This review will look at Nexo, a fully regulated digital assets institution offering instant cryptocurrency loans, daily earnings on assets, and a crypto exchange where users can buy, sell and swap cryptocurrencies. In particular, we will examine the features of the Nexo, analyzing its instant credit lines, native token, security, and usability, among other functionalities.
Nexo was founded in 2017, and the firm has been working tirelessly since its launch to provide a professional financial solution to the cryptocurrency industry.
One of the most frequently utilized blockchain platforms globally, Nexo offers services in more than 40 fiat currencies, 41 cryptocurrencies, and more than 200 jurisdictions.
Whatsmore, Nexo is a trusted partner for prominent trading businesses, hedge funds, family offices, and over-the-counter (OTC) desks throughout the world. The firm assists in scaling and executing a variety of trading or investing strategies by combining top-tier custody with large-scale lending and financing.
Deep liquidity, low latency execution, and top-tier custody make Nexo an ideal platform for a wide range of trading or investing methods.
On top of all that, Nexo users can benefit from the platform’s key features, such as:
- Receiving instant crypto loans as Nexo provides instant access to funds.
- Earning daily interest and high-yielding interest on idle assets.
- Buying and selling 41 cryptocurrencies as well as swapping between 300+ different market cryptocurrencies.
- Nexo is the first blockchain firm that provides its services in more than 40 fiat currencies and over 200 jurisdictions.
- Nexo native Token (NEXO) allows users to get higher earnings rates on top of lower lending rates.
Why do users choose Nexo?
The platform is a fully regulated digital assets organization that offers instant crypto loans, daily earnings on assets, and a crypto exchange.
On a global scale, Nexo has more than 4 million clients and has over $13 billion in assets under its management. In addition to its ever-expanding social media network, which currently numbers more than 300,000 users, the platform continues to grow.
- Digital asset owners benefit from Nexo’s high-yielding interest on idle assets, as well as its instant access to cash. Furthermore, advanced trading and over-the-counter (OTC) capabilities are available.
- In addition to offering a smooth user experience, Nexo’s prompt lending platform also offers military-grade security, including 256-bit encryption and a $775 million insurance policy. Client funds are safeguarded via Ledger Vault’s multi-signature cold storage and BitGo, the only Goldman Sachs-backed custodian that is qualified and audited.
- Nexo is a forerunner in the development of a new digital financial system by using the potential of blockchain technology.
- The platform also has a premier instant credit line service for borrowing without a credit score, while users can generate high-yield interest on their idle assets.
- The Nexo crypto exchange allows you to easily switch between more than 300 different market pairings. Select the currencies and the amount you wish to swap in your Nexo account’s Exchange tab.
- Importantly, the company is fully regulated. Since its creation, it has not had any security breaches against its network, so consumers can be certain that their assets will be kept safe and secure.
Nexo core products and features
One of the reasons the exchange is quickly gaining popularity within the cryptocurrency space is that it continues to build upon and increase its core products and features.
The core products which the firm has to offer are outlined below as well as their functionalities and characteristics.
- Buy Crypto;
- Earn Interest on crypto;
- Instant crypto credit lines;
- Crypto Exchange;
- Nexo Card;
- Nexo Prime;
- Nexo Token.
1. Buy crypto
Buying crypto on Nexo means users have the following benefits on 41-in-demand crypoassets:
- Instant Buy;
- All-in-One solution;
- Top-Tier insurance;
- No Hidden fees.
Nexo makes it easy to purchase cryptocurrencies quickly and easily. There are no difficult processes or clumsy user interfaces to contend with. Creating an account and entering your bank card information is all that is required to make a purchase.
Note: Currently, the Buy with Card capability is not accessible to residents of the United States.
Nexo provides a full range of digital asset management solutions. Instant Crypto Credit Lines allow you to start collecting interest on your cryptocurrency right now, or alternatively, you may also switch between 300+ market pairings with the Nexo Exchange.
Nexo has partnered with industry-renowned custodians and leading compliance agencies to provide you with a value guarantee of up to $775 million for the assets kept in your account.
No Hidden fees
Before completing each transaction, you may see the precise processing fee you’ll be charged when paying with a card on the final ‘Order Confirmation’ page. The amount indicated on the ‘Order Confirmation’ page is the amount that will be charged for the transaction, and there are no additional hidden costs.
