Nexo Review: Is Nexo Legit and Safe? Best Crypto Lending Platform with ERC-20 Token?

If you face some obstructions in handling cryptocurrency savings accounts, then Nexo is right here for you as a rescue breaker. Having, clean, straightforward, and simple layout, Nexo is a master in making your savings task a bit easier in just a few minutes.

Want a quick Nexo Review? Nexo platform is a crypto lending platform and interest account that provides high single digit to low double digit interest rates for different digital assets. This includes EOS, ETH, BTC, TRX, BCH, XRP, and more. Around 1 million users have named Nexo to be the most reliable and one of the largest cryptocurrency interest account platform in the crypto market.

Let’s get into a deep analysis of what Nexo is all about in this Nexo Review! Today, our main topic to discuss is the Nexo review and how this platform is worth your time for future investment!

Nexo Review - Crypto Lending
Nexo Review – Crypto Lending

 

What Is Nexo?

Talking about Nexo token, it works as the online service of cryptocurrency loan where it is offering some financial benefits for efficiently storing the crypto assets on different platforms. In the list of platforms over Nexo review, we have the names of Ethereum and Bitcoin available on Nexo secure wallet.

Being launched in 2017, Nexo token has processed around 1.5 Billion dollars from almost 1 million users all across 200 jurisdictions. It even supports more than 40 fiat currencies. Nexo has undoubtedly gained massive popularity for being the perfect alternative of crypto investment method and a great storage option for individuals and big companies.

 

Who owns Nexo io?

According to the Nexo review, Nexo io was founded in 2017 by TechCrunch founder Michael Arrington.

 

Who is Nexo insured by?

The current total insurance of Nexo token is around $375 million, which comes through the long partnerships with BitGo and Ledger Vault.

 

Nexo Investors

Nexo investors are:

  • Erhan Bilici
  • Arrington XRP Capital

 

How long has Nexo been around?

It’s been almost four years that Nexo crypto has been serving the crypto market. This platform was introduced in the year 2017.

 

Is Nexo decentralized?          

With the Nexo platform, users can easily earn with some compounding interest paid daily. Although it might not be called a Decentralized app, it uses Blockchain technology and protocols for executing transactions on this Nexo platform. A user can earn some interest in their GBP, crypto, USD, and EUR.

 

Does Nexo require KYC?

As Nexo crypto is working as the fully regulated digital assets institution within 200+ jurisdictions, the company is working under a specific business regulation known as KYC.

KYC stands for Know your Customer. With the KYC regular checks, users can run the whole system smoothly without facing any issues of financial or banking partners.

 

Where is nexo based?

Nexo Group has legal entities in different locations all over the world. They are offering their services to more than 200 jurisdictions in a thoroughly efficient manner. According to the Nexo interest review, Nexo is regulated in Switzerland, Estonia, and the Cayman Islands.

 

Is Nexo trustworthy?

Nexo crypto is specially designed for security, and it is entirely driven by trust. This platform is strictly complying with the standards of global AML and KYC. Hence, they are giving their utmost attention to the security to let this platform be the most secure one for the new investors.

You will definitely be finding your investment safe enough when stored in provided cloud platforms without any hassle of signing up.

It includes Biometric-Based Identity Verification, Extensive Firewall Server Architecture, Segregated Multi-Signature Cold Wallets, and much more. Nexo also stores user funds in bank-grade Class III vaults through Ledger Vault.

 

How does Nexo make money?

For the activation of earning interest in the Nexo crypto for the higher interest rates, you have to:

  1.     Log into the Nexo account.
  2.     Click the option of “my profile”.
  3.     Now click “settings”.
  4.     Select “Interest payout in NEXO tokens.”

This is how you will activate +2% of the interest bonus over all those assets of your Savings Wallet.

 

Can I buy crypto on Nexo?

It is easy to buy Nexo crypto with a debit or credit card on various crypto exchanges such as Coinbase or Coinmama. You have to create a Nexo wallet that will be your account and get it approved for the future buying process.

 

Are Nexo coins worth it?

Nexo crypto is already having a solid presence inside the space of a cryptocurrency interest account. In the middle of competitive interest rates of the stablecoins, BTC, ETH, other cryptocurrencies, it would be worth exploring for all such users who are paying interest on their cryptocurrency.

 

Is Nexo an ERC20?

The NEXO crypto token acts as the ERC20-compliant and is embedded within the Ethereum blockchain as the smart contract. All the token holders of NEXO are receiving 30% of the dividends from Nexo’s profits.

