NEXO: How to Unlock the Power of Your Crypto?
The crypto space becomes saturated with projects led by different purposes and encompassing very diverse features. Nexo has its motto as “unlock the power of your crypto”. You may be wondering why. Now, we’ll see what it means!
What is Nexo?
Founded by a team of crypto enthusiasts and finance professionals, Nexo was first announced in December 2017 and finally launched in April 2018. In essence, Nexo is a blockchain-based lending platform that allows its users to get instant loans backed by cryptocurrencies. In order to receive a loan, the users will need to deposit an accepted cryptocurrency such as Bitcoin (BTC), Litecoin (LTC), Ripple (XRP) or Ether (ETH). The cryptocurrency is kept as collateral for the users to receive a loan in the form of government-backed fiat currencies or stablecoins.
The native token for the Nexo platform is NEXO. NEXO can be locked in the Nexo platform, and the users who choose to do so will gain benefits such as discounts on interest accumulated on loans and the opportunity to receive interest payments on funds deposited. NEXO token holders also receive regular payments of profits from Nexo’s profits. It is worth noting that Nexo crypto has a fixed supply of 1 billion NEXO tokens.
In order to make use of Nexo crypto loans, users will have to go through a number of steps. First of all, the users will have to transfer their cryptocurrency (that Nexo accepts) to their Nexo accounts. The Nexo Oracle will then receive validations, and on that basis start to calculate the loan limit amounts and prepare for its provision.
The users will then collect the loan almost instantaneously through bank transfer or Nexo card. You can choose a currency based on your preferences, whichever is most convenient, in which the funds will be denominated. If there is an increase in the price value of the cryptocurrency that the user has transferred, the Nexo Oracle will also increase the loan limit amount.
There are many different ways for users to repay their loans, including bank transfers and making payments with crypto assets or fiat currencies. Users who use the native currency of the Nexo platform will be able to get special discounts.
Users will also have the option to repay their loans by partially selling the crypto assets found in Nexo accounts. In addition to that, crypto-assets can be partially or completely withdrawn from a Nexo account at any time, on the condition that they meet the obligatory limits relating to the outstanding balance.
The Nexo platform comes with a number of important features that are unique and can offer great benefits to the Nexo community. Following is the list of key features of Nexo.
- As a privately-owned company, Nexo takes responsibility for offering secure storage. Nexo stores all the crypto assets with a reliable crypto-asset custodian, BitGo, that keeps the assets in cold storage wallets. Moreover, it is covered by a $100 million insurance policy.
- Nexo offers automated and almost instant approval without any credit checks.
- There are no minimum loan repayments and Nexo offers the best interest rates of only 5.9% per year. Interest is only applicable for what you actually use.
- With Nexo, you can borrow money on the same day with free local bank withdrawals. It’s worth mentioning that Nexo services are available in more than 200 jurisdictions and users can receive loans in 40+ fiat currencies, including EUR, USD, JPY and more.
- ZeroFees – there is no need to pay any origination or liquidation fees, also no FX commissions for getting the loan amount in the fiat currency that you prefer.
- Their very own Nexo card is discussed in more detail below.
Staying true to their innovative approach in the FinTech industry, Nexo pioneered the only card in the world that allows users to spend without having to sell their crypto assets. The Nexo card is a crypto-powered debit card in partnership with Mastercard, which means users can only use it in places where MasterCard transactions are accepted.
The Nexo Card makes it easy for Nexo users to simply and easily use the borrowed funds. Users can make payments with the funds in their Nexo card, just like with any other international card.
The card will be linked directly to the loan amount limit and users can spend these funds without really having to withdraw the funds to their bank accounts. Moreover, users can order and manage the Nexo Card through the Nexo mobile application and gain instant worldwide access to the services that Nexo offers, all from the comfort of their homes.
How to make a Nexo coin exchange on Swapzone?
Fortunately, the process of making a Nexo coin exchange on Swapzone is very straightforward and easy. You can follow the below-mentioned steps to make a Nexo coin exchange on Swapzone.
Step 1. Go to Swapzone.io to get your work started.
Step 2. Select ETH in the “Send” section.
Step 3. Specify the total amount you are going to transfer.
Step 4. Select NEXO in the “Get Up To” section.
Step 5. Review the offers on the screen. You will find multiple offers with the best rate listed at the top. You can also see how many minutes it would take for you to complete the exchange.
Step 6. Confirm the offer you wish to utilize by clicking “Exchange” and then enter the wallet to receive NEXO.
Step 7. Use the generated BTC address to send your ETH deposit.
Step 8. Wait for the deposit to be processed by the exchange service and the exchange to be done.
Step 9. Do not forget to rate the exchange partner, so we can gather more information on the exchanges for future users.
Where can I buy Nexo token?
Buying Nexo tokens is as easy as it is to buy mainstream cryptocurrencies like Bitcoin. First of all, you will have to look for an exchange that supports fiat to NEXO or crypto to NEXO deals.
You can use ChangeNOW, Changelly, StealthEX and many other platforms. As you already know, if you want to buy NEXO with crypto, you can save some money by exchanging on Swapzone.