Celsius Coin (CEL) is the subject of particular interest for investors as it can be used for making payments, borrowing, and getting loyalty benefits. Celsius featured as Celsius Coin, is one of the crowning glories among crypto assets. Celsius Coin is the native token based on the Celsius platform. Celsius Coin features smart contract functionality and provides a safe and highly secure system of transactions and trading without the intermediaries involved. Alex Mashinsky said Celsius is an advanced blockchain project and most popular among crypto enthusiasts mainly due to its nodal position in the world of cryptocurrencies.
Continue reading to find out where and how to buy Celsius Coin and if Celsius Coin is a good investment.
What Is Celsius Coin (CEL)?
Celsius Coin is the official Celsius (CEL) platform token that users can use to secure loans in traditional currency by using crypto as collateral. The members who place the coin in the Celsius wallets can get Celsius coins as rewards for lending on the network.
Celsius (CEL) is a platform that enables users to trade currency against cryptocurrency and produce interest. The platform targets to disrupt the financial industry, provide curated services to the users abandoned by the banks like equitable interest, zero fees, and quick transactions, and help users achieve financial independence through crypto. The platform pursues to develop a community of lenders and borrowers, replace Wall Street with blockchain, and provide benefits to the ecosystem members.
The platform believes that traditional financial institutes should not be in charge of the flow of credit to users worldwide. Therefore, the platform uses a consensus-based, proof of stake mechanism that strives to allow users to vouch, lend, or borrow from each other. Thus, the platform intends to create a self-governing solution for users involved in the credit ecosystem. The platform seeks to enable users to borrow currency through a community pool by using their crypto assets as collateral to achieve the aim.
Where To Buy Celsius Coin
Mostly, cryptocurrencies like Celsius Coin can only be purchased with another cryptocurrency on decentralized exchanges like eToro, Binance, Coinbase, and BlockFi.
How To Buy Celsius Token (CEL)
If you want to buy Celsius Coin, which is currently not listed on Binance, you can follow the step-by-step guide below. It will show you how to buy Celsius by connecting your crypto wallet to a decentralized exchange (DEX) using your Binance account to buy the base currency.
Download A Metamask Wallet
There are several crypto wallets to choose from within the Ethereum network, and Metamask is the most integrated. Make sure you download the Metamask Wallet by visiting Metamask’s website.
Set Up Your Metamask
Register and set up the crypto wallet through the wallet’s Google Chrome extension. You may check the wallet’s support page for reference. Ensure to keep your seed phrase safe, and take note of your wallet address.
Buy Ethereum As Your Base Currency
Once your wallet is set up, you log in to your Binance account and go to the Buy & Sell crypto webpage to buy Ethereum.
Send Ethereum from Binance To Your Crypto Wallet
Once you buy your Ethereum, go to your Binance wallet section and look for the Ethereum you purchased. Press on withdraw and fill up the required information, set the network to Ethereum, input your wallet address and the sum you intend to transfer, press the withdrawal button and wait for your Ethereum to appear in your Metamask.
Choose A Decentralized Exchange (DEX)
There are many DEXs to choose from; you must ensure the exchange supports the selected wallet in step 2.
Connect Your Wallet
Use your wallet address from step 2 to connect your Metamask wallet to the DEX you want to use.
Trade Your Ethereum With The Coin You Want To Get
Pick Ethereum as the payment and the Celsius Coin as the token you want to buy.
If Celsius Coin Doesn’t Appear
If Celsius Coin Token doesn’t appear, find its Smart contract address, copy it, and paste it into 1inch. Be careful of scams, and ensure you got the official contract address correct.
Apply The Swap
Immediately after completing the previous steps, you click on the Swap button.
Is Celsius Coin (CEL) A Good Investment?
Celsius Coin has lost much of its value over the past few months. The bankruptcy filing and accusations of price manipulation are a matter of concern. Celsius Coin might be the future as it is the first to come with “smart contracts” or documentation without human intervention. With the price of Celsius picking up energy, it will have a rosy future. Remember, you should always do your research before investing.
Before investing in Celsius Coin, you should conduct your research and analyze it properly. Trading is risky; please talk to your financial advisor before making any decision.