Promo Codes & Withdrawals

One of the lingering questions amongst new and existing Celsians is: can I make any withdrawals without canceling the promo code during the locked period? Find out here…

Please note that the content on this page has been reviewed by the Celsius Support Team and is considered accurate as of September 2021.

One of the great marketing strategies for Celsius to onboard the next 100 million people into crypto is their Promo Code Program. Essentially, new and existing users can apply a promo code, deposit the required assets, keep them in their wallet for a specified ‘locked’ period and then reap the rewards.

However, we often get the same questions about whether you can withdraw assets during the locked period. So this article explains how and when you can withdraw assets while keeping your promo codes ‘locked’ and preventing your promo codes from being canceled.

!!! ALERT !!!

If you are NOT planning on withdrawing any assets from your Celsius wallets while your promo code is ‘Locked’, you have nothing to worry about.
Even if your asset value increases or decreases due to market price fluctuations, as long as you don’t make any withdrawals of any sort, your promo code will remain ‘Locked’ until the locked period ends (usually 30 days for smaller promos and 90 days for larger promos). Once you reach the end of the locked period, your promo code will change to ‘Claimed’ and your rewards will be available to you in your wallet.

How Do Promo Codes Work?

For a great write-up on how to add promo codes, please click here. Essentially, when a new promo code is launched by the Celsius team, you can apply the promo code to your account via the mobile app (not available on desktop app currently).

There are 4 promo code status updates:

  1. Pending (promo code successfully added)
  2. Locked (required deposits met and promo code is activated)
  3. Claimed (locked period ends, all conditions are met, rewards released)
  4. Canceled (failure to deposit required funds or terms and conditions are broken, including withdrawals)

Essentially, there are 2 questions about withdrawing assets:

  1. Can I withdraw assets prior to adding a promo code, and then re-deposit the same assets (or similar amount) to activate the promo code?
  2. Can I withdraw assets during the ‘Locked’ period and still avoid having the promo code cancelled?

We will explore both below…

Question #1: Can I Withdraw Assets Prior to Adding A Promo Code?

The straight forward answer is ‘ABSOLUTELY NOT’.
Don’t do it!

This is against the terms & conditions of the Celsius promo code program. Repeated offenses such as these will get you locked out of your account, and possibly banned from using the Celsius platform forever.

You cannot withdraw assets with the intent of redepositing them (or similar amount) after applying a promo code. The Celsius promo code program is designed to increase their Assets Under Management (AUM) so that they can lend out and leverage them for yield. Therefore, withdrawing and redepositing the same funds does not follow the terms and conditions of any promo. This includes CelPay from one account to another. Just don’t do it!

For example (hypothetical): USDC500 promo code that requires a $500 USDC deposit locked for 30 days to receive $50 USDC reward.

Scenario 1

If you withdrew $500 USDC, applied the USDC500 promo code and redeposited $500 USDC, the result would be a ‘Canceled’ promo code.

Scenario 2

If you withdrew $700 USDC, applied the USDC500 promo code and redeposited $500 – $999 USDC, the result would still be a ‘Canceled’ promo code.

Scenario 3

If you withdrew $500 USDC, applied the USDC500 promo code and redeposited $1,000 or more USDC, technically, the promo code should be ‘Locked’ and activated for rewards. But why would you withdraw funds to begin with?

Question #2: Can I Withdraw Assets During the ‘Locked’ Period?

The answer is a bit more complicated.
The simple answer is ‘NO’ but with exceptions.
So please be careful!

Before we begin, if you make NO WITHDRAWALS during the ‘Locked’ period, you have nothing to worry about. Your promo code reward will be deposited into your wallet at the end of the Locked period.

However, if you are looking to withdraw any type and amount of assets during the ‘Locked’ period, please be aware that ANY withdrawals will cancel your promo code unless you deposit EXTRA assets first. We’ll explain below:

What is the ‘Cumulative Sum’ and Why Is It Important?

After adding a promo code to your account, you need to deposit the required asset and amount of asset within the ‘activation period’ in order for the promo code to become active or ‘Locked’ in terms of status.

At this time, Celsius makes note of 2 things:

  1. Required deposit amount in $ required for the promo
  2. Deposit overage (amount of deposits in $ above what is required)

The sum of #1 and #2 is what they call the ‘Cumulative Sum’ or the sum of ALL deposits made after a promo code is added to your account. The DIFFERENCE between the ‘deposit overage’ and the ‘required deposit amount’ is what you CAN WITHDRAW without cancelling your promo code.
PLEASE NOTE: Your Cumulative Sum gets reset to zero ($0) every time you enter a new promo code. Let’s say that again…each time you enter/activate a new promo code within your mobile app, your Cumulative Sum resets to zero ($0). Everything before you entered your new promo code does NOT matter!

For example (hypothetical): USDC500 promo code that requires a $500 USDC deposit locked for 30 days to receive $50 USDC reward.

Scenario 1

If you deposit $500 USDC, the promo code changes from ‘Pending’ to ‘Locked’. Your ‘Cumulative Sum‘ is $500 (required deposit) + $0 (no deposit overage) = $500.

If at any point you withdraw ANY AMOUNT during the ‘Locked’ period, your promo code will be ‘Canceled’.

Scenario 2

If you deposit $800 USDC, the promo code changes from ‘Pending’ to Locked’. Your ‘Cumulative Sum‘ is $500 (required deposit) + $300 (deposit overage) = $800.

You can withdraw up to $300 worth of any asset without canceling your promo code.

Scenario 3

If you deposit $500 USDC and $700 worth of other assets (at any time during the ‘Locked’ Period), your ‘Cumulative Sum‘ is $500 (required deposit) + $700 (deposit overage) = $1,200.

You can withdraw up to $700 worth of other assets without canceling your promo code. However, your promo code will be cancelled if you withdraw ANY amount of USDC as you will fall below the $500 USDC deposit required for the promo.

Scenario 4

If you deposit $800 USDC and $400 worth of other assets (at any time during the ‘Locked’ Period), your ‘Cumulative Sum‘ is $500 (required deposit) + $700 (deposit overage consisting of $300 USDC and $400 other assets) = $1,200.

You can withdraw up to $700 worth of other assets -or- up to $300 USDC and $400 worth of other assets without cancelling your promo code. However, your promo code will be cancelled if you withdraw more than $300 USDC, because you will fall below the $500 USDC deposit required for the promo.

How About Asset Price Appreciation or Depreciation?

The price appreciation or depreciation of assets in your Celsius wallet before or after you add a promo code makes NO DIFFERENCE to whether or not you can withdraw assets during the ‘Locked’ period. It plays no role in determining whether you can withdraw assets without canceling a promo code. Celsius looks at the ‘Cumulative Sum’ only and not the price increase or decrease of your assets.

How to Avoid Celsius Promo Codes from Becoming Cancelled?

Here are the keys to making sure your Celsius promo code doesn’t get cancelled:

  1. deposit the required assets within the ‘activation period’
  2. don’t withdraw, add promo code and then redeposit around the same amount
  3. don’t use CelPay to withdraw, add promo code and redeposit

After your promo code is ‘Locked’:

  1. always know your ‘Cumulative Sum’ which is the required deposit + deposit overage
  2. don’t make any withdrawals (exceptions below)
  3. don’t withdraw more than your deposit overage amount during the locked period
  4. don’t fall below the deposit amount required (in the asset) for the specific promo during the locked period

There you have it! A bit complicated, but hopefully this will keep your promo codes from being cancelled!