As part of the Nexonomics 3.0 program, the company introduced a leverage functionality, the Nexo Booster. It offers a quick and user-friendly way to execute leveraged crypto purchases, allowing users to boost cryptocurrency from 1.25x to 3x its value (maximum $250,000 per single booster transaction) and receive the boosted equivalent in the same asset. In addition, you can get up to 0.5% cashback from the booster transaction.
Note: Leveraged investing uses borrowed money as a source of funds, amplifying your potential investment losses. Remember, leveraged investing strategies are risky and not appropriate for every investor.
2. Earn crypto interest on Nexo
On Nexo, you can put your unused digital assets to work for you and earn interest rates of up to 18% APR, which is paid out every day. So far, Nexo has paid out over $200 million in interest since it was launched in 2017.
When it comes to making money with cryptocurrency, purchasing it and HODLing on to it until the price rises is an excellent strategy, however, it involves significant effort as well as a certain amount of luck.
With Nexo, you can put your idle assets to work immediately and generate a reliable stream of passive income without taking any risks with your investments in the process.
Top up your account, and you will begin earning up to 18% annual interest — no further action is required on your behalf.
Nexo also features an excellent tool to calculate your crypto yield to see how much interest you might be earning on your assets by selecting a coin and entering a sum.
For example, at the time of publication, $100 worth of Ethereum would return $112.56 over 12 months.
Furthermore, users can increase the diversification of your portfolio with the expanding variety of 41 digital assets, which includes Bitcoin, Ethereum, NEXO, stablecoins, and other cryptocurrencies.
Earning with Nexo allows you to grow your portfolio while also keeping your crypto safe. Still, there are more benefits such as:
Compound daily payouts
Nexo’s unique daily payouts provide rapid access to your interest earnings. Your yield is promptly credited to your Nexo account, so the next day, you start collecting interest on top of it, so, your daily payments will continue to grow in size over time.
Increase your cryptocurrency yield with Nexo’s fixed-term incentive rates. With its FLEX service, you may trade while earning. Alternatively, you may establish a Fixed Term to earn extra interest on your investments.
Nexo never charges you any hidden fees or commissions whether you deposit, withdraw, or hold funds. You may take money out at any moment and not lose the interest you’ve accumulated, or you can put money in at any time to earn even more.
Suppose a third-party hacker compromises your Nexo account, or your private keys are stolen or lost. In that case, as previously mentioned, your digital assets are protected by a $775 million insurance policy provided by the platform’s industry-renowned custodians.
How to start earning on Nexo?
It takes less than a minute to create a Nexo account:
- Launch the Nexo platform or the Nexo mobile application.
- Complete the verification procedure.
- Purchase or transfer cryptocurrency into your account.
- You are now prepared, and daily interest will begin accruing on your digital assets; you’ll start earning interest the next day after your transfer or purchase.
Nexo interest rates
The following factors influence user interest rate:
The loyalty tier is determined by the proportion of NEXO Tokens in your portfolio compared to the total amount of other assets in your portfolio. There are four tiers, Base, Silver, Gold, and Platinum; the following are the minimum criteria for each tier:
- Base: There is no need for NEXO Tokens.
- Silver: At least one percent of the Portfolio Balance in your account must be comprised of NEXO Tokens.
- Gold: NEXO Tokens must account for at least 5% of the total Portfolio Balance in your account.
- Platinum: At least 10% of the Portfolio Balance in your account must be comprised of NEXO Tokens in order to qualify.
- Earning ‘in kind‘ implies that you receive interest on the currency on which you are holding.
- Earning ‘in NEXO’ entitles you to interest payments in NEXO Tokens and up to 2% more interest on your total holdings.
Each cryptocurrency has its own annual percentage yield (APY), which users can use to earn, for example, Bitcoin 6% APY and Polkadot 13% APY.
However, if users choose to earn in NEXO, this amount can be increased for each coin by an additional 2%, meaning they would earn 8% APY on their BTC and 15% APY on DOT.
You can choose between FLEX or Fixed, and you’ll get an additional 1% interest if you set up a one-month Fixed Term on your crypto.
Note: Nexo announced in an email sent to customers and a statement on its official subreddit on February 18, that new and existing U.S accounts will no longer earn interest on new deposits. Current clients earning interest on the platform will continue to do so on their existing digital asset balances only.
The company stated: “Nexo’s Earn Interest Product in its current form will not be available for new clients, until the restructuring of the Earn Interest Product and the registration process with the relevant regulatory bodies are finalized, as per the recently received guidance.”
