How to complete a withdrawal without canceling a locked reward for a promo code?
This article just published in the Celsius Support section:
It is pretty detailed and explains things clearly. Definitely worth reading!
Posted Jan 6, 2021, 7:41 PM UTC
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They've done a great job and communicated really well, kudos.
I wish they also explained what I think is the most common situation (which is still ambiguous), that is when you have $10k, activate a "transfer $500 BTC promo", then transfer in $500, then withdraw $1000.
They did: If you want to withdraw after completing a general transfer promo and before the reward unlocks date, you will first need to add more crypto to your wallet. Example: If you transfer $500 in BTC to activate a promo code with a general transfer requirement of $500, then you want to withdraw $100 in BTC, you will first have to add $100 to your wallet so that your net balance increases to $600. Once you’ve increased your balance above the minimum transfer requirement, you can withdraw $100 in BTC from your wallet, leaving your net balance at $500.
So simply if you activate a promo code and deposit the amount required. If you want to withdraw you have to deposit over and above your initial deposit and then you are able to withdraw the amount deposited above the promo requirement.
But that's not what I explained. Your example talks about $500 then $600 net balance, whereas what I described is different if you read more carefully. I already have $10000 balance, add $500, making $10500 balance, withdraw $1000, making $9500 balance ...
So at no point is the balance less than $500, but this scenario is not directly addressed by their examples, whereas the promo conditions state "to maintain a balance of $500", which my scenario does.
However, several folks stated that any withdrawal kills the promo, despite never violating the promo conditions.
I did read your point about the balance, but it is an irrelevant factor based off the Celsius explanation. You can have a £1,000,000 in your account, what qualifies the promo code is the net change in deposits since the promo code is active and remaining above the minimum wallet balance.
By having 10k you meet the minimum wallet balance requirement that's it.
The only time this doesn't apply is for currency specific promo codes e.g. you must deposit $500 BTC to receive the reward ( instead of any currency). While in theory you should be able to withdraw currencies outside of the promo without penalty in the video they posted today they gave no guarantee that that would work and recommend holding for the entire period.
Sorry, but nowhere does it say that. What it says is: "If the promo code is a general transfer code, the net balance of your entire wallet cannot fall below the required transfer amount for that specific code, which means all withdrawals are taken into account during the reward lock period."
My example does not violate any of that.
You are explaining how the current implementation works, but once again, that not what the conditions state. The current implementation assumes a different set of conditions which have not been published or communicated.
Hey alrq2 congrats at least someone understands whats going on. I have been saying this for several days now.
Now Celsius is trying to change the rules after we all did the deposit. Look at the time below the title, They have changed the terms only 5 hours ago today after we all did the promo weeks ago.
The promo for the trust and usdc20 both say the same thing. " your reward will be distributed after 30 days of maintaining a wallet balance of at least 2k"
So if you have 5k in your balance, and you first activate the bonus Then you deposit 2k for the usdc promo. Now your balance total is 7k. The original balance of 5k you can withdrawal up to since you have kept and maintained a balance of 2k according to the terms that are displayed on the promo on the app.
Its that simple, the the Legal jargon Celsius wrote up 5 hours ago below is a disgrace to the community as they are now trying not to pay out the promos that we have already deposited coins toward.
How to complete a withdrawal without canceling a locked reward for a promo code?
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If you have active promo codes that are currently locked on your Celsius wallet please make sure to follow the below-written guidelines to avoid any code from being canceled if you wish to withdraw funds.
In order for a promo code reward not to get canceled please make sure that:
A promo code will be canceled if:
In order to give more clarity regarding this topic, please check out some of the examples below:
If the promo code is a coin-specific transfer, make sure that your net balance of the specified coin(s) does not drop below the required transfer amount needed to claim the reward.
Example: If the promo code requires you to transfer $500 in USDC and you want to withdraw some USDC from your wallet, your net balance of USDC cannot fall below $500 during the lock period of the promo code.
If the promo code is a general transfer code, the net balance of your entire wallet cannot fall below the required transfer amount for that specific code, which means all withdrawals are taken into account during the reward lock period.
Example: If you transfer $500 in BTC to activate a promo code with a $500 transfer requirement, withdrawing any amount in any coin will cause your promo code reward to be canceled.
If you want to withdraw after completing a general transfer promo and before the reward unlocks date, you will first need to add more crypto to your wallet.
Example: If you transfer $500 in BTC to activate a promo code with a general transfer requirement of $500, then you want to withdraw $100 in BTC, you will first have to add $100 to your wallet so that your net balance increases to $600. Once you’ve increased your balance above the minimum transfer requirement, you can withdraw $100 in BTC from your wallet, leaving your net balance at $500.
If you transfer more crypto than is required to complete a promo code requirement, you can withdraw the difference between your transfer amount and the minimum transfer requirement.
Example: If you transfer $1,000 to activate a promo code with a $500 transfer requirement, you can withdraw up to $500 during the reward lock period to keep your balance eligible for the reward.
... and yet that still doesn't explain nor invalidate my scenario. Yes, all withdrawals are considered, but the balance still doesn't "fall below the required transfer amount for that specific code".
My example above does not invalidate any of the conditions, neither the promo ones in the app, nor the ones quoted above.