Nexo is one of the leading all-in-one crypto platforms, with over 6 million users in more than 200+ jurisdictions. It offers multiple products and services related to crypto assets, including purchasing, earning interest, borrowing, and trading. The company pioneered the first Instant Crypto Credit Line, where users can easily borrow against their crypto. Since its start in 2018, Nexo has processed over $130 billion in assets.
Security, Licenses, and Registrations
Emphasizing its strong commitment to security and regulatory compliance, Nexo operates as a digital assets platform and is registered with multiple regulatory bodies. It holds a registration with the Ministry of Finance of Poland as a Virtual Assets Service Provider (VASP) and has a Virtual Currency Operator registration in Italy. Additionally, in Lithuania, Nexo is recognized by the Financial Crime Investigation Service as a Virtual Currency Exchange and Wallet Operator.
Nexo’s achievement of CSA STAR Level 1 Certification marks a significant elevation in the crypto sector, showcasing its commitment to top-tier client data security and transparent practices. The company has also successfully completed a prestigious SOC 2 Type 2 audit, adhering to the highest standards in cybersecurity.
Nexo is also a proud member of the Association of Certified Sanctions Specialists (ACSS) to strengthen its global compliance efforts. By leveraging ACSS resources, Nexo’s team enhances their skills with specialized training and certifications, further ensuring top-notch regulatory adherence.
Further solidifying Nexo’s strict security principles is the company’s overcollateralization policy. The policy is among the risk management practices that have allowed the company to maintain a strong liquidity position since its inception.
Earn
To start earning interest on your crypto assets, all you need to do is purchase or transfer any of the supported assets onto the Nexo platform and then let it sit. Clients can receive daily payouts and grow their assets faster over time.
Users have the flexibility to choose from two methods for earning passive income on cryptocurrencies. The first option is earning in the Flex Term. This method offers the flexibility of no-lock periods, allowing you to freely trade, sell or withdraw assets at any time while earning daily payments. On the other hand, the Fixed Term method allows you to take advantage of the highest rates. You can choose a Fixed Term of 1,3 or 12 months and receive higher rewards. Clients can receive their accrued interest after the term expires.
Borrow
Nexo allows you to borrow without selling your cryptocurrencies, with rates as low as 0%, when using the Loyalty Program. You can borrow funds immediately after adding crypto to your account. By joining Nexo’s Loyalty Program and maintaining a Loan-to-Value (LTV) ratio below 20%, borrowers can enjoy zero interest on their loans.
Over 60 different digital assets can be used as collateral, offering a wide range of options for securing the loan. Clients receive the loan in a stablecoin of their choice immediately. In some cases, users may also opt to withdraw the fiat equivalent. They can do that by instructing Nexo to sell the relevant loan amount and transfer the proceeds to their bank account on the next business day. Additionally, the crypto platform offers quick access to funds with no credit checks or overwhelming documentation putting a focus on speed and convenience.
Nexo provides tools to monitor loan health in real-time and preserve collateral value even during market downturns. This includes collateral transfers and automatic repayments.
Buying Crypto on Nexo
Nexo streamlines the process of buying cryptocurrencies by offering direct bank transfers for USD, EUR, and GBP. The platform accepts both MasterCard and Visa cards for buying Bitcoin, Ethereum, and more than 60 other assets. Nexo also offers recurring buys in which clients can make consistent automated card purchases with a daily, weekly, bi-weekly, or monthly frequency. Interest begins to accrue on the crypto funds 24 hours after purchase.
In addition to the convenience of instant card purchases, Nexo incentivizes users with the possibility of getting up to 0.5% cashback on their crypto purchases, based on their Loyalty Tier. Customers must complete identity verification, which is typically a quick and straightforward process
Nexo Card
The Nexo Card’s innovative Dual Mode capability allows users to seamlessly switch between Debit and Credit Мodes, tailored to their spending needs. Users can benefit from up to 2% crypto cashback on purchases made in Credit Мode or earn up to 14% interest per year on the balance available for spending with Debit Mode.