If you still would like more details, you can find further information about interest rates here.
Watch the video: How to earn crypto interest
3. Instant crypto credit lines
Nexo’s crypto-backed credit lines use your digital assets as collateral, unlike conventional loans that take your credit score into consideration. Simply put, Nexo supplies you with fiat or stablecoins, and the users provide crypto as collateral for repayment.
Instant crypto credit lines provide users with the opportunity to borrow against their cryptocurrency; it is possible to get cash or stablecoins using your cryptocurrency, with interest rates starting from 0% APR. All clients have to do is simply top up their account, and your credit line becomes immediately accessible.
There are over 20 different collateral options to choose from on top of over 40 different fiat currencies and stablecoins to borrow in. As a result, borrowing with Nexo makes it one of the most flexible crypto credit lines available with over $6 billion issued in credit so far, allowing customers several benefits such as:
- Rates That Set the Standard: Rates begin at 0% and never rise over 13.9%, Nexo never takes into account a borrower’s credit score.
- Instant Approval: You get approved in seconds and often receive the funds within 24 hours.
- Over 40 currencies to select: Choose from more than 40 fiat currencies or borrow quickly with USDT or USDC.
- Supported by Multiple Assets: Instant cash or stablecoin conversion of all your crypto holdings.
- No installments: Pay off your balance in whole or in part whenever you choose without being tied to a predetermined payment plan.
- Repayment is made simple: Repay your credit line using fiat, crypto, or a mix of the two.
If your loan-to-value (LTV) is less than 20%, and you are a Gold or Platinum customer, you may earn premium rates from 0% -1.9%. With this option, you have the freedom to choose between Nexo’s premium and regular offerings.
Additionally, Nexo provides users with protection even in the face of adverse market situations and gives you the tools to track the health of your credit lines and keep the value of your collateral intact even during a downturn in the market.
- Margin calls: The Nexo blockchain oracle will inform you via an SMS and an email if your collateral begins to depreciate, suggesting you partly refund your crypto credit or add more collateral.
- Collateral transfer: In the absence of any action on your part, the blockchain oracle will automatically move assets from your Savings Wallet to your Credit Wallet to maintain the health of your credit line.
- Automatic repayments: Furthermore, if you do not have sufficient assets in your Savings Wallet, the Nexo blockchain oracle will utilize a part of your collateral to commence automated credit repayments – just enough to cover the difference.
Watch the video: How to get an Instant Crypto Credit Loan from Nexo
4. Crypto exchange
The Nexo Exchange enables you to buy, sell, and swap immediately across 175+ market pairings without any price fluctuations, all while staying in the comfort of the Nexo platform or the Nexo app.
Real-time conversions between all currencies supported by Nexo, including the platform’s native token (NEXO), may be accomplished with the touch of a finger and without the need to wait for withdrawal confirmations.
There are no restrictions on the number of swaps you may make, with the minimum and maximum order values being $30 and $250,000, respectively. The three main benefits are listed below as well as additional advantages.
- Instant transactions:
- Fixed-price execution:
- An infinite amount of swaps.
- Nexo offers fixed pricing execution, which means that consumers pay exactly what they see. Unlike other exchanges, where rates might vary by up to 5%, Nexo sets the rate at the time you submit your order, saving you time and money.
- In real-time, you may trade any of the market pairings that are currently accessible. When your order is verified, your account balances are automatically updated immediately.
- Nexos’ Smart Routing System crunches the figures for you, saving you the time and effort of researching for the best deal. The Smart Routing System links you to the top ten exchanges at the same time, allowing you to execute trades at the most cost-effective price possible.
- All of the top coins are only a click away, and you can access them from any device. For all of the currencies supported by Nexo, including Bitcoin, Ethereum, NEXO, and many more coins, market pairings are available.
- You may earn interest as you exchange since all new assets are transferred immediately into your Savings Wallet, which means you can earn high-yield interest even while you are not swapping.
- With Instant Card Top-Up, you may instantly and securely purchase Bitcoin, Ethereum, Solana, and other choice cryptocurrencies with your credit or debit card.
Buy, sell and swap in three steps:
Step 1: Open the Nexo platform or app and click on the [Exchange tab], then choose the purchase, sell, or swap option.
Step 2: Decide on a currency pair and select the currency in which you want to pay, the currency in which you wish to receive, and the amount you wish to swap.
