Nexo.io Frequently Asked Questions

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Deposits/Withdrawals

Official What is Memo for XML (Stellar), BNB, EOS and Nexo BEP2 deposits?

When you click on “Top-up” button next to Stellar (XLM), BNB, EOS or Nexo (BEP2) position on your Nexo account a respective deposit address including a unique ‘Memo’ will be automatically created.

This Memo is an extra piece of information that has to be included when sending a Stellar (XLM), BNB, EOS and Nexo BEP2 to your Nexo account.

The Memo is used to determine to which account a given transaction should be assigned and credited to. The Memo is numerical (7 digits) and has to be included with all XLM, BNB, EOS, Nexo BEP2 deposits to your Nexo account.
An example Memo is:

2034567

Please, always ensure to include the correct Memo before transferring your XLM, BNB, EOS and Nexo BEP2 to your Nexo account. Leaving out this information will lead to significant delays in crediting the transaction to your account, and can be irretrievable in some instances.

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Official Stellar (XLM) “account merge” transfers are not supported

A Stellar (XLM) “account merge” transactions transfer the native balance (the whole amount of XLM an account holds) to another account and removes the source account from the ledger.

Operations such as “account merge” are not considered as deposits. We only support “Payment operation” for XLM deposits.

To avoid unsupported “account merge” transactions, we recommend leaving 1 XLM in your sending account.

Please note that merging XLM accounts to Nexo’s might result in your funds being unrecoverable.

Official Summary of missing crypto deposit

Missing or incorrect TAG/MEMO:

Please refer to this article.

Deposit of unsupported by Nexo crypto assets:
In general, Nexo does not offer a token/coin recovery service for crypto assets which are unavailable on our platform (i.e. tokens deployed on Ethereum (ERC-20), Polygon, Binance Beacon (BEP2) Chain, TronChain, etc.). Nexo will judge and determine if it is possible to retrieve such assets.

IMPORTANT! Please make sure to only transfer supported crypto assets over the respective Blockchain network supported by Nexo. Тransferring unsupported assets to your Nexo account will result in permanent loss.

Deposit to an address that doesn’t belong to Nexo:
Crypto assets sent to an address that is not associated with your Nexo account or doesn’t belong to Nexo cannot be recovered. Nexo does not know who controls those addresses and has no means of retrieving such assets. If you are aware to whom the address you sent your assets belongs, then in order to get your crypto back, please contact that address owner.

Please note that, if possible, to recover your crypto coins, we may need to install or upgrade the wallet software, export/import private keys, etc. These operations can only be conducted by authorised staff under strict supervision. Please be patient as it may take over one month to retrieve your crypto.

Official Missing or incorrect Destination TAG (XRP) or MEMO (XLM – Stellar, BNB, EOS and Nexo BEP2)

Missing or incorrect TAG/MEMO:

If you forgot or used an incorrect Destination Tag (XRP) or Memo (XLM, BNB, EOS, Nexo BEP2), then your deposit will not be credited to your Nexo account. Please submit a ticket to our Support team.

In order for Nexo to verify the transaction and to expedite the process of locating your crypto assets, please provide the following information:

  1. Please make sure you have completed Identity Verification. If you have not, please log in to your Nexo account, then click on “My Profile” and then on the Identity Verification tab on the left.
  2. Provide the following info: transaction ID (mandatory), name of the coin, amount, correct Tag/Memo.
  3. A video of the withdrawal record that starts before you have logged in to your XRP/XLM/BNB/EOS/Nexo BEP 2 account from which you have sent the tokens to us. Please make sure the transaction is clearly visible as well as the whole URL in the address bar of your browser. You have to expand the transaction in the respective blockchain explorer.

Important: if possible, to recover your crypto coins, we may need to install or upgrade the wallet software, export/import private keys, etc. These operations can only be conducted by authorised staff under strict supervision. Please note that not all incorrectly sent crypto-assets can be retrieved.

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.

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2. For all assets which support multiple transfer networks, you must select the one you would like to use for your withdrawal. Click on the dropdown menu and select the preferred network.

Networks.png

Important:

  • Make sure the network you have selected matches the withdrawal address and that the deposit platform supports it.
  • Only withdrawals made via the Ethereum (ERC-20) network will be counted towards your free withdrawals. The other supported networks are fee-free.

3. After that, you will have to provide an address to which you want to send your crypto assets. If you are trying to withdraw XRP, XLM, EOS, BNB, NEXO BEP2 you might also be required to provide a “Destination Tag” or a “Memo“. Once you have filled out all the required information and the amount you would like to withdraw, click the “Withdraw” button.

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4. When you complete this step, you will have to enter your Two-Factor Authenticator code.

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5. After you enter the 2FA (Two-Factor Authentication) code, you will see the following screen:

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6. Confirm your withdrawal via the confirmation email you have received in your Nexo registered email inbox. You will then be able to monitor the status of your transfer via the transaction hash (TxID) provided to you in the details of the transfer from the “Transactions” tab in your Nexo account.

  • Important: Please note that the Withdraw Confirmation email is valid for 30 min after which the withdrawal request will be automatically rejected.

All cryptocurrency transfers between Nexo accounts are instant, unlimited, and free of charge. They do not affect your free monthly crypto withdrawals since they are off-chain.

When you insert the wallet address of another Nexo user, a message will be displayed confirming that this address belongs to a Nexo account. If you do not get this confirmation, you are likely transferring to an external wallet.

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Important:

  • Due to security and compliance reasons, new accounts, especially those holding substantial amounts of NEXO Tokens, might experience withdrawal processes of up to 24 hours.
  • Depending on your Loyalty tier, you will receive between 1 and 5 monthly crypto withdrawals completely free of charge.

Nexo does not apply any fees to FiatX top-ups and withdrawals, Credit Line withdrawals, and crypto transfers to other users within the Nexo platform. Furthermore, under our #ZeroFees policy, we do not charge any Credit Line origination, forex, and exchange fees.

Official Where do I see the address where I need to deposit the collateral for my Nexo loan?

In your Nexo account at platform.nexo.io, there is a “Top Up” button next to each collateral option where you can see the deposit address of the particular cryptocurrency.

Transfer-_Top-up.jpeg

IMPORTANT! Please make sure to only transfer supported crypto assets over the respective Blockchain network supported by Nexo. Тransferring unsupported assets to your Nexo account will result in permanent loss.

For all assets which support multiple transfer networks, you must select the one you would like to use for your deposit. Click on the dropdown menu and select the preferred network.

Top_Up.png

By depositing you acknowledge that Nexo is not responsible for any coins sent to the wrong address or through the wrong network.

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You can also deposit crypto coins/tokens from exchange accounts.

You can find the processing time of cryptocurrency deposits here.

After making a deposit you can track its progress on the Transactions page in your Nexo account.

Your crypto assets are held in multi-signature wallets and cold storage at world-renowned custodians BitGo and Ledger Vault. You can read more about the security of your assets here.

Official Can I cancel a digital currency transaction?

No, no one, including us, is able to cancel or reverse crypto transactions due to the nature of digital currency protocols.

Official Where is my withdrawal?

After performing an action in the Nexo Platform (e.g. withdrawal), you can track its progress on the Transactions page of your Nexo account.

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Official How to deposit crypto assets?

In order to transfer your crypto assets to your Nexo account please follow the steps below:

1. Log in to your Nexo wallet/account.

2. Complete Identity Verification if you haven’t done it already. Don’t worry, the process is very quick and intuitive. You can read find more information in our dedicated article.

3. Scroll to the bottom of the page where all supported cryptocurrencies are displayed.

4. Click on the “Transfer” button next to the cryptocurrency you want to deposit and select “Top Up” from the dropdown menu.

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5. For all assets which support multiple transfer networks, you must select the one you would like to use for your deposit. Click on the dropdown menu and select the preferred network.

deposit-crypto-over-multiple-chains.jpg

  • Important: Make sure the selected transfer network matches the withdrawal network you have chosen on the platform/wallet you are sending your assets from to avoid losing your funds.

6. Copy your private deposit “Address”.

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  • Alternatively, you can top up crypto assets directly from your MetaMask wallet.

7. Paste your deposit address in the “send to/withdrawal address” field on the platform/wallet from which you will transfer your assets to your Nexo account.

8. You will see your crypto deposit in your Nexo wallet/account as soon as the necessary amount of network confirmations is reached.

IMPORTANT! Please make sure to only transfer supported crypto assets over the respective Blockchain network supported by Nexo. Тransferring unsupported assets to your Nexo account will result in permanent loss.

Official Processing time of cryptocurrency deposits (blockchain confirmations)

For security reasons, we require a digital asset/cryptocurrency deposit to receive a number of confirmations on its blockchain before the funds can be credited to your account.

What are confirmations?

When a transaction is broadcasted to the network, it has to wait to be included in a block by the miners. Once a transaction has been included in a mined block, the transaction has received 1 confirmation. With each subsequent block, the number of confirmations increases for the transaction.

Why are there confirmation requirements?

To avoid the risks of reorganisations (reorgs) of blocks. That is why it is necessary to wait for a specific number of confirmations. Also, double spending can be avoided when funds aren’t credited until a certain number of confirmations have taken place (as listed further below).

The more confirmations received, the more permanent/irreversible the transaction is.

ETH & ERC-20 tokens validations

Prior to the Ethereum Merge, the number of block confirmations determined the amount of time required for a top-up over the Ethereum network to be reflected. Currently, each transaction is reflected only when the status of the block containing it is ‘Finalized’. Down below, you can learn about the lifecycle of ERC-20 deposits:

  1. First, a validator has to propose a block, containing transactions. There is a 12-second Slot in which a validator has time to propose a block. Up to 32 blocks can be proposed but some slots can remain unfilled.
  2. Then, the validators will vote on this group of blocks called ‘Epoch’. Every block will be first set in motion with the status ‘Unfinalized’.
    mceclip0.png
  3. Afterwards, the block will be transitioned to the status ‘Unfinalized (Safe)’. This is the final stage before the block is validated.
    mceclip3.png
  4. If the block is validated during the ‘Attestation’ phase, its status will change to ‘Finalized’. Once in that status, all incoming deposits to the Nexo platform contained within the block will be reflected.
    mceclip2.png

What ERC-20 assets are supported on Nexo?

ETH, PAXG, USDT, USDC, DAI, NEXO, TUSD, USDP, BUSD, LINK, UNI, AXS, SAND, MANA, GALA, SUSHI, CRV, AAVE, APE, 1INCH, MKR, HT, FTT, MATIC, SWEAT, LDO, ENS, GMT, COMP, SNX, GRT, CHZ, CVX, DYDX, FXS

How long do confirmations take for the remaining networks?

Each block is found at a different rate depending on the blockchain.

For example, on the Bitcoin blockchain, a block is mined on average every 10 minutes, and Nexo only credits Bitcoin deposits to a client’s account after a minimum of 3 confirmations, which takes approximately 30 minutes.

However, sometimes when the network is heavily used, it can take Bitcoin miners 30 or even 60 minutes to mine a single block (1 confirmation).

As explained above, the time required for blocks to be included in the blockchain may increase significantly when the network is overloaded due to high demand. This inevitably leads to delayed transactions. One thing that can speed up your transfers to Nexo is opting for higher mining fees (gas fee) which usually leads to quicker blockchain confirmations.

Asset Number of confirmations
BTC (Bitcoin) 3 confirmations
ETH, LINK, USDT, USDC, DAI, AAVE, SUSHI (Polygon network)
200 confirmations
MATIC (Polygon)
127 confirmations
BNB, BUSD (Binance Smart Chain)
70 confirmations
XRP (Ripple), XLM (Stellar), BNB, NEXO BEP2, and EOS near-instant
BCH (Bitcoin Cash) 15 confirmations
LTC (Litecoin) 12 confirmations
TRX (Tron) 20 confirmations
DOGE (Dogecoin) 10 confirmations
ADA (Cardano) 1 confirmation
DOT (Polkadot) 2 confirmations


Important:

  • Nexo does not support SWEAT transfers over the NEAR network.
Official What is the Destination Tag for XRP Deposits?

When you send a Ripple (XRP) deposit to your Nexo account, a unique ‘Destination Tag’ is also generated. This tag is an extra piece of information that has to be included when sending a Ripple transaction to your Nexo account.

Always ensure to include the correct Destination Tag before sending your XRP deposit. Leaving out this information will lead to significant delays in crediting the transaction to your account, and can be irretrievable in certain cases.

Official What is the minimum amount of crypto I can withdraw?

The minimum amount of crypto assets you can withdraw is:

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Kindly note that an additional top-up may be required in case your current crypto balance is below the respective minimum withdrawal limit.

Depending on your Loyalty tier, you will receive between 1 and 5 monthly crypto withdrawals completely free of charge.

Important: In case you have used up your free withdrawals, you will have to cover the transaction fee which is deducted from the withdrawal amount. In case you are trying to withdraw the minimum amount and have no free withdrawal left, the system will take into account the respective withdrawal fee. Hence, the on-screen notification will indicate a higher minimum withdrawal amount resulting from the included fee which is otherwise covered by Nexo.

Nexo does not apply any fees to FiatX top-ups and withdrawals, Credit Line withdrawals, and crypto transfers to other users within the Nexo platform. Furthermore, under our #ZeroFees policy, we do not charge any Credit Line origination, forex, and exchange fees.

Official What are the withdrawal limits?

Transferring to or from your Nexo account is only available after verifying your identity. Once your account has been verified, you will be able to unlock all of Nexo’s features:

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More information about Identity Verification can be found in our dedicated article.

Withdrawal limits:

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Important: Please note that the above-mentioned withdrawal limits are reset 24 hours after the last withdrawal.

If you would like to increase your limits, please contact Customer Support.

Official How do I withdraw EURx, GBPx, and USDx from my Nexo account?

You can withdraw your assets from the platform at any time. In order to initiate the process please use the “Transfer” button next to the currency you wish to withdraw and select “Withdraw” from the dropdown menu.

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You will then be required to fill in the desired amount and your Bank Country (the country where your bank is located). After that, depending on the country you have chosen, you will have to provide your name, full address, the country you are located in, IBAN, BIC/SWIFT code, or for GBP – account number and sort code.

If your bank is located in the USA, you will have to provide your account number and ABA or ACH routing number instead of an IBAN and a BIC/SWIFT code.

Once you complete this step, you will have to click on the “Withdraw” button which will appear on the bottom-right section of your screen. Afterwards, you will be asked to enter your 2FA code.

withdraw_screen.png

Kindly note that as an extra layer of security withdrawals need to be confirmed within 30 minutes. Please make sure that you log on to the email account associated with your Nexo account, open the confirmation email received from Nexo, and click on the ‘Confirm Withdrawal’ button. If the transaction is not confirmed within 30 minutes, it will be automatically declined and you will have to submit another withdrawal request.

Official Ripple (XRP) “Account Delete” transfers are not supported

Ripple (XRP) “Account Delete” transactions transfer the native balance (the whole amount of XRP an account holds) to another account and remove the source account from the ledger.

Operations such as “Account Delete” are not considered as deposits. We only support the “Payment” type of transfer for XRP deposits.

To avoid unsupported “Account Delete” transactions, we recommend leaving a minimum of 5 XRP in your sending account.

Please note that using this option to transfer XRP to your Nexo account might result in your funds being unrecoverable.

ripple_delete.png

Official What are the withdrawal fees for Credit Line, crypto, and FiatX withdrawals?

All cryptocurrency transfers between Nexo accounts are instant, unlimited, and free of charge. Depending on your Loyalty tier, you will also receive between 1 and 5 monthly crypto withdrawals to an external wallet that are feeless, as can be seen in the graphic below. Internal Nexo transfers do not affect your free monthly crypto withdrawals since they are off-chain.

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Once the free withdrawal limit is reached, you will be automatically charged a fee incurred by the network. The fee is not fixed and depends on the current condition of the respective blockchain. You will see the amount required for the processing of your transaction before submitting the withdrawal.

The counter for free crypto withdrawals will reset on the first day of each month, after which you can make another set of free withdrawals.

Withdrawals over the Polygon network are free of charge for all Loyalty tiers and do not exhaust your free monthly crypto withdrawals. Make sure the receiving party supports transfers of the selected asset over this network, as otherwise, your crypto may be permanently lost.

Nexo does not apply any fees to FiatX top-ups and withdrawals, Credit Line withdrawals, and crypto transfers to other users within the Nexo platform. Furthermore, under our #ZeroFees policy, we do not charge any Credit Line origination, forex, and exchange fees.

Official How to transfer USD to your Nexo account via wire transfer?

usd.png

What is the minimum/maximum amount I can transfer, and are there any fees?

  1. The minimum amount you can transfer is 10 USD
  2. The maximum top-up amount is currently limited to 2 000 000 USD (two million)
  3. Nexo does not charge a fee for wire transfers; however, your bank might. That is why we recommend checking with your bank regarding any transfer fees

How long will it take before the funds are credited to my account?

  1. Wires sent from the US generally take 1-2 business days to be reflected in your account
  2. Wires sent from other countries typically take longer to process – up to 3 business days
  3. USD is processed instantly once it reaches Nexo

More info about USD transfers:

How to top up my USD wallet via wire transfer?

To transfer USD via wire transfer, log in to your Nexo account and click on the “Transfer” button and select “Top Up” from the dropdown menu.

  • You will be asked to provide the bank account details, which you will use for sending a transfer. It’s imperative that the bank account (number and routing) and sender (first, last name, and billing address) information provided at the time of bank account creation exactly matches the information received on the wire transfer details (what the sender bank transmits).
    When there are mismatches, we are obliged to fail the payment and return the funds.

You can also watch our step-by-step video guide to aid you in the registration of your bank account.

  • Once you’ve added your bank account, you will be shown detailed wiring instructions. Please, don’t forget to indicate the correct bank wire transfer details when making a payment.
  • Please select your bank account, which you will use for sending a USD wire transfer
  • Don’t transfer funds from a third-party bank account. The bank account must be held in your name

Here’s a quick guide on how to find your routing number. For US bank accounts – please make sure you are entering a routing number for wire transfers, not for ACH (automated clearing house payment systems). You can check if you’re using the correct routing number for wire here.

The above information is also displayed after you click on the “Top Up” button:

top-up-screen-usd.png

For instructions on how to edit your bank account for USD top-ups, please check this article.

Unsupported bank accounts

We currently cannot support wire payments originating from bank accounts that require For Further Credit (FFC) instructions. In an FFC payment, the money is sent to the final beneficiary via an intermediary bank which obfuscates the bank account sender information.

Examples of these bank accounts are brokerage and investment accounts, accounts that leverage third-party payment processors, accounts with money transfer services, and challenger banks without their own banking license, like Revolut or Wise (formerly TransferWise).

Supported Bank Countries for Wire Transfers

Andorra, Angola, Anguilla, Argentina, Australia, Austria, Azerbaijan, Belgium, Benin, Bermuda, Brazil, Bulgaria, Burkina Faso, Cambodia, Cameroon, Canada, Cayman Islands (the), Chad, Chile, Croatia, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Guam, Guatemala, Guernsey, Holy See (the), Hong Kong, Hungary, Iceland, Indonesia, Ireland, Isle of Man, Israel, Italy, Japan, Jersey, Jordan, Kenya, Korea (the Republic of), Latvia, Liechtenstein, Lithuania, Luxembourg, Madagascar, Malawi, Malaysia, Malta, Mexico, Monaco, Mozambique, Netherlands (the), New Zealand, Niger (the), Norway, Peru, Philippines (the), Poland, Portugal, Puerto Rico, Romania, San Marino, Senegal, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Taiwan, Tanzania (United Republic of), Thailand, Turkey, United Arab Emirates (the), United Kingdom of Great Britain and Northern Ireland (the), United States Minor Outlying Islands (the), United States of America (the), Uzbekistan, Viet Nam, Virgin Islands (British), Virgin Islands (U.S.)

Important:

Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA

Official How to edit/remove my bank account for USD top-ups?

Although you are unable to edit the bank accounts already registered with our platform, you have the option to remove and relink them.

Please go to your Nexo dashboard, click on the USD Top-Up button, carefully read the instructions and click “I understand”. Once done, select the respective bank account from the drop-down menu and enter the “View Bank Details” window, as per the screenshot down below.

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Click on “Remove this bank account” on the top right.

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Once removed, you can add the same/new bank account by clicking on “Add new bank account” and following the instructions described here.

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Important:

1. Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA

2. After successfully topping up EUR/GBP/USD, we automatically exchange the amount’s equivalent to EURx, GBPx, USDx with a guaranteed 1-to-1 conversion rate. You earn up to 12% annual interest on your EURx, GBPx, USDx which is secured at all times by asset-backed portfolios of overcollateralized loans. Upon a withdrawal request, the equivalent of EURx, GBPx, USDx is automatically exchanged at the guaranteed 1-to-1 conversion rate and we send the funds back to you.

Official How to transfer EUR and GBP to Nexo

How to Top Up EURx

Please note that both SEPA and SWIFT transfers are supported. To top up EUR to your Nexo account via a bank transfer, please follow the steps below:

1. Open your Nexo account and scroll down to the EUR wallet.

2. Click on the “Transfer” button and select “Top Up” from the dropdown menu.

top-up-eur.jpg

3. Select your transfer type, carefully read the instructions, and click on the “I understand” button.

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4. Initiate a bank transfer to Nexo’s banking details presented to you on the next screen. Please, do not forget to include your personal reference code to ensure prompt and successful completion of your transfer.

EUR_Top-Up_Details.png

How to Top Up GBPx

You can choose between two options for your transfers – FPS or SWIFT. To top up GBP to your Nexo account via a bank transfer, please follow the steps below:

1. Open your Nexo account and scroll down to the GBP wallet.

2. Click on the “Transfer” button and select “Top Up” from the dropdown menu.

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3. Select your preferred transfer method.

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4. Regardless of the type of transfer you have chosen, a disclaimer will be presented to you. Carefully read the instructions and click on the “I understand” button.

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5. Once you click on the “I understand” button, the respective banking details will be presented to you. All you have to do next is initiate a bank transfer to those banking details. Please, do not forget to include your personal reference code to ensure prompt and successful completion of your transfer.

top-up-screen-gbp-banking-details.jpg

Important:

1. After a successful EUR/GBP transfer, the amount’s equivalent is automatically exchanged to EURx or GBPx, with a guaranteed 1-to-1 conversion rate.

2. GBP transfers to Nexo from the jurisdiction of Gibraltar are not supported.

3. Funding your Nexo account through Wise (formerly TransferWise) and Monese is not an option because the respective money transfer service will decline the transfer, based on their policies.

4. The Nexo Earn Interest Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA.

Related articles:

Earn up to 12% interest on EURx, GBPx and USDx

Official How to Top Up Crypto from MetaMask

By using the web browser version of the Nexo platform, you can now top up crypto assets directly from your MetaMask account. To initiate a transfer, you would first need to connect your MetaMask wallet to your Nexo account. Once you have done so, please follow the steps provided below:

1. Scroll down to the desired ERC-20 asset and click on the ‘Top Up’ button.

Important:

  • The MetaMask integration is not available on the Nexo wallet App!
  • Currently, Nexo supports the MetaMask integration only via the ERC-20 network. For all assets which support multiple transfer networks, from the dropdown menu, you must select the ERC-20 option.

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2. Click on the ‘Top Up from MetaMask’ button.

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3. Once you enter the desired amount and click the ‘Top Up’ button, the MetaMask extension pop-up will open in the top-right corner of your browser. On the MetaMask extension screen, you will see the asset amount you have available for transfer from the wallet you have selected.

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  • Important: Note that your transaction will have a gas fee which may vary in value. Your MetaMask account must have enough assets to cover this fee. 

  • Disclaimer: If you have selected an unsupported network for your transfer from the MetaMask extension, the following message will appear:

Network_disclaimer.png

4. On the MetaMask extension screen you will be able to review the transaction details. If everything is in order, scroll to the bottom of the pop-up screen and click ‘Confirm’.

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5. Once you confirm your top-up, you will receive confirmation of the successfully executed transfer. Additionally, you will be able to cancel or monitor the status of your transaction from the MetaMask extension. Just click on the MetaMask extension icon on the top-right corner of your browser window and the MetaMask pop-up will open.

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Related articles:

How to Add, Remove, and Edit your MetaMask Wallet

Third party deposits (Can I deposit my salary directly into Nexo)?

Very soon! One license about to be secured which allows them to do exactly that. Third party payments coming very soon, and vice-versa, third party deposits (Then you can leave your old bank!)

Are deposits and withdrawals free?

Yes, withdrawals are completely free, although deposits depend on which exchange you use to send your assets to Nexo with.
Edit: Recently, Nexo introduced limits to free withdrawals due to high gas/transfer fees. This depends on your loyalty bonus.

  • Base: 1
  • Silver: 2
  • Gold: 3
  • Platinum: 5

Above figures are PER MONTH, reset on the 1st.

How many confirmations does my transfer need?
Asset Number of confirmations
BTC (Bitcoin) 3 confirmations
ETH, PAXG, USDT, USDC, DAI, NEXO, TUSD, USDP, LINK, UNI, AXS, SAND, MANA, GALA, SUSHI, CRV, AAVE, APE, 1INCH, MKR, MATIC (ERC-20 network) 10 confirmations
ETH, LINK, USDT, USDC, DAI, AAVE, SUSHI (Polygon network) 200 confirmations
XRP (Ripple), XLM (Stellar), BNB, NEXO BEP2, and EOS near-instant
BCH (Bitcoin Cash) 6 confirmations
LTC (Litecoin) 4 confirmations
TRX (Tron) 20 confirmations
DOGE (Dogecoin) 10 confirmations
ADA (Cardano) 1 confirmation
DOT (Polkadot) 2 confirmations
MATIC (Polygon) 127 confirmations
Why is the minimum FIAT deposit 1000 EUR/GBP?

Minimum fiat deposits limits are not imposed by Nexo but by their partners. They are looking to lower it. As soon as banking acquisition happens, Nexo can change this.

I can not exchange/withdraw an asset (Rounding error)

It seems like there is a bug on the platform, where it gives you an error when trying to exchange, sell or withdraw the ‘maximum’ amount of an asset. For example, if you have 1.2345 BTC and you want to swap that for USDT, try exchanging 1.2344 or 1.234 as there seems to be a rounding error.

Edit: Nexo confirms this error was fixed for the official exchange, but still happens when withdrawing assets or moving assets into a term, etc.

Dividends

Dividends replaced with Daily Interest

Dividends were replaced with Daily Interest after a governance vote. You now earn up to 12% APY on your Nexo tokens and you earn 7% 4% on your Nexo tokens held in collateral.

Outdated or Irrelevant What is a dividend?

