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Celery Review - is it scam or safe?

Celery Review - is scam or good cryptocurrency exchange?

RATING: 2 / 1 REVIEWS ForexBrokerz Celery
Celery is not regulated. We cannot guarantee your money is safe.


Trading Accounts & Conditions


Account type Leverage Fee
Standard 1:1 5-10%


Celery is a company, which allows US citizens to buy (or sell) Bitcoin and a few altcoins with cash. This isn't technically an exchange, but more of an entry-level service. Like most of them, Celery requires its users to verify their identities, as well as bank accounts.



Celery Advantages


Accepts cash

One of the main benefits of Celery is the way in which they operate, and more specifically, the fact that they accept US dollars. This means that users can directly buy bitcoin via their bank accounts. Actually, Celery uses FED wire and Automated Clearing House (ACH) payments exclusively available in the USA.


Several altcoins listed

While most entry level exchanges offer only Bitcoin, Celery has also listed Litecoin, Bitcoin Cash and DogeCoin.


Some corporate info, operating since 2014

Founded back in 2013 by Divya Thakur and Ilya Subkhankulov, BTX Trader LLC has been operating for 4 years now. This may not sound like too much, but new cryptocurrency exchanges pop up every day and many of them do not provide any corporate information. The mother company also has two affiliates: Celery Labs Inc. and Celery Labs Ltd.


Registered with FinCen

What is more, BTX Trader LLC, is officially registered as a Money Service Business (MSB) with the Financial Crimes Enforcement Network (FinCEN). This does not mean that they are licensed as a cryptocurrency trading platform, but rather that they comply with the laws applicable in the sphere of financial crime. Nonetheless, it gives a certain level of credibility.


Security, wallet provided

Celery offers its clients own e-wallet for storing coins, which is not something exclusive in the crypto world. Actually, most exchanges and many entry-level crypto services offer such, yet we have to mention it.


More importantly, Celery claims that 98% of all client funds are held in cold storage and that all private keys and personally identifiable information is encrypted. This means that the platform is not easily susceptible to hacks.



Celery Disadvantages


Only suitable for US clients

In order to buy or sell a coin for USD at Celery, one has to have a US bank account. So, the very nature of this service makes it unsuitable by people outside of the States, as they odon’t accept international bank transfers.


Weekly transaction limits

In the FAQ Section of Celery’s website we found that the company has set rather harsh weekly buy and sell limits. Many entry-level exchanges set daily or weekly limits for unverified users, but it appears that this company applies this to all of its clients. The max buy weekly limit is $250 for ACH, $3,000 for Fed Wire Buy orders. As regards the sell weekly limit, it is set at $5,000 for ACH and for Fed Wire orders. 


Credit cards not accepted

Furthermore, Celery does not accept PayPal, nor credit cards, which are one of the most popular payment methods. Nowadays many people prefer to pay with their cards as it is instant. Below, you can find a list of cryptocurrency exchanges which accept credit cards.



>> Buy Bitcoin with a Credit Card <<



High fees

Celery’s fees vary based on the payment method, but appear quite high when compared to the average in the sector:


Fed Wire Buy / Sell orders: 5%

ACH Buy/ Sell orders: 10%


Some minimum fees also apply - $30 for FED wire buy, $50 for FED wire sell, $10 for ACH buy and $15 for ACH sell.


No margin trading

As most similar venues, Celery does not allow trading on margin. This is also not a major flaw, especially taking into account that leverage adds additional risks= to cryptocurrency trading. Nonetheless, if you need some leverage, you can either sign up with a major exchange, or trade in crypto CFDs with a forex broker.



>> Forex brokers, offering margin Bitcoin trading <<





Celery is a cryptocurrency entry-level service that targets the US market. They appear to be a credible company, which has been operating for 4 years now and is registered with FinCen. It also operates another brand – a multy-exchange cryptocurrency trading platform, where users can trade on Bitstamp, BTCChina, BTCe and several other exchanges.


Nonetheless, a FinCen registration does not mean that Celery is a regulated exchange. Those of you who would rather invest with a tightly regulated entity may look up our list of licensed forex brokers who also offer trading in Bitcoin.



>>Reliable Bitcoin forex brokers<<



To sum up the advantages and disadvantages of Celery:


Pros Cons
Accepts cash Only suitable for US clients
Several altcoins listed Credit cards not accepted
Some corporate info High fees
Registered with FinCen Weekly transaction limits
Security, wallet provided No margin trading


Latest news about Celery
No news about Celery. Check back later.
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