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If you’re interested in buying, selling, or investing in cryptocurrency, then sooner or later you are going to hear about Nexo. Nexo is known for being the one-stop shop for all things crypto. This platform gives you the ability to exchange, borrow, and invest cryptocurrency on their site, with an intuitive platform that makes working with these new digital assets feel familiar and easy. As one of the largest and most trusted cryptocurrency companies in digital finance, Nexo is definitely a platform to take into consideration as you enter the world of cryptocurrency, especially as you seek to find the right online tools for trading. Here is everything you need to know about working with Nexo, so you can determine whether or not the platform is a good fit for you.
Onto our Nexo review!
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Nexo Pros and Cons
Here are some of the key pros and cons that you should consider:
- No Fees Attached. Unlike other platforms, Nexo doesn’t charge any transaction or commission-based fees. You can buy, sell, exchange, and borrow crypto and Fiat currencies without any fees.
- Flexible Loan Options. Depending on what you are looking for out of your loans, there is an option for you on Nexo. Their loans can range anywhere from 3 days to 12 months depending on your specific needs.
- Earn Interest On Your Investments. Nexo gives you the opportunity to earn interest when you invest in cryptocurrency. it is similar to a bank in that when your money sits there, you also accumulate it so there’s no downfall in investing in crypto instead of regular money.
- They Have Their Own Crypto. They have their own crypto set up so that you can invest in it before it gets too big. It becomes a very good investment for somebody looking to start out.
- Lack Of Transparency. Unlike other financial institutions, Nexo does not provide all the report options that they do. They do not provide statistical information for their clients or if their clients have lost money with their savings accounts.
- Credit Line Loan Options. The loan options that Nexo provides are designed like credit lines. This comes with its own set of challenges due to the fact that you, as their client, have to rely on their borrowers to gain interest on their accounts. If one of their borrowers misses a payment, you may not receive interest that month.
- Only Fixed Interest Loan Options. Unlike other lenders, you only have the option to get fixed interest loan options. Some people may prefer flexible loan options because they may perform better with the change in the market. So, if that is something that you are looking for, Nexo loan options may not be best for you.
What is Nexo?
Nexo is an online trading platform specifically designed for cryptocurrency. They are currently working with over 3.5 million clients in over 200 different jurisdictions. They also have over 40 different currencies available for their customers to buy. The platform operates similarly to how a bank works, in that you can invest your crypto and borrow loans on crypto. The return that you may realize from your cryptocurrency investments is typically higher than that of regular cash investments. That is why people are inclined to do so but there is also more risk in doing so as well. Nexo has different account tiers, each of which offers users different benefits depending on the amount of NEXO Tokens you hold across your various wallets.
As far as Nexo’s lending goes, their loans are typically set up for people who cannot normally get credit or need them for a short period of time. There is typically a lower interest rate on these loans than what borrowers would be charged by more traditional lenders. The type of market that it is in makes it so that your loan can only be so much of your crypto currency on deposit at that time. So, it is worth looking into if you’re looking at taking out a loan.
RELATED: Koinly Crypto Tax Software Review.
Features of Nexo
Nexo is designed to be an all-in-one cryptocurrency platform. It has an intuitive interface that makes it easy to understand, even for users who may not be familiar with cryptocurrency trading. Nexo allows its users to buy, sell and hold cryptocurrency in a wallet; it also enables users to take out loans on their cryptocurrency holdings as well. These features make the platform a powerful tool for people beginning to enter the world of cryptocurrency. Here is a deeper look at some of the platform’s key features.
- Buying Cryptocurrency. By investing in cryptocurrency through Nexo, you can enter a world of alternative investments outside of the traditional stock market and pursue some of the wildly high returns that many cryptocurrency investors have enjoyed in recent years (along with the risks). Nexo also enables its users to earn up to 0.5% cash-back through interest. There are no extra fees for this benefit, and it is easy to begin taking advantage of it.
- Exchange Cryptocurrency. Users have the ability to exchange cryptocurrency through Nexo. Similar to a traditional stock trading account, users can exchange and buy new cryptocurrencies with other cryptocurrencies that you have in their digital wallet. Moreover, users can make commission-free trades on Nexo and get 0.5% cashback on these exchanges as well.
- Borrow Cryptocurrency. With Nexo, you can take out loans and borrow from them against your cryptocurrency. There are many benefits to Nexo loans compared to working with traditional lenders. With Nexo loans, there are no origination fees, no credit checks, no monthly repayments, and you can borrow just about any amount starting as low as $50. You can also take the money out for any length of time up to a year.
How it Works
Nexo works through blockchain technology to provide its customers with the best possible financial options and opportunities. This is a change from the traditional market of stocks, bonds, and cash. This is an innovative solution to what we are already experiencing and will experience through these traditional markets.
