Common Promo Code Questions
The Celsius community has many questions regarding promo code promotions. And most of them are really great questions. Goes to show that some of the terms & conditions regarding the Celsius Promo Code Program are confusing and frustrating. Don’t worry, we’ll try to answer all of them below.
Please note that the content on this page has been reviewed by the Celsius Support Team and is considered accurate as of September 2021.
The most common Promo Code questions are answered in other articles on our website. Please click the buttons to learn more:
If the market price of my crypto portfolio decreases, will my promo code get canceled?
NO. If you’ve deposited the minimum amount of crypto assets to ‘lock’ your promo code and have followed all terms & conditions of the promotion, market price fluctuations of your asset prices makes absolutely no difference to your promo code status. For example: if $400 USD worth of crypto is required for a promo code and the $400 value declines to $300, your promo code will remained locked (not cancelled).
I entered the wrong Celsius promo code. Can I change promo codes?
NO. There is no manual way for you to change a promo code if you’ve already entered it into your mobile app. You can either let it expire and then enter a new promo code or you can contact Celsius customer support.
What order should I enter promo codes?
Our recommendation is to enter the promo code with the LEAST amount of crypto required (in USD) first. The Celsius Promo Code system goes by chronological order when it comes to entering promo codes. By entering the ‘easiest to achieve’ first, you can satisfy the terms and conditions first to lock in your rewards, and then move onto a larger and ‘harder to achieve’ later. If you enter the ‘larger’ code first and don’t deposit enough assets, then you won’t get either (even if you entered the ‘smaller’ code).
Can I use multiple promo codes at the same time?
YES! But with caveats. Please read are article about ‘Stacking Promo Codes‘ for more details. However, when using more than one promo code in the same time period, each code will be activated using the FIFO (first-in first-out) chronological method. If you have already entered the promo codes in your Celsius app, you can not choose which one to activate first.
For example: If you enter STABLE600 first (requires $25,000 USDC or USDT) and then STABLE50 second (requires $200 USDC or USDT) and you deposit $20,000 USDC, neither promo code will ‘lock’.
However, if you enter STABLE50 first and STABLE600 second and then deposit $20,000 USDC, STABLE50 will ‘lock’ and STABLE600 will not.
Do my deposits need to come in one single transaction?
YES, NO and MAYBE.
YES for First-Time Deposit Promo Codes. A user MUST deposit the required assets in one (1) transaction if they are first-time transfer promotions. For example: for HODL10, you MUST deposit $100 worth of crypto into your Celsius wallet in one (1) transaction. For HODL500, you MUST deposit $25,000 USD worth of crypto into your Celsius wallet in one (1) transaction… and yes, that is a lot of $ so make sure you triple check your wallet address!
NO for General Promo Codes available to all users (not first-time deposit promotions). The Celsius system uses a ‘Cumulative Sum‘ of deposits and withdrawals. They are added together. Therefore, you can make several deposit transactions to satisfy the required deposit amount for any General promo code. For example: for BNB40, you can deposit the required $400 worth of BNB through multiple (more than 1) transaction. It can be $300 worth of BNB from Binance + $100 worth of BNB from NEXO as long as the transfers are made within the # of days from activation (different for each promo code).
MAYBE for Referral Codes. They are also considered first-time deposit promos and as per the terms & conditions, need to be made in a single transfer. Therefore, Referral Codes require a user to deposit the $400 worth of required assets in one (1) transaction. Having said that, however, Celsius does allow two or more deposit transactions out of goodwill, but may not always allow it.
Is the promo code payout based on the asset value on the day the code was locked -or- the day it was paid out?
Oftentimes confusing, promo code rewards are actually based on the asset value on the day that the reward is paid out and deposited into your wallet. It is not based on the day that the promo code was locked. This is because the promo code rewards are denominated in USD, and not the crypto asset value. For example, a $50 BTC reward will always give you a $50 USD payout. The amount of Bitcoin (BTC) depends on the price of BTC on the day the payout is made and deposited into your Celsius wallet.
Why is my promo code payout lower (or higher) than what was stated when it was locked?
Same question as above, but worded differently. Rewards are denominated in USD and not BTC (or other crypto assets). Therefore, the amount of BTC you receive is based on the date that you are paid out, and not the date when you first locked in your code. Therefore, the actual rewards may be higher or lower than the original amount indicated. Using a $50 USD in BTC reward example:
- If BTC price is higher on the day of payout (compared to when it was locked), then you will receive LESS BTC than what the original amount indicated. It will still be equal to $50 USD, just less BTC.
- If BTC price is lower on the day of payout (compared to when it was locked), then you will receive MORE BTC than what the original amount indicated. It will still be equal to $50 USD, just more BTC.
For a promo code like STABLE10/50/600, can I deposit a combination of USDC and USDT to fulfill the requirements?