Step 3: To check your transaction, click [Preview Exchange] from the drop-down menu. To complete your transaction, simply press the ‘Exchange’ option.
Nexo’s All-Swap is an innovative addition to its Crypto Exchange, providing you access to various rare cryptocurrency pairs you’d struggle to find anywhere else. Some of its unique features include:
- 139 Exclusive Market Pairs: Exotic pairs available only on the Nexo Exchange;
- 0.5% Cashback: Access to earning free crypto on every transaction;
- Smart Routing System: Nexo connects with the top 10 exchanges simultaneously to offer you the most competitive market rates on digital asset pairs available;
- Instant Swaps with Fixed Price: Enjoy on-the-spot exchange execution.
5. Nexo card
Using the Nexo Wallet App, you can order and manage your Nexo Card, allowing you access to your assets from anywhere in the globe.
The Nexo Card is accepted by more than 40 million merchants worldwide; you may use it just as you would any other credit or debit card. You just swipe your card, and the payment amount will be debited from your available balance in your Nexo account.
Every time you withdraw money from an ATM, swipe, tap, or purchase using your Nexo Card, you’ll get up to 2% cashback (Bitcoin: up to 0.5% back, or NEXO Tokens: up to 2% back). Before completing a transaction, you may choose whether you want to get your rewards in NEXO Tokens or Bitcoin, or you can switch between the two options.
Thus, you simply have to worry about making purchases with your card since all of your cashback will be immediately deposited in your Nexo account.
In addition, the Nexo card entails the following benefits:
- With a simple tap, you can freeze and unfreeze your Nexo Card.
- Receive real-time alerts on all transactions.
- Create free additional virtual cards for secure online shopping.
- Real-time monitoring of all your transactions.
- View and, if necessary, update your PIN at any ATM.
- Pay in local currencies.
- There are no monthly, annual fees, or FX fees.
6. Nexo prime
Nexo prime brokerage provides investors with all of the tools they need to trade, borrow, and lend digital assets, as well as securely store them. Nexo Prime is tailored towards more experienced and sophisticated investors and traders. Using Nexo Prime, large orders are executed swiftly and reliably.
Furthermore, the platform offers an advanced technical infrastructure, deep liquidity pool, and competitive trading fees, making for cost-effective execution.
Nexo Prime Trading
- Trade spot, margin, and derivatives on the world’s largest trading venues taking advantage of their full liquidity.
- Nexo’s Smart Routing System provides cost-effective execution.
- Nexo’s own execution algorithms will help you to increase the efficiency of your transactions.
- Clients can utilize Nexo’s easy-to-use trading interface or trade directly using an API connection provided.
- Use Nexo’s over-the-counter desk, which is open around the clock, to execute spot and derivatives transactions with high levels of personalization and accuracy.
Nexo’s leading lending services will supply you with liquidity on demand, whether you’re searching for margin trading or an over-the-counter loan.
- Nexo prime gives access to institutional finance solutions for cryptocurrencies, stablecoins, and fiat currencies, among other things.
- Increase the size of your trading strategy while keeping the value of your crypto assets intact.
- Increase the amount of leverage in your portfolio by borrowing at the lowest possible interest rate.
- Powered by Nexo’s vast pool of liquid assets, the firm provides adjustable terms on all its collateral loans.
Nexo is able to suit the needs of all types of investors:
Institutional investors: Nexo Prime offers a comprehensive set of financial services to investors, including trading on multiple spot and derivatives markets, borrowing, lending, and the safe storage of digital currencies, among other things.
Corporate corporations: The institution provides organizations with alternatives to prevent inflation and diversify their reserves by purchasing digital assets on the open market. You may share your goals with the platform, and the Nexo team can then explain many different funding solutions that can aid you in accomplishing them.
Private investors: Nexo offers white-glove support to high-net-worth individuals and family offices that are interested in building a cryptocurrency portfolio and discovering new income opportunities in cryptocurrencies, and using a professional account manager to handle all of your activities from a single location.
Ultimately, Nexo Primes provides customized services, boundless capabilities, and security, all while maintaining a personalized experience. The platform is equipped with a top-tier security architecture that is intended to guarantee that your assets are always protected to the greatest extent possible.
Trading, borrowing, custody, and lending are all handled by a single financial institution, making it easier to manage your assets. Furthermore, you will only have to go through the onboarding procedure once, and after that, you will have access to the whole cryptocurrency marketplace via a unified interface.
