WHAT YOU REALLY NEED TO KNOW ABOUT NEXO CRYPTO: Is It Worth the hype?

NEXO REVIEW 2024

It is a well known fact that the world is evolving and cryptocurrency is gradually taking over. These days there are various cryptocurrency services available for use to your advantage, you may have seen or come across Nexo, a crypto exchange and lending platform. The Swiss based crypto exchange brings a unique mix of features, ranging from lending and borrowing to 3x leveraged trades to liquid ETH staking and even a rewards card.

This article will be providing a comprehensive Nexo crypto review and also a guide on how you can with the platform. In the following sections I will be providing an in-depth Nexo crypto review. However it will help you through the process of how you can start with the platform. You will learn how to open an account, depositing of funds, earning interest and obtaining a credit line.

This guide will indeed take you through on how to get started with the crypto platform whether you are a beginner or a seasoned cryptocurrency investor.

Before we go further let’s ask ourselves this question- What is Nexo Crypto?

Nexo is a crypto exchange that is more than an exchange, it is a reliable, secure, and beginner friendly platform. However it allows you to manage your crypto and earn cash back on crypto purchases and trades.

The company has survived both bull and bear markets, with a history dating back to 2018. Throughput the years, the  platform continues to innovate, building a worldwide base of over 5 million users in more than 200 countries.

The platform allows you to buy and trade cryptocurrencies, as well as get a line of credit using your crypto assets as collateral. Additionally you can earn interest on your crypto holdings by depositing them into an interest account.

Nexo uses what they call Loyalty Tiers to drive additional benefits like lower fees or higher interest rates. All users start out at the base loyalty level but to qualify for a higher loyalty level, you must own a certain amount of Nexo tokens relative to your total portfolio on Nexo.

The platform has a very high security level, where advanced security measures such as multi factor authentication and cold storage is used to protect its user’s funds

Nexo has got you covered when it comes to reliability and a secure platform for managing your cryptocurrency assets.

Pros and Cons

It is always important to weigh the pros and cons of any cryptocurrency platform and here are major things to consider while using the platform.

Pros

1️⃣ No fee trades (financed by spreads) make
accounting easy

2️⃣ No hassle access to the value in your
crypto through Nexo borrow

3️⃣ Nexo pro for precision trading with low fees

4️⃣ Free withdrawals (limited by loyalty level)

Cons

1️⃣ High Nexo token buy-in requirements to
qualify for the highest loyalty level

2️⃣ The 12 month Nexo token price is down
over 50% compared to BTC

3️⃣ Several key products not available in
major markets such as the U.S

4️⃣ Minimum withdrawals limits (0.001 BTC,
0.01 ETH)

In all the market is very volatile and investing in cryptocurrency is not without risk.

Step by Step guide on how to get started with Nexo

Registration process

The first thing to do is to register for an account by visiting the website and clicking on “Get Started” at the top right corner of the page.

Then you will have to fill in your email address and create a password. Once you have done that you will receive a verification email that you have been verified.

Setting up wallet

After your account has been verified, you set up your Nexo wallet by logging into your account and clicking on “Wallet” in the top menu. You can as well choose which cryptocurrencies you want to add to your wallet.

The platform is the most versatile platform in the market supporting over 70 cryptocurrencies including Bitcoin, Ethereum, and Litecoin among others.

Key Features of Nexo Crypto

Therefore, the crypto exchange has a unique set of features and clever implementations that you won’t find elsewhere.

The Nexo Earn Product: Earn a yield on your crypto up to 16%) with Nexo’s easy to use Nexo Earn. (Not available in the U.S or Canada).
Crypto loans: You can borrow against your crypto with the proceeds paid in stablecoins or cash. Nexo interest rates range from 0% to 13.9%.
The Nexo Card: You can earn up to 2% back and access the value in your crypto without selling with the Mastercard Nexo card.
Staking: You get to earn a staking yield with your ETH using Nexo’s nETH, a liquid staking token that lets you trade your staked ETH or use it as collateral.
Platform exchange: You can trade a wide range of crypto with over 500 trading pairs.
booster: You can trade with up to 3x leverage and higher LTV ratios. Availability varies by location.
Pro: Access advanced trading and deep liquidity with Nexo pro.
Platform Wallet: Access DeFi yields and popular dApps on 5 networks with Nexo Wallet.
Loyalty Levels: Save on borrowing fees and earn rewards by qualifying for higher loyalty levels based on the percentage of your portfolio comprised of Nexo tokens. Compare platform with binance.

Security Measures

Like I said before Nexo crypto takes the security of its platform very seriously. It employs different measures to ensure that your funds are safe and secure.

Nexo crypto uses two very important security measures (Two-factor authentication and Cold Storage).

Two-factor Authentication(2FA)

This is an extra layer of security that helps to protect your account from unauthorized access.

You will need to provide a second form of identification in addition to your password. They supports two factor authentication via Google Authentication, Authy and SMS.

Cold Storage

Nexo also stores majority of its assets in cold storage which means that they not connected to the internet and are less vulnerable to hackers.

It only keeps a few percentage of its assets in hot wallets for daily operations.

Nexo uses multi signature technology to secure its cold wallets. Meaning that you need multiple private keys to access the funds, making it difficult for hackers to steal your assets.

With this level of security, the users are sure that their funds are super safe and secure.

Nexo Review Conclusion

With all being said and done, all that’s left to establish is one single thing- is Nexo a platform that’s worth checking out and using or should it be avoided completely?

Well, I think the answer is very obvious if you read through this Nexo review up to this point- Yes it is worth using!!

In general, the platform is simple to use and has some amazing offers and features in regard to Nexo’s unique Dual Mode Crypto Card. However many cryptocurrency investors around the world trust the platform.

All in all, I do hope that this Nexo crypto review was useful to you!. Thanks for reading and goodluck!