Nexo wants all of the transactions done through their site to be seamless, secure, and instant. This is what they envision the future of financial transactions will look like and that vision has guided the platform’s development from the start. They want to be one step ahead of the fintech curve and believe that their customers will benefit from their efforts.
The values that guide the Nexo platform are efficiency, transparency, and inclusivity. They have attempted to gear the services they offer now and what they will deliver in the future with these core values in mind. So, as you begin to work with them, or just view what they have to offer, you will see that these services are fully automated, and they have worked extensively on their products to ensure that their customers are satisfied with what they are receiving.
RELATED: How To Buy Bitcoin.
Nexo.io Customer Service
Nexo currently has one of the better customer service options available to their customers. They are available 24/7 via live chat to answer any questions that you may have while using their site. They also have a form that you can fill out or an email you can use, [email protected], at any time if there is a complaint or concern.
They also have a help center aimed directly at their customers with those questions that they can answer instantly. These questions are any common concerns or problems that people tend to have when using their site.
Nexo Reviews & Complaints
According to Trustpilot.com, Nexo has a very good score of 4.7. Reviewers on Trustpilot cited the platform’s impressive interest rates, great customer service, and the ease at which cryptocurrencies could be traded. These reviews also let us know that customers are satisfied with the products that are being offered to them and that they will return to the site to continue doing business with Nexo.
Nexo Alternatives & Competitors
There are similar online platforms offering services comparable to Nexo; these sites include:
- Gemini. Gemini is famous for its security and regulation. You can buy and sell a variety of fiats and cryptocurrencies, and they even offer an NFT marketplace where you can buy and sell digital art on the blockchain.
- Robinhood. Robinhood is similar to Nexo in that it is a site designed for trading cryptocurrency. It gives you instant access to how the crypto is performing and the historical trends of the cryptocurrency as well. It is different from Nexo in that Robinhood is limited to just exchanging cryptocurrency. They don’t offer the loan options that Nexo does, so if that is something that you are looking for, Nexo is a better option for you.
- Coinbase. Coinbase is a bit different from Nexo in that it shows the trends and history of each cryptocurrency. You can also attach the crypto that you have to a wallet that you can use on sites to purchase everyday items. You can buy and exchange crypto through Coinbase but that is about it. They do not have all the features that come along with Nexo. There are also fees associated with each transaction that you would not have through Nexo.
- Cash App. Cash app has recently acquired the ability to send and receive cryptocurrency through their app. The original version of the app just gave customers the ability to send and receive money to other people whether purchasing something or paying someone back. But it has evolved into so much more than that. You can buy cryptocurrency through the app, commission-free, and you can also send it to other people. Whether you are looking for a different type of gift for someone or you are paying someone back, this might be a good option for you.
- Kraken. Kraken is one of the more similar sites to Nexo. It allows for trading between cryptocurrency and fiat currencies. They allow for the buying, trading, selling, and learning about all the cryptocurrencies that exist.
Nexo offers a variety of services to their customers but some of them may not be what the customer is looking for or may not be necessary for the customer’s needs at that time. Each of these cryptocurrency platforms has its own benefits and drawbacks, so find the service that works best for you.
Frequently Asked Questions (FAQs)
How much can I take out in a loan?
The minimum amount of money you can take out in physical currency is $50 and $500 in fiat currencies. You can take out up to $2 million a day. The interest that is applied to these loans is compounded.
Can I take out a Nexo loan?
Unlike other loan options, Nexo does not require a credit check to take out a loan with them. This may be beneficial for people who do not necessarily qualify for a standard loan. The loan is taken out against collateral that currently exists in the account. So, you’ll have to have some sort of currency in there, to begin with.
How long does it take for my crypto transactions to process?
It can take 60 minutes after six confirmations for a crypto transaction to process. It may take up to six times that amount for that to process depending on how busy it is at that time.
What is the Nexo card?
The Nexo card is designed for the ease of use and access of your funds through the app. The card is designed so that you only spend what you have available and so that there is no need for additional fund withdrawal through your bank.
Are there any fees associated with my Nexo account?
There are no fees associated with Nexo! That’s what makes it so great to use and what makes it competitive against other companies. The tier you are a part of will decide how many withdrawals you get on a monthly basis. The higher the tier, the higher the number of withdrawals.
Can I track my withdrawals?
You can track your withdrawals through your profile. There will be a section labeled ‘Transactions’ that will show you the progress.
Nexo Review Parting Thoughts
If you want to invest in and use cryptocurrency, then Nexo is a great place to start. It truly is a one-stop shop when it comes to working with digital currencies. Additionally, the fact that it offers small loans as well sets it apart from many of its competitors. So, if you’re looking for a one-stop shop for cryptocurrency trading, and you want to avoid using multiple platforms to meet your high-tech finance needs, Nexo just might be the place for you.
Check Out Nexo
Take a look at the Nexo website to see if the platform is a good fit for your needs.
Thanks for reading our Nexo.io review.