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Numerous cryptocurrency exchanges have popped up in the market, and the competition within that industry is getting stiffer and stiffer. This has given users a variety of choices from which they can choose. However, the big question is, are they worth the customer’s confidence and trust? What do they bring to the table and what extra miles can they go to keep the user’s assets and funds safe? Find in this article, the fees, security measures, pros, cons, and features of Celery Cryptocurrency wallet, which is also a new exchange.
What is Celery Wallet?
Celery was founded in 2013 by two former Goldman Sachs employees. It is an online exchange platform and wallet that allows users to sell, buy, store, receive and send digital cryptocurrency. All these processes are operated with FedWire, which is a funds transfer system. The United States Federal Reserve Banks and the Automated Clearing House (ACH) network are both in charge of operating this system as far as financial transactions are concerned.
Over the few years, Celery has managed to advance and introduce new features into the market. These features have made it easier for users to maneuver their way around and access the transactions mentioned above.
The wallet operates slightly different from other wallets. For the buy transactions, FedWire buy orders have a weekly limit of $3000 with the settlement time of the same day or the next business days. ACH buyers have it a little harder since their weekly buy limit is $250 and the settlement time is five business days.
When it comes to selling, FedWire Sell orders have a weekly limit of $5,000 and the settlement time is up to 3 business days. ACH sell orders have the same weekly limit. However, the information on the settlement time is unavailable.
What wallet type is Celery?
- Multi-factor authentication
- Cold storage
What cryptocurrencies does the Celery wallet support?
What fees does Celery wallet have?
Since Celery wallet is operated by two organizations so the transaction fee for each is different from the other. The fees difference also depends on whether the transaction is a buy or a sell order.
Transactions like storing, sending and receiving the digital currencies are, however, not subject to any amount of fees.
|Transaction type||Fee||Minimum fee for small orders|
|FedWire Buy Order||5%||$30|
|FedWire Sell Order||5%||$50|
|ACH Buy Order||10%||$10|
|ACH Sell Order||5%||$15|
How to open your Celery Wallet account
Step 1: Go to the Celery wallet website: https://www.gocelery.com/#home
Step 2: You will be asked to provide personal information like name, email, country of residence among others.
Step 3: Add your phone number, bank account, and address.
While giving this information, you will see an explanation of why they are needed. Extra information about the bank account used will be requested as shown below.
Step 4: The next step is to verify this information and the outlay looks similar to the picture below
How do I add cryptocurrencies to Celery Wallet?
There are three major operations in Celery wallet that each user needs to know. They include adding currency to your wallet, Sending currency and receiving currency. Let’s start by adding currency to your wallet.
Step 1: The first step of adding cryptocurrency after opening and setting up the wallet is to log into your Celery wallet.
Step 2: Go to the “buy” page on the dashboard.
Step 3: Choose which currency you want to add to your wallet.
Step 4: Input the amount you wish to add.
Step 5: Finish the process, then check your wallet balance to ensure that the transaction has been completed successfully.
How to send payments on Celery wallet?
Step 1: First check the balance in your wallet by clicking “Available Balance”
Step 2: Go to the dashboard and select “Send”
Step 3: Choose the currency you would want to use as shown below
Step 4: Enter the recipient’s email address
Step 5: Input the amount you wish to send
Step 6: Confirm that every detail is correct then hit “Send.”
How do I receive payments on Celery wallet?
Step 1: Send your Celery address to the sender.
Ensure the address you send is one which you want the funds to be sent to
Step 2: On the Dashboard, click “Deposit.”
Step 3: Wait for the transaction to process
Step 4: Check in transaction history to ensure the balance has reflected.
How safe is Celery Wallet?
Though still dwarfed by Coinbase and other wallets, Celery has done so much to ensure the safety and security of customer’s funds. A major point worth noting is the fact that it is registered with FinCEN which is the Bureau of the United States Treasury Department that deals with money laundering and other financial crimes.
Besides the certification, there are other security measures enforced by Celery.
Celery encrypts all private keys and personally identifiable information.
Cold storage means the customers’ funds are secured both physically and digitally.
All the customers’ data are backed up every week. This ensures that you do not lose your data.
Security researchers are invited through the bug bounty program to find security holes in the security plan and report. The platform then fixes these holes.
All Celery source codes are audited by a whitehat security firm which is an independent firm.
🔒 Penetration testing
Servers used by Celery undergo regular penetration testing.
Celery Wallet Pros and Cons
Celery Wallet vs. other wallets – how does it compare?
- Mobile compatibility
Both Celery and Bitcoin Core wallet are limited to the use of the PC. They are not compatible with mobile phones, which makes them quite inconvenient.
- Cryptocurrencies supported.
Celery wallet supports three cryptocurrencies. However few those may be, it beats Bitcoin Core which supports only Bitcoin.
- Ease of use
Bitcoin Core has a little bit complicated setup process as compared to Celery wallet which beginners find to be easy to use.
- 2Factor authentication
For extra security, both Celery and GreenAddress have enforced authentication methods. Celery uses multi-factor authentication while GreenAddress uses 2Factor authentication, both of which are recommendable.
- Number of currencies supported
Both wallets support very few numbers of cryptocurrencies. GreenAddress supports Bitcoin, while Celery supports Bitcoin, Litecoin and Dogecoin.
- Mobile compatibility
Mobile compatibility is another feature with which GreenAddress beats Celery. Celery is compatible with only web browsers. GreenAddress, on the other hand, is compatible with mobile phones and desktop through Chrome and iOS.
While all the wallets mentioned above have their own benefits and claim a percentage of the cryptocurrency market, they are not as secure and safe for the user as Coinbase, which besides the security measures it enforces, is also regulated by respectable agencies. Typical of all wallets, Coinbase has its downside. However, these cons are manageable and they are far outweighed by all the benefits Coinbase provides to its users.
You can use Celery wallet to store, send and receive digital currency even without a bank account. All you have to do is to create an account and provide your information minus the bank details.
Celery bases the buying and selling price of digital currency on the liquidity of the market at several exchanges.
Unfortunately, Celery has not advanced yet to the point of supporting bank accounts from many countries. Currently, only US customers who have domestic bank accounts can sell and buy digital currency on the wallet. The wallet is open to international customers to only store, send and receive digital currencies. There are plans for making the services available to countries outside the US.
Currently, Celery wallet does not support or accept PayPal transactions. This is a feature that the Celery is working towards achieving.
To sell or buy digital currencies with your bank account, you need to connect the account to the wallet. You can do this by clicking on the “Account.” option on the dashboard then “Banks page.”
To complete this process, you need the bank routing number and bank account number.
The verification can either be micro-deposit or instant verification, which instantly takes a shorter time to process.
When connecting your bank to the wallet, you will be required to provide your login credentials which are used to establish a payment method. This also helps to establish and verify that you are the account holder. Your information will be verified and your bank account will be linked.
After you have made an order, your bank needs to clear the funds to Celery bank. This process often lasts 4-5 business days. The pending amount will be reflected in your balance, but you will not be able to send the pending currency.
Once in a while, your order may be rejected. This could be because of the following reasons:
- The order you made was more than the balance available in your account. In such a case, you can reduce the size of the order or add more currency to the account.
- Your identity was not confirmed by Celery.
- Your bank account was not or has not been verified yet by Celery.