To “reward” loyal customers who support the project and Nexo token itself, Nexo have decided to do (yearly*) dividends, this means they give 30% of the benefits (profits) the company earned since the last dividend back to the nexo holders. Based on how many tokens you have and knowing there is currently a fixed supply of 560 millions tokens you can calculate what % you should get. Furthermore, they have an extra “bonus” for those who have held onto the tokens for a long time. This bonus is small, but it helps differentiate those who are holders and those who purchase nexo tokens before a dividend to cash in. Read the question below about frequency.

Outdated or Irrelevant How regular are dividends, when is the next one?

So far, dividends have been yearly, in August. There have been mentions from Nexo that they’d like to do it more regularly. As any business/stock that do dividends, the price of the token/stock decreases drastically after dividend payout. Do not be alarmed.

Outdated or Irrelevant Do US customers get dividends?

Yes, but paid out in BTC. You can receive it in NEXO as well, but you must be an accredited investor. Read this https://nexo.io/blog/get-20-more-with-nexo-s-bonus-dividend

Outdated or Irrelevant Do I need to verify/kyc to receive dividend for my NEXO tokens?

Yes, advanced verification is necessary.

Outdated or Irrelevant Where do I need to hold NEXO Tokens, in order to receive dividends?

NEXO Tokens must be held/staked in your Nexo account (doesn’t matter if it’s in the Credit or Savings Wallet) at the ex-dividend date. The ex-dividend date will be communicated in advance.

Exchange/Swap

Official Nexo Exchange services – Explained

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As a further step towards offering Nexo clients a 360-degree banking service, the Nexo Exchange is equipped with features and benefits that give you an edge over other investors.

To cater to the trading needs of various crypto communities, the Nexo Exchange enables instant exchanges between all currencies supported by Nexo. With the tap of a finger and without wasting time on withdrawal confirmations, you can trade FiatX for cryptocurrencies and make conversions from one cryptocurrency to another.

Notably, the Nexo Exchange lets you buy, sell, and convert your crypto and FiatX all from within the comfort of the Nexo Wallet App or Nexo platform. For the first time ever, Nexo clients can natively trade NEXO Tokens on the go, without having to leave the platform. Overall, Nexo’s swap feature will allow immediate exchange between 300+ market pairs.

Ways you can use the Nexo Exchange

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The Nexo Exchange product is split into three services as follows:

  • Nexo Convert allows you to buy, sell and swap your assets instantly via a service commonly referred to as spot trading.
  • Buy with card allows you to conveniently and quickly purchase a variety of crypto assets within a matter os seconds using your debit or credit card.
  • Nexo Booster allows you to get between 1.25 and 3x leverage on your portfolio via a service commonly referred to as leverage trading.

Nexo Convert

To discover our exchange, simply open your Nexo Wallet App, tap on Trade on the Dashboard, select Convert, choose the currencies and the amount, and start trading.

If on the web platform, click on the Exchange menu at the top, and choose whether to buy with cash, sell for cash, or swap crypto and stablecoins.

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What currencies does the Nexo exchange support?

The Nexo exchange currently allows exchanges of all crypto and FiatX currencies supported by Nexo. Users can natively swap more than 300+ market pairs.

Can I exchange assets that are used as collateral?

Yes, you can. Please click here for detailed guidance.

How can Nexo guarantee the best market price currently available?

Thanks to the in-house Smart Routing system, the Nexo exchange simultaneously connects to multiple exchanges to identify the best price and split the orders depending on the price per volume. The system guarantees best-price swaps and no price fluctuation between order submission and order fulfilment.

Before your order is finalized, you will be presented with a rate on the trading pair of your choice at the ‘Preview Exchange’ screen. Please, confirm the trade only if you are happy with the rate you will get.

The Perks of Using the Nexo Exchange

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The Nexo Exchange provides more utility for our native NEXO Token. The exchange gives you the opportunity to trade, as well as borrow against, and earn in NEXO.

Important:

  • Exchanging crypto for fiat or vice versa, buying crypto with card, and the Nexo Booster are unavailable for clients residing in Australia.

  • Trading NEXO and XRP is currently unavailable for US citizens and US residents.
Official Nexo Exchange – supported pairs

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Currently, the Nexo Exchange supports the following pairs:

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supported-pairs-stablecoins-fiatx.pngImportant:

  • Exchanging crypto for fiat or vice versa, buying crypto with card, and the Nexo Booster are unavailable for clients residing in Australia

  • Trading Terra Classic (LUNC) via the Nexo Exchange is currently unavailable
  • Trading Huobi Token (HT) via the Nexo Exchange is currently unavailable
  • Trading NEXO and XRP is currently unavailable for US citizens and US residents
  • Buying TerraClassic USD (USTC) on the Nexo Exchange is not subject to cashback
Official How to exchange your collateral for other assets – Explained

The Collateral Exchange Feature

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You now have the ability to preserve the value of your collateralized assets during a market downturn and improve the health of your credit line in a matter of seconds with Collateral Exchange, i.e. the option to exchange assets in your Credit Line Wallet.

The feature allows you to:

  • maintain a healthy LTV ratio during a market downturn
  • exchange collateralized assets to match your investment goals

Rearranged Portfolio & Healthy LTV Maintenance

Your Credit Line Wallet spans the assets used as collateral for your Instant Crypto Credit Line™. With Collateral Exchange, you can preserve the value of your collateral – both the part already used to back a credit line* as well as the excess collateral in the Credit Line Wallet.

Imagine the price of your collateral depreciates, and you don’t want to make repayments – you are basically running the risk of a liquidation. By converting negative trending assets into better performing ones you can maintain a healthy Loan-to-Value (LTV) ratio and prevent automatic repayments of your credit line.

Flexible Collateral Management to Match Your Investment Needs

When you withdraw a Nexo credit line, it is backed by one or a combination of many of the assets in your Credit Line Wallet. Until now, you have been enjoying the flexibility of managing your collateral by transferring funds between the Savings and the Credit Line Wallets. This, however, requires additional assets. Luckily, the new swap option in the Credit Line Wallet lets you change your collateral without this requirement for additional assets.

This feature provides you with an unrivalled level of flexibility to adjust your portfolio at the most crucial times according to your investment strategy and goals. It is an opportunity to protect your portfolio and re-enter the market only when you think the time is right. With that peace of mind, you can revert your portfolio back to its original crypto mix when the market is down to maximize your holdings.

How Does Collateral Exchange Work?

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These are the steps to follow:

  1. Go to the Nexo platform & click “Exchange”.
  2. Select “Credit Line Wallet”.
  3. Pick the pair and the amount you want to swap.

If the amount of collateral is not enough for the swap to be executed, you can always move more assets to the Credit Wallet from the Savings Wallet. Check this article to learn how.

IMPORTANT!

  1. Your excess collateral can be exchanged for any other supported asset at any time. The collateral already used to back an existing credit line can only be exchanged for currencies with a Loan-to-Value ratio equal to or higher than the one(s) of the collateral used, as indicated in the Nexo Platform.
  2. NEXO Tokens are currently not available for swapping in the Credit Line Wallet.
  3. Collateral exchange operations are not allowed during an ongoing automatic repayment.

Last but not least, below is an example to illustrate how the exchange of collateral works when the LTV of the output currency is lower than that of the input currency:

Suppose you have exchanged your BTC for DAI to improve your LTV. When market conditions are right, you may want to restore your original collateral lineup by exchanging DAI for BTC. Since the LTV ratio attributed to BTC (50.00%) is lower than that of DAI (90.00%), you would not be able to complete the swap unless you transfer more assets from the Savings to the Credit Line wallet. The amount of extra collateral moved to your Credit Line wallet must be enough to ensure that the output LTV can support the loan, as otherwise, the exchange would be declined. In simple terms, it must be enough to compensate for the increased output LTV. Bellow, you can find a more detailed breakdown of the given example:

  • you have 20 000 USD in BTC and 10 000 USD loan with Loan-to-Value = 50% and no excess collateral in the Credit Wallet

  • after swapping BTC to DAI, you will have ±20 000 USD in DAI with the same loan of 10 000 USD, new Loan-to-Value = 90%. This means that you now have ±11 000 USD in DAI as collateral to secure the loan allowing you to move the excess of collateral ±9000 USD in DAI to the Savings Wallet and earn interest on it or swap it to any other currency directly from the Credit Line Wallet.

  • To swap DAI back to BTC – you can swap the ±9000 USD in DAI to BTC at any time, because they are now excess collateral, except when you take a new loan with that excess. The rest ±11 000 USD in DAI cannot be converted to assets with lower LTV, including BTC.

  • To swap DAI for other assets with lower LTV (30%), like Stellar, you would need to have at least ±30 000 USD worth of Stellar in your Credit Wallet after the swap to secure the loan. Therefore, to make it happen, you would have to move 10 000 DAI to your Credit Wallet from the Savings Wallet to make the swap.

  • Alternatively, based on the same example, you would be able to move ±9000 DAI (excess collateral) to your Saving Wallet and swap it for whatever assets you want.

Important: Exchanging crypto for fiat or vice versa, buying crypto with card, and the Nexo Booster are unavailable for clients residing in Australia.

Official What is the minimum/maximum order size on the Nexo Exchange?

The minimum order on the Nexo Exchange is ±30 USD, and the maximum is ±250,000 USD.

There is no limit as to how many transactions you can make during any given day.

Please note that the values above are intended as a general reference and may vary due to dynamic factors. Therefore, we recommend that you try the Nexo Exchange to find out the precise order limit for the trading pair of interest (see the screenshot below):

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Disclaimer:

  • Trading XRP & NEXO is currently unavailable for US citizens and US residents.
  • Exchanging crypto for fiat or vice versa, buying crypto with card, and the Nexo Booster are unavailable for clients residing in Australia.

Official Get up to 0.5% cashback with every crypto purchase or swap

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Effective December 9, 2021, you can get up to 0.5% cashback with every purchase or swap through the Nexo Exchange as long as you are in the Silver, Gold, or Platinum tier of our Loyalty Program. Please find the cashback rates per loyalty tier in the breakdown below:

  • Silver: 0.10% cashback

(1-5% NEXO Tokens)

  • Gold: 0.25% cashback

(5-10% NEXO Tokens)

  • Platinum: 0.50% cashback

(At least 10% NEXO Tokens)

In essence, at least 1% of your portfolio must be in NEXO Tokens for you to be eligible for the Exchange Cashback.

Key points:

  • The Exchange Cashback is not a limited promo but a permanent component of your Loyalty Program accessible all year round.
  • The cashback is paid out in the output currency and is directly added to your Savings Wallet where you can earn interest on it.
  • The total cashback paid is limited to $100,000 in exchange volume per month. That means you will be earning cashback until your total monthly amount of swaps exceeds $100,000. That limit resets back to $0 on the last day of each month at 23:59:59 GMT+2*.

*Example: A client based in California exchanges assets through the Nexo Exchange on December 31, 2021, at 22:00 local time /Pacific Standard Time (GMT-8)/. The platform recognizes the exchange time as January 1, 2022, 08:00 GMT+2, and therefore the exchange falls into January’s exchange volume limit and not December’s.

Important:

  • Exchanging crypto for fiat or vice versa, buying crypto with card, and the Nexo Booster are unavailable for clients residing in Australia.

  • Trading XRP is currently unavailable for US citizens and US residents.
  • Buying TerraClassic USD (USTC) on the Nexo Exchange is not subject to cashback.
What is the NEXO Exchange?

The Nexo exchange has been released to the public. It let’s users swap or exchange assets (called pairs). So, for example, you can exchange Bitcoin BTC to Tether USDT or vice-versa.

Why does the Nexo exchange work with a hidden fee rather than being open about it and will this rate change in the future??

According to Nexo: There is no concept of hidden fees. They pioneered the 0-fee policy. They are very transparent of all charges they make. The hidden fee is referring to Spread. Has to do with bid/ask on exchanges (do not forget, the Nexo Exchange takes the best available price from numerous third party exchanges to give you the best rate at the time), this spread is not something that Nexo determines.

General

Official What is Nexo?

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Nexo is the world’s most advanced, regulated digital assets institution offering quick fiat on-ramps for 40+ cryptocurrencies, industry-leading earn rates on assets, intuitive crypto exchange, instant crypto credit lines, and the world’s first crypto-backed credit card.

The company’s mission is to maximize the value and utility of cryptocurrencies. We help 4+ million users in 200+ jurisdictions grow their crypto wealth through our comprehensive​​ product suite.

The Nexo platform combines seamless user experience with military-grade security and $775M insurance. Clients’ assets are stored and protected in individually assigned multi-signature wallets in cold storage with Ledger Vault, Bakkt, and the only qualified, audited, Goldman Sachs-backed custodian – BitGo. To provide full transparency, Nexo is working with Armanino LLP to deliver real-time attestation over the company’s custodial holdings.

To learn more about security, please visit https://nexo.io/security.

Source: What is Nexo?
Official How is Nexo different from a margin lending?

You can use your Nexo crypto-backed loan for whatever purpose you like. You can use it for investments, just like in a margin account, but without having to deposit the new tokens as collateral. You can use it to buy a new car, a new TV, or a new home. You can spend it on vacation or traveling the world. It’s up to your imagination.

Official Is your platform centralized?

Yes. For the moment, Nexo provides a centralized service, as the current blockchain infrastructure does not allow fully autonomous solutions and attempting to build one at this stage would create more problems than solutions.

Official How is my data protected?

Your personal information is contained behind secured networks and is only accessible by a limited number of persons who have special access rights to such systems and are required to keep the information confidential. In addition, all sensitive/credit information you supply is encrypted via Secure Socket Layer (SSL) technology.

To maintain the safety of your personal information, we implement a variety of security measures when a user enters, submits or accesses their information.

For detailed information, please read our Privacy Policy.

Official Where is Nexo traded and do you have a profile at Coinmarketcap?

All exchanges Nexo is currently trading at can be found on Nexo’s Coinmarketcap profile: https://coinmarketcap.com/currencies/nexo/

Official How to open/create Nexo account?

Opening an account at Nexo is easy and intuitive. Please follow these steps with screenshots to create and activate your Nexo account within a few minutes:

1. Go to https://nexo.io/

2. Click “Create Account

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3. You will be redirected to https://platform.nexo.io/new

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4. Enter your email and choose a strong password, then click the ‘Create Account’ button

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5. After clicking on the ‘Create Account’ button, you will be asked to verify your email address by clicking on the link in an email which was sent to the email address you used upon registering your Nexo account

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6. Go to your personal email account

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7. Open the email from Nexo and click ‘Verify Email’

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8. Your email with be verified and after you click on “Continue to your Nexo Account” you will be redirected to the Nexo platform:

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9. You should now be logged into your Nexo account. Congratulations!

10. Before you start using the platform, go to the “Security” tab to enable Two-Factor Authentication for your account. Follow the detailed instructions with screenshots by clicking here

Official Why choose Nexo?
  1. All-in-one platform. Nexo’s comprehensive​​ product suite helps you get the most out of your crypto.
    – Buy or top up 40+ cryptocurrencies in seconds
    – Swap 300+ market pairs and get up to 0.5% back
    – Earn compound interest on your crypto, paid out daily
    – Borrow funds at rates starting at 0% APR in a few clicks
    – Spend without selling your crypto with the Nexo Card
    – Leverage your portfolio to grow your positions with the Nexo Booster
  2. Buy crypto with your credit/debit card in seconds. Users from 200+ jurisdictions can buy crypto easily with card and earn up to 0.5% in crypto rewards per transaction. Once you top up assets you can swap between 300+ market pairs. You are sure to get the best rates from the top 10 crypto exchanges thanks to our Smart Routing System.
  3. High-yield interest. Nexo offers up to 16% on in-demand cryptocurrencies, and 12% APR on stablecoins (such as USDT, USDC, and DAI) and FiatX savings (USDx, GBPx, and EUx). The interest you earn is compounded and it’s paid out daily. Top up your idle crypto on the Nexo platform and let it work for you.
  4. You control your Instant Crypto Credit Line. You can repay your credit line in fiat, crypto, or a combination of both, at any time. There are no origination fees and borrowing rates start from 0% APR. For information on the minimum crypto repayments, please click here.
  5. The world’s first crypto-backed credit card. The Nexo Card allows you to spend the value of your digital assets without selling them. You can make purchases everywhere Mastercard is accepted and you earn up to 2% back on every transaction.
  6. Optimize tax liabilities. When you take a crypto credit line and spend it via the Nexo Card, you may optimize your tax liabilities depending on your jurisdiction. This is possible because the Nexo Card doesn’t sell your crypto to pay for the transaction.
  7. Intuitive leverage functionality. The Nexo Booster uses your existing crypto holdings to buy up to 3x times more of your favorite digital assets. It does so by financing the acquisition through a crypto-backed credit.
  8. Multi-asset support. You can hold 40+ digital assets including Bitcoin (BTC), Ethereum (ETH), NEXO Token (NEXO), Avalanche (AVAX), Solana (SOL), ApeCoin (APE), NEAR Protocol (NEAR), and stablecoins. You can find a full list of the support assets here.
  9. Industry-standard custody and compliance. Collectively Nexo’s partner world-renowned custodians carry $775M in insurance protections for digital assets. They include BitGo, Ledger Vault, and Bakkt. Moreover, to provide full transparency, Nexo is working with Armanino LLP to deliver real-time attestation over the company’s custodial holdings. This third-party attestation guarantees that Nexo’s assets exceed liabilities and that we are able to meet client obligations at all times.
  10. Military-grade security. The Nexo platform is equipped with an industry-leading security infrastructure designed to ensure maximum protection of your assets at all times.
  11. 24/7 customer support. At Nexo, we always put our clients first. That’s why our mission is to provide the best customer support experience in the industry. Don’t want to take our word for it? Read our numerous positive client reviews before trusting your digital assets with us.
What is Nexo?

Nexo delivers the The World’s First Instant Crypto-backed Loans, thus resolving a crucial inefficiency for the crypto world. Up to this very moment, no alternatives existed for digital asset owners to enjoy their crypto wealth except selling them. The innovative model of Nexo brings to the crypto community the best of both worlds – retaining 100% ownership of their digital assets while having immediate access to cash.

Source: What is Nexo?
What are Instant Crypto-backed Loans?

The Instant Crypto-backed Loans are an automatic, flexible and cost-efficient way of obtaining liquidity that is secured by the value of the client’s digital assets. The whole process is completed in just a few simple clicks. No hidden fees, no capital gains taxes, no credit checks. Transparency is guaranteed through the use of blockchain technology, smart contracts and algorithmic processes executed by the Nexo Oracle.

Notes for US (United States) Customers

Due to SEC limitations and regulations (not Nexo’s fault), there are some restrictions for US customers.

  • You will not be able to exchange NEXO tokens themselves within the exchange. Other pairs yes, but no Nexo pairs can be exchanged.
  • You can receive dividends, but paid in BTC not Nexo (Unless you’re an accredited investor, then you can be paid in Nexo tokens). Update: Dividends are no longer paid out, as you now get daily interest on your Nexo tokens instead Second Update: new deposits from US customers currently do not earn interest until their Earn Product 2.0 comes out.
  • You can not receive the additional 2% bonus if choosing to get paid interest in Nexo tokens.
How is Nexo connected to Credissimo?

Nexo is powered by Credissimo, a leading FinTech Group serving millions of people across Europe for over 10 years. Credissimo has always operated under the highest regulatory requirements and strictest supervision by multiple European Banking and Financial Services Regulators. Now the same Team and its Board of Advisors, empowered by the ever-growing community of Nexo supporters and the enormous demand for the Instant Crypto-backed Loans, are unlocking the value of the digital assets in a rapidly expanding token economy that will alter the very fabric of a $5 trillion dollar market.

Who are the Nexo Founders?

Nexo was founded by the Credissimo team who have been in business for over 10+ years and awarded as one of the top 100 Financial Tech companies in Europe.

What happens when NEXO doesn’t have enough cash to loan out?

They can’t loan out without raising money, of course. So either they have to loan themselves with better terms, raise money through other means, or steadily process the loans facing a supply drought and customer loss. I could imagine that it would be technically legal for a certain % of the collateral to be sold, just like banks are not required to keep 100% of their customers cash in liquid form, but I have quite frankly no clue how this applies to nexo and crypto assets.

What happens to the deposited BTC/ETH if Nexo fails? Who holds the private keys to them coins?

Since Nexo is properly registered in the EU, and given the EU’s tendency to protect customers rather than company’s, Id honestly assume we would have a novelty court case over this issue, with the expected result that the collateral has to be given back out, if it is still available. But as it often happens in crypto, if the coins are sold illegally its hard to reverse that kind of damage, and its even more tough to access them if they were sent to another wallet. I do not really think that there is a reasonable possibility of this happening without Nexo deliberately destroying their business/turning criminal, because of the nature of this business and the contracts, and I would assume that not turning criminal is a much, much more profitable strategy in the long run, because Nexo is well positioned to assume dominance in this market for what we know so far.

What happens if people fail to pay back the money, but at the same time the deposited BTC/ETH loose value and are not able to cover the loan amount any more?

With people then realising their collateral is valued at less then the money they have to pay back, thus being incentivised towards defaulting rather than paying back to get their crypto.) If the collateral does not cover the loan due to falling prices, the loan agreement as far as I know will be automatically terminated, with the collateral held in the nexo account. The customer must either default through the prices not covering the loan amount, or with failure of payback itself, its not really possible that both the customer fails to pay back the money AND the collateral declines in value below the worth of the loan unless the market crashes so spectacularly that the collateral cannot be automatically sold. However the outcome is technically the same, nexo itself does not lose money if the client defaults (unless prices crash faster than nexo is able to sell, or the volume is gone, et cetera., which I think at this point is relatively unreasonable to assume.), and I think the “take a loan -> buy more crypto -> take more loans” scenario is incredibly unreasonable given that you can easily margin-trade with much higher leverage and less trouble than what nexo could loan out to you, so I dont assume loans are being taken for actual crypto investments, I rather think people believe in the collateral assuming value and see it as a locked up investment with extra short term utility

How is NEXO profitable?

Lending is the most profitable crypto market segment. Businesses are now parking their idle cash with crypto lenders. This trickle will soon become a flood. Nexo is arguably the most profitable lender. NEXO made ~$20m profit it’s first year alone, paying a $6m dividend.

Is Nexo trustworthy?

Considering that the founders of Nexo are some of the same people behind Credissimo an established successful award winning FinTech Group founded in 2007 which is still around gives gives me reassurance that my coins are somewhat safe. At the end of the day we’re all taking a risk here. I’d be very surprised if Nexo just runs off with all our money in the process tainting all the work they’ve put in from Credissimo to here. It is poor that they haven’t done much to reassure us that our crypto/money is as secure as they say but they have a track record that seems to speak for itself. Not many other defi platforms can do the same and we are seeing that almost every second day with the hacks occurring in the ecosystem.

There are actual people behind this thing that we can hold accountable. People who have Forbes articles written about them. People who have been on the news. I’m not saying it’s still not possible for a security breach but again their track record seems to speak for itself.

What happens to my assets if NEXO goes under?

In the unlikely event that Nexo goes under, yes, your money is gone. There is no insurance in the world that covers something like that I’m afraid. It’s the same for Celsius, CDC, or any wallet provider.. remember, not your keys not your crypto. There is always a risk.

Update 07-2022: As proven by CelPonzi (yes, Celsius has always been a ponzi and I’ve warned users of it for years), there is always a risk. That being said, Nexo is in my opinion the safest CeFi lender out there. From the public attestation, amazing communication with users, licenses and security practises.. I am confident that Nexo is here to stay.

How can NEXO afford such high interest rates?

Simple, they borrow your money for ~8% and they lend it out for ~11.9% (no loyalty, this used to be 24.9% but I guess they changed it because it made them look like loan-sharks).
The concept behind Nexo is to make Crypto as liquid as possible for clients. Instead of selling crypto you can temporarily supplement it for a small loan.

Their average loan is well above the 5.9% minimum and more people are using the service to borrow rather than lend.
They are profitable, but don’t expect the stablecoin interest to remain at 8%-12% long term, it’s to attract new customers! Just like Crypto.com did.

One thing to note, the business model is SOLID, but only in a stable or bullish market. If for some reason Crypto market tanks, then it could become an issue.

What happens if the market crashes?

The Loan-to-Value (i.e. ~60% for BTC and ETH) is dynamically determined by the Nexo Oracle algorithms, depending on the current and historical volatility and market liquidity of the asset. If the assets decrease significantly in value and you do not contribute additional assets to your Nexo Wallet after receiving a warning from the Nexo Oracle, Nexo may initiate small liquidations to cover any insufficiency.

In simple terms, Nexo should have no issue dealing with market crashes (as previously proven by previous market dips), as everything is over-collateralized and secure.

Nexo announced a Buyback, has it been done, how can I track it?

The buyback has started, it seems like they are doing the buyback bit by bit instead of the full amount all at once. They purchase these tokens from the open market, where there is liquidity (Huobi for instance). You can check how many tokens have been bought back so far here: https://etherscan.io/address/0x1C433CBF4777e1f0dCe0374d79aaa8ecDC76B497#tokentxns

Update: The buyback has been completed, there is currently no news on another buyback.

Is Nexo a pyramid scheme?!

NEXO is definitely not a pyramid scheme, if it were, how is it functioning like one? I’m not buying anything from Nexo to sell or refer anyone else to use it.

I can’t really give you more advice, just from my experience using it, talking to various team members at Nexo, and being in the Nexonians groups I haven’t ever had a single doubt or worry that my assets were at risk. (Well no, sorry, apart from a few hours a few weeks ago when the mistaken automatic liquidations happened. As there was no official response for a few hours I got worried the repayment of assets could seriously hurt them, but they announced that Kraken was covering all costs for the f.. up so all is well).

Is it a perfect platform? Nope. It has it’s flaws. Company-wise, communication could be a lot better and they keep saying it’s something they are working on, and then they do something really silly without announcements and take 2 steps back in the communication part. (Update: Nexo has vastly improved it’s communication since it’s early days, now they announce changes in advance, and are much more open to communication and feedback!)

As for the platform itself, I’d say things like address whitelisting (Update: added!), per-asset earn in kind or in nexo selection, credit card (Update: added!), and a bunch of other things are missing.

That being said. It’s hands down the best platform for earning and taking out loans, period. Does it have the absolute best rates? No, especially compared to DeFi alternatives. But is the app 99% flawless, easy to use, intuitive? Yes!

Other CeFi lending/earning platforms have major downsides, or their platforms just suck to use. Want a loan from Celsius? That’s a minimum of 6 months please. Oh and want to repay it or close it? Gotta email the support and wait ages for a response. In NEXO? 1 month minimum loan, loan comes out in 10 seconds (no joke, my recent usdc loan got credited in 8 seconds), and repayment is all instant within the app. No troubles or hassles.