Ultimately, Nexo’s substantial retail balance and excellent institutional ties enable it to satisfy all borrowing demands, no matter how big or long-term.
7. Nexo Token
The NEXO Token is the native cryptocurrency on the Nexo platform, and it provides token holders with a plethora of advantages. It’s worth repeating that the NEXO Token will allow you to get even higher earnings rates while still taking advantage of competitive borrowing rates.
Holders of NEXO Tokens who keep them in both the Savings and Credit Line wallets of their Nexo accounts may earn up to 12% interest per year on their holdings. In addition, holding NEXO Tokens immediately enrolls you in Nexo’s Loyalty Program, which provides you with the following benefits:
- Earn on crypto yields up to 50% higher using Nexo’s Earn on Crypto suite.
- The interest rate on a loan starts as low as 0% APR.
- As many as 5 free cryptocurrency withdrawals are available.
- NEXO Tokens let you participate in future Governance Votes and help define Nexo’s future (1 NEXO = 1 Vote).
Nexo Tokens are available for purchase on the Next platform as well as on more than 15 third-party exchanges.
The NEXO Token is a vital component of the platform’s Loyalty Program and must be used in order to participate. You are assigned to one of four tiers depending on the number of tokens you own as a percentage of your overall Portfolio Balance (the sum of your assets in USD from your Credit Line and Savings wallet):
- Base: 0-1% of NEXO Tokens in your portfolio.
- Silver: 1-5% of NEXO Tokens in your portfolio.
- Gold: 5-10% of NEXO Tokens in your portfolio.
- Platinum: At least 10% of NEXO Tokens in your portfolio.
- Higher yields: First and foremost, by holding more NEXO Tokens, you may raise your Loyalty tier and earn more interest rates. Second, by choosing to earn in NEXO Tokens, you may earn up to 2 % more interest than you would otherwise.
- Borrowing rate: The higher your Loyalty tier, the lower your borrowing rate. With a portfolio balance of 10% or more and a loan-to-value ratio of 20% or less, you are eligible for our lowest rate of 0% APR.
- Daily interest: Irrespective of your Loyalty tier, the NEXO Tokens you have in your account will earn you a 7% annual rate of return, which will be paid out on a daily basis. For an additional 9% or 12% APR, you may place the NEXO from your Savings Wallet in a Fixed Term for 3 or 12 months.
- Free withdrawals: The number of free crypto withdrawals you get each month to an external wallet will vary from 1-5 depending on your Loyalty tier. Moreover, you may make an infinite number of free cash withdrawals, as well as crypto and fiat transfers into your Nexo Wallet.
The Nexonomics program is a set of upgrades to the NEXO Token that are intended to promote tokenomics, improve its usefulness, and increase its value in the market.
Following the debut of Nexonomics in Q4 2020, Nexo launched its Loyalty Program, increased its earnings rates, and conducted a $12 million buyback. Furthermore, during Nexonomics 2.0 in spring 2021, the NEXO Token had a 600% increase, resulting in a new all-time high of $4.05.
In order to usher in a new chapter in the development of the Nexo native token, the platform is launching Nexonomics 3.0, which will upgrade its utility and value.
Update: Having perked up the NEXO Token, Nexonomics 3.0 is now concluded, leaving an enduring legacy to the Nexo community. One of the initiative’s highlights was launching Nexo’s $100 million Buyback program (the Buyback 2.0) for their NEXO token. The company completed the repurchase in May 2022.
Nexo Earn API
Nexo’s Earn on Crypto suite is extremely customizable, enabling you to create a native appearance and feel as your customers earn on their idle assets via Nexo without leaving your platform.
By becoming a partner, you may expand your user base while also collecting a portion of the daily compounding income, with a seamless connection in six simple steps.
Sign in to your Nexo account, copy your one-of-a-kind referral link, and you can start referring. As a result, you and your referrals will each get $25 in Bitcoin within 30 days of them passing Advanced Verification and topping up the equivalent of $100 or more in any asset offered by the Nexo platform.
Since there is no limit to the number of people who you may refer, you can invite as many friends as you like.
In March, 2022, Nexo announced the launch of Nexo Ventures, its in-house Web3-focused investment and acquisition fund. To mark their commitment to accelerating the development and adoption of blockchain technology, they will invest $150 million in a wide range of early-stage retail and institutional projects synergetic to Nexo’s core businesses.
