Nexo information
Description
Nexo is a platform for secured loans with cryptocurrencies. The company offers more than 45 fiat currencies in over 200 jurisdictions. In the case of a loan secured with cryptocurrencies (crypto loan), for example, Bitcoin can be used as security and the borrower receives a loan directly in the respective currency. Since 2019, the lending of cryptocurrencies and euros has also been offered, with which users can generate returns that are paid out daily.
About the company
Nexo's business is based on the FinTech group Credissimo, which was founded in 2007 in London as a corporation and initially dealt with the processing of online loan applications. In 2010, an in-house, automated loan approval technology was developed and an iOS and Android app was added in 2013. 6 years later, the first big contacts with Bitcoin loans took place and since then the crypto area has been consistently expanded. The company is currently run by the co-founder and managing partner Antoni Trenchev.
Usability
The usability is very intuitive and goal-oriented and does not require any great technical knowledge. This is further underlined by the simple but functional app.
Fees
The fees for lending start at 5.9% annual interest, for lending you currently get between 5% and 10% per year for cryptos and a fixed 10% for US dollars, euros and British pounds. The current interest rates are broken down by asset on the official website: Earn crypto, Earn fiat.
Questions & answers
We have summarized the most important questions and answers about this provider for you and tried to answer them.
- What is the NEXO token?
- Which cryptocurrencies can be used and stored on Nexo?
- How difficult is it to set up Nexo?
- How secure is Nexo?
- Is Nexo legitimate?
What is the NEXO token?
The NEXO token is Nexo's own utility and dividend token. With it, on the one hand 30% of the company's profits are paid out as dividends to the token holder, and loans are secured, and on the other hand, the NEXO token can be used itself to generate returns on the platform through lending. The dividend token has enjoyed growing popularity and increasingtrading volumessince October 2018.
Which cryptocurrencies can be used and stored on Nexo?
Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, BNB, EOS, Chainlink, Stellar, NEXO Token, PAXG, Tether, USD Coin, PAX, TrueUSD and DAI can currently be used as collateral on Nexo. You can find an overview of the currently accepted coins here. It can even be calibrated using the coins to be included next.
How difficult is it to set up Nexo?
Setting up Nexo is quick and easy and is supported by an intuitive user interface. All information is limited to the bare essentials, a KYC becomes necessary for larger sums, which in turn goes hand in hand with the regulation as a licensed financial institution.
How secure is Nexo?
Nexo places a comparatively high value on security. Cold wallets from BitGo are used to store the deposited coins. Of course, one can always argue with the saying “Not your keys, not your coins”, but the greatest effort is really made to minimize the risk for the user. All funds are secured through the Nexo portfolio with 200–500% over-insured crypto credit lines. The company's total deposit amount is also insured for up to $ 100,000,000.
Is Nexo legitimate?
Yes. Nexo has been active in the financial sector since 2007 and has now proven itself in the crypto sector for several years. Furthermore, fees, costs and Terms of Use are provided in a transparent and easily understandable way for the user and supplemented by a clearly structured support page. In addition, the corporate structure based in London is clearly and openly regulated and it has the status of a regulated and licensed financial institution in the EU.