Earning-wise, it’s so much simpler to use as well. No blocking from withdrawals for 24 hours (blockfi), FIAT withdrawals are the fastest I’ve ever experienced ever. I sold some assets and requested the fiat bank withdrawal, it arrived in just a few hours. It’s unreal.

I’d say, in essence, no, it’s definitely not a pyramid scheme.

Official How to make a suggestion about Nexo’s products, token utility, and governance?

Since its launch in 2018, Nexo has always aimed to be a powerhouse solving real problems for the blockchain industry and its growing number of users across the globe. Nexo’s product development has been and will continue to be set by the blockchain community’s needs.

Nexo’s project team is thus always actively sourcing feedback and proposals as to how the Nexo ecosystem can be further improved and in what direction Nexo’s products should evolve.

Any Nexo community member who has a particular idea, proposal, or suggestion about the utilities of the NEXO Token, the development of our current products, or the creation of new products is welcome to become an active contributor to the ever-growing Nexo ecosystem. Should you have a particular suggestion, please share it by filling in this form. All suggestions will be forwarded and reviewed by Nexo’s most relevant team members. Some of those suggestions may very well also be put forward as a governance vote for NEXO Token holders to vote upon.

Governance

What is Governance voting?

The NEXO Governance Vote will give you a say on key decisions for every NEXO Token you hold. Governance for a Blockchain usually means a system for managing and implementing changes to said blockchain. For instance, a governance vote could be held on what users believe is more important for the dev team to work on, things like that. It gives extra utility to holding the Nexo Token, as each Nexo token has a “vote”, which means, the more Nexo tokens you hold, the more your overall vote towards the poll counts.

List of Governance votes

June 7th 2021 was the first vote: Daily Interest on NEXO and a Final Dividend

Institutions/OTC

Official Can I open a corporate / business account with Nexo?

Nexo offers the option of opening corporate / business accounts for legal entities.

To begin the onboarding process, you will need to:

1. Fill in the Corporate Onboarding Application Form and provide the required documents.

This form would take about 5 to 7 minutes to complete. Within the application form, we will ask you about some basic company information, the nature of your company’s business, declarative financial information, and request that you upload relevant supporting documents.

Before you start, make sure you have the following documents ready: Certificate of Incorporation or Trust Deed, Ownership Structure and Directors Register (if applicable), Corporate bank statement, and Identification documents for the related parties.

Firstly, you will be asked to complete your email address and the type of your legal entity (Institution or Trust). Any future communication regarding your application will be sent to this email address.

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Basic information
Next, you will be asked to provide some basic company information – name, registration number, address, etc.
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Business, Financial & Regulatory Information
Once you have completed the registration details, we will ask you to tell us a little bit more about the nature of your business, the purpose of yourNexo account, as well as give us some basic financial information.
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Supporting Documents
After completing this part of the form, you will be able to upload the necessary supporting documents. Note that these may vary depending on the nature of your business and the industry you operate in.

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Related Parties
Lastly, you will need to fill out the required information for each party related to your company and upload their identity document. You can add as many related parties as applicable by clicking on the “Add Another” button.

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Note that any “Authorized Person” is considered to have access and authority to operate your corporate Nexo account.

Providing all requested documents is essential as our team will be able to review everything at once and expedite your onboarding.

2. Open a personal Nexo account and complete Identity Verification. For detailed instructions on how to complete identity verification, watch our step-by-step video guide or review the following article.

As part of the review of your corporate application, our team may reach out for additional information or documents. Once the review is completed successfully, the personal Nexo account will be converted to a corporate one, and you will be informed as soon as it is successfully set up.

Please note that Nexo does not conduct business with certain types of legal entities and, therefore, does not accept applications for corporate/business accounts of non-profit organisations.

Our team is always available to assist you, so feel free to contact us in case you have any further questions.

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Important:
Тhe Nexo Card is currently unavailable for corporate account holders. For the time being, Nexo Card can only be ordered by individual account holders.

Official Nexo Institutional Service Explained

Please find below the key points that best define Nexo’s Institutional Service:

Who is this service for?

Nexo’s institutional offerings are targeted towards financial institutions, trading firms, hedge funds, market makers, family offices, crypto miners, and high net worth individuals.

How is the institutional service different from the products on the retail platform?

The average ticket size for an institutional deal is between $3.5m and $5m with some tickets going above $200,000,000. Custom LTV, durations, margin call intervals, and interest rates available depending on the needs of the customers. In contrast, all products and services offered through Nexo’s retail platform have fixed, non-negotiable terms.

Do you provide trading and execution services?

Yes. Nexo offers institutional-grade trading infrastructure combining low latency execution and deep liquidity. Additionally, we are happy to facilitate large OTC purchases and sales of cryptocurrencies. Don’t hesitate to contact us at [email protected] for further assistance.

What assets do you work with?

We are active in all major cryptocurrencies, but our focus is on BTC, ETH, USDC, USDT, DAI, and the rest of CMC’s top 25 coins.

How do I become an approved counterparty?

Nexo follows strict KYC/AML procedures. Please follow the link in order to start the onboarding process.

Is the KYC process different for Institutions and High Net Worth individuals?

High Net Worth individuals interested in using our services are required to provide fewer documents compared to institutional or corporate counterparties.

What sets Nexo apart from the competition?

We are the most technologically advanced lending provider in the crypto space. Building on 13 years of fintech success and one of the largest pools of digital assets on the planet, we are the right partner for any financial institution.

What does OTC mean?

OTC stands for Over-the-counter, which is often referred to platforms for large investors where they can directly purchase assets (or tokens) from a company without having to use an exchange or third party platform. Nexo has an OTC program, read more here.

Are Institutional clients subject to the same terms as everyone else?

YES! They do not make any exceptions for institutional investors. They do not get to borrow money without collateral, unlike what some of Nexo’s competitors do, which is incredibly risky and could cause huge problems if the market does a deep dive.

What services does NEXO OTC offer?
  • OTC services: Trading, Lending, Borrowing
  • Fiat currencies: USD, EUR, GBP
  • Crypto assets: BTC, ETH, XRP, LTC, BNB, XLM
  • Stablecoins: USDT, TUSD, USDC, PAX, DAI
  • Insurance: $100 million provided by BitGo through Lloyd’s of London
What are the requirements to join the OTC platform?
  • Minimum transaction: $100,000
  • KYC requirements: Nexo Wallet with ‘Advanced Verification’ level

Interest/Earning

Official Earn high-yielding annual interest on crypto assets – Explained

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Follow these simple steps and start earning high-yielding annual interest on your idle crypto:

1. Log in to your secure Nexo account.

2. Transfer assets into your Nexo Wallet or purchase crypto directly on the Nexo Exchange.

Earn on Crypto is available for BTC, ETH, LTC, XRP, EOS, XLM, BCH, USDT, USDC, TUSD, DAI, PAXG, USDP, BUSD, LINK, TRX, BNB, DOT, DOGE, ADA, MATIC, AXS, SOL, AVAX, FTM, ATOM, KSM, NEAR, APE, RUNE, GMX and NEXO, with more assets coming soon!

IMPORTANT! Please make sure to only transfer supported crypto assets over the respective Blockchain network supported by Nexo. Тransferring unsupported assets to your Nexo account will result in permanent loss.

3. Earn! You will start earning compounding interest after a minimum of 24 hours of your transfer. All interest is paid out daily.

Your interest is automatically paid into your Savings Wallet so that the next day you begin earning interest on it too.

As an additional benefit, the 24-hour cool-off period is not applied to assets bought with a Debit/Credit card on the Nexo Exchange. Therefore, you will receive your first corresponding yield with the interest payout the following day.

4. Enjoy your high-yield passive income.

Please note that assets held in your Credit Line Wallet (used as collateral) will not earn interest. The only exception to that is the NEXO token.

What are the interest rates (APY)?

Your interest rate is determined by:

1. Your Loyalty level.

2. The type of interest payout:

– if the interest earned is paid in kind (the same cryptocurrency), then there is no additional bonus.

– if the interest earned is paid in NEXO Tokens, then you can receive an up to 2% bonus on interest on all your holdings.

3. The type of savings term (FLEX or Fixed). Please note that Fixed Terms for Dogecoin and stablecoins are currently not available.

Due to changes applied, the exact interest rates, depending on the user’s Loyalty tier and bonuses applicable for fixed terms and/or earning in NEXO Tokens, are indicated on the Nexo platform. You can also check the highest interest rates per asset by clicking here.

Only the amount above the threshold in your current Loyalty level is impacted. The threshold applies for each asset separately, not your entire portfolio.

For example, if you are in the Base Loyalty level and have 60,000 USD worth of BTC in FLEX terms, you will be earning up to 4% annual interest on 25,000 USD, and up to 2.5% annual interest on the remaining 35,000 USD which are above the threshold.

How is your interest calculated?

Your interest is credited into your Savings Wallet daily and is then calculated in your upcoming interest transactions.

Daily Interest = Principal amount (in original cryptocurrency) x (APY/365)

Example:

Calculations based on 1000 ADA deposit.

1. If you are in the Platinum tier and have created a Fixed saving term & you have chosen to earn interest in NEXO Tokens, your annual interest will be 8% (5% + 1% + 2%) and your daily interest will be calculated as follows:

1000 ADA x 0.02191780% = 0.2191780 ADA (which will be converted to USD and then to NEXO Tokens)

2. If you are in the Platinum tier and have created a Fixed saving term & you have chosen to earn interest in kind (same cryptocurrency), then your annual interest will be 6% (5% + 1%), and your daily interest will be calculated as follows:

1000 ADA x 0.01596535% = 0.1596535 ADA

3. If you are in the Base tier and have created a Fixed saving term & you have chosen to earn interest in NEXO Tokens, your annual interest will be 5% (4% + 1% + 0%) and your daily interest will be calculated as follows:

1000 ADA x 0.01369863% = 0.1369863 ADA (which will be converted to USD and then to NEXO Tokens)

4. If you are in the Base tier and have created a Fixed saving term & you have chosen to earn interest in kind (same cryptocurrency), then your annual interest will be 5% (4% + 1%) and your daily interest will be calculated as follows:

1000 ADA x 0.01336806% = 0.1336806 ADA

*The interest paid in NEXO Tokens is not compounding but a simple one.

Important: Your interest rate will be adapted according to your current Loyalty tier which may vary depending on your Nexo-to-Portfolio ratio. Kindly note that the latter is influenced by the current market price of your assets including the NEXO Token.

How can I calculate the Nexo token staking required for higher interest rates?

You will need to have NEXO Tokens in your portfolio worth 10% of the total value of all your assets to be eligible for the highest interest rates. In other words, you have to be in the Platinum tier of our Loyalty Program.

The exact amount of NEXO Tokens required for the bonus interest rates at any given moment will depend on the token price and will be displayed in the Total Interest Earned section:

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Example:

If the total portfolio balance in your Nexo account equals 10 000 USD, you will have to stake 1000 USD worth of NEXO Tokens. As the price of the crypto assets fluctuates, it is advisable to add more NEXO Tokens to ensure that you will not miss out on our bonus interest rates.

You can also check your Total Portfolio Balance at any time in your Nexo account:

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What currency will the interest be paid out in?

The interest will be paid out in the same currency as your deposit currency (e.g. if you top up LTC, you will earn interest in LTC) or in NEXO Tokens (giving you up to +2% bonus).

How can I activate earning interest in NEXO Tokens for higher interest rates?

Please follow these steps:

1. Log in to your Nexo account.

2. Then click on “My Profile”.

3. Clink on “Settings.”

4. Choose “Interest payout in NEXO tokens.”

5. Congratulations! You have activated the up to +2% interest bonus on all assets held in your Savings Wallet.

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Where can I see the interest I have earned from my active deposit(s)?

You can see the daily interest from active deposits accumulated in the Account section under ‘Total Interest Earned’.

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After clicking on the Total Earned button, you can access detailed information about all the crypto assets and the interest you have earned so far:

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We will also send a weekly email to all the clients with active deposits that are earning interest. The email will contain information about the accumulated interest for the past 7 days, per asset.

The email will include only those assets for which at least one interest transaction was credited during the past week. Тhe total amount earned will be presented in the email in US dollars for comparison. Keep in mind that you will still receive your interest payments in kind, not in USD.

How is Nexo able to pay interest on my assets?

We are committed to protecting your assets by lending them to institutions on an overcollateralized basis only, the way our crypto-backed loans work. Our rates are kept stable over time, because of Nexo’s risk policy to never lend without collateral.

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More details concerning “Earn Interest” for specific assets:

In case you have enabled the Auto Unlock Term option or you would like to find out more about it, please refer to this article.

Important:

  • 24-48h cool-off period applies to assets moved from the Credit Wallet to the Savings Wallet. This is in order to prevent improper use of the Nexo Platform and to safeguard Nexo as a company, but more importantly, our clients and investors.
  • The Nexo Earn Interest Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA.

Official Why did I not receive interest on my savings?

Please note that in order to be paid interest on your FiatX (EURx, GBPx, USDx) and crypto assets, they have to be held in your Savings Wallet.

Please note that we do not pay interest on the funds, which are locked as collateral, except our NEXO Token.

Important:

The first interest payment after the initial top-up will be paid no earlier than after 24h of the successful top-up between 07:00 am – 8:00 am CET on the following day.

The same 24-48h cool-off on the Earn interest is applied to assets moved from the Credit Wallet to the Savings Wallet and assets moved from Nexo Pro to the Nexo platform. This is in order to prevent improper use of the Nexo Platform and to safeguard Nexo as a company, but more importantly, our clients and investors.

Example:

1. Successful top-up credited at 6:30 am CET on the 10th of June. The first interest payment will take place between 7:00 am – 8:00 am CET on the 11th of June. The waiting period equals 24.5h.

2. Successful top-up credited at 8:00 am CET on the 10th of June. The first interest payment will happen between 7:00 am – 8:00 am CET on 12th June. Thus the waiting period equals 47h (the 24h-period is over at 8:00 am CET on the 11th of June and the interest is paid out between 7:00 am – 8:00 am CET on the 12th of June ).

As an additional benefit to all users, the 24-hour cool-off period is not applied to assets bought with a Debit/Credit card on the Nexo Exchange. Therefore, you will receive your first corresponding yield with the interest payout the following day.

Important:

  • 1INCH, AAVE, CRV, MANA, GALA, MKR, Terra (LUNA2), Terra Classic (LUNC), TerraClassic USD (USTC), SUSHI, SAND, FTM, KSM, UNI, FTT, HT, OP, LDO, ENS, SWEAT, ETHW, GRT, COMP, SNX, GMT, CHZ, CVX, DYDX, FXS and APT do not earn interest

  • Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA
Official Minimum amount required to start earning high-yielding APY interest on your crypto

The minimum amount of crypto assets you should have in your Nexo account to start earning high-yielding APY interest are:

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Here you can find the minimum amount of assets required to create a Fixed Term.

Important:

  • Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA
  • Our Earn Product is unavailable for LDO, ENS, MANA, SAND, UNI, AAVE, SUSHI, GALA, CRV, MKR, 1INCH, FTT, HT, Terra (LUNA2), Terra Classic (LUNC), TerraClassic USD (USTC), OP, SWEAT, ETHW, GRT, COMP, GMT and SNX
Official How to activate the option to EARN Interest in NEXO Tokens?

In order to take advantage of earning up to +2% interest on all your assets held in the Savings Wallet*, please follow these steps:

1. Log in to your Nexo account.

2. Click on the “Earning up to ..%” link as seen on the screenshot below:

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3. A popup window will open where you can see a full breakdown of the interest you are earning. Click the “Get up to +2% Bonus” button.

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4. You will be redirected to the “Settings” page where you have to click on “Interest payout in NEXO tokens“.

4. Congratulations! You have activated the up to +2% interest bonus on all assets held in your Savings wallet.

Alternatively, please follow these steps:

1. Log in to your Nexo account.

2. Then click on “My Profile”.

3. Clink on “Settings”.

4. Choose “Interest payout in NEXO tokens”.

5. Congratulations! You have activated the up to +2% interest bonus on all assets held in your Savings wallet.

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You will also start seeing the amount of NEXO Tokens you have earned:

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*IMPORTANT:

1. Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA

2. The interest paid in NEXO Tokens is not compounding but a simple one

3. The ‘Interest payout in NEXO’ feature is currently not available to citizens and residents of the USA.

Official Will I receive interest on exchanged assets?

Please be advised that new crypto and fiatX top-ups do not earn interest until the 24-hour cool-off period is over. If assets on cool-off are exchanged within our platform, then the new assets acquired via the exchange will be subject to the same 24-hour cool-off period.

On the other hand, assets that have already passed the 24-hour cool-off period are not subject to another cool-off period if exchanged within Nexo.

As an additional benefit to all users, the 24-hour cool-off period is not applied to assets bought with a Debit/Credit card on the Nexo Exchange. Therefore, you will receive your first corresponding yield with the interest payout the following day.

Important:

1. Exchanging crypto for fiat or vice versa, buying crypto with card, and the Nexo Booster are unavailable for clients residing in Australia.

2. The Nexo Earn Interest Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA.

Official Nexo Fixed Term Deposits – Explained

What Are Fixed Terms?

The Fixed Terms functionality allows you to earn our highest savings yields on crypto and fiatX – if you choose to create a term on your cryptocurrencies and fiatX for 1 and 3 months, respectively. The exact fixed-term yields you earn depend on whether you receive your interest in kind or in NEXO Tokens, as well as on your Loyalty tier. When earning in kind, the interest on your Fixed Terms is compounding (APY), while when earning in NEXO, it is simple (APR).

Fixed Terms are not yet available for stablecoins, but we plan to make the addition in the near future as we continue enhancing our product line-up. For the time being, however, this means that you can earn the maximum interest on stablecoins (USDT, USDC, DAI, TUSD, USDP) without the need of locking those in term deposits.

Fixed Terms are also not available for Dogecoin.

NOTICE: Our former Earn offering across crypto, fiatX and stablecoins, which lets you withdraw funds at any time and brings you a unique daily payout, is now called FLEX Terms.

Due to changes applied, the exact interest rates, depending on the user’s Loyalty tier and bonuses applicable for fixed terms and/or earning in NEXO Tokens, are indicated on the Nexo platform.

Only the amount above the threshold in your current Loyalty level is impacted. The threshold applies for each asset separately, not your entire portfolio.

For example, if you are in the Base Loyalty level and have 60,000 USD worth of BTC in FLEX terms, you will be earning up to 4% annual interest on 25,000 USD, and up to 2.5% annual interest on the remaining 35,000 USD which are above the threshold.

How Do Fixed Terms Work?

When you choose to create a Fixed Term, your interest compounds daily, like with our FLEX Terms. As for the payout, regardless of whether in kind or in NEXO, you will receive all your interest earned for the duration of the term in a single payout at the end of the period.

Below is an illustrative example of how your Bitcoin savings account would look when you simultaneously use our FLEX and Fixed Terms:

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Where can I see how much interest I have accumulated on my term deposit?

Please navigate to your Fixed Term deposit by clicking on “Manage Wallets”:

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After that, please click on the “Fixed Terms” link:

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On the window that opens next, you will be able to see how much interest has been accumulated on your active Fixed Terms until now. If you changed the option of earning interest between in-kind and in NEXO Tokens, you will see both interests as seen below:

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Important: Your assets, as well as the earned interest, will be unlocked between 7:00 am and 12:00 pm CET on the term’s due date. For instance, if the due date is 10th April 2021, as shown in the screenshot above, the locked assets will be released on 10th April 2021, between 7:00 am and 12:00 pm CET.

What Are the Benefits of Fixed Terms?

As the crypto space becomes increasingly long-term-focused, there is a pressing need for financial products that guarantee a stable income stream. Our Fixed Terms provide just that, along with:

  • Diversification

Combine Fixed Terms’ stable, high-yield returns for your mid and long-term goals with FLEX Terms’ daily interest payouts and flexibility to withdraw funds at any time.

  • Flexible HODLing

You can have ten (10) simultaneous Fixed Terms per asset, which means you never miss an opportunity to buy and add more assets to your Nexo Wallet to earn our highest yields.

  • Extended Yield

By enabling “Automatic Renewal”, you can effortlessly rollover your initial Fixed Terms balance for an additional period of one or three months.

  • Industry-leading Rates

Our Fixed Terms savings yields far outshine those of traditional banks and crypto lenders that offer interest-bearing accounts. Thus, we ensure you get the most bang for your buck.

Fixed Terms balances:

  • Must be held to the end of the fixed term
  • Are protected against liquidation while the term lasts (unless ‘Unlock Fixed Terms‘ is enabled)
  • Cannot be used as collateral and loan repayments during the term
  • Cannot be withdrawn until the term is over.

Why Fixed Terms?

With most of our clients – at 72% – claiming they are planning to HODL their digital assets for three or more years in a recent survey, there is increasing evidence that the crypto space is evolving towards a more mature, long-term-focused industry.

By our very nature, we are an enabler of this strategy because we allow you to keep your cryptocurrencies and earn high-yield passive income. In doing so, you keep the upside potential of your assets, and you generate additional income.

Longer-term investments ensure the stability of the entire market. By entrusting your assets to our top-tier custodians that carry $775M in insurance protections and us, you are ensuring the resilience of your portfolio and helping us build the bank of the future.

What is the minimum amount required for opening a Fixed Term deposit?

Click here to view the minimum amount per asset required for the creation of a Fixed Term Deposit.

IMPORTANT:

  1. Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA
  2. Fixed terms are irreversible and their balance cannot be withdrawn prior to the term’s due date
Official How to create a Fixed Term

In order to create a Fixed Term and further boost your gains, please follow the easy steps below.

1. Log on to your Nexo account and click on ‘Manage Wallets’:

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2. Click on ‘Fixed Terms’:

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3. Enter the desired amount and click ‘Create Term’ to complete the process:

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You may also want to click on ‘Important Notes’ or check this article for helpful information on this matter.

Here you can view the minimum amount per asset required for the creation of Fixed Term.

Important:

1. Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA

2. After successfully topping up EUR/GBP/USD, we automatically exchange the amount’s equivalent to EURx, GBPx, USDx with a guaranteed 1-to-1 conversion rate. You earn up to 12% annual interest on your EURx, GBPx, USDx which is secured at all times by asset-backed portfolios of overcollateralized loans. Upon a withdrawal request, the EUR equivalent of EURx, GBPx, USDx is automatically exchanged at the guaranteed 1-to-1 conversion rate and we send the EUR back to you.

Official Where can I see how much interest I have accumulated on my term deposit?

Please navigate to your FIXED TERM deposit by clicking on “Manage Wallets”:

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after that, please click on the “Fixed Terms” link:

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and you will be able to see how much interest was accumulated on your active Fixed Terms until now. If you changed the option of earning interest between “in-kind” and “NEXO Tokens” you will see both interests as seen below:

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In case you have enabled the Auto Unlock Term option or you would like to find out more about it, please refer to this article.

IMPORTANT:

  1. The interest paid in NEXO Tokens is not compounding but a simple one
  2. Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA

  3. After successfully topping up EUR/GBP/USD, we automatically exchange the amount’s equivalent to EURx, GBPx, USDx with a guaranteed 1-to-1 conversion rate. You earn up to 12% annual interest on your EURx, GBPx, USDx which is secured at all times by asset-backed portfolios of overcollateralized loans. Upon a withdrawal request, the equivalent of EURx, GBPx, USDx is automatically exchanged at the guaranteed 1-to-1 conversion rate and we send the funds back to you.

Official Earn up to 12% interest on EURx, GBPx and USDx

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Please follow these three steps to make your savings work for you:

  1. Open your free and secure personal or business Nexo account by clicking here.
  2. Complete identity verification.
  3. Transfer your savings to your Nexo account. Please do not forget to use your unique reference code for EUR and GBP top ups.
  4. Earn! You will start earning compounding interest after a minimum of 24 hours of your transfer.

The minimum top-up for:

    • EURx is 1,000 EUR (will be lowered soon)
    • GBPx is 10 GBP
    • USDx is 10 USD

* Please keep in mind that bank transfers in EUR and USD are processed by our banking partners only on business days.

What should I do to start earning 12% interest on my idle funds?

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1. You will need to stake NEXO Tokens worth 10% of the total value of assets in your Nexo account to be eligible for higher interest rates. In other words, you have to be in the Platinum tier of our Loyalty Program.

The exact amount of NEXO Tokens required for the bonus interest rates in any given moment will depend on the token price and is displayed on the ‘Nexo Loyalty Levels’ screen:

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2. You will have to choose to earn interest in NEXO Token.

To learn more on how to activate earning interest in NEXO tokens, please click here.

3. You will have to sign-up for one of our Term Deposits.

Due to changes applied, the exact interest rates, depending on the user’s Loyalty tier and bonuses applicable for fixed terms and/or earning in NEXO Tokens, are indicated on the Nexo platform.

Main benefits of Nexo “Earn Interest on FiatX” product:

  • High-yield savings & passive income with an interest rate of up to 12% per year
  • No fees
  • Add and withdraw assets at any time
  • Crypto custodian insurance policy of up to $775M
  • All funds are asset-backed by Nexo’s growing portfolio of overcollateralized crypto loans

In case you have enabled the Unlock Fixed Term option or you would like to find out more about it, please refer to this article.

Important:

1. Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA

2. Clients will not be able to make GBP transfers from the jurisdiction of Malta after November 1, 2021.

3. After successfully topping up EUR/GBP/USD, we automatically exchange the amount’s equivalent to EURx, GBPx, USDx with a guaranteed 1-to-1 conversion rate. You earn up to 12% annual interest on your EURx, GBPx, USDx which is secured at all times by asset-backed portfolios of overcollateralized loans. Upon a withdrawal request, the equivalent of EURx, GBPx, USDx is automatically exchanged at the guaranteed 1-to-1 conversion rate and we send the funds back to you.

Related articles:

How to transfer EUR and GBP to Nexo

Official Earn daily interest up to 12% APY on your NEXO Tokens

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Following the first governance vote in Nexo’s history, we are thrilled to be able to offer you Daily Interest on NEXO Tokens. Thus all NEXO token holders* can earn up to 12% interest on their NEXO holdings, paid out daily.

We are pleased to say that the NEXO in both wallets (Credit Line and Savings) will earn interest as long as you have at least 1.00 NEXO. You can earn up to 4% annually on FLEX terms regardless of your Loyalty Tier by just staking them in your account, or you can put the NEXO from your Savings Wallet in a fixed-term deposit for 3 or 12 months and get up to 9% and 12% per annum, respectively.

Kindly note that the daily interest generated during a fixed-term deposit will be paid out in a single transaction on the day after the term’s due date. For more information on this, please check the following article in our Help Center, as well as our EARN Product section.

