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Israeli New Shekel (ILS) to Celsius (CEL) Instantly

Frequently Asked Questions

What is the ILS/CEL trading pair and what was its primary function?

The ILS/CEL pair represents the direct exchange rate between the Israeli Shekel (ILS) and the Celsius (CEL) token. Its primary function was to provide a fiat on-ramp for users in Israel to acquire CEL, the native utility token of the Celsius Network. Acquiring CEL was essential for users who wanted to access enhanced benefits on the crypto lending platform, such as higher yield-generating rewards and better loan terms.

What was the core utility of the CEL token within the Celsius Network ecosystem?

The CEL token was an ERC-20 utility token designed to provide special benefits to users of the Celsius Network platform. Its core utility was structured around loyalty tiers. By holding CEL tokens, users could achieve higher tiers, which unlocked benefits such as increased weekly rewards on their deposited digital assets (earn in CEL), discounts on interest rates for crypto-backed loans, and priority customer service. The token was integral to the platform's yield-generating and lending mechanics.

After purchasing CEL with ILS, what is the best practice for storing the tokens securely?

The most secure practice for storing CEL, or any ERC-20 token, after purchase is to transfer them from the cryptocurrency exchange to a personal digital wallet where you control the private keys. This is known as self-custody. Options include hardware wallets (e.g., Ledger, Trezor) for maximum security or reputable software wallets (e.g., MetaMask, Trust Wallet). Leaving assets on an exchange exposes them to platform-specific risks, so moving them to a self-custody wallet is a crucial step for long-term secure storage.

What are the common methods to buy Celsius (CEL) with Israeli Shekel (ILS)?

To purchase CEL with ILS, you typically need to use a cryptocurrency exchange that supports both the Israeli Shekel as a fiat deposit method and lists the CEL token for trading. Common payment methods include direct bank transfers from an Israeli bank account, and in some cases, debit or credit card purchases. The process usually involves completing KYC/AML compliance on the platform, depositing ILS, and then executing a trade on the ILS/CEL order book or using an instant buy feature.

Are there specific KYC regulations when using an ILS fiat on-ramp to acquire digital assets?

Yes, any regulated cryptocurrency exchange that provides a fiat gateway for Israeli Shekel (ILS) is required to adhere to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. This means users must complete an identity verification process, which typically involves submitting a government-issued ID, proof of address, and sometimes a selfie for biometric verification. This KYC/AML compliance is mandatory to link your bank account for ILS deposits and ensure secure, legal transactions.

What kind of fees should I expect when trading the ILS to CEL pair?

Trading ILS for CEL typically involves several potential fees. First, there may be a deposit fee for funding your exchange account with Israeli Shekel, depending on the payment method (bank transfers are often cheaper than cards). Second, the cryptocurrency exchange will charge a trading fee, which can be a flat fee or a percentage of the transaction value. Finally, when you withdraw your CEL tokens to a private digital wallet, you will incur a network fee (gas fee) for the blockchain transaction, which is standard for all ERC-20 token transfers.