Official What happens if the value of the collateral changes before I repay my loan?
If the value of the assets increases and the client believes that their crypto-asset has met their price target, they can place an order with the Nexo blockchain oracle to sell a fraction of the crypto assets stored in their account and repay part or all of their outstanding balance. The transaction is performed through…
Official Am I the owner of the collateral which is used for my Nexo loan?
Our Nexo Crypto Credit General Terms and Conditions state the following in the point IV.4: Unless prohibited by any Applicable Law, by virtue of this Agreement Nexo acquires the ownership of the Collateral while the Nexo Crypto Credit is outstanding.
Official How do I withdraw crypto assets I have stored at Nexo?
You can withdraw any asset from your Nexo account at any time unless it’s being used as collateral for an outstanding loan. 1. Click the “Withdraw” button next to the asset you wish to withdraw. 2. For all assets which support multiple transfer networks, you must select the one you would like to use for…
Official I tried to verify my account but encountered an error. What can I do?
It is unfortunate that you have experienced issues while verifying your Nexo account. Please try the following troubleshooting steps: log out and back into your Nexo account; clean the cache and cookies of your browser or enter ‘private’/’incognito’ mode; turn off all built-in translation add-ons/widgets and ad-blockers (if any); try from a different browser; if…
Official Am I eligible for a Nexo loan?
In order to obtain a loan, the client should register a Nexo account at platform.nexo.io and deposit collateral into the account. There are no credit checks. We accept loan requests globally, with a few exceptions. You will have to pass our identity verification before taking out a loan. The process is easy, intuitive, and usually…
Official How long does it take to get approved for a loan?
The Nexo crypto-backed loans are instant, but it may take up to 1 business day depending on your KYC / AML / security checks. Please also keep in mind that bank transfers are processed by our banking partner only on business days.
Official How quickly do I get my money and how my loan transaction will be referred?
The Nexo crypto-backed loans are instant and guaranteed, you will receive your funds on the same or next business day with a reference “Your Nexo Loan.” The processing time is as follows: Local transfers: 1 business day International transfer: 3 to 5 business days USDT (Tether) and USDC (USD Coin): usually takes no more than…
Official Can I take out more than one loan at a time?
You can withdraw as many times as you like from your Credit Line as long as you maintain the Loan-to-Value ratio, and you have enough collateral assets in your Nexo account. Please keep in mind that upon requesting a new loan crypto assets may be automatically transferred from Savings wallet to Credit Line wallet if…
Official What is the interest rate of my loan?
The interest rate depends on your Loyalty Tier which is determined by the ratio between the value of your NEXO Tokens and the total value of your portfolio. Based on the Nexo-to-Portfolio ratio you will be placed in one of our four Loyalty Tiers: Base: No NEXO Tokens are needed; interest on your outstanding loan…
Official Are there any prepayment, origination or loan instalments fees?
No, there are no prepayment, origination or instalment fees. You can repay your outstanding balance, in part or completely, at any time and save on interest since you only pay interest for the period you borrowed. There is no minimum amount for repayments in FiatX currencies. For minimum amounts for cryptocurrencies please click here. There…