GoCelery Exchange Review
3 stars - "GoCelery Exchange Review" GoCelery Exchange Review
logo

GoCelery Exchange Review

Written on: April 21th, 2016 | Author: David M

MasterCard  Visa  wire  ACH  interac

wire  ACH  EFT

USD

BitCoin  dogen  LiteCoin

English English

Important info
  • Trading Fees :  Around 1%
  • Office location :  New York
  • Telephone :  (646) 461-6799
  • Email This email address is being protected from spambots. You need JavaScript enabled to view it.
  • US Customers Accepted? :  Yes
  • Institutional Accounts? :  Yes
Pros and cons
  • Simple onramp
  • Locked in prices on deposit, automatic conversion when cash hits account
  • Integrated with Case Wallet
  • Volatile market can lead to requotes
  • Not meant for advanced trading

celhp

Summary

GoCelery is a simple on ramp into the bitcoin network. Much like Circle, it offers free ACH transfers to US users and converts dollars to bitcoin automatically without an additional intermediate step. Unlike circle, the price of bitcoin is locked in at the time the transfer is made, which means users needn't worry about price fluctuations in the 4-5 day interim between making the transfer and the funds hitting the account. While this is an excellent feature, it is not without issues, which we will discuss briefly below.

Perhaps as a sign of things to come, GoCelery was integrated into a leading hardware wallet called Case. Case users, who hold funds offline and can send bitcoin with a thumb swipe, are able to load the wallet thanks to an API integration with GoCelery. No longer must users trust their bitcoin to be held by a third party exchange; now bitcoin can be bought and held directly in a client-side wallet!

Opening an Account

There are four verification steps required to verify your account- email verification, phone verification, name and address and date of birth/occupation. Address needn't actually be verified, but bitcoin may not be bought and sold - though they may be stored - prior to linking your bank account.

The bank account is linked using a service called Yodlee, which exists for the purpose of showing third party service providers, like gocelery, that a bank account does indeed belong to the user. Enter your bank login details, which never actually are present on the exchange server, which allows instant verification that an account belongs to you. Yodlee is used by paypal, mint, Bank of America, and an assortment of other reputable services.

For those unwilling to go through the process, GoCelery offers an alternative "micro-transaction" process, in which they deposit a small amount into your account, the amount of which you must verify.

Security

On the server side, gocelery claims that 98% of funds are held in cold storage; this may be verified from the "transparency" page, which shows with two hour delay the percentage of customer funds actually held in cold storage. However when we checked there were only 86.2% held, which is starting to get into risky territory. Speaking of the transparency page, users may also check the average time it takes to fill an order - 7.8 business days when we looked - though since the price is guaranteed this waiting time is mitigated.

On the client side, 2FA is offered by google authenticator, accessible from your account tab located underneath your profile name on the left-hand side of the site.

The GoCelery Product

Go Celery is a Circle-like product whose simplicity is perhaps their greatest unique service provision. Thought has been put into every step of the user journey, from the initial account opening all the way through to the first bitcoin purchase. The association of a US bank account is considered proof enough of identity, and so no additional documentation is required to open an account. There is no standard deposit and withdrawal function; rather, buying bitcoin initiates the a process of transferring the cash via fee-free ACH transfer with a locked in exchange rate that automatically executed when the cash arrives at gocelery. The same process is executed in reverse on the sell side.

buycell

This is extremely convenient for the new buyer, not only due to the elimination of a few steps in the path to purchasing bitcoin, but because it locks in the price available at the time a purchase is executed. However, this does complicate things for GoCelery. The ACH process can be reversed, meaning that users can, if they choose, stop transactions if there have been negative price movements in the interim. This can be a big headache for GoCelery, and requires an appropriate hedging strategy to ensure they are not overexposed. A lap around the internet shows some grumblings from customers who, after having locked in their price, were unable to secure the same after positive price movements. These cases were, most likely, due to improper risk management by GoCelery at the time and, while provided for in the terms of use, are a negative experience for the affected users. However, these incidents are not common, but should be noted as a possibility.

sellcel

Fees

Celery's fees are based on the buying option, with 1% charged on ACH transfer and 10% on debit/credit card - obviously preferential to stick with ACH. There is also a small difference between the price of bitcoin on celery and most other exchanges - usually no more than 1%, which might also be considered an additional fee. All told, a small price to pay for the superior convenience of GoCelery.

Mobile

Alas, Celery has not yet set up mobile apps on either iOS or Android. The site is responsively designed and thus orders can easily be placed from your mobile device.  

Support

Suppport is both helpful and happy to be there! Available via email or telephone, 10am-5pm Monday to Friday from their offices in New York City.

Bottom Line

Celery strives on simplicity - simple sign up, simple transfer, and simple buying and selling of bitcoin. It's integration with Case is a great USP for those willing to fork out the $200 to buy the hardware, and we look forward to seeing Celery's business develop in this direction.

Open an Account at GoCelery!

Bitcoin Price (USD): 853.48