Nexo is a crypto wallet focused on offering high interest to its users. The platform offers a highly secure and regulated storage solution, from which users can exchange Bitcoin (BTC) and other cryptocurrencies and engage in interest-earning activities.
Nexo Crypto Exchange
Buy, Sell and Exchange Cryptocurrencies
The UK-based platform has several features in addition to its wallet and its exchange, like crypto credit lines and the Nexo card. Founded in 2018, Nexo has focused on offering a secure and easy-to-use wallet. There is also a broader ecosystem surrounding the wallet and exchange; Nexo is a crypto lending platform as well. Users don’t need to have much crypto or be experienced to earn high-interest rates by investing their assets on the platform.
It’s possible to earn up to 20% interest paid in Nexo Token or 18% paid in the other crypto. Nexo’s offer is for users who are looking for an easy way to earn passive crypto income. As Nexo puts it, the core of their offer is to “Beat volatility and earn without the risk”.
A key part of Nexo’s offer to users is their Nexo Crypto Exchange. At the surface level, it’s one of many similar exchanges; however, the exchange is transparent and fair in ways that many others are not. So, let’s go over what the Nexo Crypto Exchange offers.
What is the Nexo Crypto Exchange?
The Nexo Crypto Exchange is a crypto exchange that Nexo Wallet app users can access. Like most exchanges, it offers a sizable collection of cryptos for trading. Users can exchange fiat currencies and multiple cryptos, including several stablecoins.
A few things immediately stand out about the Nexo Crypto Exchange. First, while it may be promotional, the platform offers cashback on all crypto purchases. But the more significant factors surround long-term savings with high interest. All newly acquired assets are deposited in the Savings Wallet by default. From there, users can earn up to 20% interest on (or sometimes between) swaps.
Typically, crypto exchange users are bogged down by slow transactions and slippage. Slippage occurs when prices change between when you confirm a transaction and the time it’s actually executed. This can result in your actual price ending up to 5% higher or lower than expected. While this can work either for or against you, traders hate slippage and try to minimize it for a good reason.
With the Nexo Crypto Exchange, there is an active commitment to ensuring users get the prices they see. So, Nexo fixes the rate at the moment users place an order. No surprises, just straightforward, predictable execution. By the same token, Nexo offers faster swaps and all transaction times are faster. This aligns with their stated philosophy that users should not suffer because the crypto market moves very quickly. The crypto market moves fast, and so should exchanges, the thinking goes.
Nexo Crypto Exchange Review
To understand the big picture, we need to look closer at how the Nexo Crypto Exchange operates.
How Does Nexo Crypto Exchange Work?
Using the Nexo Crypto Exchange only requires a Nexo account and a balance.
Users with a Nexo Wallet can simply open the exchange to view current prices. From there, they can buy, sell, and swap. Opening the exchange is easy and just requires a click or tap from inside the Nexo website or app. By clicking “Exchange”, you can view all options.
After opening the exchange, users have to select the currency they want to conduct a transaction with. Then, users are prompted to choose the currency they wish to receive before finally selecting the amount to exchange. Once you click “Preview Exchange”, you can review the transaction and lock in your exchange.
Unlike many other exchanges, with Nexo, you get what you see. After you’re done previewing your exchange, you can be certain of the exchange executing as intended.
Features of Nexo Crypto Exchange
Let’s review the features of the Nexo Crypto Exchange and what you can do with it.
How to Deposit Funds Into Nexo
First, you need to log into your account. Scroll down to where all available cryptocurrencies are displayed. From there, you just click the “Top Up” button alongside the crypto you want to deposit. You have a private deposit address provided when you create a Nexo account. You need to copy it into the “Withdraw Address” field wherever you are transferring your funds from.
Right after the network confirmations are complete, you will see your updated Nexo balance. You can then do whatever you need to with your deposited funds.
Buy, Sell, and Exchange Bitcoin and Crypto on Nexo
Buying Bitcoin and other digital assets on Nexo is even easier than depositing them. However, you will first need to complete the Advanced Verification process to be enabled to use the exchange. This doesn’t take too much time and allows Nexo to maintain its high level of security.
