Do you need an immediate loan backed up by your crypto assets? Well, the answer to such a question is the Nexo lending platform. Ever since Nexo became popular, many crypto beginners have started asking questions like “how to buy Nexo (NEXO)” and “where to buy Nexo.”
If you want to buy NEXO but don’t know where to start, you should read this article thoroughly. We will cover the basic steps of buying Nexo (NEXO), as well as some important topics about the token.
Nexo (NEXO) Buying Guide
Step 1: Find An Exchange That Supports NEXO
To start buying NEXO, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support NEXO.
Cryptocurrency platforms may be similar in purposes but different in operation. Some crypto exchanges have seamless functionality while others have premium security with reasonable transaction fees.
- 500+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 0.075%*-0.1%*
- Sign-up bonus: 10% reduced trading fees*
- Available in Europe, Asia, Oceania, Africa
- 300+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 0.020%*-0.070%*
- Sign-up bonus: 5% reduced trading fees*
- Available in Europe, Asia, Oceania, Africa
- 1000+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 0.2%*-0.2%*
- Sign-up bonus : Up to $500 in USDT vouchers*
- Available in North America, South America, Europe, Asia, Oceania, Africa
Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number for verification.
You probably need to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial websites.
Step 2: Deposit Funds to Your Exchange Account
Before buying NEXO, you must add funds to your new crypto account. Depositing funds is easy because most exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD, CAD, AUD, and EUR. You can fund your account through debit cards, credit cards, bank transfers, and e-wallet transfers.
Crypto exchanges have different payment methods for transactions. These methods probably have higher fees than the ones you’re commonly using. So, before depositing funds to your crypto account, you should do your own research.
Step 3: How to Buy NEXO Officially?
Learning how to buy NEXO is not difficult. First, you must go to a crypto exchange’s search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for the NEXO ticker. You can also look directly for NEXO trading pairs to save time. Afterwards, just enter the amount of the NEXO tokens that you want to buy.
You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, crypto exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your cryptocurrencies, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with competitive security encryption.
Everything You Have to Know About Nexo (NEXO)
Nexo is a decentralized cryptocurrency lender under the popular FinTech group, Credissimo. The primary goal of Nexo is to deliver low-interest loans supported by crypto assets. Since Nexo is decentralized, all users have full control of their data, tokens, and assets. Plus, Nexo doesn’t have credit checks that massively slow down traditional loan applications.
One of the best things about Nexo is the Nexo Card. This product works like a credit card except that the assets being transferred are cryptos and tokens. The Nexo Card guarantees seamless transactions processed within the day. If you’re a serious HODLer, you will also be delighted by Nexo’s cryptocurrency rewards. Your idle cryptos can earn up to 2% over time!
Consistent payers of Nexo loans will receive higher loan limits from the platform. This happens automatically because of the Nexo Oracle system. Users will even receive notifications if their loan limits have decreased because of token depreciation.
How Does NEXO Work?
Nexo works in a rather simple, easily understood way. As a borrower, you must add crypto assets to your Nexo wallet. Your wallet is linked directly to the Nexo Oracle for fast transaction updates. Once your collateral is secured, you can now receive an instant loan from the Nexo platform. You will eventually get your collateral back once you’ve repaid the loan.
You will receive loans in USD or EUR based on the current value of the assets deposited. To keep earning crypto rewards, you should always keep some assets or tokens in your Nexo wallet.
What Makes Nexo (NEXO) Unique?
Nexo is unique because of its quick and efficient lending system. You don’t have to worry about credit checks because Nexo will approve loans as long as you’ve issued the collateral. Your account will also gain higher loan limits as you pay loans continuously while keeping tokens in your wallet.
There’s almost no reason not to park tokens in your Nexo wallet. The idle assets will accrue rewards over time, reaching up to 2% appreciation. This rate is somehow better than the annual rate offered by traditional banks.
Who Are the Founders of Nexo?
The founders of Nexo are Kosta Kantchev, Georgi Shulev, and Antoni Trenchev. These individuals have collective experience in various fields like FinTech, banking, financial analysis, politics, and e-commerce. The Nexo Core Team is currently working on crucial updates like loan limit improvement, platform efficiency, token adoption, additional listing, and a token buyback program.
What Are the Use Cases of Nexo (NEXO)?
Nexo offers a better way of getting loans. The platform’s use cases are primarily related to lending, repayments, and crypto-backed financing.
Here are the use cases of NEXO:
- Quick and easy loans based on crypto collateral
- Credit line improvement due to Nexo Card
- HODLing incentives
- Crypto trading and exchange
- Free crypto withdrawals based on loyalty tier
- NEXO governance
Who Builds on Nexo (NEXO)?
Nexo is designed for users and investors who need immediate loans backed up by cryptocurrency assets. Large organizations can also rely on Nexo to fund their projects and endeavors. Additionally, cryptocurrency exchanges can get Nexo’s financing options to increase their liquidity capabilities.
Official website: https://nexo.io/
Essential Points of the Nexo (NEXO) Whitepaper
The Nexo Whitepaper highlighted the importance of crypto-backed loans and a stable loan contract system. Plus, the paper also outlined the structural aspects of the Nexo platform.
These are the strong points of the Nexo (NEXO) Whitepaper:
- Instant crypto-backed loan system
- Nexo credit card
- Nexo’s advantage over traditional loans
- The Nexo Oracle system
- Scheduled Nexo airdrops
- The Nexo Roadmap
The Best Cryptocurrency Wallet for NEXO
After knowing how to buy NEXO, you should think about the security of your cryptos next. Fortunately, you can always choose from dozens of available crypto wallets. You should pick a crypto wallet based on your trading habits and security preferences.
You will likely begin your crypto journey with hot storage wallets. These digital wallets are connected online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability to online theft. You may need to use additional security measures to keep your hot storage wallet safe.
On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for premium protection.
What Factors Affect My Choice of Crypto Wallet for NEXO?
At first, you might get confused with the diverse choices of crypto wallets in the market today. Knowing the common buying factors for crypto wallets will help you make the right decision.
Check out the important factors affecting your choice of NEXO wallet:
- Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade NEXO right away.
- Not all wallets support a wide range of cryptocurrencies. The best crypto wallets are those that will let you trade hundreds of cryptocurrencies without limitations.
- When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
- Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
- Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities that you can tweak freely.
Ledger vs. Trezor – The Best Crypto Wallet for Traders and Investors
Now that you already know how to buy NEXO, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.
When it comes to cold storage wallets, it’s best to start with Ledger or Trezor products.
Ledger is a popular cold wallet brand because of its reliable security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device.
If Ledger excels in security functions, Trezor wins in terms of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and appealing to the eyes.
General Market Overview for Nexo (NEXO)
Do you want to learn more about Nexo (NEXO) and other crypto coins? Check out our crypto blog and expand your knowledge about cryptocurrencies!
Additionally, here are some important topics in our blog:
- Trading speculation about Nexo (NEXO)
- The current market prices of cryptos
- Detailed price charts with comprehensive histories
- Whitepaper summaries of cryptos
- Founder profiles and their related works
- Up-to-date cryptocurrency news and developments