Although you can earn daily interest on your NEXO tokens, the interest you earn on the rest of your portfolio can only be paid in kind if you are a US citizen. The rest of our clients can opt to receive the same in NEXO tokens.

In case you have enabled the Auto Unlock Term option or you would like to find out more about it, please refer to this article.

Important:

Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA.

Official Minimum amount required to create a Fixed Term
The minimum amount of assets required to create a Fixed Term and start earning high-yielding annual interest are:
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Here you can find the minimum amounts required to start earning interest on your crypto for our FLEX Terms.

Important:

  • Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA.
  • Our Earn Product is unavailable for LDO, ENS, MANA, SAND, UNI, AAVE, SUSHI, GALA, CRV, MKR, 1INCH, FTT, HT, Terra (LUNA2), Terra Classic (LUNC), TerraClassic USD (USTC), OP, SWEAT, ETHW, GRT, COMP, GMT and SNX
Official Changes to Nexo’s Earn Interest Product in the U.S.

What prompted these changes?

The first-of-its-kind settlement announced by the U.S. Securities and Exchange Commission and over 32 U.S. states on February 14, 2022, provided regulated clarity to crypto asset interest-bearing accounts in the U.S. and to the provision of such services going forward.

Am I impacted by the product changes?

The current changes only affect the Nexo Earn Interest Product for U.S. citizens and residents.

Existing U.S. Clients:

With these changes in place, you still earn interest on assets that have been stored only in the Savings Wallet and topped before Feb. 19th, 2022. New top-ups to your Savings Wallet will not earn interest until the restructuring of the Earn Interest Product and the registration process with the relevant regulatory bodies are finalized, as per the recently announced guidance. Once complete, eligible U.S. clients will be migrated to the Earn Interest Product 2.0 and new top-ups will earn interest. You can check the interest-earning balance of each of your assets by clicking on the ‘Manage Wallets’ button next to it. Kindly note that if you transfer currently earning assets to the Credit Line Wallet or withdraw them now and then transfer them back to your Nexo account, you will no longer earn interest on them until the expected restructuring of the Nexo Earn Product takes place.

New U.S. Clients:

Yes, the Earn Interest Product in its current form will not be available for new U.S. clients until the restructuring into Earn Interest Product 2.0 and the registration process with the relevant regulatory bodies are finalized, as per the recently received guidance. Once complete, the Earn Interest Product 2.0 will become available for all eligible clients.

When will the Nexo Earn Interest Product 2.0 launch for U.S. customers?

We’ll announce the launch of the product as soon as the required restructuring and the registration process with the relevant regulatory bodies are finalized. More precise timing will be announced in due course.

When will these changes go into effect?

The changes are effective as of February 19, 2022, at 01:00 am UTC.

I transferred my assets yesterday and have not gotten any interest yet???

You get your first interest payout the day AFTER you deposit. This is normal, to avoid people cheating the system.

I am not getting the correct interest!

It may not be clearly explained within the app, but in order to get the full potential for rates, you need to max your loyalty level as well as get paid in Nexo, on top of that, you’ll need to add your assets to a fixed term (unless it’s stablecoins). Depending on how much NEXO is part of your portfolio, your loyalty level changes, so to achieve Platinum, you must have at least 10% of your crypto portfolio in NEXO. The bonuses for each level are as follows:

Crypto = BTC, Ethereum, etc.

Stablecoins = USDC, Tether, etc.

Fiat = EUR, GBP, USD, with CAD and AUD possibly coming soon.

FIAT gets converted to their equivalent stable coin after depositing! (EURx, USDx, GBPx)

All % are PER YEAR NOT DAILY OR MONTHLY.

Remember, you get paid 2% extra if you decide to receive interest in NEXO and not in-kind (same asset, so BTC to BTC for instance). This bonus is not available for US customers.

Example of interest earned

Assuming you have $25,000 of BTC in your Savings Wallet on NEXO, you would accumulate 3% per year if you do not hold any Nexo as well. 4% if you hold at least $2,500 of Nexo in your account.

And additionally 2% more if you choose to receive the interest in Nexo and not BTC, so then it would be 5 or 6%, but this is not available for US customers.

Finally, you can earn another 1% on top of that if you lock up your BTC in a fixed term.

This example is for BTC, at the time of writing. Other assets, including stablecoins, have different rates.

I am not getting my 6% every day?!!!

Just like pretty much everything in this world, interest is shown PER YEAR. This means, you get 6% per year, not per day. ANY company, regardless if it’s crypto or not, that tells you you can even make 1% back per day, is a ponzi / scam (unsustainable business).

Regarding compounding interest

The daily interest rate you receive for the like-kind reward already takes into account the fact it compounds to end with the stated annual interest rate. The interest rate you see for like-kind reward only is achieved if you keep it for 365 days. If you keep it for a lesser time, you actually get a lower interest rate.

Outdated or Irrelevant I am not getting back interest on my NEXO assets?

You do not get interest on NEXO token assets you hold in NEXO. Instead, you get dividends. Nexo give out 30% of their profits back to their customers that hold nexo tokens. Read this article (https://medium.com/nexo/nexo-dividends-explained-6636804db3a) for more information.
Edit: This question is no longer relevant. Nexo tokens now earn daily interest as dividends were voted out after the governance vote.

Do my assets on Nexo get locked-up / stake period?

NO, it’s not necessary! Unlike, CDC (Crypto.com) where you need to lock in assets to actually get a good rate, you do not need to lock in your assets with Nexo, you can withdraw them at any time. In Nexo, you CAN set up fixed terms/locking up for an additional % on Crypto and FIAT assets, Stablecoins get max interest without the need for locking them in fixed terms.

Do I get interest on my collateral?

Any assets in your Credit wallet do not get any interest, so you can not borrow 0.5BTC with 1BTC as collateral and make interest on the 1BTC at the same time. The only asset that makes % while being in the Credit wallet is Nexo tokens, where you get daily interest of <s>7%</s> 4% regardless of which wallet the tokens are in.

Can fixed terms be unlocked?

Currently, you can not manually unlock terms via the app. You can contact support and they might be able to close the term but you lose all accrued interest, but this only happens on certain occasions and only once per account. Furthermore, you can enable the new Unlock Fixed Terms option in your settings if you have an active loan on Nexo, this will allow the Oracle/System to unlock the fixed term automatically if your loan health drops to liquidation levels (to prevent liquidation!).

Will fixed terms always be locked in at 1 month / 3 months?

They are going to have different terms, but right now they will have 1/3, and 6/12/18 months rolling out soon. No plans to let user decide how many months they want to lock their assets up.

Is there a limit on how many fixed terms you can create?

Currently, you can create up to 10 fixed terms per asset.

Outdated or Irrelevant When is USD (U.S. Dollar) Fiat earning coming?

On the 6th April 2021, Nexo announced they entered Beta-testing for USD integration.
Testing should be done & dusted in no time, so expect USD top-ups, credit line repayments & exchange pairs really soon!

Update: USD earning is now enabled.

How stable as the rates offered on Earn?

Nexo’s rates are determined by market forces – supply and demand. They are not a greedy bunch, They go as high as They possibly can, but They want to generate yields on their platform sustainably. Nexo does not burn venture capital funds to offer attractive yields for user acquisition. Instead, They offer yields that are sustainable given the current market conditions and forces. While Nexo’s rates have been quite stable over the last few years, they are never guaranteed and can change depending on the current market.

Links/Important Docs

Official What are Nexo’s social media channels?

Join our official Nexo Telegram Group: https://t.me/nexofinance

Or our Chinese Telegram Community: https://t.me/Nexo_cn

Follow us on Twitter: https://twitter.com/Nexo

Here’s Nexo’s Facebook page: https://www.facebook.com/NexoFinance

Nexo’s Reddit: https://www.reddit.com/r/Nexo/

Read the latest updates on Nexo’s blog: https://nexo.io/blog

You can sign up for our Newsletter and get all important updates directly in your inbox: https://nexo.io/

Statistics and Information about Nexo
Important reads

Liquidations: NEXO: Why liquidations are needed.

Nexo Help Center: Nexo Official Help Center

Whitepaper: Whitepaper

Loans/Borrowing

Are there margin calls, will I be notified beforehand and how much time I will have to respond?

If the collateral assets decrease in value significantly, the client will be warned to add more collateral.

The client will be notified, and partial automatic loan repayments will only start after the Loan-to-Value increases to 83.3%.

Example:

If the loan amount is 5 000 USD then the partial automatic loan repayment will be initiated only when the value of your collateral decreases to less than 6 000 USD.

Loan amount: 5000 USD;
Value of collateral: 6000 USD;
Loan-to-Value = ($5000/$6000)*100% = 83.33%

The total value of your crypto assets and the minimum amount which will trigger the automatic loan repayments can be seen at any time below of all your crypto positions in your Nexo account.

image__1_.png

The client will receive a minimum of three notifications (via SMS and email) before that. This will happen when the Loan-to-Value increases to 71.4%, 74,1%, 76.9%. The client will be prompted to deposit more crypto assets into their Nexo account to prevent partial automatic loan repayments.

Please note that the Nexo blockchain oracle will not sell all crypto assets at once. Sell orders are executed in small increments only as much as to rebalance the Loan-to-Value back within the limits. Sell market orders are made at the market price on leading cryptocurrency exchanges. The transaction is performed through API on some of the major exchanges (i.e. Bitstamp, Kraken etc.). The funds received back from the exchange, minus the exchange’s fees will be instantly applied towards your outstanding loan balancе.

The table below illustrates how the Loan-to-Value changes when a repayment is made – based on the percentage of sold collateral (the price of crypto assets is constant):

mceclip0.png

Important: The notifications are sent for informational purposes. It is the client’s responsibility to keep track of their account standings and deposit more crypto assets or repay a part of the loan to prevent the initiation of partial automatic loan repayments.

Official What can I use Nexo loans for?

You are free to allocate the funds from your Nexo Loan towards your specific needs or financial goals. Different borrowers around the world have different demands and preferences for how long they will use the funds from their Nexo loans. As people who have been in the business of lending for over 10 years, we know how important it is for our clients to have access to cash when they need it. That is why we serve both small and large requests so that our clients can pay for day-to-day expenses or take advantage of a good investment opportunity.

Since the minimum loan amount is $50 in stablecoins and $500 in fiat currency and the maximum is $2,000,000, it is clear that you can cover a wide range of costs and/or purchases. You can also use your Nexo Loan for crypto investments by using Tether (USDT) or UCD Coin (USDC) for withdrawals.

Please keep in mind that the interest applied to your loans is compound interest i.e. it is calculated based on both the initial principal and the accumulated interest.

Official Are there any loan repayments?

You are free to choose when and how you repay your loan – in FiatX, in crypto, or by combining both. For the minimum amount of repayments, please click here.

Repaying in crypto

When repaying your outstanding loan, you can use:

Crypto assets

BTC, ETH, USTC, BCH, LTC, EOS, BNB, XLM, LINK, TRX, ADA, DOT, DOGE, UNI, AXS, MATIC, GALA, SUSHI, CRV, AAVE, APE, 1INCH, MKR, RUNE, SOL, AVAX, MANA, SAND, LUNA2, FTM, АТОМ, KSM, NEAR, FTT, HT, OP, ENS, LDO, GMT, COMP, SNX, GRT, GMX, CHZ, CVX, FXS, DYDX, APT, XRP (not available for US residents and citizens), and NEXO (currently only the interest can be repaid with NEXO tokens)

Stablecoins

USDC, USDT, USDP, TUSD, DAI, BUSD

Or a combination of any of them, including the ones you deposited as collateral. The crypto options are instant. Please note that repayments in crypto assets (excluding USDT, USDC, USDP, TUSD, DAI and FiatX) are associated with additional costs due to the exchanges’ fees.

Important:

  • Repayments with Terra Classic (LUNC) are currently unavailable

Repaying in FiatX

When repaying in FiatX, you can use EURx, USDx and GBPx. Please note that the transfer should always come from a bank account in your name. We do not accept bank transfers from third parties, and making such can result in delays. Processing time is up to 24 hours after receipt of funds. Depending on your bank and payment method, transfers may take between one and three business days. Nexo has no control over the duration here.

About loan and repayment:

At Nexo, we believe in giving you the flexibility to structure your finances according to your own needs.

The interest accumulated on your outstanding balance is added to your outstanding balance daily at 00:00 CET. The standard maturity of the loan is one year. If not repaid, the loan is automatically extended for another 12-month term. The number of extensions under the preceding sentence shall be unlimited. The period re-starts every time you withdraw funds from your Credit Line.

There are no penalty fees for early repayments. However, please note that for loans repaid within 30 days of the last withdrawal, you will be charged interest at the standard APR of 13.9% for the full 30 days, regardless of your current loyalty level. This is in order to prevent improper use of the Nexo Platform and to safeguard Nexo as a company, but more importantly, our clients and investors.

If you consider that your crypto asset has met its price target, you can repay your outstanding balance partially or in full by placing an order with the Nexo blockchain oracle to sell a fraction of the assets stored in your account. Sell market orders are made at market price on leading cryptocurrency exchanges. The funds received back from the exchange will be instantly applied towards your outstanding loan balancе.

Margin calls:

You will receive automated reminders asking you to deposit more collateral or to repay part of your loan before any partial automatic loan repayments, giving you plenty of time to react.

Please keep in mind that the interest applied to your loans is compound interest i.e. it is calculated based on both the initial principal and the accumulated interest.

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 are no instalment payments. You can make repayments at any time. Interest is added to your outstanding balance daily at 00:00 CET.

Important: Please note that loans repaid in less than 30 days are charged interest for the remainder of the 30-day period at the standard APR of 13.9% regardless of your loyalty tier. This is in order to prevent improper use of the Nexo Platform and to safeguard Nexo as a company, but more importantly, our clients and investors.

This information is also available on the Credit Line Repayment screen as seen in the sample screenshot below:

30-day_interest.png

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 balance is 13.9%
  • Silver: At least 1% of the Portfolio Balance in your account must comprise NEXO Tokens; interest on your outstanding loan balance is 12.9%
  • Gold: At least 5% of the Portfolio Balance in your account must comprise NEXO Tokens; interest on your outstanding loan balance is 8.9%
  • Platinum: At least 10% of the Portfolio Balance in your account must comprise NEXO Tokens; interest on your outstanding loan balance is 6.9%

To learn more about how our Loyalty Program works, please click here.

nexo.io_token.png

You should also know that:

  • Interest is added to your outstanding balance daily at 00:00 CET
  • The interest applied to your loans is compound interest i.e. it is calculated based on both the initial principal and the accumulated interest
  • The minimum interest charge is 0.01 USD
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 there is not enough collateral in the Credit Line wallet to support the loan.

Similarly, you can make repayments at any time and, thus, increase the available loan limit in your account.

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 a few minutes until you receive the funds in your Nexo account
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 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 takes only a few minutes. More information can be found here.

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 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 API on some of the major exchanges (i.e. Bitstamp, Kraken, etc.) without any additional fees besides the exchange’s fees.

An increase in the value of the collateral assets also allows the client to withdraw more from their Credit Line.

If the assets decrease significantly in value and you do not contribute additional assets to your Nexo account after receiving warnings from the Nexo blockchain oracle, the Nexo blockchain oracle may initiate partial automatic loan repayments to rebalance the Loan-to-Value back within limits.

The total value of your crypto assets and the minimum amount, which will trigger the small automatic loan repayments can be seen at any time below all your crypto positions on your Nexo account.

Screenshot_at_Jun_22_11-14-37.png

Official Do I have to pay tax if I have pledged my crypto assets as collateral?

As a reputable provider of digital assets services, Nexo is committed to the safety and security of our clients’ assets and information.

We are still assessing the implications of the Common Reporting Standards to our business and, for the time being, we do not believe to be required to disclose any information about transactions to the IRS or other tax authorities, which remains our customers’ sole responsibility.

However, Nexo and its affiliates do not provide tax, legal, or accounting advice and this information is not intended to provide and should not be relied upon for tax, legal and accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

Official What is the flexibility on collateral management? Can I mix my initial collateral with e.g. NEXO Tokens at a later stage?

Yes, you can. You can also withdraw/deposit different crypto as you like, as long as you have enough in your account to cover the loan as per our Loan-to-Value requirements.

Official How to take out a fiat loan?

fiat_loan.png

Taking out a loan from Nexo is a straightforward process.

You can transfer your crypto assets to your Nexo account and get an instant crypto loan (credit line), which you can immediately access using the free Nexo Card or by withdrawing in 40+ currencies to your personal/business bank account, or in stablecoins (USDC, USDT or BUSD), directly placed into your Nexo wallet.

In order to obtain a loan, follow these steps:

  1. Sign up for your Nexo account at https://platform.nexo.io/;
  2. Undergo identity verification.
  3. Top Up your crypto assets or buy crypto on the Nexo Exchange. List of supported assets that can be used as collateral.

    IMPORTANT! Please make sure to only transfer supported crypto assets over the respective Blockchain network supported by Nexo. Тransferring unsupported assets to your Nexo account will result in permanent loss.

  4. Go to “Withdrawal Funds From Credit Line” where you will see the available loan amount;
  5. Choose the preferred withdrawal method and enter your bank account for a loan in fiat currency. (Please be advised that bank transfers are processed by our banking partner only on business days)
  6. Enjoy spending your Nexo Loan.

Please note that:

A) it is also important to note that you may be as well requested to provide supporting documents to prove the origin of your funds

B) please keep in mind that upon requesting a loan crypto assets may be automatically transferred from Savings wallet to Credit Line wallet if there is not enough collateral in the Credit Line wallet to support the loan

faq-how-to-get-a-loan.png

You should also know that:

  • Interest is added to your outstanding balance daily at 00:00 CET
  • The interest applied to your loans is compound interest i.e. it is calculated based on both the initial principal and the accumulated interest
  • The minimum interest charge is 0.01 USD
Official What happens if I don’t repay my Nexo loan?

As long as you maintain a balanced Loan-to-Value ratio or have an “Available Funds from Credit Line” with Nexo, you don’t need to make any repayments. However, if the assets decrease significantly in value, you will receive a warning, stating that you should either deposit more crypto assets to your Nexo account or repay part of your loan to prevent partial automatic loan repayments.

If a borrower does neither of the above, the Nexo blockchain oracle will initiate a partial automatic loan repayment process by selling portions of the deposited crypto assets in order to rebalance the Loan-to-Value ratio.

Sell market orders are made at the market price on leading cryptocurrency exchanges. The funds received back from the exchange will be instantly applied towards your outstanding loan balancе.

The total value of your crypto assets and the minimum amount which will trigger the small automatic loan repayments can be seen at any time below of all your crypto positions in your Nexo account.

Screenshot_at_Jun_22_11-14-37.png

Official What is the minimum and maximum loan amount I can borrow?

Currently, the minimum loan amount you can take/withdraw is:

  • $50 in stablecoins (USDT, USDC, BUSD)
  • $500 in fiat currencies

The maximum loan amount is $2,000,000/day.

Please keep in mind that the interest applied to your loans is compound interest i.e. it is calculated based on both the initial principal and the accumulated interest.

Official Are Nexo’s loans secured?

The Nexo Loans are secured by crypto assets. But the major difference between ours and the traditional secured loans is that you profit from its upside potential.

Nexo’s conservative business model requires an over-collateralization of 111%-666% for all Instant Crypto Credit Lines.

Click here to find out more about our Security and Insurance.

Official What is the difference between the Nexo loan and a term loan?

Although the Nexo loan may seem similar to a term loan since it’s collateralized by an asset (cryptocurrency in our case), they are not the same. Usually, a term loan has fixed monthly or quarterly instalment payments. With the Nexo loan, you can manage your repayments the way you like, including repaying early without penalty fees or not repaying until the collateral crypto-asset meets your target price.

The Nexo loan has a fixed Annual Percentage Rate (APR), which starts at 6.9% when at least 10% of the value of your portfolio balance (crypto, stablecoins and FiatX) is in NEXO Tokens. In other words, you are in the Platinium tier of our Loyalty Program.

The Annual Percentage Rate when not utilizing NEXO Tokens is 13.9%.

Important: Please note that loans repaid in less than 30 days are charged interest for the remainder of the 30-day period at the standard APR of 13.9% regardless of your loyalty tier. This is in order to prevent improper use of the Nexo Platform and to safeguard Nexo as a company, but more importantly, our clients and investors.

This information is also available on the Credit Line Repayment screen as seen in the sample screenshot below:

30-day_interest.png

Example:

If you are repaying a loan 20 days after you took it, you will be charged the additional interest for the remaining 10 days out of the 30-day period (30 – 20 = 10) at 13.9%.

Please keep in mind that the interest applied to your loans is compound interest i.e. it is calculated based on both the initial principal and the accumulated interest.

Official In what currencies and/or crypto can I obtain a Nexo loan?

You can take a loan in more than 40+ Fiat currencies and receive the funds within the same/next day by local bank transfer.

For example: clients from Thailand can take a loan in Thai Baht

In addition to instant loans in 40+ Fiat currencies, Nexo customers can also borrow instantly using a
stablecoin (USDT or USDC) which they can then exchange for a preferred cryptocurrency and/or convert into fiat easily.

Regardless of the currency of each loan withdrawal, the overall outstanding loan is displayed in USD and can be seen by clicking on ‘Repay’.

Official Do I have to pay tax on a Nexo loan?

Nexo and its affiliates do not provide tax, legal, or accounting advice and this information is not intended to provide and should not be relied upon for tax, legal and accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

Official When will my first payment be due?

At Nexo, we believe in giving you the flexibility to structure your finances according to your own needs.

You can repay your loan at any time using crypto and stablecoins, as well as EURx, GBPx, and USDx.

For minimum loan repayments, please click here.

Interest is added to your outstanding balance daily at 00:00 CET.

You can repay some or all of your loan early at any time, and you could save on interest as you only pay interest for the days you borrow.

Important: Please note that loans repaid in less than 30 days are charged interest for the remainder of the 30-day period at the standard APR of 13.9% regardless of your loyalty tier. This is in order to prevent improper use of the Nexo Platform and to safeguard Nexo as a company, but more importantly, our clients and investors.

This information is also available on the Credit Line Repayment screen as seen in the sample screenshot below:

30-day_interest.png

Official How long is the maturity of the Nexo loans?

The standard maturity of the loan is one year. If not repaid the loan is automatically extended for another 12-month term. The number of extensions under the preceding sentence shall be unlimited.

Please note that the period re-starts every time you withdraw funds from your Credit Line.

Bear in mind that you only pay interest on the funds that you withdraw.

If you consider that your crypto asset has met your price target, you can repay by placing an order with the Nexo blockchain oracle to sell a fraction of the crypto assets stored in your account and to repay the outstanding balance in part or completely.

Important: Please note that loans repaid in less than 30 days are charged interest for the remainder of the 30-day period at the standard APR of 13.9% regardless of your loyalty tier. This is in order to prevent improper use of the Nexo Platform and to safeguard Nexo as a company, but more importantly, our clients and investors.

This information is also available on the Credit Line Repayment screen as seen in the sample screenshot below:

30-day_interest.png

Official How can I get a discount on the interest rate (as low as 6.9%)?

In order to receive the full 50% Credit Line Interest Discount, 10% of the value of your portfolio balance (crypto, stablecoins and FiatX) must be in NEXO Tokens. In other words, you have to reach the Platinum Tier of our Loyalty Program.

Example:

The Total Value of your portfolio excluding NEXO Tokens = 9 000 USD

Value of NEXO Tokens = 900 USD (10%)

The Total Value of all assets = 9 900 USD

loan_tiers.png

Official Do you have credit checks or will loan from you affect my credit score?

With Nexo, there are no credit checks and nothing is reported to credit agencies. Your credit score will not be affected in any way. This is one of the major benefits of using Nexo.

Official Are the deposit addresses of each collateral unique?

Each deposit address is unique and remains unchanged until further notice.

We recommend that you double-check each time before making a new deposit.

Please note that the following crypto assets require you to use “Destination Tag” or “Memo“:

– XRP (Ripple)

– XLM (Stellar)

– EOS

– BNB

– NEXO BEP2

Official What Loan-to-Value (LTV) can I get on my assets?

A Loan-to-Value (LTV) ratio is an indicator representing the size of a loan compared to the value of the assets securing the loan.

The Loan-to-Value percentages of each asset are dynamically determined by the Nexo blockchain oracle algorithms, depending on the current and historical volatility and market liquidity of the asset. Those are the current Loan-to-Value percentages for the supported by us cryptocurrencies:

ltvs.png

Those are current Loan-to-Value for the supported by us cryptocurrencies:

You can see how much you can take in a Credit Line against each of your crypto assets in your Nexo account:

Screenshot_2021-09-03_at_9.05.02_AM.png

Please keep in mind that upon requesting a loan crypto assets may be automatically transferred from Savings wallet to Credit Line wallet if there is not enough collateral in the Credit Line wallet to support the loan.

Important:

  • Terra Classic (LUNC) is currently unavailable as collateral
Official What coins are accepted as collateral?

3d_coins.png

Crypto assets

BTC, ETH, XRP, LTC, XLM, BCH, EOS, LINK, TRX, DOT, ADA, DOGE, SOL, AVAX, MATIC, FTM, ATOM, Terra (LUNA2), RUNE, UNI, AXS, PAXG, NEXO, BNB, GALA, SUSHI, CRV, AAVE, MANA, SAND, NEAR, KSM, APE, 1INCH, MKR, OP, FTT, HT, LDO, ENS, SWEAT, GMT, COMP, SNX, GRT, GMX, CHZ, CVX, FXS, DYDX, APT

Stablecoins

USDC, USDT, USDP, TUSD, DAI, BUSD

Support for other major altcoins is coming later in 2022. If you wish to see your favourite altcoin added among the collateral options, you can make a vote within its community or ask the team of the particular project to fill out our application form. We are very particular about who we work with and give priority to projects with integrity and a significant impact on the ecosystem as a whole.

IMPORTANT! Please make sure to only transfer supported crypto assets over the respective Blockchain network supported by Nexo. Тransferring unsupported assets to your Nexo account will result in permanent loss.

Official Loan-to-Value (LTV) Explained

The Loan-to-Value (LTV) ratio is a financial term used by lenders to express the ratio of a loan to the value of the collateral. Otherwise said, the measurement of the balance of the loan relative to the value of the collateral asset is represented as Loan-to-Value (LTV).

Traditional lenders (e.g. banks) use your credit score, as reported by third-party credit agencies, to determine your creditworthiness. The higher your credit score, the lower the risk for the lender. To remove the credit score from the equation you can apply for an asset-backed loan like the one offered by Nexo.

LTV is calculated as the loan amount in USD divided by the value of the collateral in USD, expressed as a percentage.

