Nexo Exchange // Condensed Review – Pros and Cons
Nexo is an innovative all-in-one platform where investors can securely store their digital assets and earn interest on popular cryptocurrencies, stablecoins, and certain fiat currencies. Nexo is also very well-known in the industry as one of the top 3 exchanges where you can borrow fiat money and cryptocurrencies at very competitive rates. Let’s dive deep into how this platform can meet your investing needs!
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Restricted Countries/Regions
Is Nexo a safe cryptocurrency exchange?
In the world of crypto, you often hear stories of hacking and security issues even at major exchanges. However, since its founding in 2018, Nexo has never been hacked. As well, this platform’s security reputation and history is flawless.
The following are technical measures used:
- 2FA Authentication: SMS verifications, email verifications, authenticator app support
- Biometric Identification: Using fingerprint or face recognition
- Whitelisting: Manage your crypto addresses or improve the security of your account even further by enabling Address Whitelisting.
- Withdrawal Confirmations & Log-in Alerts
Nexo is registered with the U.S Financial Crimes Enforcement Network, FINTRAC, ASIC, and hold multiple specific U.S State licenses.
Available Cryptocurrencies at Nexo
Nexo allows users to buy and trade a wide range of assets as the platform supports more than 300 trading pairs. Let us look at a list of some popular coins/tokens available:
Bitcoin, Ethereum, NEXO, Tether, USD Coin, Axie Infinity, Polygon, Polkadot, ApeCoin, Avalanche, Kusama, Cosmos, Fantom, NEAR, BNB, Cardano, Solana, XRP, Litecoin, Chainlink, Bitcoin Cash, Tron, Stellar, EOS, PAX Gold, Uniswap, Dogecoin, Decentraland, The Sandbox, Gala, Sushiswap, Aave, Curve, Maker, 1Inch, DAI, Pax Dollar, TrueUSD, USDx, EURx, GBPx, and more!
Nexo Services
We should check out the major services that are offered on the Nexo platform.
Spot Exchange
Nexo’s spot exchange offers 300+ market pairs with 100+ exotic market pairs. This spot exchange has a user-friendly and simplified interface, and offers up to 0.5% in crypto rewards for each transaction. The price is fixed the moment you place an order to prevent price fluctuations.
Nexo Savings Account – Lending
One of the most attractive features of Nexo is its interest-bearing savings account. Lenders can open a savings account and start earning rewards for depositing various cryptocurrencies, stablecoins, and fiat currencies. Interest is paid on a daily basis, and Nexo does not set a particular period for which the digital assets must be locked in.
Interest rates in Nexo savings account range from 6% to 12% and vary based on the cryptocurrency. Stablecoins such as USDT, USDC, PAX, DAI, etc., can be deposited to earn about 6% to 10%. When users choose to be paid in NEXO tokens, they will receive an extra 2% APY.
The platform even allows users to earn interest on fiat money like USD, GBP, and EUR! Be sure to check out the current rates on Nexo!
Nexo Crypto Credit Lines – Borrowing
Nexo offers users instant loans, which are known as “Nexo Crypto Credit Lines”, by using cryptocurrency as collateral. The collateral can be BTC, ETH, DAI, and USDC.
When a user creates a loan, his annual percentage rate (APR) depends on the amount of NEXO token he holds in his portfolio. When users do not hold any NEXO, the platform’s loan APR can be as high as 13.9%, and it can be reduced to 5.9% when the user holds NEXO tokens.
Nexo Pro – Futures Trading
If you are an experienced trader, then waste no time and head over to Nexo Pro to start trading futures right away. Although leverage is only up to 2x, this futures trading platform offers top-tier security and $775 million USD in insurance (partnered with BitGo, Ledger Vault, Bakkt). Contracts are settled in USDT.
Nexo Wallet
Nexo Mobile App – iOS and Android
Nexo is available via desktop, mobile browsers, as well as iOS and Android devices. Both platforms are very clean and intuitive. In fact, navigating Nexo on both web and mobile is more straightforward than many regular banking apps. Highly recommended!
Nexo KYC Verification Requirements
Nexo Trading Fees and Limits
Nexo has extremely competitive trading fees that benefit all users. The fees are based on a Maker-Taker mode, and depend on your monthly trading volume. The tiers are below:
Spot Trading Fees (Maker/Taker)
- Up to $10K: 0.10% / 0.10%
- $10K – $50K: 0.09% / 0.09%
- $50K – $100K: 0.08% / 0.07%
- $100K – $1M: 0.07% / 0.05%
- $1M – $10M: 0.06% / 0.03%
- $10M – $100M: 0.05% / 0.01%
- $100M – $200M: 0.04% / 0.00%
- $200M – $500M: 0.03% / 0.00%
- $500M+: 0.02% / 0.00%
Futures Trading Fees (Maker/Taker)
- Up to $150K: 0.0300% / Available soon
- $150K – $250K: 0.0275% / Available soon
- $250K – $500K: 0.0250% / Available soon
- $500K – $5M: 0.0225% / Available soon
- $5M – $50M: 0.0200% / Available soon
- $50M – $500M: 0.0187% / Available soon
- $500M – $1B: 0.0175% / Available soon
- $1B – $2.5B: 0.0162% / Available soon
- $2.5B+: 0.0150% / Available soon
Nexo Payment Methods and Fees
At Nexo, there is a range of payment methods available. Let’s check out all options.
Depositing at Nexo and Fees
There are absolutely no fees when depositing any fiat currency or cryptocurrency into your Nexo account. Only when you are purchasing cryptos with a credit card, Nexo charges a 1.49% fee for users from EU countries, and 3.49% for non-EU countries.
Withdrawing from Nexo and Fees
All cryptocurrency transfers between Nexo accounts are free, instant, and unlimited. You will receive 1 to 5 free monthly crypto withdrawals to any external wallet, depending on your loyalty tier. These are the 4 levels:
- Basic: 1 free withdrawal per month
- Silver: 2 free withdrawals per month
- Gold: 3 free withdrawals per month
- Platinum: 5 free withdrawals per month
Once the free withdrawal limit is reached, you will be automatically charged a fee incurred by the network. The fee is not fixed and depends on the current condition of the respective blockchain.
Nexo Customer Service
We personally tried the customer service at Nexo, and the team replied in under five minutes and quickly answered all questions. As a result, Nexo is very top-notch in terms of support. These are the contact methods available at Nexo:
Email: support@nexo.io
Online Messaging: Users can fill out an assistance request form
Live Chat: Click on the blue icon in the bottom right corner to chat with the support team right away
Conclusion – Should I use Nexo?
As you can see, Nexo is an excellent choice if you are remotely interested in any of the above benefits. Be sure to create a free account and start checking out the Nexo platform!
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