY on their assets. Celsius offers extremely high rates to its users. Users can earn even more if they decide to receive their rewards in the form of CEL. Rewards are paid out every Monday, and there are no minimum requirements to begin staking. 

Users can also get discounts of up to 25% when they take out loans in CEL. This feature encourages users to borrow CEL as opposed to other tokens. Even without the 25% discount, Celsius still offers some of the lowest rates for borrowing in the crypto space. Celsius also gives loans to institutions, which allows them to earn even more profit, which is then redistributed to their users.

CEL is also used as a form of payment. Celsius’ CelPay allows users to send crypto for free. Users can instantly send CEL through the app. While this feature is mainly used in a peer-to-peer context, it may have utility in a much larger space.

Brief History of Celsius Token (CEL)

Celsius was created in 2017 by Alex Mashinsky and Daniel Leon. Both have extensive experience in startups and internet development. The project quickly grew, and the team hired a large team of marketers, software engineers and advisors. The firm has raised nearly $1 billion from a variety of venture capital firms from around the world. 

CEL was launched in late 2018 and remained fairly stagnant until 2021, when it appreciated over 10,000% and reached an all-time high of over $8 in June 2021.

How to Buy Celsius Token (CEL)

Now that you have a basic understanding of how Celsius works, you may be interested in purchasing the token. Fortunately, doing so is fairly easy and does not take too long. 

  1. Open an online account.

    The first step to purchasing CEL is to open an account directly on Celsius or on FTX. To do so, navigate to its website and create an account using an email and password. After that, you will have to verify your account by providing the necessary documentation. After this, you can link a bank account and fund your account. 

  2. Buy a wallet (optional).

    While purchasing and holding CEL on FTX or Celsius may be the easiest way of holding the token, it may not be the safest. These platforms have custody over funds invested through them, so if FTX is hacked, your investment could be lost. Wallets are a way to store cryptocurrency separate from an exchange.

  3. Make your purchase.

    Once you have a funded FTX account, use the search bar to find the CEL page. From there, enter in the amount of CEL you would like to purchase and execute the trade. 

    Once you have executed the trade, your CEL will be held in your FTX portfolio. 

Cryptocurrency Wallets For CEL Token

Best Hardware Wallet: Ledger

Hardware wallets are physical devices that hold the private keys needed to access the crypto inside the wallet. Crypto cannot be sent without the user verifying the transaction on the physical device.

Ledger is a brand of hardware wallet that supports the buying, sending and receiving of CEL. Ledger currently offers a Nano S, which is designed for beginners, and a Nano X, which is meant for more advanced users. The Nano X is more expensive but offers features such as bluetooth connectivity and more space. 

  • Ledger Hardware Wallet
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Best Software Wallet: Coinbase Wallet

Software wallets are wallets that hold the private keys online. Users must verify transactions before they occur. Software wallets are not as safe as hardware wallets, but still allow users to have full custody of their funds. 

Coinbase Global Inc. (NASDAQ: COIN) offers a wallet that supports CEL. The wallet can be used in a variety of ways, ranging from decentralized exchanges (DEX) to staking. The wallet also has a locking feature, so users can freeze their wallet when it is not in use. 

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Keep an eye on the interest rates offered on Celsius. Its high interest rates are major selling points for the platform and increases in the interest rates may cause CEL to appreciate.

Trade, Sell or Convert your Celsius Token (CEL)

To convert your CEL to another token, search for the pair of CEL and other currency. Bitcoin (BTC) is a supported swap on FTX and Celsius. From there, enter in the amount of CEL you would like to swap and execute the trade. Afterwards, the new token can be found in your portfolio. 

You can also sell your CEL for fiat by using the CEL/USD pair. Once you execute the trade, your fiat currency can be found in your portfolio. You can then send this back to your bank account. 

Current Crypto Prices

In late November 2021, India became a focal point in the debate surrounding crypto regulation. The government stated that they do not plan to recognize cryptocurrencies. Meanwhile, the Reserve Bank of India (RBI) unveiled plans to test a digital currency. 

India is home to over 1.3 billion people and is on pace to become the largest country in the world. If India bans cryptocurrency, it may have a huge impact on the markets. If you want to see where the crypto markets are at today, make sure to check out Benzinga’s price table. 

Is Celsius Token (CEL) a Good Investment?

Celsius is a company that is focused on delivering profits to its users. Its already generous rewards can become even larger if you hold CEL tokens to incentivize the use of the token. However, many of the features offered by Celsius are not unique, and many other platforms offer similar services. If CEL can set itself apart by offering higher interest rates on staking or providing new and unique services, then there is certainly room for CEL to grow. 

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