They will primarily focus on five key areas for investment:
- DeFi Innovation;
- Metaverse, NFTs & GameFi;
- Payments & Trading Infrastructure;
- Compliance Solutions.
Is Nexo safe?
Nexo is elevating the standard for the whole blockchain ecosystem by implementing the most stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, flawless risk assessment, data protection, and improved cybersecurity.
To strengthen the blockchain and crypto lending ecosystems, Nexo is building a community of security-aware users and staff on its platform. Running frequent internal security and privacy training ensures that Nexo’s employees are current on the latest cybersecurity issues.
Nexo protects your digital assets as you earn interest with them using a holistic approach to security that includes the following features:
- Encryption: Nexo accounts are protected by 256-bit military-grade encryption.
- Storage: The storage of blockchain assets in Class III military-grade vaults is provided by top blockchain custodians such as BitGo and Ledger Vault, among others.
- Insurance: $775 million in insurance.
- Security infrastructure: Nexo’s security infrastructure is certified to the highest level under the ISO/IEC 27001:2013 standard.
- Protected funds: Credit lines for cryptocurrencies that are 200–500% overcollateralized. Nexo never offers credit on a non-collateralized basis, guaranteeing that your funds are protected no matter how the market fluctuates.
$775 million insurance
Blockchain security providers BitGo, Ledger Vault and Bakkt are among the many Nexo collaborates with. Insurance coverage for digital assets stored on the Nexo platform through the most prominent syndicate of underwriters totaled $775 million collectively.
Nexo teams up with Bakkt to power Bitcoin and Ethereum custody
In January 2022, Nexo partnered with Bakkt Holdings (NYSE: BKKT), a trusted digital asset platform listed on the New York Stock Exchange (NYSE), enabling even safer and more secure storage of Bitcoin and Ethereum.
This means that a portion of Nexo users’ funds will be held within the Bakkt Warehouse, comprising both online (warm) and offline (cold) digital asset storage, to minimize risks associated with warm storage. These warm and cold wallets are constructed on secure wallet architecture and multi-zone physical security, including bank-grade vaults.
In addition, Bakkt is regulated by the New York Department of Financial Services, registered as a Money Service Business with FinCEN, and has a BitLicense through the New York Department of Financial Services. Moreover, Nexo users benefit from $125M of insurance in place at the Bakkt Warehouse.
Auditing Reserves in Real-Time
It’s imperative that the company’s custodial holdings be made more transparent; thus, Nexo has teamed up with Armanino to perform a Proof of Reserves audit. To ensure that Nexo is always able to fulfill the responsibilities it has to its clients, it has made a groundbreaking step in the crypto lending industry.
Anti-Money Laundering and Regulatory Compliance
Nexo relies on Jumio to meet the most stringent worldwide KYC and AML compliance requirements. It is also endorsed by Microsoft, Oracle, Monzo, and HSBC, among other companies.
Nexo’s commitment to security is shown by its adherence to the most strict legislation and worldwide KYC and AML requirements. As a result, people, companies, and organizations of all sizes entrust their data to Nexo.
Highest caliber storage
Through its partners, you have immediate access to your funds and complete independence from third-party providers while your assets are kept in military-grade Class III vaults.
Nexo’s platform is not only secure, but it also has a variety of measures in place to help protect its users.
- 2FA (Two-Factor Authentication) – SMS verifications, email verifications, and support for the Authenticator App are all available.
- Biometrics identification – via fingerprint or face recognition.
- 24/7 Support – clients may contact the Customer Support team by chat or email.
- Whitelisting – Enabling Address Whitelisting allows you to manage your crypto addresses and to increase the security of your account even more.
- Account Alerts – withdrawal confirmations and log-in notifications means maintaining complete control over your account.
CCSS Level 3
Nexo is using BitGo’s Enterprise Solution, which combines the Cryptocurrency Security Standard Level 3 to ensure the enterprise’s overall security and resilience. Sophisticated authentication procedures are used to assure the validity of data, and assets are scattered geographically and organizationally.
Data Security and Privacy
Personal information is protected behind secured networks and is only available to a small number of individuals who are contractually obligated to maintain the information’s confidentiality. This site uses Secure Socket Layer (SSL) technology to encrypt any sensitive/credit information.
Nexo uses multiple security mechanisms to protect users’ data when they input, submit, or access it.
