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Most people who buy their first cryptocurrency tend to leave their coins on the exchange. Other more savvy crypto investors would put theirs on cold wallets like a Ledger or a Trezor. However, some opt to maximize their returns by putting some of their stacks on lending platforms which generates them a steady stream of passive income.

Dubbed as one of the largest lending platforms in the market, Celsius offers up to 17% interest per year just for holding coins in their wallet. It is highly ideal for beginners and other people who want to have passive income.

Celsius also has its native digital currency called CEL tokens. These tokens serve as the primary method of exchange in the network. Using them grants you access to higher rates on earning and lower rates on loans.

In this guide, we will be taking a closer look at Celsius to see how it works, what benefits you can get from this platform, and how you can earn CEL tokens without having to spend a single dime. Read more below.

What is the Celsius Network?

The Celsius Network is a decentralized finance platform that deals with lending, borrowing, and earning cryptocurrencies. It also has an app that enables you to purchase 10 specific cryptos and convert them to more than 30 other crypto coins. Featuring a unique CelPay function, members can send and receive payment directly from the app.

Users that convert their coins to CEL tokens can earn discounts of up to 30% on loans and get higher return rates. You are also given priority for loans and get premium support. The more you use the network’s crypto, the more you can maximize the potential of your investments.

The Celsius network currently has $30 million in insurance for assets stored in the wallet app. People from over 150 countries can participate and trade via desktop, iOS or Android apps. The best part? There is absolutely no fee for minimum balances and loan transfers.

How to Get CEL Tokens

To get CEL tokens, you must first open an account on a legit exchange that lists CEL such as FTX, Gate.io, Brexity, and more. Most exchanges only require an email address, phone number, and proof of ID to create an account. Then, you must deposit funds into your account. Once finished, you can now proceed to make a purchase and find the wallet to store your tokens in.

However, there are a few things you should consider before buying. Similar to any other investment, there will always be risks involved. Given how volatile the crypto market can be, you must always be prepared to take risks and lose money along the way.

One of the things you should assess is if this token is good for a long-term hold. Consider the uses of the CEL token, whether they burned when used, and how new ones are distributed.

Look out for Crypto Scams

If you don’t have any extra cash to spare and prefer to take a shortcut, you might find a handful of enticing websites on the Internet promising you a pocketful of CEL tokens for absolutely nothing. You click on this link, collect your crypto, and make a killing. Sounds like a win-win, right?

Using a shortcut will only lead you to one path: cyber attacks. Before you transact with these shady websites, ask yourself if it is worth the hassle of dealing with scams, hacks, and cyber attacks.

There is, however, a completely secure and legitimate way of getting CEL tokens. You don’t even have to pay a single cent. You can start building your crypto portfolio at zero risk to you. Here’s how to do it.

Convert Points into CEL Tokens

With FreeCryptoRewards, you can participate and complete simple marketing research tasks. As easy as answering a survey, watching videos, and completing offers can earn you points. Accrue points that you can convert to CEL tokens, any other crypto coin available like AAVE and IOTA, or even cash.

FreeCryptoRewards provides you with an alternative to start your crypto portfolio without risking your money. Successfully invite your friends to earn points and before you know it, you get CEL tokens deposited directly into your Coinbase wallet.