Have you invested money in cryptocurrencies? Have you heard about the Nexo platform at which you can store your cryptocurrencies and receive an annual interest between 4% and 12%? Have you read about the fact that you can deposit Euro and Dollar and receive a high interest on your normal money as well? But, what is Nexo all about? How does it work? Is Nexo safe to use?
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First of all, I am first of all writing this article based on my personal experience using the Nexo.io platform. I have been using the platform for approximately one year, and I am very satisfied. But, the fact that a platform has existed and has worked with satisfied customers for one year and more doesn’t really guarantee the fact that it is good, solid, and trustworthy. So, what is the truth about Nexo.io? Is it a platform worth using? How does it work?
How does Nexo.io operate?
I like to think of Nexo.io as a cryptocurrency bank. Here you can store your cryptocurrencies and you will be rewarded with high interest rates for doing so. But, banking is also about giving credit (loans) to those in need. So yes, that is also what Nexo is all about. You don’t have to take advantage of the chance to get a crypto loan, but in order to get a loan, you need to have funds in your Nexo account that will be your collateral (guarantee) for the loan you are about to ask for.
The interest rates and the rates for your loan will depend on the number of Nexo tokens in your wallet. You will get the best rates if more than 10% of your total portfolio is in Nexo tokens.
What does this mean in real life?
Everything happening on the Nexo platform is based on your loyalty level. Below, you can see a picture from the Nexo website showing how the different loyalty levels will affect your life on the platform.
As you can see, you will receive an interest rate of 4% on your cryptocurrencies if you do not have any Nexo tokens at all, and 8% on your stablecoins. If you accept that you will receive the interest in Nexo tokens (instead of in the actual coin that you are storing on Nexo), the interest level will be 2% higher.
Not only will the interest rate grow as you have a higher loyalty level, but you will also enjoy lower borrowing rates, as you can see in the picture above.
How can I use the website?
Below you can see a screenshot from the Nexo website, the way I can see it after logging in with my account.
When you log in to your account, you can see a list of all the tokens available on the platform. You can easily top up your account and deposit tokens to the platform and you can easily withdraw tokens from the platform. There is also an exchange built-in, meaning that you can buy and sell tokens without leaving the Nexo website (or the Nexo application).
One of the big advantages of Nexo is the fact that the website is very clean and very easy to use. It gives you all the information that you need, but nothing else. As a result, you will quickly find whatever you might be looking for, and you can easily maneuver the website.
If you click the link to see your interest details, you can immediately see how much you have earned in interest on the Nexo platform.
Here you can see my tokens and how much interest I have earned with them so far.
Would you like to try the Nexo platform?
If you want to register at the platform, I suggest that you use the following link. It will give you an additional bonus once you add more than $100 worth of crypto to the platform, and I will also receive a little bonus when you receive your bonus!
A few more words about Nexo
How can I trust Nexo? Is it 100% possible? I guess my answer to that question is no. So, you shouldn’t place all your eggs in the same basket. But, I do know that the co-founder and managing director Antoni Trenchev is regularly featured in Bloomberg. What does that mean? The company has a face, and such people do not want to risk their honor, name, and face to something they know is a scam or soon about to fall apart. They also have insurances available for the values stored on the platform, and you can read more about those in detail right here.
All in all, I only have positive words about Nexo so far. I can warmly recommend it to anyone reading this article, but do some more research first, and remember that cryptocurrencies are highly volatile, so be careful!
What is your experience with the Nexo platform? Do you have any comments, experiences, or questions? Please use the comment field below and let me know about it.