Accredit security management systems
By adhering to ISO/IEC 27001, Nexo’s security architecture is guaranteed to be safe and secure for all its customers and investors. As a result of Nexo’s ISO/IEC 27001 certification, the whole blockchain industry has been raised to a new level of security, thanks to the most stringent security rules, faultless risk assessment, and data protection.
In order to protect your digital assets, the Nexo Wallet has been fitted with military-grade 256-bit encryption, which ensures the security of users’ funds and transactions.
How to create a Nexo account (step-by-step guide)
Step 1: The first step to creating an account is simply to go to the top right-hand corner of the Nexo website homepage and click [Get Started].
Step 2: Before inputting your email and password, you must carefully make sure you are not visiting a phishing website, and it is the legitimate site https://platform.nexo.io. After inputting your personal information, carefully read through the Terms & Conditions, check the box and click [Create Account].
Step 3: The next step will require you to slide to complete the puzzle.
Step 4: Go to your email account confirm the email.
Step 5: To complete your account creation, click [Verify Email].
Step 6: After verifying your email, click [continue to your Nexo Account]
Step 7: You will be redirected to your Nexo, where you can complete further verifications to utilize all the account features. Overall, the whole process takes no more than 2 minutes to complete.
On top of a customer FAQ search on the Nexo Help Center page, clients also have the option to speak to customer support online, which is available 24/7.
Users can submit a request, read the FAQs, or read the countless number of support articles to help users.
Users can also start a chat and email for any further inquiries at [email protected].
Apart from that, users can also use YouTube to watch the latest videos concerning the platform on their own channel. Watch the platform’s videos in order to grasp the concept behind Nexo better, how its platform operates, how to take out a loan, and more.
Nexo pros & cons
- Nexo has never been hacked or breached and is insured up to $775 million.
- Military-grade security is provided with 256-bit encryption and cutting-edge technology, as well as 24/7 fraud monitoring.
- It is a fully regulated and audited institution.
- Users can earn up to 12% APR with Nexo’s high-yield savings accounts
- The platform’s current UI is intuitive for beginners, and it includes a wealth of instructional content.
- Nexo provides a card that enables users to make payments in the same way they would with a standard debit or credit card, while also receiving up to 2% cashback.
- Nexo offers a robust app that simplifies account management.
- Instant crypto loans are provided where users can select more than 40 fiat currencies or borrow with USDT or USDC.
- To take advantage of the best rates, users must own NEXO Tokens.
- Lending during bear markets carries a risk of loss.
As a whole, the Nexo platform has a plethora of features to offer its users as the cryptocurrency industry continues to grow and evolve. It provides users with the ability to buy, sell, borrow, and earn interest on digital currencies. Furthermore, the greater the quantity of Nexo Tokens they own, the higher the opportunity of earning interest on those tokens.
Also included are a comprehensive referral network, a Nexo card that clients can use both physically and virtually, and a best-in-class platform that enables seamless utilization for both newcomers and veterans of the crypto space.
Professionals and businesses may also benefit from the Nexo Prime service, which provides access to a large liquidity pool as well as white glove customer care and support.
Lastly, the site is very secure, as shown by the fact that it has over 4 million members and over $12 billion in assets under administration, in addition to a bevy of security features designed to keep consumers’ funds safe.
Most notably, the firm is subjected to numerous audits and is a fully recognized and regulated financial institution in various countries, as well as possessing an ISO/IEC 27001:2013 Certified Information Security Management System, among other accreditations.
FAQs about Nexo
Is Nexo safe?
Nexo’s security infrastructure is ISO/IEC 27001:2013 certified. The lender and crypto interest earner is also a fully licensed and regulated digital assets institution on top of having many other features such as biometric-based identity verification and segregated multi-signature wallets.
Can you earn interest on Nexo?
Yes, with Nexo’s daily payouts, you receive fast access to the interest you’ve earned. Your yield is immediately placed into your Nexo account the following day, so you start collecting interest on it.
Can you buy crypto on Nexo?
Yes, Nexo makes it easy to acquire cryptocurrencies quickly and easily. There aren’t any arduous processes or clumsy user interfaces to contend with. Simply create an account, enter your bank card information, and make a purchase.
What is Nexo?
Nexo is a fully regulated digital asset institution that provides fast crypto loans, daily earnings on assets, and exchange services in over 40 fiat currencies, 41 digital assets, and more than 200 jurisdictions. The platform has over $12 billion in assets under management and more than 4 million users around the world.