Example:

Loan amount: 5.000 USD;
Value of collateral: 10.000 USD;
Loan-to-Value = ($5.000/$10.000)*100 = 50.0%

Loan-To-Value.png

How Loan-to-Value fluctuates and what it means for you?

As the value of the collateral goes down, the Loan-to-Value goes up. In the case of a crypto asset-backed loan, the value of Bitcoin, Ether, Litecoin, Bitcoincash, etc. is trending down.

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Monitoring your account is very important during market drops. If the price of the crypto asset falls too low, the Loan-to-Value will continue to increase and the Nexo blockchain oracle will automatically request, via SMS and email, that you repay your loan or add extra collateral in your Credit Line Wallet.

Unless you do so as prompted, there is a threshold where assets from the Savings Wallet (if any) will be automatically moved to your Credit Line Wallet and if they are insufficient to cover the required Loan-to-Value, the collateralized asset will start being sold by the fully automated Nexo blockchain oracle to pay back part of the loan in order to rebalance the Loan-to-Value. This threshold at Nexo is set at 83.3%.

Before that happens you will be notified via SMS and email.

Margin_Call_83.33_.png

Example:

Loan amount: 5000 USD;
Value of collateral:
6 000 USD;
Loan-to-Value
= ($5000/$6000)*100 = 83.3%

As a borrower, you always have the option to transfer more collateral at any time.

To summarize:

The price of crypto assets fluctuates strongly – it can move up or down. When the price moves up, the Loan-to-Value goes down. When the price moves down, the Loan-to-Value goes up.

Official Is there a minimum repayment limit?

Below you can find the minimum repayment limits for Nexo’s loan repayment options:

minimum-repayment.png

Important:

  • XRP repayments are currently not available for US citizens and residents.
  • Currently only the interest can be repaid with NEXO tokens.
  • Repayments with Terra Classic (LUNC) are temporarily paused.

Please note that loans repaid in less than 30 days are charged interest for the remainder of the 30-day period at the standard APR of 13.9% regardless of your loyalty tier. This is in order to prevent improper use of the Nexo Platform and to safeguard Nexo as a company, but more importantly, our clients and investors.

This information is also available on the Credit Line Repayment screen as seen in the sample screenshot below:

30-day_interest.png

Official Loan Repayment

You can make loan repayments at any time with any amount over the minimum repayment limit for the assets supported by our platform. For the minimum requirements for crypto and FiatX, please click here. Currently, you can repay your loan partially or in full using the following currencies:

– FiatX: USDx, EURx, GBPx

– Stablecoins: USDT, USDC, TUSD, USDP, DAI, BUSD

– Crypto: BTC, ETH, LTC, XLM, BNB, BCH, EOS, LINK, TRX, DOT, ADA, DOGE, UNI, AXS, MATIC, SOL, AVAX, LUNA2, USTC, RUNE, FTM, ATOM, SAND, KSM, GALA, SUSHI, CRV, AAVE, NEAR, APE, 1INCH, MKR, OP, FTT, HT, ENS, LDO, SWEAT, GTM, COMP, SNX, GRT, GMX, CHZ, CVX, FXS, DYDX, APT, XRP (requires Identity Verification, currently not available for US residents and citizens), and NEXO (requires Identity Verification, currently only the interest can be repaid with NEXO tokens). The transaction is performed through API on some of the major exchanges (i.e. Bitstamp, Kraken, etc.) without any additional fees besides the exchange’s fees.

– Аny combination of FiatX and crypto

Important:

  • Repayments with Terra Classic (LUNC) are currently unavailable

In order to start the repayment process please login to your Nexo account and click on the “Repay” button as seen on the screenshot below:

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Then, choose one of the available options from the drop-down menu:

Screenshot_2021-11-15_at_11.19.14_AM.png

Screenshot_2021-11-15_at_11.19.18_AM.png

Note: Please be advised that loans repaid in less than 30 days are charged interest for the remainder of the 30-day period at the standard APR of 13.9% regardless of your loyalty tier. This is in order to prevent improper use of the Nexo Platform and to safeguard Nexo as a company, but more importantly, our clients and investors.

This information is also available on the Credit Line Repayment screen as seen in the sample screenshot below:

30-day_interest.png

Example:

If you are repaying a loan 20 days after you took it, you will be charged the additional interest for the remaining 10 days out of the 30-day period (30 – 20 = 10) at 13.9%.

Please keep in mind that the interest applied to your loans is compound interest i.e. it is calculated based on both the initial principal and the accumulated interest.

Official How to take out a loan in stablecoins?

To allow for a broader and vast utilisation that meets the dynamic demands of the crypto space, we offer our Borrow product not only in 40+ fiat currencies but in stablecoins as well – USDT, USDC and BUSD. It is important to note that, unlike fiat loans, loan withdrawals in stablecoins will be automatically placed into your Nexo wallet. The respective balance will be immediately updated, and you will then be able to either convert the assets on our exchange or withdraw them to an external wallet. Keep in mind that the number of free withdrawals depends on our loyalty tier, as explained in this article.

Tip: BUSD transfers over the Binance Smart Chain network are Fee-free and do not count towards the number of free withdrawals applicable to your loyalty tier. The same applies to USDT withdrawals over Polygon.

borrow-botton-main-page.png

Taking out a loan from Nexo is pretty straightforward. All you need to do is log into your account, locate the Borrow section on the main page and follow the easy and intuitive steps:

1. Pick one of the three available stablecoin currencies.

borrow-stablecoin-currencies.png

2. Type in the amount you would like to borrow and choose whether you would like to opt for a Zero-Cost loan. Keep in mind that the Zero-Cost toggle will be turned off by default. Enabling it will indicate the system to lock up sufficient collateral so your Credit Line wallet LTV afterwards is below the 20% threshold.

amount-opt-for-zero-cost.png

3. Please also keep in mind that you need to agree to the Nexo Crypto Credit General Terms and Conditions in order to submit your loan withdrawal request.
4. Once you have agreed to the terms, the ‘Withdraw’ button will become active and you will be free to proceed by clicking on it.

terms-and-withdrawal.png

5. After that, you will be prompted to confirm your loan withdrawal via the Two-Factor Authentication code that is usually delivered to your mobile device by SMS or through an authentication app.

borrow-2fa.png

6. Congratulations! You have successfully taken out a loan in a stablecoin, and your USDT, USDC or BUSD balance on your Nexo account has been updated automatically to reflect the new amount.

borrowed-successfully.png

You should also know that:

  • Interest is added to your outstanding balance daily at 00:00 CET
  • The interest applied to your loans is compound interest i.e. it is calculated based on both the initial principal and the accumulated interest
  • The minimum interest charge is 0.01 USD
Official How to secure Your Credit Line with the Unlock Fixed Terms Opt-in?

auto_term_unlock.png

With the Unlock Fixed Terms Opt-in Nexo gives you another option to secure your open credit line. Should your Loan-to-Value (LTV) reach 83.3% and the assets in your Flex terms have already been transferred out of the Savings wallet, the system will go on to unlock your Fixed-term/s and transfer the original amount of locked assets to the Credit Line wallet thus preventing automatic repayments.

Please follow the steps below to activate the option:

Web platform:

1. Log on to your Nexo account and click on ‘My Profile’ > ‘Settings’

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2. Click ‘Enable’ under ‘Unlock Fixed Terms’

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Mobile application:

1. Open the app and tap on ‘More’ > ‘Settings

2. Tap on the toggle button next to ‘Unlock Fixed terms’

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Key points:

  • All the assets in each Fixed Term deposit will be unlocked at once should the system need to collateralize part or all of the funds locked in this account.
  • Fixed terms will be unlocked only if ‘Unlock Fixed Terms’ is opted in and all Flex terms have already been transferred.
  • If you have multiple Fixed terms of various sizes, the prioritization is aimed at reducing the loss of interest in your account.

  • If the assets in a Fixed-term are not enough to stabilize your Loan-to-Value (LTV), the system will go on to unlock more assets if available.
  • Fixed terms in FiatX currencies are not affected by this option since FiatX assets do not serve as collateral.

Important:

Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA

Official Zero-Cost Credit Lines Explained

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We are excited to announce the launch of Nexo’s Zero-Cost Credit Lines. Effective Dec 2, 2021 clients in the Platinum and Gold loyalty tiers can enjoy borrowing rates from as low as 0%-1.9% as long as their Loan-to-Value ratio in their Credit Line wallet is below 20% (e.g. a $2,000 loan against $10,000 worth of collateral). Wonder how it works? Here are the key points:

Borrowing rates by tier

For the Base and Silver loyalty tiers borrowing rates remain the same. The Gold and Platinum tiers, however, are where the magic happens. Check it out:

Platinum

  • LTV ≤ 20%: 0.00% APR
  • LTV >20%: 6.90% APR

Gold

  • LTV ≤ 20%: 1.90% APR
  • LTV >20%: 8.90% APR

Supported assets

You can use the entire lineup of supported cryptocurrencies to benefit from the 0% to 1.9% borrow rates.

Tip: For assets like the NEXO Token, where the permitted LTV is already below the 20% threshold, clients will automatically get our 0% or 1.9% borrowing rates for the Platinum and Gold Loyalty tiers.

Timespan

The Zero-Cost Credit Lines is not a promotion but a permanent fixture on the platform.

Flexibility

Our Instant Crypto Credit Lines™ are extremely flexible and you can go back and forth between our zero-cost credit and our standard rates.

For example, if you’re in the Gold or Platinum tiers and you’re using Bitcoin as collateral and initially take out a smaller loan that keeps your LTV under 20%, you’ll accrue interest at 0% or 1.9%. Then you decide to take out more credit against the same amount of BTC raising your LTV above 20% (remember you can take out a loan of up 50% of the value of your BTC on Nexo), you’ll be charged our normal interest of 6.9% or above depending on your Loyalty tier.

The reverse also works. If you take out a larger amount of credit initially and then either add more collateral or repay part of your credit line to get your LTV under 20%, you’ll be moved from our regular Platinum and Gold rates to the new zero-cost options.

Loan withdrawal limits

You can borrow from as little as $50 to as much as $2M.

Opening a 0%-1.9% Interest Credit Line

  1. Become a Gold or Platinum tier client.
    To do this you must have enough NEXO Tokens in your account for the ratio of NEXO to all the other assets in your Portfolio to be above 10% for the Platinum tier and 5% for the Gold tier. For more information, check out our dedicated article.

  2. Tap the “Borrow” button on your home screen and enter the credit amount you would like to withdraw as well as the withdrawal currency.

  3. Enable the 0% or 1.9% interest rate through the toggle button right under your desired withdrawal amount.
    When this toggle button is enabled and you finalize your credit request, the system will automatically move enough collateral into your Credit Line Wallet for your LTV to be under 20%.

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Also, have in mind the toggle will not show up if you have entered a withdrawal amount that will bring your LTV above 20% even when using all the assets in your account as collateral.

In order to benefit from 0% or 1.9% APR when making purchases with the Nexo Card, you can enable the “Purchase with 0% APR” option from the Card Settings menu inside the Card tab on the mobile app. Once enabled, we’ll automatically transfer just enough collateral to your Credit Line wallet to keep your LTV below 20% – provided you have enough assets in your account.

Existing credit lines opened before December 2, 2021

If you already have an open credit line before December 2 and were accruing interest at our standard rates – 6.9% for Platinum and 8.9% for Gold users – your borrowing rates will automatically be lowered if the LTV in your Credit Wallet is under 20%.

Hint: If you have already borrowed at a higher LTV, you can always add a little extra collateral to your Credit Line Wallet to get our low-cost and zero-cost rates.

Calculating your current LTV

It is important to note that Zero-Cost Credit Lines take into account only the assets held in your Credit Line wallet. Thus, to calculate your LTV you need to divide your outstanding loan by the overall dollar value of your Credit Line wallet. Here are the steps:

outstanding_line.png

(Scroll down to the bottom of your account page and mouse over ‘Estimated Total Value of Crypto’)

CL_Wallet_value.png

  • Crunch the numbers: (248.00 / 2,946.76) X 100 = 8.41% LTV

If the Credit Line wallet LTV exceeds 50%, you will be prompted to bring it under 20% by transferring additional assets from your Savings wallet.

Zero_Cost_Transfer.png

In case the assets in your Savings wallet are not sufficient to bring the Credit Line wallet LTV under 20% , you will be prompted to top-up more crypto:

Zero_Cost_Top_Up.png

Important: Please note that loans repaid in less than 30 days are charged interest for the remainder of the 30-day period at the standard APR of 13.9% regardless of your loyalty tier. This is in order to prevent improper use of the Nexo Platform and to safeguard Nexo as a company, but more importantly, our clients and investors.

This information is also available on the Credit Line Repayment screen as seen in the sample screenshot below:

30-day_interest.png

Example:

If you are repaying a loan 20 days after you took it, you will be charged additional interest for the remaining 10 days out of the 30-day period (30 – 20 = 10) at 13.9%.

Do I get interest on my collateral?

Any assets in your Credit wallet do not get any interest, so you can not borrow 0.5BTC with 1BTC as collateral and make interest on the 1BTC at the same time. The only asset that makes % while being in the Credit wallet is Nexo tokens, where you get daily interest of <s>7%</s> 4% regardless of which wallet the tokens are in.

What is Collateral?

Collateral is crypto assets you would put up for a loan (if you don’t repay they will sell it to cover the default). You do not earn interest on crypto that you use as collateral, although Nexo tokens are an exception to this, they continue to earn interest while being in your Credit Wallet (collateral). If you are not borrowing from Nexo then your funds are held in a “savings wallet” where it can earn interest until it is either moved off the platform or used as collateral on a loan.

What are the loan-to-value (LTV) rates?

A Loan-to-Value (LTV) ratio is an indicator representing the size of a loan compared to the value of the assets securing the loan.

The Loan-to-Value percentages of each asset are dynamically determined by the Nexo blockchain oracle algorithms, depending on the current and historical volatility and market liquidity of the asset.

What is the minimum and maximum amount of time a loan can be active?

All loans taken out have a minimum of 30 days interest, this means, if you decide to close/repay your loan before the first month is up, you are paying the entire month in full.
That is why it is advised to just keep the loan active regardless if you initially wanted to pay within let’s say, 7 days, because you’d be losing “assets”.

As for how long a loan can be active for, there is no minimum. After 1 year, the “contract” automatically renews. You can repay/close the loan at any time.

Does Nexo lend out un-collateralized loans?

No! There are no uncollateralized loans in Nexo, this is what differentiates them to mostly everybody, definitely the more known competitors of Nexo. Nexo does not engaged in un-collateralized loans and do not plan to do them in the near future.
The portfolio booster is used by a very small % of clients, very very large clients, ultra high net worth individuals and institutions. There is more than 100% collateral, it’s just a matter of the execution, where Nexo buys the client something. It has nothing to do with uncollateralized lending at all.
That’s the point, having collateral so they don’t have to do credit ratings, etc.

What happens if I take out another/additional loan while I have an active loan?

Nothing, it just adds to your existing loan. Please be aware THIS RESETS YOUR 30 DAY MINIMUM LOAN FOR THE WHOLE LOAN AMOUNT. For example, if you took out a loan for $5000 2 months ago, but took out $500 more yesterday, if you try to pay back today, you’ll be paying 29 days interest on a loan of $5000, not just the $500. It’s important you keep this in mind.

Enabling the Auto-collateral option in settings, which Asset does Nexo move first?

We do not know, it is decided by the Nexo system automatically. There is no option to decide which assets to move first, at this moment in time.

Do I get alerted before any of my assets are moved from savings to credit line? What about liquidation?

In case of a decrease of your collateral asset value, a warning would be sent to the client that they should deposit more crypto assets to their Nexo Wallet to prevent liquidation. Please note Nexo will not liquidate all crypto assets at once – liquidations are made in small increments only as much as to rebalance the Loan-to-Value back within the limits.

You will receive a total of 3 notifications before any automatic repayments occur and each notification is sent both by email and by SMS to the email and mobile phone number associated with your Nexo account. Unlike margin brokers, Nexo do not have any interest to see your asset being automatically sold to repay the loan, in fact – quite the opposite, Nexo make money only when you have an active loan with them.

You are not required to post any margin after receiving these notifications, they are more like reminders that if your assets drop further, partial or full automatic repayment can occur.

As you know, unlike traditional financial markets, the crypto market never closes, thus Nexo cannot postpone automatic partial repayments as the outstanding balance will be less than the collateral and the borrower will have zero motivation to repay the difference.

How do loan repayments work?

You can repay your loan in a currency of your choosing. It doesn’t have to be paid back in the same currency you withdrew. For example, if you withdraw Tether against Bitcoin as collateral, your repayment doesn’t have to be in Tether, you can pay off your credit with a bunch of different assets. You can also sell off a portion of your collateral to repay your loan. Thirdly, you can do nothing and if there is a larger correction, the platform will liquidate the necessary amount of collateral automatically.

What happens if the interest you’ve earned with Nexo covers your principal loan?

Everything with Nexo is dynamic. There is no loan maturity in the traditional sense, we have to have maturity dates in the terms and conditions because of various compliance requirements, but the loans get extended automatically upon maturity unless you pay them off. If you never fall below the required LTV for your particular asset class, you don’t need to take any action, you will simply continue accruing interest on your credit until you decide to repay it.

Can I only use stablecoins as collateral?

If you want to take a loan against stablecoins, you will have to cover at least 50% of your loan using other crypto assets as collateral (BTC, ETH, etc.).

Can collateral (assets in credit line) be exchanged?

On June the 3rd, 2021, Nexo added the ability to swap collateral.

Misc.

Official Is Nexo hiring?

The Nexo Team strives for perfection in every possible aspect in order to deliver the ultimate user experience for Nexo’s crypto-backed instant loans and Earn product.

We are always looking for like-minded, talented, self-motivated people driven by the desire to exceed expectations in highly demanding yet most rewarding work. So, seize the day and drop us a few lines on why you deserve to be in Nexo’s ranks. Please visit: https://nexo.breezy.hr/

Official Does Nexo work on weekends and holidays?

Nexo crypto-backed loans are instant and guaranteed 24/7.

The Customer Support team is also available 24/7.

Official Do I need 2FA (Two-Factor Authentication)?

Yes. For security reasons, Two-Factor Authentication is required every time you log into your Nexo account.

The Two-Factor Authentication is also used for withdrawals and changes to security settings. You can choose between Google Authenticator/Authy/LastPass or any other authenticator application (highest level of security) or SMS Authentication (standard level of security).

To learn how to set up 2FA please read this article.

Official If I detect anything suspicious on the Nexo platform, where shall I report it?

If you detect anything suspicious on the Nexo platform, please report it to [email protected] or submit a ticket using this form.

Official How do I protect myself from internet phishing?

Always check the address of the site you’re visiting. Do not click on links.

The Nexo official site is nexo.io, and the Nexo Platform is platform.nexo.io.

All official emails are sent from a mail address that has @nexo.io at the end.

Official Who performs Nexo’s KYC services?

Nexo partners with Jumio to bring the highest KYC/AML standards and automation. Jumio is a leading identity verification provider and works with global clients, including Monzo, Rappi, HSBC, and many more. Its Machine Learning technology automates the verification process to provide rapid results for Nexo users.

Official What documents are needed for identity verification?

The identity verification process is very simple, fully automated and usually takes just a few minutes. You can find instructions on how to complete it in our dedicated article.

For the “Personal Info” part of the verification, you will be asked to provide your legal name, residential address, employment details, and phone number.

In order to complete the second part – “Identity Verification“, you will need a high-quality photo of a government-issued ID (passport works best), and you will also be prompted to take a selfie.

Please note that our partner Jumio does accept other less common government-issued documents.

It is important that the name you provide in the verification form matches the one on your ID.

Please click here to see the most common accepted documents.

Official Why do I need to verify my identity?

As Nexo is a fully regulated digital assets institution in all of the 200+ jurisdictions of its operation, the company is required to work under a business regulation known as KYC (Know Your Customer).

A KYC check is simply the act of us verifying the identity of our clients and is a measure against money laundering, fraud and corruption. Conducting KYC checks enables us to run smoothly without any problems with our banking/financial partners, and is also performed for your own safety – providing an added security layer and preventing unauthorized persons from claiming your tokens.

Nexo’s products are only available after verifying your identity. Once your account has been verified, you will be able to unlock all of the platform’s features:

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The verification process is quick, intuitive, and in order to make it as seamless as possible, we have partnered with the leading identity verification provider – Jumio. You can find more information on the matter in our dedicated article.

What do you do with the personal information from a KYC check?

Please note that Nexo only requires personal data for KYC and AML checks and does not share this information with other third parties, including for advertising purposes.

As an ISO 27001-certified entity, Nexo has stringent procedures in place to ensure the confidentiality of clients’ data.

Official Termination policy

Nexo’s termination policy:

Where a client relationship has to be terminated, Nexo will notify the affected account holders prior to suspending and discontinuing services, so as to guarantee the safety of the clients’ funds and allow them to close out existing loans and to subsequently withdraw all remaining funds to an address of their choosing unless we are prohibited by any applicable law or a court order to do so, including but not limited to the case that we have reasonable grounds to suspect that the funds were obtained through fraud or any unlawful means or connected with any criminal activities.

Official Source of Wealth/Funds/Crypto Explained

As part of our ongoing commitment to meeting our regulatory obligations, there are cases when we are required to collect more information and supporting documentation regarding our clients’ Source of Wealth and the Source of Funds/Assets, which they may have or intend to top up with us. In some cases, we might need to suspend certain operations of your account until the check is completed. We hope that the below information answers your questions on this review process and will facilitate faster and more efficient communication between you and us and hence shorter review completion.

What is a Source of Wealth (“SoW”) request?

Source of Wealth describes the origin of your accumulated wealth or total net worth (i.e. how you obtained your funds/assets). SoW does not refer to the location of the funds (e.g. a bank account), but instead to the activity or the reason, which lets you accumulate those funds. For example, SoW could be the sale of real estate property, or in many cases, it could be employment income accumulated over past periods.

What is a Source of Funds (“SOF”) request?

Source of Funds is the source of the initial and ongoing funds used for your business transactions with Nexo. For example, the SOF you used to top up your Nexo account could be your employment income.

Note: In some cases, your SoW and SOF could be the same. For example, you have accumulated your SoW from your employment income over the years and your SOF for the specific top-up with Nexo is your current paycheck. In those cases, the supporting documents you provide should prove both SoW and SOF.

What is a Source of Crypto request?

Source of Crypto refers to when and where you have acquired your crypto asset(s).

What documents can be submitted for those checks?

Below is a non-exhaustive list of acceptable documents:

Fiat Source of Wealth and Source of Funds Supporting Documents for Individuals

  • Employment incomerecent payslips or bank statement(s) displaying employment income for at least the last three months OR personal income tax return for the latest fiscal year;
  • Investments – investment statement(s), certificate(s) or agreements and bank statement(s) displaying clearly income from investment OR letter from a financial advisor detailing the nature of the investment and bank statement(s) displaying clearly income from investment;
  • Dividends or Profits from Company – latest company annual accounts / financial statements (audited, if available) and bank statement(s) displaying clearly income from dividends OR dividend statements and bank statement(s) displaying clearly income from dividends;
  • Loan – loan agreement(s) or statement(s) and bank statement(s) displaying clearly deposit(s) from Loan;
  • Sale of Assets – notarised sales contract (signed by all authorized parties) or other document reflecting sale of asset(s) and bank statement(s) displaying income from sale of asset(s);
  • Inheritance/Insurance/Gift – copy of will / check / grant or probate and bank statements reflecting the received insurance inheritance, insurance or gift proceeds OR Notarized letter from a donor and bank statements reflecting the received insurance inheritance, insurance or gift proceeds;
  • Retirement – bank statement(s) reflecting clearly income from retirement for at least the last three months.

Fiat Source of Wealth and Source of Funds Supporting Documents for Corporate Clients?

  • Corporate incomelatest company annual accounts / financial statements (audited, if available) OR corporate income tax return for the latest fiscal year;
  • Investments – investment statement(s), certificate(s) or agreements and bank statement(s) displaying clearly income from investment OR letter from a financial advisor detailing the nature of the investment and bank statement(s) displaying clearly income from investment;
  • Dividends or Profits from Company – latest company annual accounts / financial statements (audited, if available) and bank statement(s) displaying clearly income from dividends OR dividend statements and bank statement(s) displaying clearly income from dividends;
  • Loan – loan agreement(s) or statement(s) and bank statement(s) displaying clearly deposit(s) from Loan;
  • Sale of Assets – notarised sales contract (signed by all authorized parties) or other document reflecting sale of asset(s) and bank statement(s) displaying income from sale of asset(s).

Source of Crypto Supporting Documents (Individual and Corporate Clients)

  • Crypto assets purchased on crypto exchanges/brokers
      • Тransaction report or Screenshots reflecting purchase and withdrawal confirmation and displaying your account ID and all transaction details; OR
      • Confirmation emails which provide proof of purchase and withdrawal; OR
      • Receipts which provide proof of purchase (e.g. using an OTC)
  • Trading profits from exchanges/brokers
      • Screenshots of the transaction history displaying profits; OR
      • Transaction history displaying withdrawals to Nexo; OR
      • Screenshots of the exchange/broker account displaying your account details.
  • Income from services (e.g. affiliate income or other services)
      • Detailed description of the service; AND
      • Receipts for services which have been paid for in cryptocurrencies; AND
      • Explanations of the origin of the cryptocurrencies used for the payment transactions; AND
      • Screenshots of your wallets, which show their current income; AND
      • Screenshots of your transaction history and withdrawal history.
  • Initial Coin Offering (“ICO”) and token sales
      • Copy of the contract or agreement confirming payment made in cryptocurrency; AND
      • Full name of the ICO, as well as the associated project’s website; AND
      • Transaction history that documents the purchase and withdrawal of the token (wallet addresses and transaction ID); AND
      • Bank statement, if a fiat currency was used for investing; AND
      • Confirmation emails, which display the purchase.
  • Mining
      • Receipts for the purchase of mining hardware, on which the address of the buyer and seller are displayed; OR
      • Operating cost statements (e.g. electricity bills) also issued in your name; OR
      • Screenshots of mining revenues and rewards; OR
      • Screenshots displaying the transaction history from and to wallets, which display wallet addresses and transaction IDs (self-made “Excel lists” are not accepted).
  • Staking (Master Nods)
      • Screenshots of the transaction history on which deposits, withdrawals, and profits are visible; AND
        Screenshots of the transaction history on which withdrawals to Nexo are visible; AND
      • Wallet addresses and transaction IDs.
    • Airdrops
      • Screenshots of the transaction history on which deposits, withdrawals and are visible; AND
      • Wallet addresses and transaction IDs
  • Coin or token swaps
      • Screenshots of the transaction history (wallet addresses and transaction IDs)
  • Lending and liquidity pools
    • Screenshots of the transaction history (wallet addresses and transaction IDs). Please clarify where you have deposited the assets as collateral, as well as in what amount and where the collateral that is being used has come from.

