Like most platforms, Nexo is based on blockchain, but it enables crypto lending, and this makes it easier for the user to access instant crypto-backed loans. The platform was established in 2018, and in recent years, it has started to gain more popularity in the cryptocurrency market. Antoni Trenchev is the co-founder and a managing partner of Nexo. Nexo’s slogan is “Banking on Crypto,” and it tries to replace services offered by traditional banking services using crypto assets.
Nexo promotes the model where the users can not only lend their cryptocurrencies but also acquire loans for them. They can also deposit, loan, earn interest on their crypto assets, and can instantly access fiat currencies without depending on credit scores. Nexo is one of the lending platforms that allows you to borrow cash or any stablecoins without a credit check. Nexo lending works by lending out cryptocurrencies to other entities. Nexo is an excellent platform for borrowing and earning on savings.
Nexo is backed by blockchain technology that provides transparency in its operations. Also, it facilitates the processing of smart contracts on Ethereum, and it stores the relevant tokenized data for the transactions.
Features
Let’s look at a few features that make Nexo an exceptionally good platform for all types of investors –
Nexo offers quick signup, where an account can be created within just a few minutes, and they can deposit cash, fiat, or cryptocurrency into their account. The user needs to answer a few questions regarding their personal information, and after confirming their account, they can get started.
The platform is very straightforward, and the layout of the platform is easy to navigate, especially for new users who do not have experience in trading platforms or transferring cryptocurrencies. They can instantly view their holdings, available credit, or anything they have borrowed with just a few clicks. Nexo also offers users two-factor authentication to avoid any breach in security and provides maximum protection to the user’s investment.
When an account is opened and funded with fiat money or cryptocurrency, Nexo will automatically calculate interest earned on an everyday basis. It will directly deposit them into the user’s account. Also, Nexo sends the user an in-app notification and lets the users know that their interest is deposited and how much they have earned as interest. Nexo users need not wait a month if they want to use the compounding interest on their fiat or cryptocurrency.
Nexo Fees
Nexo claims that it charges a very low fee for opening a crypto savings account. When compared to a traditional savings account, Nexo does not charge any type of account maintenance fee, and the user is free to withdraw their fiat or cryptocurrency anytime without any charges. It covers the transaction fees of the user account, which means the user only needs to pay a brokerage fee when they transfer from their exchange wallet to their Nexo account. Moreover, these fees vary and depend on the broker used. There is no minimum amount of cryptocurrencies to be deposited by the user to their account to start earning interest.
Nexo Account Minimums
Minimum withdrawal of cryptocurrencies will vary depending upon the type of fiat or cryptocurrencies the investor is holding in their wallet. The lowest withdrawal minimum for bitcoin is 0.001 coin, while the highest minimum for Tron is 20 tokens. Nexo loan provides crypto-backed loans, and they are unique because they allow the investor to retain control over their cryptocurrency and get appreciation benefits without having to sell their crypto assets to pay back their loans.
How to Get Started with Nexo?
Opening an account with Nexo is hassle-free, and it takes under a minute. Once the email verification is done, the user can start earning interest.
The platform has three levels of verification and KYC process; the basic and starter verification levels allow the clients to earn interest on their digital currencies and cap withdrawals on a lower amount. On the contrary, the advanced verification level lets the user earn interest on fiat currencies and also provides higher withdrawal maximums using a Nexo account.
The basic verification requires the investors to submit their details like full name, address, and phone number. When the SMS verification is sent to the phone number, and after confirming it, the user can get a credit line of up to $2,000,000 a day, and daily they can withdraw up to $20,000 from their savings account.
The advanced verification level on Nexo helps investors enjoy the benefits offered by the platform. At this stage, an investor can withdraw a maximum of $5,00,000 from their savings wallet and a maximum of $2,000,000 from their credit line.
Nexo Products & Services
Nexo is crypto lending platforms that offer investment opportunities in crypto-backed consumer loans. Nexo offers its customers instant cash loans through crypto lending starting from $10 up to a maximum amount of $ 2 million. The user can borrow, lend BTC, stablecoins, or cash with Nexo at zero hidden fees, and the service is also flexible with repayment, and that does not need any credit checks and makes it accessible to crypto holders.
It provides high-interest savings account for crypto and fiat currencies like EUR, USD, and GBP. Also, customer funds are backed up by an insurance policy. This helps the user earn up to 12% of interest on their fiat and cryptocurrency. These funds are added to the user saving wallet, or they can be withdrawn anytime by the user.
Nexo Token
Nexo’s native token is “Nexo Token,” a money lending platform that shares 30% of net profit to their loyal customers in the form of high yield dividends. According to the website, Nexo coin is the first dividend-paying asset token and has already paid more than 9 million in the last three years to the Nexo holders. According to Nexo reviews, the token provides a few benefits to the users such as:
- Users can earn 12% APR for stablecoins, GBP, EUR, USD deposits.
- They can also earn 8% APR for ETH, BTC, XRP, LTC, BCH, BNB, EOS, XLM, LINK, etc.
- They can borrow a 5.9% APR per year for Nexo’s instant crypto credit lines.
- 30% of Nexo’s net profit is shared with the token holders of Nexo through dividends.