 

Is Nexo BEP2?

Nexo has a two-way token swap mechanism with which a user can exchange itself between the protocols of ERC-20 to BEP2. This generally gives users comfort to switch themselves from Nexo wallet to desktop version or get iOS and Android apps on their devices.

 

Does Nexo pay interest on Nexo tokens?

When we talk about earning in Nexo, it is all about receiving the interest payments in the NEXO Tokens. Under this scenario, a user can make an extra 2% interest on the holding.

You can instantly earn over Nexo interest rate in 24 hours as you are done with the transfer. Any sort of asset held by your Credit Line Wallet will not be able to earn interest.

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How can I get the Nexo dividend?

All the NEXO Token holders should undergo the one-time KYC (Advanced Verification), similar to what they do over any compliant financial institution. It would help if you staked or held the NEXO tokens in the Nexo account, which can be your Credit or Savings Wallet over the ex-dividend date.

 

How often is the Nexo dividend?

NEXO Token holders will receive 30% dividends from Nexo rates or profits through the ongoing support and initial backing. Hence, all the dividends are paid monthly in the ETH, and they are distributed proportionally over all the NEXO token holders.

Hence, the Nexo crypto price is distributed as soon as the payment is sent to the smart dividend contract. This platform provides an insured and safe way to earn some high-interest returns quickly.

 

How much was the last Nexo dividend?

The previous Nexo dividend payout was US$2,409,575, which was distributed on August 15, 2019.

 

When was the last Nexo dividend?

The last Nexo dividend was distributed on August 15, 2019.

 

Is Nexo a good investment?

No doubt, Nexo Reddit is a significant investment where it boasts investment products that are offering to almost 10% APY. This 10% of the rate is just applying to the crypto and not on the stablecoins. Did it clear your mind about is Nexo a good investment?

Once any user holds the Nexo tokens, Nexo will start 30% profits with the token holders as dividends. Therefore, this is the best opportunity to earn passive income for the whole year.

 

Can you lose money on Nexo?

Nexo is a legitimate, reputable, and trustworthy company regulated in more than 200 countries. This platform has insured almost $100 Million, all against theft given by the qualified custodian, BitGo. You can buy Nexo crypto from various exchanges.

 

What is the value of Nexo?

Nexo crypto price prediction to USD is $ 2.19, and the market cap is $ 1.41 billion. The fully diluted market cap is $ 2.19 billion. On an average basis, it stays all-time high at$ 3.97.

How many Nexo token holders?

Nexo price is having a fixed supply of around 1 billion tokens. This currency platform has processed almost $3 billion in more than 40 fiat currencies for 800,000+ users. Hence, they are functioning in more than 200 jurisdictions.

 

How do I get Nexo tokens?

  1. First of all, log into the Nexo account and add some assets to your account
  2. Visit the option of the “Exchange” tab
  3. You have to choose Nexo Token as your currency which you want to purchase easily
  4. Choose cryptocurrency, stablecoin, or the fiat currency you want to swap for the NEXO Tokens
  5. Tap the option of “Exchange”

 

How do I start earning interest on Nexo?

  1. You need to, first of all, create the account on the .nexo.io. KYC will enable the user to earn with some interest on all the stablecoins or the support cryptocurrencies. You also need to activate the 2FA for adding any extra protection layer to the 256-bit encryption.
  2. Once the KYC has been passed, you can easily transfer all your assets. You are free to transfer EUR, USD, or GBP from your bank account. As soon as Nexo receives all your assets, you can automatically add them to your corresponding Savings Wallet.
  3. From the next day, you can easily earn with some assets. Your interest will compound daily and will be automatically paid into the Savings Wallet. In this way, you will start taking an interest in it.

 

What is the interest rate on Nexo?

The interest rate of Nexo is wholly based on the Loyalty Tier, which is the ratio between Nexo Tokens and the total value of the portfolio. Based on the Nexo-to-Portfolio ratio, you can get four primary Loyalty Tiers:

  • Base: No need for Nexo Tokens, and the interest on your loan balance is 13.9%.
  • Silver: Maximum 1% of Portfolio Balance within your account should comprise NEXO Tokens. Interest on your loan balance is 12.9%.
  • Gold: Interest on your loan balance is 8.9%. Maximum 5% of Portfolio Balance within your account should compromise the NEXO Tokens.
  • Platinum: In Platinum, 10% of your Portfolio Balance within your account must comprise the NEXO Token. Interest on your loan balance is 6.9%.

