• Fri. Jun 21st, 2024

A Guide to Nexo – All You Need to Know About the Crypto Lending Platform

Louise Villalobos

ByLouise Villalobos

Dec 11, 2023

Several crypto lending platforms went under during the bear market in 2022. But Nexo has stood the test of time and continues to offer customers excellent services. So what’s the secret? We take a look at the crypto lending protocol to find out all the features that make it stand out.

Exploring Nexo

Nexo is a leading lending platform that allows users to borrow loans without the need to sell their crypto assets. Instead, they offer those assets as collateral. Unlike many of its rivals that only give loans in the form of stablecoins, Nexo lets users receive their loans in fiat currencies.

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So, who are the founders of Nexo? The platform was created in 2018 by Kosta Kantchev, Antoni Trenchev, and Kalin Metodiev. The trio has vast experience in FinTech.

Besides being a lending platform, Nexo lets users trade various cryptocurrencies. Let’s find out the types of trading that Nexo supports.

What Can You Trade on Nexo?

Spot Trading – Nexo supports over 450 trading pairs. You can use several types of orders to open trades on this platform. They include Trailing, advanced, and One-Cancels-the-Other orders.

Margin trading – It is possible to amplify your trading positions on Nexo. The platform lets you leverage your trades by up to 5x.

How Do You Sign Up with Nexo in 2024?

Here is how you can get started with Nexo:

Step 1: Go to Nexo.com and click the “Get Started” button. Next, enter your email and password, then press “Create account.”

Step 2: Go to your email app and verify the email sent to you by Nexo.

Step 3: After clicking the “Verify Email” button, you will be redirected to the client dashboard.

Step 4: Complete the Know Your Customer procedure to deposit funds and access all Nexo’s services.

Which countries is Nexo Available?

Here are some of the nations where Nexo has a presence: Bulgaria, Iran, Estonia, the US State of Alaska, Canada, Cuba, the Central Africa Republic, Syria, Kherson, Donetsk, Crimea, Luhansk, Kherson, Zaporzhzhia, and North Korea.

Comparison Between Nexo and Its Competitors

Nexo vs. YouHolder

With Nexo, you can deposit over 30 crypto assets as collateral. Interest rates range from 1% to 14%. On the other hand, YouHolder supports more than 50 digital currencies as collateral, and interest rates range from 0% to 16%.

Nexo vs. Coinloan

As mentioned, Nexo users can collaterize their loans using more than 30 crypto assets. By comparison, Coinloan accepts over 200 cryptocurrencies as collateral.

Nexo’s Tools and Features

Buy and Exchange Crypto

At Nexo, you can easily buy cryptocurrencies using your debit/credit card. Moreover, the platform has a swap feature, letting you exchange one token for another.

Nexo Card

Nexo provides users with debit cards that allow them to pay for online purchases using their digital currencies.

Nexo Pro

If you are a professional trader, then you will find Nexo Pro useful. The platform comes with a comprehensive pool of features and tools that streamline your trading experience.

Earn Interest

By depositing USDT, BTC, and 37 other crypto assets in Nexo, you can earn an interest of up to 15%. What’s more, this interest is usually compounded on a daily basis, thus allowing your assets to multiply faster.

Nexo Booster

If you wish to purchase more crypto assets, you can borrow funds through the “Nexo Booster” feature.

Nexo Wallet

Nexo offers a secure crypto wallet to allow customers to store and manage their digital currencies.

Nexo Loyalty Program

Nexo rewards dedicated users with its native token, NEXO. The amount of tokens users receive depends on the value of their holdings.

Is Nexo Regulatory-Compliant?

Nexo has secured registrations and licenses in several nations. In the US, for example, Nexo is registered with the FCEN (Financial Crimes Enforcement Network). In Australia, the lending platform is regulated by the ASIC (Australian Securities and Investment Commission).

Louise Villalobos

Louise Villalobos

Louise Villalobos is an adept writer, renowned for her compelling articles that illuminate and engage. Her prowess in breaking down intricate subjects provides readers with clarity and nuance. With a vast and varied portfolio, Louise has solidified her standing as a distinguished voice in contemporary journalism.