Nexo - All-in-One Crypto Tool for Your Mobile

What is Nexo?

Nexo is a leading and trusted crypto lending institution that is disrupting the digital finance industry globally. It was founded in 2018 with the purpose of maximising the capabilities of blockchain technology and pioneering a new digital financial system that innovatively and sustainably solves inefficiencies in digital asset lending markets. It lists many cryptocurrencies, including Bitcoin (BTC), Ether (ETH), NEXO (its own coin), and many others.

Nexo provides a framework in which people can borrow and lend cryptocurrency, deposit crypto assets and earn interest on them, as well as access fiat money instantly without relying on credit ratings. The fintech company is an excellent platform for earning interest on crypto savings and processing smart contracts on Ethereum.

Today, the company has processed over $80 billion in crypto transactions and supports over 40 cryptocurrencies and more than five million users globally. It also provides its services worldwide through its availability in more than 200 jurisdictions.

What are the key features of Nexo?

Nexo, like every other digital platform, has features that help to describe it as well as create lasting impressions about it in the minds of its visitors and users.  Although Nexo has many features, the following are the most notable ones to keep in mind:

• Fast sign-up: Nexo facilitates quick registration, allowing users to create an account in only a few minutes. After answering a few personal questions and confirming their accounts, they can start making deposits and performing other transactions using fiat money or cryptocurrency.
• Easy navigation: Nexo is intuitive and simple to use. On the platform, visitors can easily find the information they seek, and customers can conveniently exchange and transfer cryptocurrency. With a few clicks, its users can quickly check their digital asset holdings, available credit, or perform any other financial operation.
• Advanced security: Nexo provides world-class security features for online business transactions, such as two-factor authentication and biometric identification, to help consumers avoid security breaches and maximise the safety of their digital investments.
• Crypto insurance: Nexo provides $775 million in insurance on custodial assets via partnerships with other custodians insured by Marsh, Arch, and Lloyd’s of London. It is one of a handful of crypto platforms with insurance.
• Wide variety of products: Nexo is the right place to grow your crypto wealth. It provides many products and services. With Nexo, you can buy cryptocurrencies instantly, earn crypto compounded interest paid out daily, access an instant crypto exchange with low fees, borrow against crypto collateral and NFTs, leverage crypto to boost your holdings, get a crypto card with cashback, use a crypto brokerage, and benefit from a referral programme.
• Fully automated processes: Nexo provides its products and services through completely automated processes. For example, when an account is created and funded with cryptocurrency (such as Bitcoin or Ether) or fiat money (such as euros or US dollars), Nexo will automatically compute daily interest earned and transfer it into the account immediately.

Nexo interest rates

Crypto investors can benefit a lot from Nexo. They can earn high interest on several cryptocurrencies, such as Nexo, Bitcoin, Ether, Tron, Chainlink, Stellar Lumens, and others. The rates range from 6% to 16% APR, and users' earnings are automatically calculated daily.

Nexo fees and Interest Charges

Nexo offers many fee-free services. The user can withdraw their cash or cryptocurrency for free at any moment, and there are no account maintenance fees. Besides, since Nexo covers users' transaction costs, the customers only need to pay a brokerage fee, which varies from one broker to another.

In terms of interest, Nexo's interest rate depends on your Loyalty Tier (from Base to Platinum), which depends on the ratio between the value of your NEXO Tokens and the total value of your portfolio. The interest rates are 13.9% (Base), 12.9% (Silver), 8.9% (Gold), and 6.9% (Platinum); terms and conditions apply.

Is Nexo Safe and Regulated?

Nexo is one of the safest digital platforms for financial transactions. It was founded on trust and designed to provide security at a very high level. That is why the company follows international anti-money laundering (AML) and know-your-customer (KYC) standards and procedures. It avoids risk by complying with strict regulations and provides an extensive firewall server architecture, segregated multi-signature cold wallets, and biometric-based identity verification.

In terms of licencing and registration, Nexo has several licences and has been registered in many jurisdictions where it provides its portfolio of services. To mention a few, Nexo:

• is registered as a Money Service Business by the United States Financial Crimes Enforcement Network;
• holds a Consumer Credit Licence issued by the State Banking Department, Alabama, United States;
• is registered as a Money Service Business by the Financial Transactions and Reports Analysis Centre of Canada in Canada;
• holds a Securities Dealer Licence issued by the Financial Services Authority (FSA) in Seychelles;
• is registered as an Affiliate of the Recognized Self-Regulatory Organisation by SO-FIT in Geneva, Switzerland;
• holds a Trust or Company Service Provider Licence issued by the Companies Registry in Hong Kong; and
• is registered as a Virtual Currency Exchange Operator and Depository Virtual Currency Wallet Operator by the Financial Crime Investigation Service in Lithuania.

