Celsius To Roll Out In-App Swap Beta on Platform

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Avatar for LateToTheParty
3 years ago

Co-published on Publish0x.

I have been using Celsius for a while and am quite content with the platform's ease of use. While it does not have the best APYs compared to other CeFi wallets like Nexo (especially if you're on Platinum status) or Hodlnaut, it sure beats the rates from traditional savings banks. For a while, I've been wondering what Celsius could do to differentiate itself from the competition if it didn't have the best rates. Well, my question was answered yesterday when I received an email from Celsius titled "Finally, crypto-to-crypto trading without the fees".

Curious, I took a look at the message and apparently, Celsius is gearing up to launch the in-app swap beta where users can supposedly trade crypto for zero fees. On its webpage, Celsius provides a simple comparison table to centralized exchanges, Coinbase and Binance. Having swapped on Coinbase before when I was an inexperienced newbie, I sometimes ran into pretty high fees, especially when I made big transactions. Binance is far better than Coinbase with a much smaller percentage and if your portfolio grows substantially, then that 0.02%-0.1% swap fee is nothing.



For me personally, this will come in handy as I have some crypto that I want to swap without incurring large fees. I've been holding a bunch of GUSD on Celsius for months after I decided to pull out all of my crypto from BlockFi. I don't have much use for it as I find other stablecoins like DAI to be more useful. On top of that, the options for swapping GUSD for something else are limited. On Gemini, the process is super roundabout and if I were to swap on Metamask, I will have to pay big gas fees.


Yes, please. GUSD/USDC is another possible pair according to the webpage.

Overall, I'm pretty eager to see how Celsius's swap feature will fare. That said, I want to wait for some user feedback first before I decide to use it myself. Celsius doesn't have the most... punctual customer service (check out PVMihalache's experience with that). The good thing is that the rollout will be gradual presumably so that Celsius can assess that everything is working properly.

If you're Celsius user and interested in the swap beta, you can fill out the form here. If you are not a Celsius user, but are interested in making an account because of the upcoming zero fees swap feature and/or Celsius's respectable APY rates, then you can use this referral link. You can earn $50 in BTC if you deposit at least $300's worth of crypto and hold it for 30 days.

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Avatar for LateToTheParty
3 years ago

Comments

I'm super excited for this and signed up for it. Can't wait until we all get in.

$ 0.00
3 years ago

This is great but how come I'm only hearing about this for the first time? Poor me!

$ 0.00
3 years ago

Thanks for the mention ! I applied for the internal swap ...want to see how it works

$ 0.00
3 years ago

I really hope it doesn't run into any issues because I don't want to run into that sort of situation you had to go through, haha. Celsius seems to be the type of platform that's great when everything's working well, but a major headache when you run into a snag.

$ 0.00
3 years ago