Once your verification is complete, just click or tap the “Exchange” tab on the Nexo website or app. Then, select “Buy”. From here, you will be prompted to select your fiat currency and the digital asset you want to buy.
You will be asked to add an accepted card to fund your purchases. The purchase process is secure and relatively quick – the transaction times are another area where Nexo excels.
It should be noted that there are no hidden fees, but there are transaction limits. The minimum transaction size is $50, and the maximum is $5,000. There is also a monthly limit of $10,000.
You can purchase crypto on Nexo with USD, EUR, or GBP. If you’re using a credit card, you can use any currency but should be aware of any currency exchange fees charged by your credit card provider.
Nexo Crypto Exchange
Buy, Sell and Exchange Cryptocurrencies
Earn Interest on your Crypto
Earning high interest in the simplest way possible is one of Nexo’s main selling points. It is, in fact, very easy to start and the bar of entry is relatively low. You need to have digital assets in your Nexo Wallet to begin earning interest. If you don’t already have some, you will first need to acquire them.
Before you make the choice of which asset to invest in, you should check out the interest rates for each supported asset. Interest rates range widely from a 1% APY (In-kind DOGE) to 20% (MATIC, exchanged for NEXO). There are many options, including a 6% in-kind APY for Bitcoin.
Nexo offers a simple calculator that enables you to see how much you can earn with them quickly. You just need to fill in the asset, top-up amount, and length of time. Then, you will immediately see the returns you would receive by the end of the period.
Borrow Cash With Nexo
Interest can be earned by providing assets for borrowers on the platform. You can also choose to borrow digital assets with no hidden fees. Of course, you will need to pay the balance back as agreed, including interest charges.
Borrowing from Nexo starts at an APR of 6.9%. As with earning passive income, you should review the rates offered before deciding to borrow. However, if you are a Platinum user with an LTV under 20%, you can access zero-cost loans.
Supported Coins on Nexo
- Bitcoin
- Ethereum
- Tether
- NEXO Token
- Polkadot
- Avalanche
- Polygon
- Solana
- Cardano
- Ripple
- Bitcoin Cash
- Litecoin
- BNB
- EOS
- Stellar
- Chainlink
- Tron
- PAX Gold
- Dogecoin
- USD Coin
- Pax Dollar
- TrueUSD
- DAI
Fees and Costs
Of course, you can expect to pay if you want to borrow on Nexo, unless you are a Platinum user with an LTV under 20%, as they get zero-cost loans with Nexo. If you are not, you will have to pay interest until your loan is fully repaid. While interest rates start at 6.9% (except for zero-cost loans), there are no other costs associated with lending. That means zero origination or early repayment fees.
Nexo does not charge account management fees or any kind of hidden fees for using its exchange. Withdrawing fiat currencies is also free.
You can deposit crypto into your account for free, but there are fees for withdrawing crypto. However, users are allotted a specified number of free withdrawals per month. The number depends on your loyalty tier. The withdrawal fees, however, are unclear and not listed.
There are no trading fees, but there is a varying spread on swaps/exchanges.
The NEXO Token
NEXO Token is Nexo’s native token. Users can earn Nexo passively by hodling other cryptos and earning NEXO for it. Of course, you can also buy NEXO directly. The NEXO Token has value as a financial asset and as a part of participating in Nexo’s wider community. The more a user holds, the higher they are in the loyalty tier system. Higher tiers provide:
- Higher NEXO interest rates
- Higher interest on cryptos and stablecoins
- Free withdrawals
- Lower borrowing rates
- Instant cashback for each purchase or swap
How to Create a Nexo Account
Creating a Nexo account is easy.
- Click “Create Account” on the Nexo website.
- Enter your email and create a password.
- Verify that you are not a robot.
- Click “Sign Up”.
- Verify your email address.
- Set up two-factor authentication.
After completing these steps, you can access the crypto exchange and use all of Nexo’s other features.
Nexo Crypto Exchange
Buy, Sell and Exchange Cryptocurrencies
