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Cryptocurrencies

Stickler

Stickler

VIP Member
Oct 28, 2010
135
79
Yes, their retail side allowed for retail customers to borrow as little as 1000. Company has physical offices in US and has(had) the BEST customer support. I even have a personal account manager who is actually local to me. He was always a phone call away (still is) if I needed anything.

BlockFi is another platform that does the same thing. US based. I just always felt that CEL was much better at the customer service end.

Celsius and BlockFi both switched their interest accounts to requiring US holders to be 'accredited investor' approved. Trying to be proactive and comply with US oversight. Basically show a net worth in excess of certain amount or annual income. It is common across any investment platform in the US for 'higher risk' investments. They restrict their access to people unless they can show their 'status'.

It is not a leveraged trading platform. You can buy or sell through them. But their main business was / is crypto lending and interest accounts. Nothing nefarious about them or VPN requirement. Full KYC AML and bank compliant.
Accredited Investor.. hmm.. that's probably the term I was looking for. I don't have plenty of assets to show on paper so I doubt I would qualify for that. It was sounding like a nice option, but the regulation takes me out of the game. I always wanted to formally take the time to understand how shorts/longs and all the ins and outs of that type of investing worked. I'm assuming your net worth has to be pretty nice in order to qualify.

On coinbase (i know i know), I'm lvl 3 for their levels:
Bank purchases / deposits $35,000/day
Card purchases $7,500/week
PayPal Purchases $1,000/day
Google Pay Purchases $7,500/week
PayPal withdrawals $25,000/day
Wire transfers No limit

And was offered their beta CB1 which allows trading w/o fees for a subscription per month. There are still some fees built in by changing the trading price or some shit, but it's still cheaper if you trade more frequently. Don't you have to be an "accredited investor" to get a CB Pro account too?

I also have an account on Gate.io which has a TON of different things you do if you don't live in the US. All hosted w/ in the same platform so it's a freakin' tease to see, but the minute you click a few buttons it goes back to the dashboard home screen. That exchange is listed in Asia or south pacific somewhere I think, but b/c of KYC adheres to shit that keeps me from participating.
 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
1,916
1,530
Accredited Investor.. hmm.. that's probably the term I was looking for. I don't have plenty of assets to show on paper so I doubt I would qualify for that. It was sounding like a nice option, but the regulation takes me out of the game. I always wanted to formally take the time to understand how shorts/longs and all the ins and outs of that type of investing worked. I'm assuming your net worth has to be pretty nice in order to qualify.

On coinbase (i know i know), I'm lvl 3 for their levels:
Bank purchases / deposits $35,000/day
Card purchases $7,500/week
PayPal Purchases $1,000/day
Google Pay Purchases $7,500/week
PayPal withdrawals $25,000/day
Wire transfers No limit

And was offered their beta CB1 which allows trading w/o fees for a subscription per month. There are still some fees built in by changing the trading price or some shit, but it's still cheaper if you trade more frequently. Don't you have to be an "accredited investor" to get a CB Pro account too?

I also have an account on Gate.io which has a TON of different things you do if you don't live in the US. All hosted w/ in the same platform so it's a freakin' tease to see, but the minute you click a few buttons it goes back to the dashboard home screen. That exchange is listed in Asia or south pacific somewhere I think, but b/c of KYC adheres to shit that keeps me from participating.
"Accredited investor' status is set by SEC. Have to show net worth of 1 mil plus and your residence can not be used in calc. Or show yearly income in excess of 250k (I believe)

You can still use BlockFi if you want a crypto loan. I used to use them, but CEL offered better rates and more flexibility. With BlockFi, there is a 1% origination fee on loans and no early payback penalty. Cel had NO orig fee, BUT you had to pay a min of 6 months interest. But if you were taking 100k loan, your monthly carrying costs are only $83 as an example. So if you wanted to pay off in 6 months, borrowing the 100k would only cost you $500.

BlockFi stopped offering interest based accounts in the US though. They still do lending. I have a credit card with them. It pays all the rewards in BTC. Made about 1k in BTC in rewards so far this year, just running bills though credit card and getting paid rewards in BTC. Rewards are also not taxable.

I just keep my eye on the angles. Collateralized lending is a great way to approach crypto holdings. Except the case of what I am dealing with and that is the danger. I think BlockFi has a separate auditing company out of NY called Gemini capitol. Full SEC registered company...etc. Nothing shady. But risk in anything.
 
Stickler

Stickler

VIP Member
Oct 28, 2010
135
79
"Accredited investor' status is set by SEC. Have to show net worth of 1 mil plus and your residence can not be used in calc. Or show yearly income in excess of 250k (I believe)

You can still use BlockFi if you want a crypto loan. I used to use them, but CEL offered better rates and more flexibility. With BlockFi, there is a 1% origination fee on loans and no early payback penalty. Cel had NO orig fee, BUT you had to pay a min of 6 months interest. But if you were taking 100k loan, your monthly carrying costs are only $83 as an example. So if you wanted to pay off in 6 months, borrowing the 100k would only cost you $500.

BlockFi stopped offering interest based accounts in the US though. They still do lending. I have a credit card with them. It pays all the rewards in BTC. Made about 1k in BTC in rewards so far this year, just running bills though credit card and getting paid rewards in BTC. Rewards are also not taxable.

I just keep my eye on the angles. Collateralized lending is a great way to approach crypto holdings. Except the case of what I am dealing with and that is the danger. I think BlockFi has a separate auditing company out of NY called Gemini capitol. Full SEC registered company...etc. Nothing shady. But risk in anything.
When you get a crypto loan what are the requirements for getting it? Is it like a traditional loan typically, or do they use your crypto as collateral? (I'm assuming that's how people get liquidated, when their collateralized assets fall below whatever the threshold is to pay back the loan?
 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
1,916
1,530
When you get a crypto loan what are the requirements for getting it? Is it like a traditional loan typically, or do they use your crypto as collateral? (I'm assuming that's how people get liquidated, when their collateralized assets fall below whatever the threshold is to pay back the loan?
None. Just opening an account. KYC AML. It gets connected w/ your bank acct. Use loan calc to figue out what loan you want take and how much collateral you need. You put required collateral in your acct and submit loan app. They approve it and then you have the cash in 24-36 hours. Read contract for covering loan margin calls. I just kept funds in there to cover it if it were to happen. But if you get margin called, worst case they liquidate collateral at current rate and pay off loan and you get balance back. Just might have sold at a time where you didnt want to, but relative to current BTC or Crypto, technically you did not lose money. You sold at the lower price to cover the loan and get refunded the difference.
 
S

samefredd

New Member
Jun 21, 2022
6
2
Bitcoin isn't on the rise today. Maybe XRP?
 
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