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Where and How To Buy NEXO?

Jan 29, 2024

What is Nexo?

Nexo positions itself as a leading lending institution across the global digital finance market. However, it’s crucial to add that lending is by far not the only service offered by Nexo. In general, the company strives to provide professional financial services of a wide range, relying on cryptocurrencies rather than traditional financial assets.

The company was founded in 2018 by a team of financial experts that includes Kosta Kantchev, Antoni Trenchev, and Kalin Metodiev. The company raised over $52 million in a private token sale. As of January 2024, the company boasts a 6 million user base across 200 jurisdictions. The Nexo platform supports over 60 cryptocurrencies.

The Nexo team sees the strong potential of the blockchain-based products and assets tokenization for the lending sector. One of the aims of Nexo is to provide user-friendly and inclusive services to bring more people to the digital finance sphere and make wealth growth through crypto available to anyone. Automation integral to the blockchain sector harnesses transparency and efficiency of the Nexo services.

Is It Safe to Use Nexo?

According to Nexo, the company didn’t compromise a single dollar in the clients’ funds. Nexo was one of the earliest implementers of real-time attestation in the cryptocurrency realm. This attestation confirms the company’s positive balance exceeding its current liabilities at any given moment.

The clients’ funds are safeguarded via cold storages by Ledger and Bakkt. Access to each user’s account is protected via 2-factor verification, biometric data, and other methods. SSL encryption protects the data circulating between the users and the company.

Nexo strives to work in a legal field, following the actual regulations. The company relies on a policy of over-collateralization and strong risk management tactics to stay safe and solvent.

Main Features

On Nexo you people can perform the following actions:

Borrow crypto through Instant Crypto Credit Lines. It doesn’t require selling your BTC. The annual commission starts at 0%.

Send crypto for free. All Nexo users can instantly send cryptocurrencies to each other for free.

Spend crypto without selling it. This feature allows users to spend the value of their crypto without selling it. Spending is possible via a BTC-based credit card.

Earn interest. It is possible to earn compounding interest on crypto using an Earn on Crypto suite.

Swap tokens instantly via inbuilt Nexo Crypto Exchange.

Use leveraged trading with the Nexo Booster. It allows the use of 3x leverage for users’ positions.

The Nexo Crypto Card

The Nexo joint project with Mastercard is a dual mode crypto card, a virtual card that brings up to 2% crypto cashback and other benefits to users. The dual nature is realized in the two modes: a Credit and Debit modes that are easily switched via toggling.

In a Credit Mode, users can spend crypto without selling an actual asset. The deposited crypto represents the amount of your available credit. In this mode, crypto is never spent.

In a Debit Mode, users spend their crypto or supported fiat currencies (EUR, GRP, and USD). When you pay with this card at the shops, the crypto is exchanged to the local fiat currency automatically. In this mode, users can enjoy up to 14% in daily interest.

Nexo Wallet

Another feature is a non-custody web3 wallet. It serves as a key to the DeFi sector as it can be connected with multiple DeFi platforms and used for yield mining, staking, and other purposes. Nexo wallet allows users to batch transactions to save on fees, instantly swap tokens, and access NFT marketplaces.

Corporate Accounts

It’s important to realize that Nexo is aimed not only at individuals. The company provides corporate accounts with special institutional-level services for other businesses and a prime brokerage platform for institutional clients. Corporate accounts are opened for the approved representatives of the companies that apply for such accounts. They can enjoy the assistance of Nexo relationship managers, top-notch OTC services, extra tools, institutional-grade custody, faster execution, and higher liquidity.

The Nexo Token

Nexo token is the native currency of the Nexo ecosystem. Nexo is based on the Ethereum blockchain. The Nexo token fuels the platform and provides holders with privileges on the Nexo services. The loyalty program includes the better borrowing and yield rates, higher cashback,

and free withdrawals.

As of January 2024, Nexo is not a rare token as it traded on several top exchanges. Although there is room to grow in this regard as most of the exchanges with the highest liquidity are yet to list Nexo. The current price is around $0.85. In terms of market cap, Nexo ranks 111th with $477 million.

Where to Buy Nexo?

As mentioned above, Nexo is supported by several top cryptocurrency exchanges. The token is available on Binance, Bitget, ByBit, MEXC, HTX, Bitfinex, and Gate.io. The leading decentralized exchange Uniswap supports Nexo too. Such exchanges as Kraken, Coinbase, OKX, KuCoin, and several other popular exchanges don’t have Nexo in their lists.

Nexo is available on many exchanges with lower liquidity, including HitBTC, LATOKEN, Hotcoin Global, Phemex, CoinDCX, CoinEx, BitMart, Nominex, ProBit Global, YoBit, and many others. You can check the actual lists on the websites like Coin Market Cap and CoinGecko in the Markets tab of the Nexo page.

To choose an exchange that fits you the best you should check if it provides operations in your jurisdiction, check if the exchange is trustworthy, and finally see the rates and conditions of use. To learn if an exchange is trustworthy try to find unbiased reviews and see how the exchange support treats clients and if the occurring issues are solved timely.

You can use an alternative variant. As Nexo is an ERC20 token, you can swap other ERC20 tokens for it using the services that support ERC20 tokens swapping. It can even be a wallet. For instance, you can swap other cryptocurrencies for Nexo using a FRWT wallet. Choosing a reliable swapping platform takes the same steps as choosing the best exchange.

How to Buy Nexo?

If you don’t have any crypto, you should find an exchange or a crypto wallet that supports buying Nexo via credit card. Usually such a feature is called Buy Crypto. The purchase is operated via third party services.

If you already have ERC20 tokens, you can probably swap them for Nexo or a different ERC20 token that can be swapped for Nexo.

If you have crypto but not necessarily an ERC20 token, you can trade it for Nexo on a crypto exchange. The process can be not so intuitive. Before you start, read about the trading process of the exchange and learn the general rules that will help you to avoid common mistakes. For instance, it’s advisable not to store your crypto on exchanges for long periods. Withdraw your NEXO as soon as possible to your own Nexo wallet.

Is Nexo a Good Investment?

Although we are not entitled to give investment advice, we can’t deny that Nexo is a strong project run by a professional team. Definitely the token is not going to be blown from the market anytime soon. But we cannot provide clearer prospects. Before you decide to put your money in Nexo, please conduct your own thorough research.

Final Thoughts

Nexo can be bought on several of the top crypto exchanges, however, the token is still not listed on such huge exchanges as Kraken, Coinbase, OKX, and others. As an ERC20 token, Nexo can be acquired through instant swap services. In general, buying this token on a safe platform is not a hard task.

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