All the above implies that Nexo is in full compliance with many local and international standards for safe, secure, and professional operations and is being regulated by several authorities.

Is Nexo Safe and Regulated?

Nexo is one of the safest digital platforms for financial transactions. It was founded on trust and designed to provide security at a very high level. That is why the company follows international anti-money laundering (AML) and know-your-customer (KYC) standards and procedures. It avoids risk by complying with strict regulations and provides an extensive firewall server architecture, segregated multi-signature cold wallets, and biometric-based identity verification.

In terms of licencing and registration, Nexo has several licences and has been registered in many jurisdictions where it provides its portfolio of services. To mention a few, Nexo:

• is registered as a Money Service Business by the United States Financial Crimes Enforcement Network;
• holds a Consumer Credit Licence issued by the State Banking Department, Alabama, United States;
• is registered as a Money Service Business by the Financial Transactions and Reports Analysis Centre of Canada in Canada;
• holds a Securities Dealer Licence issued by the Financial Services Authority (FSA) in Seychelles;
• is registered as an Affiliate of the Recognized Self-Regulatory Organisation by SO-FIT in Geneva, Switzerland;
• holds a Trust or Company Service Provider Licence issued by the Companies Registry in Hong Kong; and
• is registered as a Virtual Currency Exchange Operator and Depository Virtual Currency Wallet Operator by the Financial Crime Investigation Service in Lithuania.

All the above implies that Nexo is in full compliance with many local and international standards for safe, secure, and professional operations and is being regulated by several authorities.

How to Make Deposits into Nexo

It is easy to deposit funds into Nexo. Choose a supported cryptocurrency, and a private deposit address will be generated. When using a wallet or exchange to send money to Nexo, copy the address, put it in the "withdraw address" field, and then click the Withdraw/Send button. As soon as the required number of network confirmations has been done, the funds will appear in your Nexo Wallet or account.

Nexo Loans

Nexo provides instant funds for users to borrow without selling their crypto. The amount is from $50 to $2 million, and the interest rate can start at 0%, but this is determined by the account holder’s tier and other conditions. However, Nexo does not run a credit check on its customers. It also does not demand monthly repayments.

How to get a loan on Nexo

There are no strict requirements for qualifying to get a Nexo loan, and there is no credit check. To obtain a Nexo loan, you must register an account with Nexo and deposit your crypto assets (such as BTC, ETH, NEXO, or BNB) into it as collateral. Afterwards, you will have to pass the company’s identity verification check before you can request a loan from anywhere. However, loan requests from Bulgaria, Cuba, Estonia, Iran, Central African Republic, North Korea, Syria, and the US states of New York and Vermont will be denied because Nexo does not currently operate in those regions/countries.

Nexo Booster

The Nexo Booster is a product of Nexo that allows you to spend more funds than you have in your balance. It is a crypto-backed loan service that provides a fast means of raising your purchasing power. Using your newly obtained assets as collateral for a crypto-backed credit, you can buy up to three times as many digital assets as you had originally planned and repay on your own schedule.

Is there a caveat to getting a higher yield?

Yes, there is a catch! With Nexo, you can get a very high yield. However, Nexo requires that 10% of your assets in the savings account be in NEXO tokens to earn a rate of 17% interest on your fiat and stablecoins and a rate of up to 36% on your cryptocurrency savings. You will only be able to earn the usual interest rates if this condition is not fulfilled.

Nexo’s automatic assets transfer

If there are not enough funds to cover the loan-to-value ratio, Nexo has a particular threshold at which assets are automatically transferred from the savings wallet to the credit line wallet. 83.3% is the established cutoff. If the loan-to-value ratio is still out of balance, the Nexo blockchain oracle starts selling the collateralized assets to restore them to their ideal point.

Is Nexo Insured?

Nexo takes pride in being one of the few providers of crypto security through insurance. Its Wallet is a custodial wallet, meaning that customers’ assets are stored and secured by third parties.

Currently, the total insurance of the Nexo Wallet is $775 million in custodial assets. It is made possible via partnerships with BitGo, Fireblocks, Ledger Vault, Bakkt, Armanino, and other leading custodians insured by Marsh, Arch, and Lloyd’s of London. The company uses multiple reliable custodians to ensure that your digital assets are safely stored in a combination of cold and hot storage in different locations.

Nexo Card

Nexo has a Mastercard card that comes with many perks. You do not need to sell your cryptocurrency to use the Nexo card. In that way, it helps you avoid paying crypto tax. Instead, you can use your digital assets as security and make payments of up to 90% of the global fiat-money value of your cryptocurrency.

