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Malaysian Ringgit (MYR) to Celsius (CEL) Instantly

Purchase Celsius (CEL) with Malaysian Ringgit (MYR) easily at Switchere and benefit from fast, secure transactions.

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About
Celsius (CEL)

Celsius Network, with its native CEL token, emerged as a major centralized finance (CeFi) platform designed to bridge the gap between traditional banking and the world of digital assets. Its primary function was to offer users the ability to earn yield on their cryptocurrency holdings and to take out crypto-collateralized loans. The platform operated on a custodial basis, managing user funds to generate interest income through lending activities to institutional borrowers. This model positioned it as a user-friendly alternative for crypto holders seeking to put their assets to work without navigating complex DeFi protocols.

The CEL token was the core of its loyalty and rewards system. As a utility token, holding and using CEL provided tangible benefits within the Celsius ecosystem, such as preferential interest rates for both earning and borrowing. Users could receive higher yields on their deposited assets and lower rates on loans, with rewards often distributed weekly in the form of CEL. This tokenomics structure was designed to incentivize user loyalty and drive demand for the native asset. However, the platform faced significant operational challenges and market pressures, which ultimately led to a Chapter 11 bankruptcy filing, profoundly impacting its users and reshaping the narrative around risk in the CeFi lending industry.

Celsius (CEL)

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How to Buy Celsius (CEL)

  1. Select currency menu

    Choose MYR to CEL Pair

    Select your preferred payment method and enter the amount.

  2. Crypto address page

    Enter Your Celsius Wallet Address

    Provide your CEL wallet address and proceed with the payment.

  3. Confirmation page

    Receive Your Celsius

    Complete the payment, and your CEL will be sent to your wallet.

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Frequently Asked Questions

  • What was the primary method for acquiring Celsius (CEL) tokens using Malaysian Ringgit (MYR)?

    Typically, there was no direct MYR/CEL fiat on-ramp. The process involved multiple steps: first, purchasing a major cryptocurrency like Bitcoin (BTC) or Ethereum (ETH) on a regulated Malaysian digital asset exchange using MYR via an FPX bank transfer. After completing KYC/AML compliance, you would then transfer this digital asset to an international cryptocurrency exchange or the Celsius Network platform itself where CEL was listed, and finally swap it for CEL tokens.

  • What is the current operational status of Celsius Network and how does it affect the CEL token?

    It is critical to note that Celsius Network filed for Chapter 11 bankruptcy in July 2022. This event fundamentally altered the CEL token's utility, as the platform's core services like earning yield and loans were halted. Consequently, the token's value became highly speculative. Any trading of the CEL token now carries significant risk, detached from its original function within the now-defunct crypto rewards program.

  • What were the potential fees involved when converting MYR to CEL through multiple exchanges?

    The conversion process from MYR to CEL involved a chain of fees. This included: 1) A deposit fee for MYR on a local Malaysian exchange (often minimal via FPX). 2) A trading fee for the MYR-to-crypto (e.g., BTC) transaction. 3) A blockchain transaction fee (network fee) to withdraw the crypto and send it to the international platform. 4) Potentially a deposit fee on the receiving exchange. 5) A final trading or swap fee to convert the intermediate crypto into CEL tokens.

  • What was the core utility of the CEL token within the Celsius Network's crypto rewards program?

    The CEL token was integral to the Celsius Network's value proposition. Its primary utility was to enhance user benefits through a loyalty tier system. By holding a certain percentage of their portfolio in CEL, users could access higher earning yields on their deposited digital assets, receive discounts on interest rates for collateralized loans, and get bonus rewards by choosing to 'earn in CEL'. This tokenomics model was designed to incentivize holding and using CEL within its ecosystem.

  • Were there direct MYR/CEL trading pairs available on regulated Malaysian exchanges?

    No, direct MYR/CEL trading pairs were not available on digital asset exchanges regulated by the Securities Commission of Malaysia. The list of approved digital assets for direct fiat trading in Malaysia was limited. To acquire CEL, Malaysian users had to use international cryptocurrency exchanges that listed the token, necessitating the multi-step process of buying an approved crypto with MYR first.

  • What were the key security practices for a user in Malaysia managing CEL tokens on an international platform?

    Securely managing CEL involved robust security hygiene. This included using strong, unique passwords and enabling two-factor authentication (2FA) on both the Malaysian fiat on-ramp and the international platform holding the CEL. It was also crucial to understand the difference between holding assets on a centralized, custodial platform like Celsius (exposing oneself to platform risk) and self-custody in a personal digital wallet where the user controls the private keys.

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