Contents
Nexo.io Features:
Get an instant loan without selling cryptocurrencies
Earn up to 10% per year on stable and fiat currencies
Earn up to 6% per year on cryptocurrencies
The platform is insured against theft with the BitGo keeper
Quick and easy loan review process
Interest is paid daily
Nexo.io, what is it?
Nexo is an online cryptocurrency lending service that offers financial benefits for storing cryptocurrencies such as Bitcoin and Ethereum in a secure Nexo wallet. The lending platform is backed by well-known investor and TechCrunch founder Michael Arrington and led by Acntoni Trenchev, co-founder and Managing Partner.
Since its launch in 2017, Nexo has processed over $ 1,5 billion in transaction volume, over 1 million users in 200 jurisdictions, and supports over 40 fiat currencies. The lending service has gained popularity as an alternative method of cryptocurrency investment and a deposit option for individuals and businesses to gain additional financial benefits for borrowers and lenders.
Nexo.io, their services
NEXO is an easy to use and popular way to earn bitcoins and other cryptocurrencies for free through their interest accounts and lending platform.
Is Nexo.io reliable?
Nexo appears to be a reputable, legitimate and trustworthy company Nexo.io licensed and regulated in 200 countries and insured for up to $ 100 million against theft which is provided by the qualified custodian, BitGo.
While putting money with an online provider carries some risk, the insurance policy offers its investors the peace of mind that their funds can be returned in the event of a security breach or hack.
Is Nexo insured?
Nexo has partnered with Ledger to provide a crypto-asset storage vault solution that is insured for up to $ 150 million through a custom insurance policy between Arch and Marsh. The company plans to increase the insurance policy to more than $ 1 billion in 2021 due to its exponential growth and commitment to providing a high level of security.
Additionally, Nexo's storage wallets are provided by BitGo (BitGo), which offers $ 100 million in insurance protection through a network of insurance companies called Lloyd's. This policy protects customers from digital assets and keys that are held in the BitGo wallet. The insurance covers the hacking or theft of private keys.
Products and features
Nexo offers the possibility to take an instant cash loan by lending cryptocurrencies from a minimum of $ 10 up to a maximum of $ 2 million. Borrowing cash or stablecoins with Nexo has zero hidden fees and flexible repayments.
Nexo offers a high interest savings account for cryptocurrencies and fiat money such as EUR, GBP and USD. Client funds are insured by an insurance policy that offers complete peace of mind while earning up to 12% interest. Funds can be added to the savings portfolio or withdrawn at any time (unlocked).
Spend Crypto with nexo Card
Nexo launched its own bank card to spend cryptocurrencies like a traditional debit card. Nexo card is accepted by over 40 million merchants around the world which also has 2% cashback on purchases with supported sellers. The new crypto debit card will allow its customers to spend digital currencies without having to sell them first.
Similar to popular cryptocurrency trading platforms, Nexo has its own “Exchange” which allows existing users to instantly trade between over 75 digital assets and fiat pairs. The exchange works as a broker to connect to more than 5 exchanges at the same time to find the best price.
To start earning passive interest on cryptocurrencies using Nexo, users will need to create an account and complete a customer knowledge (KYC) and money laundering (AML) process. The verification process is fully automated and can be completed in minutes. The information that will need to be submitted is the basic name, address and an identification such as a passport or driver's license.
The Nexo token
The NEXO Token is the native token of the money lending platform that shares 30% of all net profits with its loyal customers in the form of dividends. According to the site, Nexo Coins are the world's first dividend-backed token and has paid over $ 9 million to Nexo holders over the past 3 years. The token offers the following benefits to platform users:
Earn 12% APR for stablecoin, EUR, GBP and USD deposits
Earn 8% APR for BTC, ETH, XRP, BCH, LTC, BNB, EOS, LINK, XLM, TRX, PAXG
Borrow 5,9% APR for Nexo Crypto Instant Credit Lines
Receive 30% of Nexo's token net profit in dividends
Instant cash loans backed by cryptocurrencies
Nexo offers a safe and easy-to-use platform to get a quick cash loan for daily expenses by depositing cryptocurrencies to use as collateral. Cryptocurrency-backed loan offers flexibility over a traditional loan without a lengthy loan process or mandatory credit check. Users can spend the money instantly if they use the Nexo card or withdraw to a bank account. The current interest rate on the Nexo loan is 5,9% per annum on what is spent.
Crypto owners can leverage their cryptocurrency wallet to get instant fiduciary money without having to sell the investment or give up ownership. This is another way to preserve the upside potential of Bitcoin and other assets, while withdrawing money to cover costs. Investors can also avoid triggering a taxable capital gains event.
For example, using the Nexo Loan Calculator, a Bitcoin investor can take out a loan of $ 10.000 in cash by depositing 0,296 Bitcoin into their account to use as collateral. There are no monthly, yearly or hidden fees and no monthly minimum repayments.
To take out a fiat cash loan, users need to complete a basic check and advance. Once the deposit has been confirmed by the blockchain, the user can withdraw a cash loan.
How to get a loan with Nexus
To get a cash loan with Nexo, follow these steps:
Visit the Nexo website and create an account
Deposit cryptocurrencies on the platform
Complete the verification process (KYC)
Navigate to "withdraw loan" on the dashboard
Select your preferred withdrawal method
Enter your bank account / Tether address
Complete the loan and withdraw the money instantly
Nexo Crypto Loan guide step by step
To get a loan in your local currency using your cryptocurrency wallet as collateral, follow these steps:
Step 1: evaluate how much you can borrow
The first step is to determine how much you can borrow. Just like any other traditional financial loan, you need to understand how much you can borrow based on the size of the deposit or the amount of the collateral.
