It isn’t the same as owning cash when it comes to cryptocurrency. Some exchanges, however, enable you to deposit cryptocurrency and receive interest like a savings account. If you put your crypto up as collateral, several services allow you to borrow money from them. Nexo is yet another cryptocurrency platform that offers interest on deposits and enables you to take out loans against your digital assets, added with a wide range of features and services.
What is Nexo?
As a crypto investor, you may earn interest on your assets using Nexo. The APR ranges from 6 percent to 16 percent, depending on the distribution mechanism and currency used. Investors who want to earn interest on their money will like its user-friendly platform. In addition to the option to earn income, the website offers users the chance to borrow money with interest starting from 0% APR. At present, the platform offers 40 cryptocurrencies.
Interest on Cryptocurrency
Users may earn interest on their cryptocurrency and digital assets by setting up an interest account. Nexo offers a unique daily payment concept in which members are compensated each day, and they may earn up to 16% yearly interest. At any moment, you may withdraw the earnings.
Credit on Cryptocurrency
Stablecoins and cash may be borrowed via Nexo cryptocurrency credit lines, allowing users to utilize their digital assets as collateral. Automatic approval is provided through the platform, so there is no need to run a credit check. Based on the kind of asset a borrower has, the interest rate will range from 13.9 percent APR.
Nexo offers one of a kind Nexo Card, and it is accepted at all MasterCard outlets, currently over 40 million merchants across the globe. Users may explore all features and transactions associated with a Nexo card using the Nexo Wallet app. Moreover, they will earn instant 2% cashback on all purchases, establish virtual cards for online transactions, and track transactions in real-time. The card does not levy any yearly fee nor FX fee.
The wallet app for the platform is available on both Android and iOS. The Nexo wallet allows users to access crypto credit instantaneously and from any location. In addition, the user’s wallet may house all of their accepted digital assets. There is also an exchange and transfer facility included in the Nexo wallet.
NEXO Token is the native cryptocurrency of Nexo and offers a high-yield dividend that distributes 30% of net earnings to its users. According to the team, NEXO Token is the first dividend-paying asset token and has already paid out over $9 million in dividends to the holders over the previous three years.
Users of the Nexo Exchange may trade up to 100 different cryptocurrency and fiat currency pairings on the platform. The platform uses a unique “Smart Routing system” that connects to over five exchanges concurrently to obtain the lowest price and then divides orders based on price volume. When exchanging, Nexo does not impose a trading fee directly to the buyer or seller; instead, charges spread.
Fees and Withdrawals
Compared to a conventional savings account, Nexo does not impose a fee for account maintenance or withdrawals, and the user is free to withdraw at any time. A brokerage charge is all that is required for a user to transfer from an exchange wallet to their Nexo account. Furthermore, these costs might vary greatly depending on the broker you choose to work with.
The minimum amount of cryptocurrency an investor may withdraw varies according to the sort of cash or cryptocurrency they currently have in their crypto wallets. The minimum withdrawal amount for bitcoin is 0.001 bitcoin, for illustration. Notably, there is no minimum deposit threshold.
How to Open an Account?
Those who wish to utilize Nexo’s wide variety of services will need to visit the website, register an account, and complete the KYC and AML processes. A few minutes is all it takes to finish the ID verification procedure, which is fully automated. Personal information such as a complete name, address, and government-issued identification, such as a driver’s license or passport, must be provided. You will need to deposit cryptocurrency and other digital assets into your account to get started.
Security and Safety of Funds
The platform has been certified by CISQ, the world’s biggest supplier of management system certification, and RINA. Furthermore, the assets are audited by the prominent auditing firm, Armanino. One will never lose control of your account using Nexo’s two-factor authentication (2FA), biometric identification, withdrawal confirmations, login alerts, and 24-hour support.
Ledger Vault is used to store cryptocurrencies. It uses bank-grade cold storage and multi-signature storage custody for the safekeeping of private keys given to it. Arch and Marsh support it to cover assets up to $150 million in the Ledger Vault. Nexo’s insurance portfolio has grown to $375 million, as per the team. In addition, Nexo intends to use a group of insurers to insure $1 billion or more in the near future.
- High-yield savings accounts earn up to 16% interest
- iOS and Android App Support
- Daily interest payouts
- No lockup periods
- $100M Nexo Buyback Program
- Intuitive website
- No withdrawal, platform, or transaction fees
- Extra 30% income through interest from Nexo tokens
- Free Nexo card for everyday transactions
- No credit score check
- Loyalty Program
The best loan and savings rate is reserved for Nexo token
Regardless of market circumstances, Nexo has stayed stable. Moreover, it has assets totaling over $12 billion in management and more than 4 million registered members. While several other loan platforms have been around for a while, Nexo has swiftly become one of the world’s most popular. By using Nexo, owners may increase the value of their holdings without giving up control of the assets themselves. It’s no secret that the high APYs and the cashback crypto card are a few of the main reasons people would be attracted to the Nexo platform.
Nexo is a platform for fast crypto loans that allows users to get cash quickly while still preserving control of their digital assets. The NEXO token is used to provide discounts and other perks to users of the platform.