In light of their recent in-app exchange announcement, I want to take this time to talk about Nexo wallet. This app is one of the more recent additions to my Crypto wallet journey - discovered this gem middle of 2020 - yet is certainly hovering at the top of my favorite wallet/exchange list. Why is this so? Nexo is simple; I earn daily compounding interest; transfers are easy; borrowing is painless; rates are excellent.
First up, interest. HODLers can choose to ‘earn in kind’, or for an extra 2% (USA excluded) by choosing to earn in Nexo token -
3 Fiat currency:
- EUR, GBP, and USD - 10-12%
11 Major Cryptocurrencies:
- BTC, ETH, XRP, BCH, LTC, BNB, EOS, LINK, XLM, TRX, PAXG - 6-8%
6 Stablecoins:
- USDT, USDC, PAX, TUSD, DAI, HUSD - 10-12%
Next up, Borrow. Borrowing with Nexo is as simple as HODLing enough crypto to cover the LTV (loan amount / value of the collateral) ratio for anywhere from $10-$2 million in funds, available instantly. Transfer to your account via bank transfer or Stablecoin [USDT, USDC]. The process is quick, and carries a low 5.9% interest rate. Pay loan back with your choice of stablecoin or cryptocurrency. Requesting multiple loans just adds to the total loan amount. Keep in mind that while you owe on a loan, the collateral used is locked into a credit account and unable to earn interest. There is the opportunity to transfer between accounts, so if you would rather earn on a coin currently locked into your credit wallet, there is freedom to move another into its place. All in all, very happy with this system.
Next is the newly christened exchange. I have not used this as of writing, but the process seems simple. There are 75+ crypto & fiat pairs to choose from. Nexo touts a “smart routing system” which offers the best price available for your trading pair. There is no price fluctuation and unlimited swaps.
Onto the Nexo token itself. The last month has seen a 132% increase in value; up 700% for the year. Solid gains with no sign of slowing down. Pair this with a 30% profit share dividend paid to token HODLers. This dividend applies even if using NEXO token as collateral for loans. This basically pays for itself.
Lastly there is the Nexo card. As of now there is a waiting list. Be sure to add your name to the list and this wallet becomes a powerhouse for crypto spending. No fee, 2% cash back, accepted worldwide (MasterCard), security chip.. Don’t forget, Nexo is a licensed, regulated, and insured EU financial institution. Does traditional banking stand a chance at this point?
I have found little to dislike about this wallet. There are some minor glitches here and there. Cryptocurrency prices change in value, which must be considered while borrowing. All in all, a must have for crypto enthusiasts. Comment below any experiences you have with this company. Be sure to visit the link below to join.