 

Is Nexo FDIC insured?

Nexo is not at all FDIC insured. FDIC Insured bank will be covering all the assets of depositors if the bank faces any defaults. You can never call Nexo the classical bank, and the default risk will vary for each bank.

 

Does Nexo report to IRS?

Nexo is not a tax-paid currency, so the Nexo will never report to the IRS.

 

Is Nexo legal in the USA?

Nexo works as a global company that is legal in the USA. But there are some countries in which Nexo products and services are not available, including:

Zimbabwe
Yemen
Syria
Sudan
South Sudan
Somalia
Sierra Leone
Republic of the Congo
North Korea
Libya
Lebanon
Iraq
Iran
Estonia
Eritrea
Democratic Republic of Congo
Cuba
Cote d’Ivoire
The central African Republic
Burma (Myanmar)
Bulgaria
Afghanistan

Nexo Review - Crypto Lending
Nexo Review – Crypto Lending

Is Nexo safe for Americans?

With the help of Nexo, you are on the easiest and safest platform for obtaining the cash loan on your daily spending by depositing cryptocurrencies which you can use as collateral. Americans do want to know Nexo safe for them or not.

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With a crypto-backed loan, you will enjoy tremendous flexibility over the traditional loan because it is entirely free from lengthy loan processing or credit checks.

 

Is Nexo interest compounded daily?

We already know that Nexo pays the interest daily. They also take the snapshot once per day. This makes the whole compounding daily equivalent to weekly, monthly, or annually. You can check all the interest rates of Nexo provided in the app as APY.

 

Do you have to pay taxes on Nexo?

Nexo will be putting your entire loan amount into your bank account, and you have to pay off the specific loan in crypto. No paid tax is required because the interest rate is relatively low at 16%. But if you repay it with Nexo, then the interest rate would be around 8%.

 

Does FSCS cover nexo?

The UK Government generally pays it back with FSCS. This is general because Nexo can collapse at any time.

 

How does a Nexo loan work?

The entire lifecycle of how does Nexo work generally revolves around few steps, which you can see in this Nexo review below:

Step 1:

Using Instant Crypto Credit Lines, the client transfers all of their crypto assets into a secure Nexo Account. Later on, Nexo Oracle will calculate the overall amount for the credit line and set up the loan as soon as Blockchain makes some relevant confirmations regarding few collateral assets they received.

The loan limit will be based on the total market value of crypto assets pledged as collateral.

 

Step 2:

The client will be receiving their entire loan in any of the 40+ fiat currencies through the bank transfer or with the help of a free Nexo Card. At any hour of the day, a client can withdraw the loan in a single transaction. For multiple transactions, make sure the withdrawal amount is smaller each time.

 

Step 3:

For the repayment of the loan, Nexo has multiple options. A client can pay back the loans through an easy bank transfer with cryptocurrency or in fiat currency. Nexo Oracle will record the overall transaction on top of the Blockchain and update the client about the loan limits as soon as the repayment is received.

If the user has maximum Nexo tokens stacked in the account for the coverage of accrued loan interest, then Nexo will offer them a discount rate of 50% on the whole amount.

Users can even repay loans by simply selling their crypto assets in their Nexo Account. If the balance is within the loan limit, Nexo will never ask for the monthly repayments.

 

How do I borrow from Nexo?

  1. You can open the Nexo Wallet App or the Nexo platform.
  2. Top up the crypto assets and make sure you complete the verification.
  3. Click the “borrow option” available in the Nexo Wallet to withdraw cash or stablecoins easily.

You can freely withdraw many times according to your wash from the Nexo Credit Line. But make sure you do maintain a certain loan-to-value ratio and should be having maximum collateral in the Nexo account to cover all your credits.

 

How much can you borrow from Nexo?

The maximum loan amount which you can borrow from Nexo is $2,000,000. Our Nexo review confirms that this is one of the most generous crypto lending platforms with a high borrowing limit.

 

Does Nexo pay interest on USD?

All the assets in the Nexo account will instantly start making some significant interests that you can credit daily. At any hour of the day, you can withdraw or add the Nexo crypto price/funds. On USD, APR is 12%, and earned interest will be USD 215.37.

 

Can Nexo be hacked?

