How & Where to Buy Nexo Token (NEXO) in 2024

How to Buy Nexo

The easiest way to buy Nexo is to purchase it online from a crypto exchange. Exchanges make it easy to buy and sell Nexo and other cryptocurrencies directly from your smartphone, tablet or computer. Check out our recommended platforms below and follow the steps to safely buy Nexo.

1. Choose a broker or exchange

You will have to set up an account with a broker or exchange to start buying Nexo. As security and ease of use will likely be important to you, we suggest you choose from one of the reputed platforms we have picked out for you below.

2. Create and fund your account

Once you have logged in with your chosen broker or exchange, you will probably have to provide some form of documentation such as a driving license or passport so you can authorise your identity. Completing this step will let you deposit money onto your account using methods such as PayPal, Visa, or Mastercard.

3. Buy Nexo

If the money deposited in your account is in British Pounds, you’ll have to choose the NEXO/GBP trading pair to buy your first Nexo coins. You can make this purchase at any time of the day because the crypto market is open 24/7.

Where to Buy Nexo?

NEXO has been around for a long time and is well-established in the cryptocurrency space. For these reasons, there are plenty of great places to lay your hands on the tokens. Below is a table of our best recommendations:

Buying NEXO on a decentralised exchange

Decentralised exchanges like Uniswap and 1Inch also list NEXO. Anyone can use these exchanges without having to register or submit KYC documents. Here’s how:

1. Get a decentralised wallet. Every blockchain network has a recommended wallet that usually comes as a web extension or a mobile app. Alternatively, wallets like Math Wallet and Coin 98 work with several blockchains.

2. Configure your wallet. You’ll need to create a new wallet and write down your seed phrase. Your phrase should be kept offline at all times for security reasons.

3. Get some crypto into your wallet. Transactions cost money, usually paid in the native currency of the blockchain. E.g. Ethereum transactions are paid for in ETH, Bitcoin transactions are paid for in BTC (small amounts of BTC called satoshis). You can transfer crypto from an exchange to your decentralised wallet.

4. Navigate to Uniswap or 1Inch. Enter the web address of Uniswap or 1Inch in your browser and click ‘Connect Wallet’ when it loads.

Where is the best place to store NEXO?

There are four major places to store NEXO with varying levels of security and ease of use. They include:

A hardware wallet. Hardware wallets like Ledger store cryptos on a physical device that cannot be remotely hacked as it isn’t connected to the internet. These wallets are safe and portable, and if you lose your device, you can simply get another one, restore your wallet using your seed phrase, and you’re back in business. Hardware wallets are a preferred option if you do not intend to use the NEXO platform or trade.

Nexo account wallet. If you intend to take advantage of Nexo’s platform, then you’ll want to store your coins in your Nexo account wallet which is automatically created when you register for an account.

Exchange wallet. If you intend to trade NEXO without taking advantage of the Nexo platform, then an exchange wallet may be right up your alley. Exchange wallets are wallets that come with your account on a centralised exchange, like your account on Binance. While Nexo has a built-in exchange, it’s easier to trade NEXO on your preferred centralised exchange to avoid having to switch between apps just because you want to trade NEXO.

An external wallet. While you can store NEXO on an external wallet, it may not be one of the better options in this particular case as a hardware wallet is much safer for long-term buys, an exchange wallet is much easier for frequent traders, and the Nexo wallet is more suitable for earning rewards. Nevertheless, wallets like MetaMask support NEXO.

What Is Nexo?

Nexo is a platform that gives you the opportunity to earn interest on your crypto by lending out coins like Bitcoin and Ethereum for certain amounts of time. Meanwhile, borrowers can take out low-interest cash loans from Nexo by putting up their crypto holdings as collateral.

Nexo operates as any regular bank would, but the only difference is that it primarily deals in cryptocurrency. Unlike some of Nexo’s competitors, like BockFi, loaners can withdraw and reinstate their deposits however many times they would like without carrying any additional costs. This makes it one of the most user-friendly crypto-lending platforms around.

Lenders also receive higher interest rates if they hold the platform’s native token: NEXO. Likewise, borrowers see discounts on the interest rates they must pay back if they choose to pay in NEXO. Users additionally have the option to both lend and borrow crypto at the same time should they wish to.

When is the best time to buy NEXO?

The optimal time to buy NEXO, or any crypto for that matter, is at the start of an uptrend when prices begin to climb. However, figuring out the start of an uptrend isn’t an exact science so you’ll need to pay attention to price patterns and employ good old fashioned common sense. Uptrends are characterised by successive higher highs and higher lows.

Alternatively, if you want NEXO for the benefits it unlocks, you don’t need to worry about market movements (provided the price isn’t at an all-time high) because you’ll be holding on to them for a while.

Another good time to buy NEXO is before dividend payment. As stated in a previous section of this page, Nexo pays 30% of its net profits as dividends to NEXO holders every year. Eligibility requirements are KYC registration and NEXO tokens held/staked in your wallet at least ten days before dividend payment (Ex-dividend date).

Nexo announces a dividend more than 10 days before payment. If you’re quick enough, you can scoop up tokens before others and benefit from a small rally, depending on how juicy the dividend is, and also profit from the dividend. Note that this depends on their financial performance during the year.