How do I submit my supporting documents?

We will notify you via email if we require any information regarding your funds/assets. The email will contain detailed instructions on how to send us your documentation. When responding to our request, please make sure you do so from the email address registered with your Nexo account in order to ensure a more efficient service.

All personal information sent to Nexo is kept strictly confidential. More information on our privacy policy is available here.

If you have any questions, please contact our customer support in-app, via the website, live chat, or write to [email protected].

Official Documents supported by Jumio

Please find your country and the documents supported by our partner, which can be used for the completion of Identity Verification:

Country Id Card Passport Drivers License
Afghanistan No Yes No
Aland Islands No No No
Albania Yes Yes Yes
Algeria Yes Yes Yes
American Samoa No No No
Andorra No Yes No
Angola Yes Yes No
Anguilla No Yes No
Antarctica No No No
Antigua and Barbuda No Yes No
Argentina Yes Yes Yes
Armenia Yes Yes No
Aruba No No No
Australia Yes Yes Yes
Austria Yes Yes Yes
Azerbaijan Yes Yes Yes
Bahamas Yes Yes Yes
Bahrain Yes Yes Yes
Bangladesh Yes Yes Yes
Barbados Yes Yes Yes
Belarus No Yes Yes
Belgium Yes Yes Yes
Belize No Yes No
Benin Yes Yes No
Bermuda No Yes No
Bhutan No Yes No
Bolivia Yes Yes No
Bonaire, Sint Eustatius and Saba No No No
Bosnia and Herzegovina Yes Yes No
Botswana Yes Yes Yes
Bouvet Island No No No
Brazil Yes Yes Yes
British Indian Ocean Territory No No No
Brunei Darussalam Yes Yes Yes
Bulgaria Yes Yes Yes
Burkina Faso No Yes No
Burundi No Yes No
Cambodia Yes Yes Yes
Cameroon Yes Yes Yes
Canada Yes Yes Yes
Cape Verde No Yes No
Cayman Islands No Yes No
Central African Republic No Yes No
Chad No Yes No
Chile Yes Yes No
China Yes Yes Yes
Christmas Island No No No
Cocos Keeling Islands No No No
Colombia Yes Yes Yes
Comoros No Yes No
Congo No Yes No
Congo The Democratic Republic of No Yes No
Cook Islands No No No
Costa Rica Yes Yes Yes
Cote d’Ivoire Yes Yes No
Croatia Yes Yes Yes
Cuba Yes Yes No
Curacao Yes No Yes
Cyprus Yes Yes Yes
Czech Republic Yes Yes Yes
Denmark Yes Yes Yes
Djibouti Yes Yes No
Dominica No Yes No
Dominican Republic Yes Yes No
Ecuador Yes Yes Yes
Egypt Yes Yes Yes
El Salvador Yes Yes Yes
Equatorial Guinea No Yes No
Eritrea No Yes No
Estonia Yes Yes Yes
Ethiopia No Yes No
Falkland Islands Malvinas No No No
Faroe Islands No Yes Yes
Fiji No Yes No
Finland Yes Yes Yes
France Yes Yes Yes
French Guiana No No No
French Polynesia No No No
French Southern Territories No No No
Gabon No Yes No
Gambia No Yes No
Georgia Yes Yes Yes
Germany Yes Yes Yes
Ghana Yes Yes Yes
Gibraltar Yes Yes Yes
Greece Yes Yes Yes
Greenland No No No
Grenada No Yes No
Guadeloupe No No No
Guam Yes No Yes
Guatemala Yes Yes Yes
Guernsey No Yes Yes
Guinea Yes Yes No
Guinea Bissau No Yes No
Guyana No Yes No
Haiti No Yes Yes
Heard Island and McDonald Islands No No No
Holy See Vatican City State No No No
Honduras Yes Yes Yes
Hong Kong Yes Yes No
Hungary Yes Yes Yes
Iceland No Yes Yes
India Yes Yes Yes
Indonesia Yes Yes Yes
Iran Islamic Republic of No Yes No
Iraq Yes Yes No
Ireland Yes Yes Yes
Isle of Man No Yes Yes
Israel Yes Yes Yes
Italy Yes Yes Yes
Jamaica Yes Yes Yes
Japan Yes Yes Yes
Jersey No Yes Yes
Jordan Yes Yes Yes
Kazakhstan Yes Yes Yes
Kenya Yes Yes Yes
Kiribati No Yes No
Korea (South) Yes Yes Yes
Kosovo No Yes No
Kuwait Yes Yes Yes
Kyrgyzstan Yes Yes No
Lao Peoples Democratic Republic of No Yes No
Latvia Yes Yes Yes
Lebanon Yes Yes Yes
Lesotho No Yes No
Liberia No Yes No
Libyan Arab Jamahiriya No Yes No
Liechtenstein Yes Yes Yes
Lithuania Yes Yes Yes
Luxembourg Yes Yes Yes
Macao Yes Yes No
Macedonia The former Yugoslav Republic of Yes Yes Yes
Madagascar No Yes No
Malawi No Yes No
Malaysia Yes Yes Yes
Maldives No Yes No
Mali No Yes No
Malta Yes Yes Yes
Marshall Islands No Yes No
Martinique No No No
Mauritania Yes Yes No
Mauritius Yes Yes No
Mayotte No No No
Mexico Yes Yes Yes
Micronesia Federated States of No Yes No
Moldova Republic of Yes Yes Yes
Monaco No Yes No
Mongolia Yes Yes Yes
Montenegro Yes Yes Yes
Montserrat No Yes No
Morocco Yes Yes No
Mozambique Yes Yes Yes
Myanmar No Yes No
Namibia No Yes No
Nauru No No No
Nepal Yes Yes Yes
Netherlands Yes Yes Yes
New Caledonia No No No
New Zealand Yes Yes Yes
Nicaragua Yes Yes No
Niger No Yes No
Nigeria Yes Yes Yes
Niue No No No
Norfolk Island No No No
Northern Mariana Islands No No No
Norway Yes Yes Yes
Oman Yes Yes Yes
Pakistan Yes Yes Yes
Palau Yes Yes No
Palestinian Occupied Territory Yes Yes Yes
Panama Yes Yes No
Papua New Guinea No Yes No
Paraguay Yes Yes Yes
Peru Yes Yes Yes
Philippines No Yes Yes
Pitcairn No No No
Poland Yes Yes Yes
Portugal Yes Yes Yes
Puerto Rico Yes No Yes
Qatar Yes Yes Yes
Reunion No No No
Romania Yes Yes Yes
Russian Federation Yes Yes Yes
Rwanda Yes Yes No
Saint Helena Ascension and Tristan da Cunha No No No
Saint Kitts and Nevis No Yes No
Saint Lucia No Yes No
Saint Martin No No No
Saint Pierre and Miquelon No No No
Saint Vincent and the Grenadines No Yes No
Samoa No Yes No
San MariNo No Yes No
Sao Tome and Principe No Yes No
Saudi Arabia Yes Yes Yes
Senegal Yes Yes No
Serbia Yes Yes Yes
Seychelles No Yes No
Sierra Leone Yes Yes No
Singapore Yes Yes Yes
Sint Maartin No No No
Slovakia Yes Yes Yes
Slovenia Yes Yes Yes
Solomon Islands No No No
Somalia No Yes No
South Africa Yes Yes No
South Georgia and the South Sandwich Islands No No No
South Sudan No Yes No
Spain Yes Yes Yes
Sri Lanka Yes Yes Yes
Sudan Yes Yes No
Suriname No Yes No
Swaziland No Yes No
Sweden Yes Yes Yes
Switzerland Yes Yes Yes
Syrian Arab Republic Yes Yes Yes
Taiwan Yes Yes Yes
Tajikistan No Yes No
Tanzania United Republic of No Yes Yes
Thailand Yes Yes Yes
Timor Leste No Yes No
Togo Yes Yes No
Tokelau No No No
Tonga No Yes No
Trinidad and Tobago No Yes No
Tunisia Yes Yes Yes
Turkey Yes Yes Yes
Turkmenistan No Yes No
Turks and Caicos Islands Yes Yes Yes
Uganda Yes Yes Yes
Ukraine Yes Yes Yes
United Arab Emirates Yes Yes Yes
United Kingdom Yes Yes Yes
United States Yes Yes Yes
United States MiNor Outlying Islands No No No
Uruguay Yes Yes Yes
Uzbekistan No Yes No
Vanuatu No Yes No
Venezuela Bolivarian Republic of Yes Yes Yes
Vietnam Yes Yes Yes
Virgin Islands British No Yes No
Virgin Islands US No No Yes
Wallis and Futuna No No No
Western Sahara No No No
Yemen Yes Yes Yes
Zambia No Yes No
Zimbabwe No Yes No
Official How to keep your Nexo account safe?

security.png

At Nexo, we have strict security policies in place to keep your cryptocurrency and your information safe. As a part of our security practices, we also ask our clients to take a series of precautions to ensure that no one else has access to their account.

Understanding how to identify scams and attacks is crucial to protecting your accounts and funds, especially since cryptocurrency transactions are irreversible. To make it easier for you to spot hack attempts, we’ve explained some of the most common methods that scammers may use to gain access to your account and make unauthorized transactions.

We hope the information below will be useful to you.

Account takeovers

Since Nexo’s most important communication channel is email, clients’ email addresses can be a target for account takeovers. If someone gains unauthorized control over your email, they could potentially gain access to your Nexo account. It is vital that you have good security for your email; this includes a strong password, security questions, and 2FA.

Phishing

Phishing attacks attempt to trick you into revealing your account username, password, or other personal information. This kind of scam can take several forms, below are a few examples:

  • Emails: You may receive an email that appears to be from Nexo but was actually sent by a scammer, asking you for information or leading you to a fraudulent website.
  • Websites: These websites may look exactly like Nexo’s website, but all the information you enter there, such as usernames and passwords, is recorded and can be used to hack your Nexo account. Such websites are often promoted through advertisements that look like they’re taking you to the legitimate Nexo website.
  • Calls: Someone may call you, pretending to be from Nexo, asking you to provide your username, password, or other information.
  • SMS / instant messages: Scammers may send you messages pretending to be Nexo officials and prompting you to share your username or password. They may also push you to open unsafe links.

Nexo will never call, email, or SMS/instant message you proactively and ask you for your username or password. If anyone contacts you personally claiming to be from Nexo and asks for sensitive information, do not reply and report them to our support team. Our support team is available 24/7 so don’t hesitate to get in touch.

Malware

This kind of account hack is done through software. Scammers gain access to your devices through complex programs that allow them to take control of your devices and steal your passwords or other sensitive information you may have saved on them.

Identity theft

This is when someone impersonates you after gaining access to enough of your personal information. Ill-actors will then attempt to open an account in your name and/or make unauthorized transactions. Identity theft most often occurs when your documents, like an ID card, passport, or driver’s license, get stolen. Note that documents don’t always need to be physically stolen, scammers can also steal your ID information through phishing or theft of personal devices like phones or computers.

Tips on Protecting Your Accounts, Information & Funds

To wrap up this article we’ve prepared some tips to help you keep your crypto secure:

  • Create a strong password: Use a password with at least 16 characters. Do not share it or use it for other accounts. Password managers can help you generate and store strong passwords. We recommend LastPass, but there are many alternatives.
  • Enable two-factor authentication (2FA): This is an added level of security that requires a unique code every time you log in to an account. The code is generated by your device and is required in addition to your username and password.
  • Protect your email: Keep your email address secure so that nobody can access your Nexo account through your email. Most email providers support 2FA.
  • Do NOT share personal information: Nexo employees will never ask you for your password or 2FA code, neither will they ask you to authorize transactions.
  • Check the URL: Before signing into Nexo or clicking an ad, make sure you are on nexo.io. Scammers will often use similar URLs, so be sure to check carefully.
  • Check the email domain: Any communication from Nexo will come from an @nexo.io address. If you have any doubts about the legitimacy of an email from Nexo, check with our support team.
  • Lock your account: If you suspect your account has been compromised, contact our support team immediately.

Nexo cannot be held responsible for a loss of funds if you fall prey to a scam as stated in our Wallet Terms & Conditions. Regardless we will do everything in our power to help prevent such situations and assist you in securing your account.

You undertake to оbtain all necessary hardware, as well as to install all necessary software, including security and antivirus, for your use of the Nexo Wallet Services in accordance with these General Terms. You are solely responsible for keeping your device safe and maintaining adequate security and control of your username, password and shall be solely responsible for any access to and use of the Nexo Wallet Services through your device, regardless of whether such access may have been made without your knowledge, authority or consent. We will not be liable to you for any loss or damage resulting from such use. In case your device has been lost or stolen or has been accessed or used in an unauthorized manner, you shall notify Nexo of this and if the device has been accessed or used in an unauthorized manner, you shall, as soon as possible, reset the password.

Official How to submit a complaint?

Nexo strives to build and maintain strong relationships with our customers, which is why we take our clients’ comments, suggestions and concerns seriously. We look at clients’ feedback and complaints as means to improve our services and products and to enhance our clients’ overall experience at Nexo.
In the unlikely event that our clients are dissatisfied with the service provided by Nexo, they have the right to express their discontent by submitting their complaints directly to us.

How to submit a complaint?

Please follow those few simple steps:

  1. Click on the following link: submit a complaint.
  2. Then choose from the drop-down menu the reason “General Question” and
  3. Choose “Complaint” from the second drop-down menu.
  4. Please provide as well the email address you are using to access your Nexo account.

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In the “Description” field, ensure that you include all relevant information regarding your claim, as well as a clear description of the facts. Please also include any other supporting documentation that may be helpful for us during the review of your claim.


When will you hear back?

Upon receipt of your complaint, we will notify you by sending an acknowledgement email to the email address registered with your Nexo account. We provide all complaints with a prompt and impartial review and aim to respond within five (5) business days. In the event we are unable to provide a resolution within this timeframe, we will continue to keep you updated on the progress of your complaint.

Important:

Nexo has the right to refrain from reviewing a complaint or not classify it as such in circumstances including but not limited to:

  • In case the complaint is about services/features/forks/airdrops or other events that are outside of Nexo’s control and are dependant on third parties.
  • In case the complaint is about services/features announced by Nexo but are still in development and not available at the time of submission of the complaint.
  • In case the complaint is in regards to a business or a regulatory decision to cease business relations with an onboarded client.
  • In case the complaint is regarding the electronic/ISP availability of any of Nexo’s partners.
Official What are the benefits of using two-factor authentication?

mfa.png

Two-factor authentication is an extra step added to the login process. It’s a mechanism to doble-check your identity is legitimate and prevent unauthorized access to your account. The first factor is something you know, like your credentials (username and password), and the second factor is something you have, such as your mobile phone.

When you want to sign into your Nexo account, and you are prompted to authenticate with username and a password – that’s the first verification level. Two-factor authentication works as an extra security layer that will re-confirm your identity. Its purpose is to make attacker’s life harder and to significantly reduce the risk of losing your assets by securing your Nexo account with an additional layer of authentication.

When should I use 2FA?

Enabling 2FA is a simple step that can massively reduce the likelihood you will be the next victim of cybercrime. You should use 2FA whenever possible, especially when it comes to your sensitive data.

Why should I enable 2FA?

Improved Security: Defend your account from cyber threats. Majority of the hacking attacks are successful due to weak or stolen passwords. 2FA makes sure even if your account gets compromised, the hacker must overcome another security layer before they can access your account.

  • Reduced Data/Funds theft: Adding the extra step to log-in process means attackers will struggle to access your account and perform unauthorized transactions.
  • Simplify the login process
  • Fraud prevention mechanism – One-time passwords reduce the fraud risk by sending random, time-sensitive and unique codes to your mobile phone.

Two-factor authentication is an essential defense layer. Switch it on to secure your Nexo account if still not activated.

Similar services to NEXO

While Nexo was officially the first Crypto-backed lender in the market, there are now quite a few alternatives.

  • BlockFi
  • Crypto.com
  • Ledn
  • Swissborg
  • Celsius
  • And a bunch of DeFi (Decentralized finance) options as well.

While many do not recommend “keeping all your eggs in one basket”, Nexo has proven time after time that they have solid business practices and are here to stay.

CELSIUS vs NEXO

Update July 2022: I have been warning users about Celsius for years, and the recent bankruptcy declaration from Celsius is no surprise to me or many others who warned of the many red flags they had over the years. Here is the full text I wrote years ago:

While it is my opinion, I would HIGHLY advise against using Celsius. Here are a few reasons why CEL is not trustworthy:

No automatic liquidations. If the crypto market tanks, they are royally f’d. Nobody will pay back their loans. Collateral will be worthless (at that moment in time in the market).

Offering OTC discount with only 30 days lockup period. Selling stock at a discount is illegal for a reason. But we are dealing with crypto, okay, it’s different. But imagine this. Tesla tells you, buy shares at 10% discount. You can sell them next month for normal price. How is that sustainable? It’s not! They are desperate for cash.

Cel refuse to contact cointracking sites to update their market cap. (It’s approx 1-2B wrong, less, on most if not all tracking sites). Why won’t they do it? Because people would see how overvalued their token is at this moment in time.

A CEO that constantly talks shit about other companies like a 12 year old on twitter, great sign.

2B “Reserves” they claim to have (also as “insurance”) a large portion is in CEL TOKENS. Good luck selling them when cel token dumps…

Take the recent minimum loan withdrawal increase that Nexo implemented a few weeks back. 5k for stablecoins and $500 for fiat. Gas fees are crazy so it makes sense. What did CEL do? They kept stablecoin minimum the same, but increased FIAT withdrawals to $10k.. Does that make any sense to you?? If that doesn’t prove that they don’t have cash (USD, EUR, GPB) then I don’t know how else to put it to you.

They lost $34m in their last yearly financial report. They had to sell equity lat year to raise money to stay afloat. Source, official UK government company information: https://find-and-update.company-information.service.gov.uk/company/11198050/filing-history/MzI5MjgyOTQwM2FkaXF6a2N4/document?format=pdf&download=0

Difference between CREDIT and SAVINGS wallets

You must take into account that you have TWO wallets per asset within the Nexo platform. One for SAVINGS, which will give you interest on any assets you hold in it, and one for CREDIT which is basically your collateral, which you use for taking out crypto-backed loans.

When are payouts made?

Usually around 6:00AM UTC, daily!

What will happen to Nexo token holders if the company goes public (IPO)?

Antoni (Nexo’s Director) has in numerous occasions stated that the tokenholders will be taken care of if they ever go public, which is not something they plan on doing anytime soon anyway.

Why is Nexo often listed as based in London but has a main office in Bulgaria?

Nexo was relocating to London, but due to COVID they have postponed the move. Large part of team works remotely, most in Bulgaria. Current head office is Sofia, Bulgaria.

Is there any official NEXO Swag/Merchandise?

Not currently, but coming soon.

What effect would a banking license have on insurance and interest rates (borrowing and lending) of fiat?

NO! The rates will not drop after getting a bank license. At least for the foreseeable future. As long as it makes economic sense for Nexo as a company. Also protecting your interests.

Rates are not randomly selected. Market forces that are playing out and determining the rates. Antoni doesn’t view the bank license affecting the rates.

Rates should not have a great impact within the next 3 years.

As for insurance, can not go into details right now. In general, banking license would have a very very good effect on insurance.

Banking license will also let them advertise or bring in new customers who are not knowledgeable of the crypto-space.

Will the company sell its own tokens in the future or just utilize its own credit lines to extract value out of NEXO?

We, as a team, have not sold our tokens. We haven’t even touched them despite the sensational rise in our token’s value, they haven’t been moved from the smart contract – this is publicly visible. I think that speaks volumes about our conviction in our company’s success. We don’t need to sell them and we don’t intend to sell them in the future.

We are in a position to finance our business through different mechanisms that allow us to grow the enterprise organically. It’s no secret that in the token terms we have company tokens that are meant as strategic reserves, but with the current dynamics of the business and the markets, we don’t need to use them.

If you went public, would the NEXO Tokens be converted to equity?

If we were to go public, we are very aware that we have responsibilities to the NEXO Token holders and we will definitely take care of them should we ever decide to take this important step with Nexo.

Where do you see Nexo in five or 10 years?

If we mean the NEXO Token here, then I see it at double digits in the next five to 10 years. I can’t say exactly how high it will go, but I think we have substantial potential. It all depends on market conditions. If Bitcoin were to go back down to $20,000, it would drag everything else down with it. I don’t see much chance of that happening, but it is a possibility.
As a company, I see us growing in a couple of directions. The space will grow, but what it means to be a blockchain company will also expand. So we’ll grow both because the space will grow and because the technology we work with will become more present in day-to-day life. I see us becoming more and more compliant because we will have our banking license. The team will also grow and that will yield more potential for the company. We’re close to 200 people now. It’s a growth story all around.

We’ve noticed a lot of Nexo’s investments in other platforms. How do such investments benefit your current clients as opposed to investing in adding new features to Nexo?

We haven’t slowed down on the “feature adding”. The team is still getting larger and larger which means we can engage in even more tasks and developments. This is Nexo’s main revenue driver so we’re never going to stop pushing ahead in terms of new features.

The investments we’ve made are in projects where we either don’t already have the expertise they have in a certain field or where we feel that another company is ahead of us. It makes sense to invest in such projects even just from a capital gains perspective. Despite the market downturn, in the last two months, we have seen $4 billion pour into crypto startups, so we want to be a part of that. It’s nothing gargantuan given Nexo’s total balance sheet. 95% of all startups fail so we are prepared for something like this when managing our own corporate funds. But we do feel that there are a lot of opportunities apart from the capital gains benefits, such as gaining access to certain products so that we can quickly bring certain services and offerings into production that might otherwise take us longer.

For Nexo users, this means that you get to enjoy products and services that come into fruition quicker.

Can we have a function to unlock Fixed Terms on fiat in exchange for a small fee?

Unlocking Fixed Terms defeats the purpose of locking assets, even if there is a small fee since Nexo relies on the liquidity in these locked accounts for our other products. But we will look into this going forward and see what we can do.

We do however have the Unlock Fixed Terms option. It’s a new feature that complements our Automatic Collateral Transfer. When switched on, it can automatically unlock your Fixed Term accounts if you have an open credit line and your LTV drops below the required percentage, thus protecting you from liquidations. For now, we have this feature and we are looking into further alternatives.

Recently, there was a crackdown against Blockfi in some US states. How will this affect Nexo going forward?

This is definitely a point focus due to BlockFi being under scrutiny in the United States, the continued Тether FUD, and even the crackdown against Binance. To briefly explain what’s going on: Now that crypto has grown to the size that it has, there will be regulatory interest. Now, this is something we at Nexo anticipated from the start and we’ve been actively engaging with regulators in different jurisdictions.

In general, sometimes regulators look into things – this doesn’t necessarily mean that something bad is happening or has been happening. It’s up to us as a community how we digest this news, and it’s up to the media how they wish to frame it. We have had inquiries by regulators at Nexo and so far all the cases have been closed with our services being found compliant to the regulators’ satisfaction.

As for the specific situation with BlockFi, our Earn product has a very similar offering to their interest-bearing accounts. I don’t have enough insight into exactly what their internal structure is and it may or may not be the same as ours. BlockFi themselves have stated that they believe the state regulators are wrong and that their offering does not represent a security – this is one of the allegations. It is still too early to know for sure what the crackdown on BlockFi means for Nexo since not enough of the details are public, but we will be on the lookout for what evidence BlockFi produces to counter the allegations against them and, since all our products are created and maintained in part by our expert legal teams, we will be responding to developments accordingly.

One thing in which Nexo differs from BlockFi and other competitors is that they have 80-90% of their business in the US. Whereas Nexo is based in Europe and we have a far more diverse global geographical presence. The US is a far smaller part of our business than it is for BlockFi. So regardless of what the watchdogs in the United States decide on a state and federal level, I think Nexo will be significantly less affected than our competitors who have the majority of their clients in the States.

Ultimately, we as entrepreneurs and founders of Nexo are happy that the regulators are paying attention to cryptocurrencies since we will finally have clearer rules for our industry.

When are we going to be able to choose to earn in kind for chosen coins and earn in NEXO for others?

This seems like a simple feature, but it’s quite complicated to make this happen on the backend. It’s very heavy on the platform, it’s very heavy accounting-wise and it’s very heavy in terms of generating yields sustainably. We don’t rely on future funding rounds to maintain our interest rates, we generate the yields through our business entirely. This concept also does not resonate well with most regulators so it’s a tricky feature to offer.

Either way, the Nexo team is looking into what the possibilities are and I will hopefully be able to update you on this in the future.

Is [email protected] a legit email from Nexo?

Yes this is a real email and standard procedure when an account gets flagged. One example could be using a card that has a different name than the one you used to register your account with. Don’t worry, it’s just standard security and safety practices. Either way, it should not take long to get it sorted out.

I recommend contacting support if you have doubts over the legitimacy of an email, you can contact Nexo here: Nexo Help Center

Source: Nexo Reddit

Nexo Card

Official What is the Nexo Card and what are the benefits?

The Nexo Card is a natural extension of our Instant Crypto Credit Lines, allowing you to make everyday purchases on the go without having to sell your valuable crypto.

Put simply, Nexo gives you fiat you can spend and in return, you provide crypto as security for repayment – and all this is done in the background whenever you make a purchase with your card. You can buy anything you like with your card, just as you can with any other international card but at better terms.

As soon as you get your Nexo Card, you’ll start earning instant crypto rewards on every transaction, paid out in Bitcoin (up to 0.5% back) or NEXO Tokens (up to 2% back) – with the option to change your reward currency at any time, as often as you like.

And there are even more benefits for you to enjoy:

  • Accepted by 90M+ merchants worldwide
  • No minimum monthly repayments
  • No monthly, annual, or inactivity fees
  • No FX fees for up to €20,000 per month
  • Up to €10,000 in monthly ATM withdrawals
  • Up to 10 free withdrawals per month
  • Free additional virtual cards
  • Freeze and unfreeze your Nexo Card from our mobile app with a single tap
  • Monitor all your transactions in real-time and full detail
  • View your PIN and change it at any time if needed

You’ll be able to activate your virtual Nexo Card immediately and order a physical one that will arrive in due time. Once connected to Apple Pay or Google Pay, the virtual card functions just like the physical one – with the added benefit that you can’t lose it or have it stolen out of your pocket or purse.

You can watch our explainer video below and refer to this article on how to order your Nexo Card.

Official My Nexo Card hasn’t arrived yet. What do I do?