Nexo uses BitGo, storage space for cryptocurrencies in the form of cold wallets. Hence the BitGo platform is SOC 2 Type 2 certified, which generally means that it is 100% secure. Even if the Nexo is hacked, still the hackers would not be able to get access to your crypto assets.

 

Where do you store Nexo?

You can easily store the Nexo in the atomic wallet, which is available in desktop or Android versions. This wallet supports more than 300+ cryptocurrencies, including the NEXO and all the ERC20 and BEP2 tokens.

For successful Nexo storage, we also recommend you to look for some encrypted hardware wallets, which the Ledger or Trezor also makes. These Hardware wallets make the use of high-end encryption procedures for letting the funds stay secure and safe to prevent any hacker attack.

Plus, these hardware wallets are also helpful, with which the users can recover all the funds via a mnemonic seed phrase if the wallet is damaged or stolen.

 

Can you trade on Nexo?

In the initial stages, Nexo clients can easily trade on the Nexo Tokens without leaving their platform. Nexo has a Swap feature to allow the immediate exchange between the 75 crypto and the fiat pairs.

 

Nexo Vs BlockFi – Is Nexo better than BlockFi?

A comparison table between Nexo vs BlockFi is discussed below:

INFORMATION BLOCKFI NEXO
Headquarters Jersey City, NJ, USA Zug, Switzerland
Security Medium High
Insurance Yes Yes
Beginner Friendly Yes Yes
Cryptocurrencies Supported Bitcoin, Ether, Litecoin, and different stablecoins Bitcoin, Ether, Litecoin, and 21 other crypto assets
Highest possible interest rate 8.6% 8%
Mobile App Yes Yes
Services Offered Interest accounts, trading, loans Interest accounts, loans, card

Hence there are different other factors that you need to consider between Nexo and BlockFi. To have the highest rates of interest on the interest accounts or get a loan with the lowest rates, choosing BlockFi is the ideal platform for you.

On the contrary, Nexo has an easy application processing system that verifies its data in various situations. Nexo is best for you if you want to gain high interest in stablecoins.

 

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Nexo Vs Coinbase

Coinbase is known to offer a great suite of products for the crypto industry. This includes debit cards, easy-to-use wallets, and access to interest-based savings accounts for Bitcoin.

The reason why Coinbase is becoming so popular is due to the availability of secure and straightforward product processing for beginners.

On its contrary, Nexo token offers the latest loans, crypto savings account, and debit card.

To highlight Nexo vs Coinbase even more, here we have a table review for you:

COINBASE FEATURES NEXO FEATURES
Earn some passive interest on the USDC stablecoin Has no fees
Solid website and great apps The regulated and licensed financial institution
  Withdraw and add at any time
  Compounded interest is paid out daily.

 

Nexo Vs Gemini Earn

Talking about Gemini, it is a secure, elegant, and simple platform to create your crypto portfolio. Through this platform, storing, selling, and buying cryptocurrencies become so seamless. We highly recommend this platform for beginners because it has all those tools that make the storing and buying process easy.

Gemini has some hardware security keys to protect your account. They use best-in-industry cold storage coverage with some leading insurance providers.

With the Nexo, you are free to earn some daily interest in the USD, EUR, Crypto, or GBP. You can collateralize your crypto and hence borrow instantly with the help of Nexo’s crypto credit lines. Nexo is having a robust and top-quality system of security to ensure better protection on all assets.

 

Nexo Vs Celsius Network

The comparison table between Nexo vs Celsius network is discussed below:

INFORMATION NEXO CELCIUS
Founded 2018 2017
HQ London New York
User Base 1 Million 470K
Number of Currencies 17 38
Interest Rates In-Kind

NEXO (higher interest)

In-Kind

CEL (higher interest)

Fiat Currencies Present Absent
Deposit Fees None None
Loans Present Present

 

Final Verdict on Nexo Review

Nexo review makes us understand that this is one of the best crypto lending solutions in the crypto market along with Competitors like BlockFi or Celsius.

Nexo Review - Crypto Lending
Nexo Review – Nexo Crypto Lending – $Nexo Coin

To sum up the whole discussion about Nexo review Reddit conversations, We do believe that this platform is excellent for long-term investors to build massive wealth. And this is possible by simply leveraging the crypto. Apart from that, this platform provides an insured and safe way to quickly earn some high-interest returns or access maximum cash through the loan.

Overall, as a new user, you will find the Nexo website to be friendly and easy to access. It offers some great rates and features that you might not be getting from other traditional banking methods.

Are you ready to invest in Nexo?