Nexo makes it easy for beginners by using a simple widget as shown below. This allows you to:
Select the cryptocurrency asset to use as collateral (eg Bitcoin, Ethereum)
Enter the amount of crypto that you can keep on the platform as collateral
See the amount of cryptocurrency that can be withdrawn as a cash loan
Step 2: Deposit crypto funds as collateral for a loan
Once you are satisfied with the loan details and interest rates displayed, the next step is to deposit the funds into the platform. On the dashboard, you will see a list of supported cryptocurrencies that are accepted by Nexo.
The fund deposit process works the same way as a cryptocurrency exchange. Make sure you enable two-factor authentication before depositing funds. To get started, follow these simple steps:
Click on the crypto asset
Make a note of the unique deposit address
Send crypto to the address provided.
Step 3: withdraw the loan in Fiat currency
Once the blockchain has completed the transaction, the funds will appear on your Nexo account. You will see the amount of the "credit line" on your dashboard against the crypto asset used as collateral. For example, if you have deposited Bitcoin, then the credit line amount will be displayed against Bitcoin.
There is no obligation to withdraw funds immediately. It can stay in your Nexo account just like in a cryptocurrency exchange. When you decide to cash out, click on the "withdraw" button. You can choose from 40 different fiat currencies. Make sure you enter your bank details correctly before completing the cash loan withdrawal process.
Step 4: Repay the loan
The last step in the loan process is to make the repayments. This is no different than any other traditional financial arrangement like a mortgage or auto loan. The good thing about Nexo is that you can choose to make refunds in another fiat currency or even a cryptocurrency.
Provided the amount is equal to the minimum refund amount that was confirmed in step 1. Each time you make a refund, it will show up in your Nexo dashboard so you can keep track.
Stake - Savings accounts
Nexo offers high interest accounts where users can earn passive income of up to 10% per annum on stablecoins and fiat, and up to 6% on cryptocurrencies. The interest earned in a Nexo savings account is significantly higher than the interest rate of a traditional bank account, as shown below. The interest amount is paid daily, which allows the account to grow rapidly, similar to a stock dividend.
Nexo recently announced a 100% increase in cryptocurrency savings accounts interest rates for BTC, ETH, XRP, BCH, LTC, EOS, LINK, XLM, TRX and PAXG. The rate has been raised to 6% APY, which was previously between 4% and 5% on cryptocurrency assets.
The novelty allows customers to choose to receive payment in the platform's native NEXO token, regardless of the amount of assets held in a Nexo wallet. The incentive provides a competitive return with an additional 2% stake on all digital assets. Earning the NEXO token further increases the interest rate to 8% APY for cryptocurrencies and 12% APY for fiat currencies and stablecoins.
A big point of difference in the chart above, other than the higher annual interest rates, is that there are no fees on the interest account. Your crypto funds can be accessed at any time allowing you to withdraw the funds into a personal hardware wallet or resell them in Fiat currency using a reputable exchange.
To be eligible for the interest rate, users must provide liquidity to the platform by depositing and holding their fiat and crypto assets with Nexo.
FAQ
Is Nexo.io safe?
Nexo uses military-grade security with 256-bit encryption and 100% offline storage wallets provided by bitgo, a world-class custodian, which has achieved standard level 3 security and SOC 2 compliance. The storage solution " banking ”ensures the highest level of security and protection of customer funds. Security measures include a multiple signature process.
What is the minimum deposit for the Epargne Staking account?
A minimum of $ 10 must be deposited to earn interest with a betting savings account.
Is Nexo regulated?
Nexo is a licensed and regulated digital currency provider that complies with local regulations in over 200 jurisdictions around the world. The Nexo team ensures that all legal and compliance requirements are met before accepting customers from each country.
Which currencies are supported by Nexus?
The following cryptocurrencies can be deposited on the Nexo platform and can be used as collateral to get an instant cash loan - BTC, ETH, XRP, LTC, XLM, BCH, EOS, PAXG, NEXO and BNB.
What currencies does it accept Nexus as a guarantee?
Users can apply for an instant cash loan against Nexo cryptocurrencies by depositing crypto assets such as BTC, ETH, XRP, LTC, XLM, BCH, EOS, stablecoins, PAXG, NEXO and BNB as collateral.
Does Nexo have a credit card?
Nexo credit cards can be obtained and managed using the Nexo Mobile application. The card allows users to spend funds on the card which can be linked directly to the users cash loan account.
Can I buy Bitcoin on Nexo?
Nexo has introduced an exchange for its users that allows them to buy Bitcoin using fiat currency or other crypto. Nexo Exchange supports over 75 cryptocurrencies and fiat pairs that can be bought, traded and sold with each other.
Our final verdict
To conclude our Nexo.io review, we believe the platform is suitable for long-term investors looking to grow a cryptocurrency portfolio. In turn, the platforms offer a safe and secure way to earn high interest yields or quickly access money through a loan.
Overall, Nexo is easy to use and offers features and rates that are not possible with traditional banking methods. We expect Nexo to lead the DeFi space and become a leader in digital currency lending and lending in the future.
It provides quality financial services to long-term crypto investors
It allows investors to earn more crypto through an interest-bearing savings account
High interest rates unmatched by the traditional banking sector
Interest is paid every day, allowing cryptocurrency profits to grow over time
Unlock money without having to sell your assets (for example, not triggering a taxable event)
Earn compound interest in your portfolio as you trade assets
A limited number of cryptocurrencies
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