Have you ever been dreaming of living from passive income? Do you have money in the bank, but currently you are suffering because you do not get any interest as at all? Most banks do not give you any interest at all, and recently, I received an email from Wise.com that they will charge me a negative interest for all the Euro in my account that will surpass 3000 Euro (starting in June 2022). So, wouldn’t it be nice to actually get some nice interest on your funds and maybe even live of the interest?
You can currently store a lot of different cryptocurrencies on the Nexo platform. The most popular tokens you can hold is probably Bitcoin, Ethereum, and USDT, but you can also hold other popular currencies such as Avalanche, Polkadot, Binance Coin, Tron, and several others. But, the cool thing is that you can also transfer your actual USD and Euro and hold them on the platform and earn and interest moving between 4% and 12% on your actual FIAT currencies.
How to maximize your interest and live of passive income?
Let us say that you have 10,000 Euro ready to deposit to Nexo. The first thing you need to do is to visit the Nexo website and to create a Nexo account.
When you have your account ready, find the Euro account and click deposit.
First you can see some instructions dealing with the transfer and you can also see that there is a possibility of earning a 12% interest with your Euro on the platform. When you have clicked the I Understand button, you will see the needed information in order to make a Euro transfer to your Nexo account. If you are worried, start with a small transfer first.
I have wiped out the Reference number from the picture above, but that is extremely important to include when you do the actual transfer.
When the money has arrived, you will immediately start to earn interest with your money on the platform.
How to maximize your interest?
- If you lock your funds for three months, you will earn 4% more than if you just keep the money on the platform.
- If you agree to receive your interest in Nexo tokens you will further boost your interest with 2%.
- If you own many Nexo tokens, then that will also increase the interest you earn with your tokens.
Now, you can also deposit Bitcoin, Ethereum, Binance Coin, USDT, DAI, and other tokens, and these will also generate interest for you on the platform.
If you want to secure your interest, keep the interest in the different currencies. If you believe in the future of Nexo and the fact that the platform will grow, you can get an interest boost by asking to get the interest in Nexo tokens. This might be very smart, at least if the price of Nexo will increase in the future.
How to take profit on Nexo?
It is extremely easy. If you receive your interest in Nexo tokens, simply go to the exchange part of Nexo and choose the option to sell crypto for Euro, USD, and GBP. You can then sell the crypto profits you have made, see them in your FIAT currency balance, and from there, it is only a few mouse clicks and you can transfer those funds back to your real-life bank account and you can use the money to pay for your groceries.
Of course, you can also ask for a Nexo-card and then pay with your Nexo card as you go shopping, and then you do not even need to withdraw money from Nexo to use them. But, this might be more complicated seen from a taxational perspective for many, so withdrawing them to a normal bank account first is easier for quite a lot of people.
No matter what you choose to do, these instructions have showed you an easy example of how you can take profit on the Nexo platform.
If you have further comments or questions, please use the comment field below!