5 good reasons to buy NEXO now

1. Nexo rewards all crypto users with up to 16% APR for cryptos they deposit. This yield is compounded daily and NEXO holders get higher rates according to how much they hold; the higher the percentage of NEXO in your total portfolio, the higher your yield for up to 10% of the total portfolio.
2. Nexo holders also enjoy lower borrow fees on their lines of credit. The more NEXO you hold in your overall portfolio, the lower your fees. Users who hold significant amounts don’t pay borrow fees.
3. The third benefit of buying NEXO is cashback. The Nexo platform rewards users with a percentage of their trade volume provided they hold a certain amount of NEXO (above 1% of total portfolio value). This cashback increases with the percentage of NEXO held.
4. Users also get cashback when they spend with the Nexo card. As with exchange cashback, NEXO holders enjoy higher rates. Aside from yields, discounts, and cashbacks, Nexo also rewards its holders with 30% of net profits as dividend payments. In 2019, they paid $2.4 million in dividends. In 2020, they paid more than $6million in dividends, and in 2021, they paid more than $20 million. These dividend figures show tremendous growth in an industry that is experiencing increasing mainstream adoption.
5. Lastly, Nexo has executed two successful buyback programs, one worth $12 million and another worth $100 million. These tokens are locked for 12 months after which they are used to pay rewards and cashback.

Ways to Invest in Nexo

Investors can either choose to invest in NEXO for short periods of time in search of quick profits or longer durations depending on the financial targets they set themselves.

Buy and hold Nexo

Buying and holding onto NEXO tokens is the most common strategy among investors that seek to see their portfolios gradually accumulate over the long term. This is an easy method of producing profit that requires little effort and application.

Best Nexo wallets

You can take sole responsibility for your NEXO tokens by storing them on software wallets or proven hard wallets like Trezor, BitBox, and Ledger. This is opposed to leaving your crypto in web wallets on exchanges that take custody of your crypto for you but may be vulnerable to malware attacks.

Additionally, NEXO-holders can also make use of the savings facilities offered by the Nexo platform. This includes the Nexo debit card that can be used to store crypto as well as make purchases with it.

Trade Nexo

Some investors like to capitalise on the volatility of the price of NEXO by trading it on the open market. But predicting swings in the price of NEXO can be a tedious strategy and even sees the pockets of the most successful traders short of change.

Traders find it easier to use web wallets to store their NEXO instead of hardware and software wallets. This is because making the right trades has to be a seamless process that can be undermined by having to periodically transfer tokens back and forth between a private wallet and an exchange wallet.

Are there other ways to make money from NEXO?

The other ways to make money from NEXO are staking and dividends as stated above. To recap:

• Staking. Users who stake NEXO get up to a 12% annual yield along with increased earnings on other cryptos. Taking this a step further, Nexo gives users the option of earning rewards in NEXO. For example, rewards for holding BTC are paid in BTC. But Nexo offers the option of receiving those rewards in NEXO. Users who choose to do so receive higher rewards.

• Dividend. Nexo rewards holders with 30%of their net profit at the end of a successful financial year. This dividend is paid in either BTC, ETH, USD, USDC, or NEXO.

Things to avoid when buying NEXO

Overbuying. The extra discounts and rewards that Nexo offers for holding significant proportions of your portfolio in NEXO may be tempting. However, crypto is volatile. The effects of a downtrend could be magnified if your portfolio is skewed towards one token.

Nexo is not fully decentralised. It is run by a board of executives and does not have a DAO. As such, there is always a risk of the platform being shut down, either by the choice of the board or by shifting regulations.

Buying restricted securities. NEXO is classified as a security under some jurisdictions (like the US). Hence, purchasing NEXO in those regions may be breaking certain regulations. Ensure you are allowed to own the token in your country.

Should I Buy Nexo Now?

Buying Nexo now can be a profitable financial decision but does not come out without potential which you should keep in mind. It is important to always do your own research before making an investment. With this in mind, here are some aspects we have identified that may help you decide whether to buy Nexo or not.

Since launching in 2018, Nexo has emerged to become one of the world’s most successful crypto-lending platforms. Its meteoric growth continues to bring in more users, more assets under management, and more attractive interest rates every day. This is evident from the coming launch of the Nexo debit card which may also boost demand for – and the value of – NEXO tokens.

Nexo has also looked to cement its position above its rivals by exploring routes to escape unwanted scrutiny by financial conduct authorities in the US. This was made possible by Nexo’s acquisition of Texture Capital, a Securities and Exchange Commission (SEC) – licensed broker, which would in theory give them some protection if a crackdown were to arise on the crypto industry in the US.

Nexo also recently announced that it will be reducing the supply of NEXO in circulation by periodically buying up to $100 million worth of the coin in the coming times. It is possible that this could cause a supply crunch in the market and register a rise in the price of NEXO because of the growing demand for it.

Key takeaways

Asides from capital appreciation, you can make money from the NEXO token by staking it to get higher rewards, cashback, and other benefits on the Nexo app. Staking rewards are up to 12% a year for cryptos and 8% a year for stablecoins. Nexo also pays 30% of its net profit as dividends every year, creating an opportunity to earn from both a possible rally and dividend.