The Nexo card is linked to the Instant Crypto Credit Lines of Nexo, with rates starting at 0% APR. As a result, your portfolio remains unharmed while your available credit line can be immediately used to pay for all your transactions.

Additionally, there are no costs associated with using this card, either for purchases or as a travel card. Besides, it provides 10 free ATM withdrawals with a monthly cap of 10,000 EUR along with 2% cash back on all purchases.

Nexo Wallet / Nexo Mobile App

Aside from being accessible on a web browser, Nexo also has a digital wallet known as the "Nexo Wallet" or the "Nexo Wallet App." It is available on Android and iOS for various smartphones. Users can download it from the Google Play and App Store for free.

The Nexo Wallet App is an easy-to-use and secure mobile app for buying and selling crypto conveniently. Customers can also order and manage their Nexo Cards using this app.

You can store the keys to your digital assets in the Nexo Wallet App and rest assured that they are safe, thanks to its advanced security features, such as two-factor authentication, 256-bit encryption, face recognition (available but optional), and 24/7 fraud monitoring capability.

The Nexo Wallet has an exchange service for investors to transfer assets between accounts. It gives access to almost all the products and services offered by Nexo.

Nexo Token

Like some other leading crypto platforms, Nexo has its own cryptocurrency, which is called "Nexo Token" (NEXO). Users can unlock the full potential of Nexo and get higher rewards as well as very low borrowing rates by buying and holding this token. For example, you can receive up to 12% annual interest when you hold NEXO in both the Credit Line wallets and Crypto Savings Accounts. You can buy it on Nexo or any of the over 15 third-party exchanges where it is listed.

NEXO token buyback initiative

Nexo has a buyback programme for its native token: the $100 million NEXO token repurchase scheme. It was introduced by Nexo in November 2021. The Nexo team started it in an effort to occasionally buy back the NEXO token on an open-market basis. The aim of this initiative is to increase liquidity, lower volatility, and support NEXO token capital appreciation.

On August 30, 2022, the Board of Directors of the company allocated an additional $50 million to the NEXO Token buyback programme. According to Antoni Trenchev, Managing Partner and Co-founder of Nexo, "The allocation of an additional $50 million to our buyback plan is a result of our solid liquidity position and Nexo’s ability and readiness to spur on its own products, token, and community, alongside its outward-facing initiatives of injecting liquidity into the industry."

Each tranche of tokens that are repurchased is subject to a vesting period of 12 months. Repurchased tokens may be used for strategic investments through token mergers and daily interest distributions in NEXO Tokens once the lock-up period has ended. This is to protect the interests of token holders.

Nexo Ambassador Programme

The Nexo Ambassador programme is ideal for people who want to advocate for the adoption of blockchain technology and the Nexo brand in their home countries. In the process, they also generate a steady income stream for themselves by receiving a competitive salary, result-based bonuses, recognition, mentorship, guidance, and exclusive access to Nexo’s updates.

Nexo Education

Nexo offers some free tools for learning more about it and the cryptocurrency market. They include YouTube demonstrations on how to create a Nexo account and other tutorials; highlights of cryptocurrency news in the Nexo Wallet App; and Nexo’s blog, which is updated regularly with information about the brand and the crypto market.

Nexo Community and Customer Support

The Nexo Community refers to the "building blocks" of the company, which are all its users, followers, and subscribers across various platforms. It includes over five million users, more than 400 thousand followers on Twitter and Facebook (put together), an active Telegram community of over 30 thousand people, over 30 thousand subscribers on Reddit, and more than 8000 excellent reviews on Trustpilot.

In terms of customer service, Nexo provides support to its community through three methods. You can reach its customer service team 24/7 via email, online messaging, and live chat.

Nexo Alternatives

Although Nexo is an excellent crypto platform, you may not be interested in it now. So, the following are a few alternatives to Nexo and how it compares with them:

• Crypto-friendly banks: Compared to Nexo, most of these banks offer lower interest rates and lack support for some cryptocurrencies.
• Neobanks: Although neobanks offer smarter features than traditional banks, the likes of Revolut, Monzo, N26, and others are not able to provide the quality of crypto lending and insurance services that Nexo offers.
• Crypto exchanges: Major Nexo competitors can be found in this category. They include Binance, Crypto.com, and Coinbase. A lender like Celsius could have been added to the list, but it is currently challenged with bankruptcy.

Conclusion

Nexo is an excellent marketplace for fast loans secured by cryptocurrency. Additionally, it allows investors to use their digital assets as collateral for a cryptocurrency credit line. Nexo provides customers with a secure and insured digital platform for making money through loans or earning interest. The Nexo platform is appropriate for long-term cryptocurrency investors since it has maintained stability independent of market circumstances.