Here’s a breakdown of the crypto cashback based on Nexo’s Loyalty Program. The higher the Loyalty Tier, the higher the cashback you will receive:
- Platinum: 2% in NEXO Tokens or 0.5% in BTC
- Gold: 1% in NEXO Tokens or 0.3% in BTC
- Silver: 0.7% in NEXO Tokens or 0.2% in BTC
- Base: 0.5% in NEXO Tokens or 0.1% in BTC
The Nexo Card integrates smoothly with Apple Pay and Google Pay, ensuring a seamless payment experience for millions of merchants worldwide. This combination of features makes the Nexo Card a versatile and practical choice for both everyday expenses and larger purchases, all while leveraging the advantages of cryptocurrency.
Exchange
In addition to the aforementioned, Nexo has been hard at work to offer simplified trading products.
Swap
Nexo allows users to exchange popular cryptocurrencies and stablecoins with zero fees and get up to 0.5% cashback per Swap.
Trigger Swap
With the Trigger Swap option, users can buy and sell assets automatically once their desired price is reached. On top of that, clients receive daily interest on their assets, while waiting for the order to be executed.
Futures
Trade perpetual Futures on the Nexo app is possible too. Users can go long or short with up to 50x leverage for some assets from an intuitive interface to potentially capitalize on upward and downward price movements.
Booster
This product allows users to amplify their purchasing power. Clients can borrow up to 3 times against their assets and leverage their portfolio. Additionally, they can receive up to 0.5% cashback per exchange transaction.
Crypto Bundles
The product allows clients to spread a single purchase into multiple cryptocurrencies with just a tap on the Nexo app. Users can gain exposure to leading Blockchain, DeFi, and Web3 tokens while getting up to 0.5 % cashback for each asset purchased included in their Crypto Bundle.
NEXO Token
The NEXO Token, as the native cryptocurrency of the Nexo platform, offers a range of rewarding benefits for its holders. By incorporating NEXO Тokens into their portfolio, users can benefit from its utility features and access significant interest rate discounts on loans, potentially as low as 0%, depending on their loan-to-value ratio and the proportion of NEXO Тokens they hold. Owning NEXO Тokens entitles users to earn a higher percentage of interest on their assets.
Higher Loyalty Tiers offer additional perks such as free withdrawals, lower borrowing rates, and more cashback. These features position the NEXO Тoken as a key to unlocking enhanced functionalities and rewards on the Nexo platform. The requirements for each tier are as follows:
- Base: No NEXO Tokens are needed
- Silver: The ratio of NEXO Tokens in your account against the rest of your portfolio must be at least 1%
- Gold: The ratio of NEXO Tokens in your account against the rest of your portfolio must be at least 5%
- Platinum: The ratio of NEXO Tokens in your account against the rest of your portfolio must be at least 10%
Resources and Education
Nexo provides 24/7 support to its users, offering options such as submitting a ticket or using the live chat when logged in. Nexo also features an extensive and detailed support section, equipped to address a wide range of issues and questions related to the platform.
Based on user feedback on Trustpilot, Nexo has a high rating of 4.8 out of 5, with over 83% of reviewers rating the company as “excellent”, citing great customer service and quick issue resolution.
Promotions and Bonuses
Nexo consistently demonstrates its commitment to community engagement and user satisfaction through various promotions centered around product usage. Additionally, Nexo maintains ongoing Referral and Affiliate programs. For example, Nexo’s Referral Program offers users the opportunity to invite friends and get rewarded with BTC for each successful referral.
Opening an Account
Opening an account with Nexo is a user-friendly and straightforward process. Clients can swiftly register by providing some personal details and a valid email address. At Nexo, account verification is a mandatory final step. Nexo adheres to all and the latest AML/KYC regulations, requiring users to submit a selfie and active ID to complete the verification process. This usually takes about five minutes, and Nexo’s customer support is readily available to assist clients if needed.
Nexo is available through an intuitive mobile app (iOS and Android) in addition to its web platform. The app allows users to create an account, top up, and enjoy all benefits on Nexo.
Verdict / Conclusion
In summary, Nexo distinguishes itself as a dynamic and secure platform in the cryptocurrency space. The platform’s rich product offering caters to a wide array of client needs, catering to both beginner and advanced users. Amidst market uncertainties, Nexo has maintained robust security measures, ensuring a safe and reliable environment for its clients. Key benefits such as competitive earning and borrowing rates, rewards programs, and excellent customer support further enhance the user experience. This combination of a diverse product range, security, and user-centric benefits makes Nexo a compelling choice for those seeking an attractive choice for managing their digital assets.