Cards are usually shipped within 2 business days after placing an order. While most customers receive theirs within 7 business days after shipment, depending on the country, the delivery time might extend for up to 4 weeks.

If your card hasn’t arrived within a month after placing your order, we recommend waiting a few more days to see if it is delivered promptly. Usually, when a card is late in arriving, the reason is simply a delay in the delivery. This could be due to public holidays, issues with postal and courier services, weather conditions, etc.

If your Nexo Card still doesn’t arrive after that, please contact our Customer Support team.

Official Who can order a Nexo Card?

For the time being, the Nexo Card is available to citizens and residents of the European Economic Area (EEA) only. To be eligible, you also need to pass Identity Verification and meet the following criteria:

  • For a virtual card: maintain a Portfolio Balance of at least $50
  • For a physical card: maintain a Portfolio Balance of at least $500 and a Gold Loyalty tier

Important:

  • Only personal Nexo accounts are eligible to order the Nexo Card. The latter is not available for Corporate/Business accounts.
  • The Nexo card is not available for citizens or residents of certain jurisdictions in the EEA.
Official How can I order the Nexo Card?

Check if you are eligible for the Nexo Card here.

Virtual Nexo Card

The virtual Nexo Card can be issued instantly via the Nexo App. You just need to follow the instructions below:

1. Open the Nexo App.

2. Go to the “Card” tab and scroll down.

1.jpg

3. You will see an “Activate Nexo Card” button that you need to tap in order to issue your virtual card.

order-virtual.PNG

4. You will then be prompted to confirm your phone number. It will be used for 3DS verification every time you make an online purchase, so make sure the phone number is correct. If you would like to change it, you will need to contact our Customer Support.

You will also have to choose the currency of your Nexo Card. Please note that you will not be able to change the card currency later.

Once ready, tap “I Confirm, Order Card” to proceed.

order-virtual_2.PNG

5. Your virtual Nexo Card is now ready to use! In order to benefit from contactless purchases, you can add the card to Apple Pay or Google Pay.

order-virtual_3.PNG

Physical Nexo Card

If you’d like, you can also order a physical Nexo Card:

1. Make sure that the virtual Nexo Card is activated first. Then on the “Card” tab of the Nexo App, swipe left, scroll down, and tap on the “Order Nexo Card” button.

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2. Confirm that your details and delivery address are correct. If the delivery information needs to be amended, tap “No, Change Details“. Afterwards, select “Yes, Order Card” to place your order.

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3. Your Nexo Card has been ordered! Expect it to arrive within 4 weeks.

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After you receive your card, you will need to activate it. To learn how you can do that, follow the steps in this article.

You can fully manage your Nexo Card from our mobile app:

Official My Nexo Card is due to expire. What do I need to do?

You can find the expiry date of your Nexo Card on the back of the card itself and in the Nexo App > Card > Card Details.

If your physical Nexo Card is soon to expire, you can deactivate it and order a new one by following the steps in this article.

In case your virtual Nexo Card is expiring, you can remove it from the Nexo App and request a new one:

1. Tap on the “Remove Card” button.

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2. Confirm your decision by selecting “Remove card”.

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3. Your virtual card is now deactivated successfully and you are free to order a new one.

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Official How do I activate the Nexo Card?

When you receive your card you will need to activate it through the app before you can use it. To do this follow the steps below:

1. Open your Nexo mobile app.

2. Go to the Card tab and follow the instructions.

3. Select “Activate Card”.

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4. Enter your PAN (the 16 digits on the back of your physical Nexo card) and select “Activate Card”.

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5. Your card has now been successfully activated.

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Important: Your Nexo Card is contactless, but to activate contactless functionality your first card transaction should be made by using the chip and entering your PIN.

Official Where can I see the PIN code of my Nexo Card?

If you need to check your Nexo Card’s PIN code, simply follow the steps below:

1. Open the Nexo App and navigate to the “Card” tab.

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2. Select the “Reveal PIN” option.

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3. You should now be able to view your PIN.

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Please be advised that you must keep your PIN secure and private even though it is available on the app. Make sure you are in a private place when viewing your PIN and that no one has unauthorized access to your mobile device.

Official How can I change the PIN code of my Nexo Card?

If you wish to change your Nexo Card’s PIN code, you can do so through the Nexo App or at any ATM that accepts Mastercard and provides PIN-changing services.

To change your Nexo Card’s PIN code via the Nexo App, follow these steps:

1. Open the Nexo app and go to the “Card” tab.

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2. Select the “Reveal PIN” option.

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3. Tap on “Change your PIN“.

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4. Enter your new PIN code and tap “Confirm“.

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5. You will be asked to type in your new PIN again in order to confirm it. Once ready, tap “Confirm“.

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6. Your PIN code has been changed successfully.

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7. Once the PIN has been changed, it is essential that you validate it through a chip transaction by inserting your card into the card reader of a POS terminal. Alternatively, the same can be achieved through a ‘Check Balance’ operation at an ATM.

Official How to block my Nexo Card if it has been lost, stolen or destroyed?

In case you are unsure where your Nexo Card is, we recommend freezing it immediately from the Nexo App. This will protect you from all unauthorized transactions and you will be able to instantly unfreeze your card at any time. On how to do that, you can follow the steps in this guide.

If your Nexo Card is not found in 3 days or it has been destroyed/swallowed by an ATM, you can deactivate it through the Nexo App. This is a permanent action and afterwards, you will be given the option to order a new card.

To deactivate your physical Nexo Card:

1. Open the Nexo App.

2. Go to the Card tab.

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3. Select “Block Card”.

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4. Choose the reason why you wish to block your card (Stolen Card/Destroyed Card).

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5. The card can be reordered right at the time of destroying the old one or at any time in future. On that note, If you want to order a new one, tap on the Reorder Card toggle to select that option.

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6. If you have chosen to reorder the card, confirm your delivery address. Then tap the “Yes, Order Card” button to confirm your decision.

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Official How can I freeze/unfreeze my Nexo Card?

For additional security, Nexo offers you the option of freezing your Nexo Card when not in use. You can do this quickly and seamlessly through the app:

1. Open your Nexo App.

2. Go to the Card tab.

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3. Select the “Freeze Card” option.

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4. Your card has now been frozen.

5. You can unfreeze your card at any time by following the same steps as above and tapping “Unfreeze Card”.

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Official Why is the contactless feature of my Nexo Card not working?

If you notice the contactless feature of your Nexo Card is not working, there are a few possible reasons:

  1. Occasionally, some card terminals do not accept contactless. Check that the terminal you are using is equipped with this feature.
  2. If this is the first time you are using your Nexo Card, be sure to use the chip and PIN before you attempt your first payment by contactless.
  3. If you haven’t used the chip and PIN on your card lately, it may be that you have exceeded the contactless limit. Simply entering your PIN should fix the problem, and you will be able to use contactless again. The PIN is required after every 5 transactions you make, or after every time you spend 150 EUR, whichever comes first.
  4. If you believe that your card is damaged in any way and this is causing the malfunction, you can always order a brand new Nexo Card, although you will have to wait for it to be delivered. Refer to this article on how to re-order the card.
Official What can I do if an ATM swallowed my Nexo Card?

If your Nexo Card has been swallowed by an ATM, we recommend freezing it immediately.

As Nexo is not responsible for such events, we are unfortunately unable to retrieve your card for you. If you wish to know more about why an ATM has swallowed your card, you will need to contact the company that owns the ATM.

If you cannot get that particular card back, you can deactivate it and order a new one by following the steps in this article.

Official How do I add my Nexo Card to Apple Pay?

In order to add your brand new Nexo Card to your Apple Pay wallet, please follow these simple steps:

1. Open the Apple Wallet app:

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2. Tap on the “+” button in the upper right corner and then “Debit or Credit Card“. Scroll down to the bottom of the list that pops up and choose “Add a Different Card“.

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3. Tap on “Continue“.

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4. If you are adding your physical Nexo Card, you can scan it. If it’s your virtual card you would like to add, tap on “Enter Card Details Manually“.

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5. On the first screen please write down your “Name” and “Card Number“. On the second one fill in the “Expiry Date” and the “Security Code” (CVC). These details can be found in the Nexo App and on the back of your Nexo Card (if physical).

You can refer to this article on how to see your card details from the Nexo App.

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6. On the next screen, please agree with the Apple Wallet Terms and Conditions.

7. Choose how to verify your card and click on “Next“.

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8. You will receive an SMS with the verification code. Enter it in the “Verification Code” field and click “Next“.

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9. Congratulations! Your Nexo card has been successfully added to your Apple Wallet and is ready to be used.

You can now set it as your default card for purchases by touching, holding, and dragging the card in front of your other cards.

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Add your Nexo Card to Apple Watch:

1. Please click on the “Add Now” button.

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2. Please wait until your Nexo Card is added to your Apple Watch. As soon as this process is completed you can start using your watch for contactless payments.

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Official How do I add my Nexo Card to Google Pay?

How to add Nexo Card to Google Pay:

Please watch this short video and follow the steps:

How to add Nexo Card to the Google Play Store:

In order to add your brand new Nexo Card to Google Play, please follow the steps below:

1. Open the “Google Play Store” application on your mobile phone.

2. Open the “Google Play” menu and click on the “Payment methods” tab:

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3. After that please click on the “Add credit or debit card“:

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4. Follow the instructions you see on the screen.

Official What are the limits and fees of the Nexo Card?

Fees

Both the physical and virtual Nexo Cards have no monthly, annual or inactivity fees.

How many free ATM withdrawals am I allowed per month?

Depending on your Loyalty tier, you can enjoy up to 10 free withdrawals:

  • Basic: 1 free withdrawal
  • Silver: 3 free withdrawals
  • Gold: 5 free withdrawals
  • Platinum: 10 free withdrawals

Once you run out of free withdrawals, you’ll be charged only €1.99 / £1.99 per additional withdrawal until your monthly limit resets again.

Are there any foreign transaction fees?

Depending on your Loyalty tier, you can enjoy up to 20,000 / £20,000 in free foreign transactions:

  • Basic: No FX fees for up to 3,000 / £3,000 per month
  • Silver: No FX fees for up to 5,000 / £5,000 per month
  • Gold: No FX fees for up to 10,000 / £10,000 per month
  • Platinum: No FX fees for up to 20,000 / £20,000 per month

Once you reach your currency exchange limit, you’ll be charged a 0.5% fee on foreign transactions until your monthly limit resets again.

Limits

Transaction limits:

  • Monthly: up to €60,000 / £54,000
  • Daily: up to €10,000 / £9,000
  • Per single transaction: up to €10,000 / £9,000

ATM withdrawal limits:

  • Monthly: up to €10,000 / £9,000
  • Daily: up to €2,000 / £1,800
  • Per single withdrawal: up to €600 / £540

You can also monitor your transaction volume and limits from the Nexo App by following these simple steps:

1. Open the Nexo App and log in.

2. Navigate to the “Card” tab.

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3. Tap on the “Card Settings” option.

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4. Select “Limits and Fees“.

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5. You can tap on the different limits to see individual usage for each.

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Important: Please note that we may update these fees and limits at any time and with immediate effect, at our sole discretion.

Official Which merchants are not supported by the Nexo Card?

You can use your Nexo Card almost anywhere, except the following merchants:

Merchant Category Code (MCC) Included in this MCC Description
4829

Money Transfer

A transaction in which funds are delivered or made available to a person or to an account. These transactions include non–face-to-face transactions such as those facilitated through the Internet.

6010 Manual Cash Disbursements—Customer Financial Institution

Used only to identify face-to-face transactions in which a cardholder uses a Mastercard card at a Mastercard customer financial institution to obtain a manual (“over-the-counter”) cash disbursement, to open or fund a deposit account, or to purchase travelers cheques, foreign currency, money orders, precious metals, or savings bonds.

6051

Quasi Cash—Merchant

Identifies the purchase of travelers cheques, foreign currency, or money orders, or the use of a Mastercard card to open or fund a deposit account, at a location other than a Mastercard customer financial institution location. This MCC may also be used to identify transactions in which a merchant accepts a Mastercard for payment of an existing debt, such as a private label card or vehicle loan.

In addition, this MCC must be used to identify transactions involving the purchase of cryptocurrency.

6529 Remote Stored Value Load—Member Financial Institution
6530 Remote Stored Value Load—Merchant
6534 Money Transfer—Member Financial Institution
6535 Value Purchase—Member Financial Institution
6538 Mastercard MoneySend Funding Transaction

Identifies a MoneySend Funding Transaction in which a cardholder uses a Mastercard card to fund a MoneySend Payment Transaction.

6540 POI Funding Transactions (Excluding MoneySend)

Identifies a transaction conducted by a card acceptor providing any of the following services:

  • A service in which funds are delivered or made available to a person or to an account;

  • The loading of funds into an account unless the funds are to be used for sales described by any of the MCCs listed in the paragraph below; or

  • The loading of funds onto a stored value or prepaid card.

    MCC 6540 may not be used to identify any sale other than as described, including, by way of example and not limitation: gambling transactions; videotext transactions; the sale of any prescription drug or the sale of any tobacco product.

6760 Savings Bonds
Official What crypto rewards will I get with my Nexo Card?

With every purchase made using your Nexo Card, you’ll earn instant crypto rewards as part of our Loyalty program. The more NEXO Tokens you have in your account, the higher the percentage of the transaction value you will receive back when using the card. Each Loyalty tier has its own crypto rewards rate – here is the breakdown:

  • Platinum: 2% in NEXO Tokens or 0.5% in BTC
  • Gold: 1% in NEXO Tokens or 0.3% in BTC
  • Silver: 0.7% in NEXO Tokens or 0.2% in BTC
  • Base: 0.5% in NEXO Tokens or 0.1% in BTC

Please note that the minimum cashback payout is $0.01. Amounts lower than $0.01 in value cannot be processed.

As of 11:00 am UTC on August 8, 2022, the following cashback limits have been introduced for each Loyalty tier:

  • Platinum: $200 monthly limit on crypto rewards

  • Gold: $150 monthly limit on crypto rewards

  • Silver: $100 monthly limit on crypto rewards

  • Base: $50 monthly limit on crypto rewards

Note: The above limits will reset on a 30-day rolling basis.

🗓️ Example: $10 cashback received on September 1 will be counted toward your monthly cashback limit until 23:59:59 UTC on October 1.

The currency of your cashback is chosen by you and can be changed at any time, as often as you like.

You can easily switch between the two options from the Nexo App:

1. Open the Nexo App and log in.

2. Navigate to the “Card” tab.

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3. Tap on the “Card Settings” option.

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4. Select “Cashback Type“.

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5. Choose your preferred option by tapping on it. The change is applied instantaneously.

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Important: Please note that if you have any pending purchases with the Nexo Card, the option to switch your cashback preference will be unavailable until they are completed.

Types of transactions that are not subject to our cashback rewards

Some Merchant Category Code (MCC) transactions do not qualify for the Nexo Card cashback reward. You can obtain more information here.

Official Where can I see the card details of my Nexo Card?

The card details of your Nexo Card (cardholder name, card number, expiry date, and CVC) can be found on the back side of your physical Nexo Card.

You can also access the card details of both your physical and virtual card through the Nexo App. Here’s how:

1. Open the Nexo App and log in.

2. Navigate to the “Card” tab.

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3. Tap on “Card Details“.

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4. You will be shown the card details for 30 seconds.

If you need the card number for an online purchase, for example, you can use the convenient “Copy Card Number” button in order to copy it.

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Official How does the Nexo Card work?

The Nexo Card functions as a credit card and is tied to Nexo’s Instant Crypto Credit Lines. All purchases are deducted automatically from your Available Credit, using your digital assets as collateral for the loan. The borrow interest rate depends on your Loyalty tier, and you can make repayments at any time, without fixed instalments required.

How to make repayments on my Nexo Card?

Every time you make a purchase, the amount is added to your outstanding loan. Therefore, you just need to make a repayment the usual way – select the “Repay” button on the Account page or the Dashboard inside the Nexo app and choose your preferred repayment method. You can find more detailed instructions here.

Our standard policy of charging additional interest for repayments made within 30 days of the last loan withdrawal doesn’t apply to loans generated from the Nexo Card. This means that if you’ve only made purchases with the card without withdrawing from your credit line using the “Borrow” facility on the platform, no additional interest for the remainder of the 30 days will be accrued in case of early repayments.

If you have taken out a loan from the platform within the last 30 days, the Nexo Card purchases will not reset the 30-day period. However, keep in mind that the outstanding credit from spending with the Nexo Card will merge with your open credit line. Thus, if you are to repay your outstanding credit in full less than 30 days after your last loan withdrawal, the additional interest will be applied on the total amount being repaid, including the loan generated from the Nexo Card purchases.

Example:

You take out a $100 loan via the Borrow facility on Jan 1.
Afterwards, on Jan 10, you make a purchase with the Nexo Card that generates a loan of $200.
If you are to make a repayment for the total outstanding amount of $300 on Jan 25, the additional interest charge will be calculated on that same repayment amount – $300, but for 5 remaining days only since the Nexo Card purchase didn’t reset the 30-day period.

Why is there an internal transfer from the Savings to the Credit Line Wallet when I make a purchase with my Nexo Card?

Assets may be automatically transferred from the Savings Wallet to the Credit Line Wallet if you don’t have enough collateral assets in the Credit Line Wallet to support the loan generated from the purchase.

If you would like to choose the crypto that will be used to back the loan before making the purchase, you can manually move the preferred assets to the Credit Line Wallet. Simply follow the steps in this article.

Why was my Nexo Card purchase deducted from my Available Credit, but I can’t repay the amount?

Whenever you make a purchase with the Nexo Card, the merchant has up to 45 days to claim the funds. This process usually takes no more than a few days, but until it happens, the card transaction will be pending in your Transactions tab, and the amount won’t be added to your outstanding loan. Тhis is why you might notice that the purchase has been deducted from your Available Credit, but the amount is not available for repayment yet.

Please note that during this time, the loan generated from the purchase will accumulate interest which will also be added to your outstanding loan once the card transaction is approved.

If the merchant doesn’t claim the funds within the 45-day period, the transaction will be rejected, and no loan or interest will be accrued.

The above also applies to the cashback following the purchase – your BTC or NEXO reward will be credited to the respective balance after the card transaction is approved.

Why did I not receive cashback on my purchase?

The minimum cashback payout is $0.01 and amounts lower than that cannot be processed – so it might be that the value of your purchase generated a cashback that is less than $0.01.

Official What is the ePIN of your Nexo Card and how to set it up?

With the ever-growing interest in the recently launched and unparalleled Nexo Card, naturally comes our desire to provide clients with the most innovative and up-to-date security solutions. That is why we recently introduced yet another neat feature of the Nexo Card – the ePIN.

The so-called ePIN is a new security standard requirement developed by the European Banking Authority (EBA). It is a 4-digit code you will need for online transactions in addition to the 3D Secure code you receive via SMS.


Note: The ePIN is different from the PIN code you use for validating payments made with your physical card and ATM withdrawals.


How to set up your ePIN?

This new method will require you to set up an ePIN for all the existing cards and for each new card created. To do so, you can follow these simple steps:

1. First you need to go to the ‘Card’ section of the Nexo mobile app and open the ‘Card Settings’ menu.

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2. Open the ‘ePIN section’.

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3. Pick the card for which you would like to set your ePIN first. Keep in mind that it is mandatory that you set up ePIN for all your existing Nexo cards.

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4. Set up your ePIN.

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5. Click on ‘Confirm’.

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6. You have successfully set your ePIN for the said card. In case you have both the virtual and physical Nexo Cards, you can now proceed with setting up the ePIN for your other existing one by clicking on the ‘Ok, great!’ button.

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7. On the next screen, you will see that for the cards with an ePIN enabled, the latter will be visually noted within the interface.

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Once the ePIN has been set up, you will be able to conduct online purchases with your Nexo Card. To do so, during the payment stage, you would first be prompted to enter your ePIN, as exhibited on the left side of the image down below. Afterwards, you will be asked to insert the regular 3D Secure code which you receive via SMS. The second step is displayed on the right side of the same photo.

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As soon as both steps are complete, your online payment will be validated.

Official What transactions are ineligible for the Nexo Card cashback?

Getting cashback rewards with every purchase associates with the Nexo Card. However, the following Merchant Category Codes (MCCs) are ineligible for the cashback:

  • Merchant Category Code (MCC) 6010 – Manual Cash Disbursements:

Used only to identify face-to-face transactions in which a cardholder their card at a financial institution to obtain a manual (over-the-counter) cash disbursement, to open or fund a deposit account, or to purchase traveller’s cheques, foreign currency, money orders, precious metals, or savings bonds.

  • Merchant Category Code (MCC) 6012 – Investment Platforms:

Such merchandise and services may include checks and other financial products, promotional merchandise, loan fees, and financial counselling service fees. Included are also repayment of debts to banks, savings and loans, thrift shops and credit unions.

  • Merchant Category Code (MCC) 6211 – Brokers/Dealers:

Such merchants are associated with financial institutions for the purchase of merchandise or services or the repayment of debts to banks, savings and loans, thrift shops and credit unions. For example, the purchase of cheques, other financial products or promotional merchandise, deposits, the funding of an account, the purchase or reload of a stored-value card, the purchase of foreign currency, non-fiat currency (for example, cryptocurrency), money orders (a negotiable paper-based remittance – not a money transfer), traveller’s cheques and loan fees or financial counselling service fees. This code may also be used for merchants involved in the repayment of a debt, loan or credit card balance by a cardholder to the financial institution.

  • Merchant Category Code (MCC) 6532 – Customer Financial Institution:

This code is primarily used to identify Payment Transactions. A Payment Transaction allows Mastercard cardholders to transfer funds to a Mastercard account. This type of transaction does not reverse a previous Mastercard purchase and must be authorized by the issuer. Nevertheless, this MCC is also used for Brazilian domestic Coupon Booklet Payments (CARNE).

  • Merchant Category Code (MCC) 7995 – Gambling Transactions:

The placing of a wager, the purchase of a lottery ticket, spread betting, in-flight commerce gaming, or the purchase of chips or other value usable for gambling in conjunction with gambling activities provided by wagering or betting establishments such as casinos, race tracks, card parlours, airlines, and the like.

  • Merchant Category Code (MCC) 8999 – Professional Services:

Examples of such merchants include mortgage brokers, research firms, financial planners, graphic designers, guest speakers and lecturers, court stenographers, real estate appraisers, research firms, and auction houses. Please note that charging your PayPal or Curve account, for instance, also falls under this category.

  • Merchant Category Code (MCC) 9399 – Government Services:

In this category fall merchants that provide general support services to the government such as personnel, auditing, procurement, and building management services. Examples include civil rights and civil service commissions, general government accounting offices, general services offices, government supply agencies, fire, and motor vehicle departments, and national, state, and city parks. This MCC may also be used to identify U.S. state lottery ticket sales by merchants

When will the Card (Crypto Credit Card) be released?

There are no official announcements yet, but all we know that is it currently in a private beta. A select few European (non UK) customers have been given cards to test the upcoming platform.

On April 13th 2022, Nexo released their Crypto Credit Card officially to the European market.

US and ROW customers will have to wait a little longer till they can get their hands on the Nexo card.

What will the card look like when it arrives?

Do Card transactions reset the 30 day minimum repayment period?

As of a recent update, the NEXO Card transactions DO NOT trigger a new 30 day period. Only new loans do through the borrow feature.

This means, if you use your NEXO Card, it will not reset the 30 day minimum interest repayment period for your active loan.

Also, as of the release of the card, using the card while you don’t have an active loan will not trigger the 30 day period either!

Source: NEXO Card FAQ
I have just made a purchase but it won’t let me pay it off in my Nexo account

Once the transaction has been approved, it will add the amount to your outstanding balance which can then be paid off. Approval can take from a few minutes to hours (or days on rare occasions), depends on the establishment.

Whenever you make a purchase with the Nexo Card, the merchant has up to 45 days to claim the funds. Until this happens, the card transaction will be pending in your Transactions tab and the amount won’t be added to your outstanding loan. Тhis is why you might notice that the purchase has been deducted from your Available Credit, but the amount is not available for repayment yet.

Please note that during this time, the loan generated from the purchase will accumulate interest which will also be added to your outstanding loan once the card transaction is approved.

If the merchant doesn’t claim the funds within the 45-day period, the transaction will be rejected and no loan or interest will be accrued. The above applies to the cashback following the purchase – your BTC or NEXO reward will be credited to the respective balance after the card transaction is approved.

Source: NEXO Card FAQ
Why is it asking me to re-submit my KYC/Verification documents?

A few months back Nexo implemented some additional KYC steps in the verification process, and for that reason users who had completed KYC before these changes will need to quickly re-do it. These changes were made to comply with regulatory compliance for financial institutions.

Source: NEXO Card FAQ
Why am I not getting the option to order the card on the app?

For the time being, the Nexo Card is available to citizens and residents of the European Economic Area (EEA) only. To be eligible, you also need to pass Identity Verification and meet the following criteria:

  • For a virtual card: maintain a Portfolio Balance of at least $50
  • For a physical card: maintain a Portfolio Balance of at least $500 and a Gold Loyalty tier
Source: NEXO Card FAQ
Are there plans to select which assets I prefer to use as collateral?

Right now the NEXO Oracle decides which assets to move into collateral if needed on card usage, mainly moving the highest LTV assets available first. There are plans to add options/preferences in your settings in the future.

Source: NEXO Card FAQ
What makes the card different from other CeFi Crypto Cards?

The Nexo Card allows holders to spend the value of their assets without selling them. It is available to our clients for simplicity and ease of use of the borrowed funds. You can buy anything you like with the funds in your card, just as you can with any other international card but at better terms.

The card will be linked directly to your credit limit and allow you to spend your funds on purchases without the need to withdraw funds to any bank account.

Source: NEXO Card FAQ
Can I use my UST, USDT, USDC as collateral for my loan?

Due to anti-money laundering regulations, you can only use stablecoins to cover 50% of the collateral required for fiat credit. The other half of the required collateral must comprise crypto assets (e.g., BTC, ETH, etc.).

Source: NEXO Card FAQ
Are there plans to allow the card to be used as a debit card (basically, topping up the card?)

It is in the development pipeline, but I do not know any exact ETA or time-frame as to when we’ll see it go live.
Update: In a recent AMA Antoni announced that the team + family are beta-testing this!

Source: NEXO Card FAQ
What are the reward rates for using the NEXO card?

Depending on your loyalty, they are:

  • Platinum: 2% in NEXO Tokens or 0.5% in BTC
  • Gold: 1% in NEXO Tokens or 0.3% in BTC
  • Silver: 0.7% in NEXO Tokens or 0.2% in BTC
  • Base: 0.5% in NEXO Tokens or 0.1% in BTC
Source: NEXO Card FAQ
I am unable to swap the cashback preference in my app!