YES! You can deposit any combination of USDC and/or USDT in any number of transactions in order to fulfill the deposit requirements for each promo code.
For example: If you enter STABLE50 which requires $200 USDC or USDT, you can deposit $150 USDC and $50 USDT in 2 transactions to fulfill the deposit requirements.
If I have a ‘locked’ promo code and send a friend, family member or contact some crypto via CelPay, will my promo code be affected?
YES and NO. CelPay transactions are counted towards your ‘Cumulative Sum’ and therefore are treated the SAME way as crypto withdrawals from your Celsius wallet to an external wallet. Therefore, the promo code withdrawals terms & conditions apply the same way.
For example: If your ‘locked’ promo code required a deposit of $400 worth of assets and you deposited $400 to ‘lock’ it, then any withdrawal (including CelPay) will cancel your promotion. However, if you deposited $1,000 worth of assets, you are still entitled to withdraw up to $600 via regular withdrawal and/or CelPay without canceling your promotion.
Promo Code Status & Loans
If I have a ‘locked’ promo code and take out a Celsius crypto-backed loan in fiat or stablecoins, will my promo be cancelled if I withdraw?
NO. After corresponding to 3 Celsius Support Team members, a Celsian can take out a fiat or stablecoin loan and withdraw the loan proceeds (withdraw from Celsius to external wallet) without it cancelling a ‘locked’ promo code. This goes for any size loan from the minimum $500 stablecoin option.
In fact, here is a copy and paste from our direct correspondence with a Celsius support team member: “I can tell you that sometimes the withdrawal of the loan proceeds can cause the cancellation of your locked promo codes. Nevertheless, as it is an internal issue and the loans should not affect your active rewards, if this situation arises and any of your promos get cancelled, we will credit you the reward manually as soon as the promo conditions have been followed regardless of this loan withdrawal. Therefore, if this happens to you, please let us know, and we will proceed accordingly.”
If I deposit required assets to lock a promo code, but take out a loan against the same asset, will my promo code get cancelled?
NO. This one is a confusing one for many Celsians. If you’ve entered a promo code and deposited the required assets to lock a promo code, and then proceed to get a loan using these required assets as the loan collateral, your promo code will stay ‘locked’ (it will NOT be cancelled). Think of it this way: the required assets increased the Celsius AUM (the main goal of promo codes) and by taking out a loan, the Celsius AUM remains unaffected, so you are good to go.
For example: If you deposited $20,000 worth of ADA to lock the ADA500 promo code, you can take out a $5,000 stablecoin loan against this ADA (1% APR / 25% LTV) and your ADA500 promo code will remain ‘locked’.
If I deposit stablecoins (like USDT or USDC) to take advantage of a Promo Code (like STABLE), can I use the deposited stablecoins to pay off my loan?
YES. If you deposited stablecoins to ‘lock’ a Promo Code (general or stablecoin specific), you can certainly use the same stablecoins to pay off your loan without cancelling your promotion. The promotion won’t be affected since the loan payback is an internal transaction. Only withdrawal or CelPay transactions can cancel promo rewards.
For example: If you deposited $500 USDC to ‘lock’ an active promo code and use the same $500 USDC to pay off your stablecoin loan, the promotion will remain ‘locked’.
What are OTC Promos?
OTC stands for ‘Over-the-Counter‘. Celsius oftentimes releases OTC promos whereby any International user or accredited US investor can purchase CEL tokens at a discount to market price. Because it is OTC, you’re not purchasing the CEL tokens on an exchange, which may negatively influence the market price. Instead, you are purchasing CEL tokens through Celsius and their stash.
The ‘promo’ part of the Celsius OTC transactions usually gives you a 5% or a 5 cent (0.05 USD) discount depending on the promotion. There is usually a minimum of $10,000 USD purchase (lower incentive) to $20,000 USD purchase (higher incentive) and you can use any stablecoins already in your Celsius wallet or fiat through bank transfer.
The price that you pay is usually valid for 1 hour from the time the quote is sent to you. There is extra documentation that you need to fill out, date and sign in order to proceed.
Accredited US investors cannot sell the OTC CEL tokens for 30 days while International users must keep their OTC CEL tokens for at least 10 days. Celsius OTC promos are for a limited time only.
What is the correct terminology for Referral and Promo Code rewards?
Unfortunately, the Celsius mobile app, desktop app and websites were not designed, developed or written in tandem. Therefore, different terminology is used on different platforms.
Celsius Referral Rewards are called ‘Referrer Award’ and ‘Referred Award’ on the desktop app. They are called ‘Referral Rewards’ on the mobile app.
Celsius Promo Code Rewards are called ‘Promo Code Rewards’ on the desktop app. They are called just ‘Promo Codes’ on the mobile app and the status of each promotion is indicated by different colored circles.