Want to jump straight to the answer? You can buy NEXO on Nexo.io.
Going to the bank and asking for a loan is often a long and time-consuming ordeal. You have to provide tons of documents to support the loan and wait to hear if it is approved. Nexo is a crypto project hoping to change this. By providing instant crypto-backed loans, the project is able to make the borrowing process much more efficient and accessible.
What Is Nexo Token (NEXO)?
Built on the Ethereum chain, Nexo is a project that provides instant loans backed by cryptocurrency. The loans can be given in fiat currency or stablecoins, such as Tether (USDT). The company is the first ever provider of instant crypto loans, aiming to change the entire industry.
Users can deposit a variety of supported cryptocurrencies to use as collateral for their loans. They can then take out an instant loan that is reliant upon the amount deposited as collateral. Loans can be taken out from anywhere between $50 to $2 million. There are no origination fees or monthly repayments involved with the borrowing service.
NEXO is the native token for the project and provides users with benefits when taking out loans. If a user deposits NEXO as collateral, they can receive a discount on the interest payments. They can also earn dividends from the platform. Nexo distributes 30% of its profits back to those who stake NEXO on the platform.
While the main selling point for the platform is its lending system, the project also offers a variety of other uses. They have a staking program where users can earn up to 20% APY on their favorite tokens. These interest payments are made daily, and users have full control over their funds.
Nexo also has a crypto exchange where users can buy, sell and swap crypto instantly. The exchange searches for the best rates and then executes the orders at those fixed exchange rates. Users can fund their account with a credit or debit card, allowing for easy trading.
Brief History of Nexo Token (NEXO)
Nexo was launched in 2018 by a team of finance professionals, with experiences ranging from investment banking to finance law. The project was created to provide traditional banking services in the crypto world. The platform is available in over 200 jurisdictions with over 2.5 million users and has over $13 billion of assets under management.
NEXO token was released in May 2018 and was steadily trading around $0.10 until May 2021, when it hit an all time high of over $4. It is currently trading between $2 and $3, with a market cap of over $1.5 billion.
How to Buy Nexo Token (NEXO)
Now that you have a basic understanding of how Nexo operates, you may be interested in purchasing the token. Fortunately, the token is ready for purchase on Huobi Global.
- Open an online account.
The first step to obtaining NEXO is to open an account on Nexo.io. Nexo is a leading crypto trading platform with a strong international reputation.
To open an account on Nexo.io, navigate to its website and create an account using a username and password. You then verify your account in adherence to know your customer (KYC) laws.
- Buy or download a crypto wallet (optional).
While purchasing and storing NEXO on Nexo's platform is the easiest option, it may not be the safest. Nexo has custody over funds on its platform, so if it is hacked, your investment could be lost. Crypto wallets are a way for users to store crypto separate from any single entity.
- Make your purchase.
Once you have an account on Nexo’s website, connect your bank account and purchase 1 of the tokens that can be swapped for NEXO. Typically, the easiest way to do this is by using USD or a USD-pegged stablecoin.
Once you have a supported token, navigate to the pair of your token and NEXO. Enter in the amount of NEXO you would like to swap for and execute the trade. From there, your NEXO will be stored in your Nexo portfolio.
Best Crypto Wallets For NEXO
Best Hardware Wallet: Ledger
Hardware wallets are physical devices that store the private keys needed to send crypto. Without the device present, transactions cannot be confirmed, which is arguably the safest way to store crypto.
Ledger is a leading hardware wallet brand that supports NEXO. Users can send, receive and swap NEXO with the wallet. Ledger offers a Nano S model and a Nano X model. The Nano S only provides minimal features and has limited storage space, while the Nano X is for advanced users, offering bluetooth connectivity and large amounts of storage.
Best Software Wallet: MetaMask
Software wallets store the private keys on the internet. While this is not as safe as hardware wallets, there are many measures that can be taken to secure your private keys.
MetaMask is a software wallet that supports NEXO. It is easily accessible through a chrome extension and can be safe if users take the necessary precautions.
Keep an eye on the interest rates for crypto lending. If these go down, more users may take out loans through Nexo.
Trade, Sell or Convert your Nexo Token (NEXO)
To convert your NEXO, navigate back to the exchange on Nexo.io. Enter the amount of NEXO to swap and execute the trade. Your new token can be found in your portfolio. Major tokens, such as USDT and ETH, can be sold for fiat currency. This fiat can then be redeposited back into your bank.
Current Crypto Prices
On Dec. 8, 2021, numerous crypto CEOs will appear before Congress to speak at a hearing regarding digital currencies. Major companies, such as FTX and Coinbase Global Inc. (NASDAQ: COIN), will be present.
This hearing is important for the crypto community, as it allows major figures in the business to speak directly with elected representatives. Their input may affect future crypto regulation. The hearing may affect the price of major cryptocurrencies –– for the most up-to-date cryptocurrency prices, check out Benzinga’s table below.
Is Nexo Token (NEXO) a Good Investment?
While Nexo was the first platform to begin offering crypto loans, many other competitors have entered the market. This level of competition takes away from Nexo’s earnings and may negatively impact the project. If Nexo can offer lower rates and more incentives to use its platform, then there is room for the token to appreciate.
- Exclusive Crypto Airdrops
- Altcoin of the Week
- Insider Interviews
- News & Show Highlights
- Completely FREE