Please note that if you have any pending purchases with the Nexo Card, the option to switch your cashback preference will be unavailable until they are completed.

Source: NEXO Card FAQ
Are there any plans to make the loans in GBP or EUR i.e. in the currency of the card issued rather than USD?

Right now it’s only in USD. I know the tech team is aware of the request but I’m not sure of any ETA or release times for this feature. Considering the card itself can be in a different currency, I am sure the team will work on allowing loans to be as well in the near future.

Source: NEXO Card FAQ
I am getting charged extra for FX fees!?

If you’re using PayPal or Curve please make sure you’ve set the default currency to the matching one of your card, Nexo isn’t charging those currency conversion rates, the intermediary is.

Source: NEXO Card FAQ
Where can I find the terms for the Nexo card?

https://nexo.io/nexo-card-general-terms-and-conditions

Why were my assets moved from Savings into the Credit Line Wallet when I made a purchase with the card?

Assets may be automatically transferred from the Savings Wallet to the Credit Line Wallet if you don’t have enough collateral assets in the Credit Line Wallet to support the loan generated from the purchase.

If you would like to choose the crypto that will be used to back the loan, before making the purchase you can manually move the preferred assets to the Credit Line Wallet. Simply follow the steps in this article https://support.nexo.io/hc/en-us/articles/360014340140.

Official How can I request a refund for a purchase made with my Nexo Card?

When you pay for goods or services with your Nexo Card, but the purchased product does not meet your expectations, you might want to ask for a refund. Here are some of the most common reasons for that:

  • The quality of the item or service is unsatisfactory
  • The received product is damaged
  • The product or size are wrong 
  • The received item does not match the description 
  • The merchant charged an incorrect amount

How do I request a refund for something I purchased with my Nexo Card?

In order to request a full or partial refund for a pending or completed Nexo Card purchase, please contact the merchant (the company that you bought the product from) directly via email, phone or in person. Make sure to include the reference number of your order and/or other details, such as the date of the purchase, the description of items/services you paid for, a copy of the receipt, as well as the reason for the return. 

Please note that refund policies may vary across different merchants and jurisdictions, depending on the type of item/service you bought, the vendor’s own Terms and Conditions, and other factors.

When can I expect to receive my refund?

The processing time of refunds depends solely on the merchant (the company which sold you the goods). The refunded amount will be reflected in your Nexo account no later than 1 day after the merchant has processed the refund.

Where can I see the refunded amount in my Nexo account?

As soon as the refund is processed by the merchant, the returned amount will be subtracted from your Outstanding Loan, or in other words, will be reflected in your Available Credit.

If your Outstanding Loan is repaid by the time you receive the refund, you can spend the Available Credit on new purchases with your Nexo Card or withdraw these via the ‘Borrow’ button as long as it is above the minimum loan amount.

If your Outstanding Loan has not been repaid yet, the refunded amount will be deducted from it, thus reducing the amount you need to repay.

Nexo Pro

Official How do I log in to Nexo Pro?

In order to log in to Nexo Pro, visit https://pro.nexo.io/ and click the ‘Log in with Nexo Account’ button. You will then be redirected to the Nexo Platform login page to enter your credentials and your 2FA code (if enabled). Once the correct details are entered, you will be transferred to your Nexo Pro account.

If you do not have a Nexo account yet, please choose ‘Create Account’ in the upper-right corner to get started. Alternatively, select ‘Log in with Nexo Account’, then click on ‘New Account’. For more information on how to register, please check this article from our Help Center.

𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁: Please note that completing Identity Verification is mandatory before you can access Nexo Pro.

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Official How do I deposit assets to my Nexo Pro account?

In order to fund your Nexo Pro account, you will need to either top up assets to your Nexo Savings Wallet or use your existing Savings balance in your Nexo account. Once the assets are available in your Nexo Savings Wallet:

1) Open your Nexo Pro account.

2) Navigate to your ‘Dashboard’ tab, then click the ‘Top Up’ button in the top-right corner.

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3) Select the asset you wish to transfer from your Savings Wallet.

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4) Enter the amount and click ‘Top Up’.

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Keep in mind that active Fixed Term balances cannot be transferred to your Nexo Pro account and will not appear on the ‘Top Up’ screen. Once the respective term has ended, the staked balance will become available for transfer to Nexo Pro, unless you have opted for ‘Automatic Renewal’.

Adding assets to your Nexo account can be accomplished by:

  • A direct crypto top up from an external wallet or a purchase with your debit/credit card within a few simple steps.
  • Currently, BSV, ETC and EURT are not supported on the Nexo platform and can only be acquired through Nexo Pro.
  • A EUR, GBP or USD transfer from your personal bank account to your Nexo account. However, only USD or EUR can subsequently be transferred to the Nexo Pro account at this point in time.
  • Transferring USD or EUR to the Nexo Pro account is unavailable for clients residing in Australia.
Official How do I withdraw assets from my Nexo Pro account?

To withdraw assets from your Nexo Pro account:

1. Navigate to your ‘Dashboard’ tab and click ‘Withdraw’ in the top-right corner of the screen.

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2. Select the asset you want to withdraw to your Savings Wallet.

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3. Enter the amount and click ‘Withdraw’.

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Keep in mind that it is not possible to make a direct withdrawal from your Nexo Pro account to an external crypto address or bank account. Instead, the selected assets will be moved to your Nexo Savings Wallet, from where they can be withdrawn. Please visit our Help Center to learn more about crypto and fiat withdrawals.

If you have acquired assets for which you do not have a wallet on the Nexo platform, you can always generate one by selecting the ‘Transfer’ button right next to the asset in question and then ‘Top Up’ from the dropdown menu. This would enable you to complete the transfer from Nexo Pro to your Nexo account.

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Please note that all of the Outstanding Loan generated through Margin Trading has to be repaid before any assets can be withdrawn from Nexo Pro to the Nexo platform. Meanwhile, the assets that are In Orders can only be withdrawn after the respective order is either completed or canceled.

If I return my assets to the Nexo platform, will they continue earning interest?

Assets transferred from Nexo Pro to your Savings Wallet will continue earning high-yield interest, as long as the Earn Product is available in your jurisdiction. Please note that these assets will be subject to a 24-hour cool-off period.

Important: The 24-hour cool-off period is not applied to assets bought with a Debit/Credit card on the Nexo Exchange. Therefore, you will receive your first corresponding yield with the interest payout the following day.

US clients:

Per the Changes to Nexo’s Earn Interest Product in the U.S., US citizens and residents will no longer have the ability to earn interest on assets transferred out of their Savings Wallet on the Nexo platform. Hence, withdrawing any assets, which are eligible to earn, to Nexo Pro will make these assets no longer eligible to receive interest.

For example:
1. On September 8, you were earning interest on 10,000 XLM in your Savings Wallet.
2. The same day, you transferred 3,000 XLM to Nexo Pro, while 7,000 XLM remained in your Savings Wallet on the Nexo platform.
3. The next day, you returned 3,000 XLM back to your Savings Wallet.
4. As a result, only the amount of 7,000 XLM will continue to earn interest, whilst the returned 3,000 XLM will not.

Important notes:

Currently, BSV, ETC and EURT can only be acquired through Nexo Pro. These assets are not supported on the Nexo platform and therefore cannot be directly withdrawn to the Savings Wallet. However, you can swap these assets for a supported asset of your choice through the Spot Exchange and withdraw it to the Nexo platform.

Official Are there any fees applied to deposits/withdrawals?

You can enjoy an unlimited number of free-of-charge transfers between your Nexo and Nexo Pro accounts.

Official What is a Spot Rate?

The spot rate, or spot price, is the current market price of an asset available for immediate settlement (delivery). This value represents the live price quote, depending on the demand and supply. In other words, the price the buyers are willing to pay and the sellers are willing to accept.

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Official What are the Base and the Quote Assets?

On a trading exchange assets are traded in pairs, or in other words, one asset (Base asset) is traded against the other (Quote asset). The spot rate (spot price) reflects how much of the Quote asset is required to buy 1 unit of the Base asset.

For example, if our desired trading pair is BTC/USDT, and the spot rate is 30,000 USDT, we will be trading BTC, which is the Base asset, against USDT, which is the Quote asset. The spot rate of 30,000 USDT means that we have to sell 30,000 USDT to obtain 1 BTC.

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Official What is a Buy & Sell?

Buy and Sell are two types of actions that represent the interaction between the Base and the Quote assets. The action is initiated against the Base asset. When a Buy is opened, we are spending the Quote asset to acquire (buy) the Base asset. Performing a Sell, on the other hand, means spending (selling) the Base asset to obtain the Quote asset.

For example, if the BTC/USDT pair is selected, BTC is the Base asset and USDT is the Quote asset. A Buy means acquiring BTC by selling USDT. On the other hand, a Sell means spending BTC to obtain USDT.

Official How do I select a Trading Pair on the Spot Exchange?

In order to select a trading pair, navigate to the ‘Spot’ tab and click on the pre-selected pair in the upper-left corner of the screen. It is located below the Nexo Pro logo and above the chart.

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A trading pair can be selected from the dropdown list, or you can locate the assets you wish to trade by searching for them directly through the search bar.

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Keep in mind that some low-liquidity pairs are not available for direct exchange, therefore, to acquire the desired asset you would need to perform two trades as opposed to only one.

Official How do I open a trade on the Spot Exchange?

The Nexo Pro Spot Exchange offers traders the ability to benefit from capital appreciation as the value of their assets increases over time. Assets are directly transferred between market participants. When you acquire assets through the Spot, their ownership is handed to you, which enables you to further trade with them.

To perform a trade on the Spot Exchange:

  1. Select a trading pair.
    Spot1.png
  2. Select either the ‘Buy’ or the ‘Sell’ option from the panel, located on the right side of the trading screen, depending on whether you want to buy or sell the Base asset.
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  3. Choose between the following order types: 𝗠𝗮𝗿𝗸𝗲𝘁 𝗼𝗿𝗱𝗲𝗿, 𝗟𝗶𝗺𝗶𝘁 𝗼𝗿𝗱𝗲𝗿, 𝗦𝘁𝗼𝗽 𝗟𝗼𝘀𝘀 / 𝗧𝗮𝗸𝗲 𝗣𝗿𝗼𝗳𝗶𝘁 and 𝗧𝗪𝗔𝗣.
  4. Enter the amount you wish to trade and other required information depending on the order type. Market and Limit orders, as well as Stop Loss / Take Profit can be quickly placed by using one of the buttons dubbed 25%, 50%, 75%, and 100% to swap a percentage of your Base asset balance. These buttons are located right above the ‘Buy’/‘Sell’ button.
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Official What is a Market order?

A market order is the type of order that allows you to buy or sell an asset at the best price currently available on the market. In other words, the asset is traded at the current market price, rather than a rate specified by you. Market orders are optimal when your goal is to complete the trade right away.

To place a Market order on the Nexo Spot Exchange, please review the following Help Center article: How do I open a trade on the Spot Exchange?

Official What is a Limit order?

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A limit order is the type of order that allows you to specify the minimum price you are willing to pay or the maximum price you are willing to spend when buying/selling an asset respectively. Limit orders are not filled immediately, but rather when the specified limit price (or better price) is reached. While this type of order ensures that your trade will only be executed at a specified rate, the execution itself is not guaranteed, as the desired limit price might never be reached.

Limit orders are best utilized when you wish to buy/sell at a price different from the current quote and expect the price of the asset to reach the specified limit.

Limit order conditions:

  • GTC (Good Till’ Canceled). GTC orders remain active until the specified limit price (or better price) is met, regardless of whether the order is filled entirely or only a part of the order is filled, or until the user cancels the order.

Example: You place a GTC order to sell 1 BTC at the specified limit price of 30,000 USDT. Another market participant purchases 0.5 BTC at the rate of 30,000 USDT for a total of 15,000 USDT. The remaining part of your order, namely 0.5 BTC, remains on the market to be filled at the specified limit rate (1 BTC for 30,000 USDT), or to be precise, for 15,000 USDT. The order will remain active until either the limit price is available or the order is canceled by you.

  • IOC (Immediate or Cancel). Orders under the Immediate or Cancel requirement aim to exchange a portion of the amount that can be filled by the market immediately. The rest of the order (unfilled amount) will be canceled automatically.


Example: You place a sell order under IOC conditions for a total of 1 BTC at the limit price of 30,000 USDT. The market can fill the order at this rate only partially: the amount of 0.5 BTC can be sold for 15,000 USDT, however, the remaining 0.5 BTC cannot be filled immediately at this rate. The remaining order will be canceled and the unfilled amount of 0.5 BTC will be returned to your balance.

To place a Limit order on the Nexo Spot Exchange, please review the following Help Center article: How do I open a trade on the Spot Exchange?

Important: For the time being, the only type of Limited orders available are GTC and IOC.

Official TWAP (Time-Weighted Average Price)

TWAP, or Time-Weighted Average Price, is an algorithmic order type, which utilizes the strategy of executing trades at equal intervals over a specified period of time. The TWAP strategy is optimal for executing large orders at a better rate by splitting them into smaller amounts, which will be traded evenly over time at the respective dynamic market price. This strategy can also be utilized during times of high volatility, regardless of whether the market is going up or down.

To place a TWAP order on the Spot Exchange, you have to:

  1. Select ‘TWAP’ on the upper-right corner of the Buy/Sell panel.
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  2. Enter the amount you wish to trade.
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  3. Enter the number of trades to be executed in the ‘Split’ field either by hand or by using the interactive slider. The maximum number of splits you can select from will vary depending on the trading amount you enter.
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  4. Set the time between orders to either 10, 20 or 30 seconds through the ‘Execution Interval’ slider.twap_4.png


𝙀𝙭𝙖𝙢𝙥𝙡𝙚 :
You decide to place a TWAP order to buy 1 BTC by selling USDT from your Trading Balance. You will be shown the amount of USDT required to obtain 1 BTC at the current market price. Alternatively, you can enter the USDT amount you wish to spend on the purchase and you will be presented with the BTC output amount based on the Spot price. Setting the ‘Split’ number to 1647 means that your order will be divided into 1647 parts. In this case, because the selected ‘Execution Interval’ is 10 seconds, the system will perform 1647 orders with 10-second intervals between each trade. The total time it takes to perform all trades can be calculated by multiplying the number of splits by the execution interval time. Based on our selected values, the calculations will be as follows:

1647 trades x 10 seconds = 16470 seconds

16470 seconds / 60 ≈ 274.5 minutes

274.5 minutes / 60 ≈ 4.5 hours


𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁: Since the Spot rate constantly fluctuates for all trading pairs, the total amount of the asset that you acquire in the end may be different from the initial value shown on your screen at the time of placing the TWAP order.

Official What is a Margin Account?

A margin account is a type of brokerage account that allows you to trade with borrowed funds, lent by the broker (Nexo).


𝙒𝙝𝙖𝙩 𝙞𝙨 𝙡𝙚𝙫𝙚𝙧𝙖𝙜𝙚?

A leverage ratio is any one of several financial measurements that look at how much capital comes in the form of debt (loans) or assesses the ability of a user to meet its financial obligations.

To expand further, margin trading is built on the principle of leverage, meaning that as a result of the trade you will receive the desired asset in a larger amount. In other words, the value of the purchased asset will be greater than the value of the asset you initially had in your balance. The difference between those values – the borrowed amount – will be reflected in your account in the form of a loan.

It is important to remember that leveraged trading can magnify the loss as well as the profit. For that reason, it is associated with greater risk and requires a deeper understanding of the process. We strongly recommend reviewing the following articles about Margin Trading before placing margin orders on Nexo Pro:

Official What is an Order Book?

The order book is a written, real-time representation of all buy and sell orders active at the current moment and organized by price level. It illustrates how much buyers are willing to spend (Bid price) and how much sellers are willing to accept (Ask price). The difference between the Bid and Ask prices is called a Spread.

The order book indicates the liquidity of the market. If the buyers are setting the prices too low while the sellers are placing them too high, the spread will increase, and the market liquidity will decrease.

Example: The Ask price (set by sellers) for BTC is $20,000, and the Bid price (set by buyers) is $19,000. In this case, the spread will be $1,000, and since the middle ground is not reached, the liquidity will decrease.

On the other hand, if the buyers are offering a higher price than the one set by the sellers, the Bid and the Ask prices will overlap, creating a positive spread. The latter will provide traders with the opportunity to open/close an active trade at a better rate than initially anticipated.

Example: The Ask price (set by sellers) for BTC is $20,000, and the Bid price (set by buyers) is $21,000. In this case, the order will be executed at a BTC price of $21,000, creating a positive spread of $1,000.

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Official What are the Trading Fees on Nexo Pro?

Each trade on Nexo Pro comes with a Trading Fee, which will be displayed at the bottom of the Buy/Sell panel:

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The exact fee depends on several factors, such as your Pricing Tier, Maker vs. Taker role, and whether you are trading on the Spot or Futures Exchange. The current fees are available on this page: Nexo Pro Fees.

What is my Pricing Tier?

Your Pricing Tier is defined as the total USD trading volume over the trailing 30-day period, updated once a day 00:01 UTC. The Total Volume does not include trades between stablecoins (for example, USDC/USDT).

Transactions involving USD, e.g. BTC/USD, are counted as the total USD amount of each filled order. If USD is not part of the selected trading pair, the transaction will be converted to USD based on the most recent fill price on the respective book. For example, the USD volume of a purchase of 1 ETH on the ETH/BTC book will be immediately converted based on the most recent fill price on the ETH/USD book.

The fee is determined by the current Pricing Tier at the time the order is placed, not on the tier you would be in after the trade is completed. You can preview your Pricing Tier and applicable fees by clicking on the gear wheel icon located in the upper-right corner of the screen on the Nexo Pro platform and selecting ‘Fee Tiers’ from the dropdown menu.

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Makers vs. Takers

Nexo Pro uses a maker-taker fee model for determining its trading fees. Orders that provide liquidity (maker orders) are charged different fees than orders that take liquidity (taker orders).

When you place a market order that gets filled immediately, you are considered a Taker and will pay a fee between 0.03% and 0.20%. When you place an order, which is not immediately matched by an existing order, that order is placed on the order book. If another customer places an order that matches yours, you are considered a Maker and will pay a fee between 0.04% and 0.20%.

Important:

  • Until November 30, 2022, you can enjoy promotional Spot and Futures fees. You can view the fees associated with each Pricing tier either through the Nexo Pro Fees page or the Fee Tiers section of your Nexo Pro account.
  • Margin Trading and the Futures Exchange are currently unavailable for residents of the United States of America, Canada and Australia.
Official Margin Interest Rates – Explained

By opening a margin-based position, you will receive a loan and will be able to trade with the borrowed funds. Keep in mind that all loans on Nexo Pro come with a periodic interest, which is charged every 15 minutes.

Note: Loans repaid in less than 15 minutes after opening the trade will still be charged interest (origination fee). For example, if you open a leveraged trade and close it in 4 minutes, you will be charged interest for the first 15 minutes.

Our yearly interest rates are listed on the Margin Trading page. Only the assets presented in this page are available for Margin trading at the moment. To calculate the interest for 15 minutes, you can use the following formula:

Interest for 15 minutes = Outstanding Loan * Yearly Interest Rate / (365 x 96)

For example, consider the following loan with its respective annual interest rate:

  • Outstanding Loan = 15,000 USDT
  • Yearly interest rate for USDT = 7.30%


Then, the interest will be calculated, as follows:

  • For 15 minutes = 15,000 USDT x 7.30% / (365 x 96) = 0.03125 USDT
  • For 1 hour = 0.03125 USDT x 4 = 0.125 USDT
  • For 1 day = 0.125 USDT x 24 hours = 3.00 USDT
  • For 1 week = 3.00 USDT x 7 days = 21.00 USDT
  • For 1 year = 3.00 USDT x 365 = 1095.00 USDT


Important
:

  • In order to check the incurred interest, the user needs to check their Activity tab under Interest.
  • The above values are obtained through approximate calculations for exemplary purposes only.
Official What is Crypto Futures Trading?

Crypto futures are contracts that represent the value of a specific cryptocurrency. You do not own the underlying cryptocurrency when you purchase a futures contract. Instead, you own a contract under which you have agreed to buy or sell a specific cryptocurrency at a later date.

In order to engage in Futures Trading, each user has to successfully complete a short test in the form of a questionnaire.

Futures contracts on the Nexo Pro platform are perpetual, which means they do not have an expiry date.

Benefits of trading Cryptocurrency Futures

  • Flexibility: Non-crypto holders can speculate on the price of a cryptocurrency and make quick profits. You can open a position in a crypto futures contract with the USDT stablecoin, and any profits made will be settled in the currencies you selected.
  • Leverage: Gain significant exposure to a specific cryptocurrency with only a fraction of its total cost. With leverage, you can magnify small price movements to create profits that justify your time and effort.
  • Liquidity: Crypto futures markets are extremely liquid, with trillions in trading volume. A liquid market is less risky because traders can enter and exit their positions easily with minimal slippage.
  • Portfolio Diversification: Diversify across trading strategies to generate more profits. You can develop sophisticated trading strategies, such as short-selling, pairs trading, etc.


How is Futures trading different from Spot Exchange trading?

Buying a cryptocurrency on the Spot Exchange and holding it in your Nexo Pro portfolio may bring you profits if the value of this asset appreciates over time.

Futures contracts, on the other hand, give you the opportunity to profit from short-term price movements in either direction. This means that you can opt for potential benefit, even when the market is in a decline.

More specifically, when the market is in a downturn, you can participate in a short position and as prices continue to fall, you will still be on the winning side.

Last but not least, Futures contracts can be used to protect against unexpected risks and significant price volatility, which makes them ideal for long-term investors.

𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁:

  • Margin Trading and the Futures Exchange are currently unavailable for residents of the United States of America, Canada and Australia.
Official What are funding payments on the Futures Exchange?

Trading on the Futures Exchange comes with periodic funding payments between participants who hold open positions on the Futures market. These payments are based upon the current funding rate. Depending on your position and whether the funding rate is positive or negative, you will either receive funding or pay it to other traders.

The purpose of funding payments is to reduce the difference between the price of the perpetual futures contract and the underlying spot price.

The current funding rate (underlined in red) is displayed to the right from the selected perpetual contract and its price on the Futures Exchange:

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It represents the rate of the latest settlement. Keep in mind that the funding rate is not fixed due to the fluctuating nature of the market.

On Nexo Pro, the funding rate is recalculated every 8 hours (00:00 PM UTC, 08:00 AM UTC, and 04:00 PM UTC). The countdown (underlined in blue) shows the time left until the next funding settlement. The funding fee will be applied up to 5 minutes after the funding payment execution.

When the funding rate is positive, traders who hold long positions pay traders who hold short positions. On the other hand, when it is negative, shorts pay longs.

In the image above, the perpetual contract is BTCUSDT and its price is 23,865.40 USDT. The funding rate is -0.0018% (negative). As the funding rate is negative, if you hold a short position, you will have to pay funding to the traders with long positions. And vice versa, if your open position is long, you will receive funding from the traders who opened short positions.

Official What is the difference between opening a long and a short position on the Futures Exchange?

When trading on the Nexo Pro Futures Exchange, you will have the option to choose between opening either a long or a short position.

Opening a long position means that you expect the price of the selected futures contract to rise. You will profit from the trade if your prediction is correct and the price continues to increase.

Going short, on the other hand, means trading a futures contract with the anticipation of a price decline in the short term. In this case, when the price of the underlying asset decreases, you will profit from the trade.

Official Advanced orders on the Spot Exchange

An Advanced order on the Spot Exchange is an order type, which performs a Market order once a prespecified price has been reached. With this order type, you can place a single order which operates as two. The price of execution is defined by the client, and once it is crossed or exceeded, the order is carried out.

How to place an Advanced order 

1. First, you should navigate to the Spot Exchange.

2. From there, you have to select the ‘Advanced’ order type under the ‘Market’ category, as illustrated:

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3. Then, you would have to enter an Amount in terms of the currency you wish to acquire or sell. From there, you can set an exit position in both directions (Stop Loss & Take Profit). A valid entry would be a percentage or a specific trigger price. The two sell orders will be opened immediately once you complete the order but they will be executed only when their preset price is met. 

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4. Once you have filled the above fields, you will be presented with a detailed order summary. With it, you will gain a better understanding of what your potential profit or loss value is, which will aid you in making your choice.

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Using the Buy Advanced order option 

With this mechanism, you can place two pending orders which are to be executed when your predefined price thresholds are reached. Only one of the two orders can be triggered at a time, either to secure your profits or to minimize your losses. For example:

  • You place an order using the current Market price for 1 BTC at the current price of 20,000 USDT. 
  • You type in a Stop Loss price of 19,000 USDT (or 5% Loss) to define your Stop Loss order.
  • Simultaneously, you set a Take Profit order at a price of 22,000 USDT (or 10% Gain) to secure profit.


There are three possible outcomes here:

  • 1. The price fluctuates between 19,000 and 22,000 but never hits either value. In this scenario, the order will not be closed.
  • 2. The price hits 22,000 (or more). In this case, your order will be closed, and you would have exited at a profitable position.
  • 3. The price declines to 19,000 (or less). Here, you would have exited the position at a loss but would have a worse outcome if the price continued to steadily move downward.  

Using the Sell Advanced order option 

As with the Buy option, only one of the two orders can be triggered at a time, either to secure your profits or to minimize your losses. For example:

  • You place an order using the current Market price for 1 BTC at the current price of 20,000 USDT. 
  • You type in a Stop Loss price of 21,000 USDT (or 5% Loss) to define your Stop Loss order.
  • Simultaneously, you set a Take Profit order at a price of 18,000 USDT (or 10% Gain) to secure profit.


The reason why the Stop Loss and Take Profit prices switched place is because you have sold Bitcoin and would be at a profit if the price goes down and you acquire BTC at a cheaper price.


There are three possible outcomes here:

  • 1. The price fluctuates between 18,000 and 21,000 but never hits either value. In this scenario, the order will not be closed.
  • 2. The price hits 21,000 (or more). In this case, your order will be closed, and you would have exited at a loss but would have minimized the overall potential loss if the price was to further increase.
  • 3. The price declines to 18,000 (or less). Here, you would have exited the position at a profit and acquire Bitcoin at a lower price.
Official TWAP orders on the Futures Exchange

With the algorithmic order type TWAP, or Time-Weighted Average Price, you can disperse a large order into smaller quantities and execute them at regular intervals automatically to minimize price impact.

How to place a TWAP Futures order

1. First, you should navigate to the Futures Exchange.

2. From there, you have to select the ‘TWAP’ order type, as illustrated:

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3. Then, you have to select an Amount in terms of the contract currency (e.g. BTC), along with a time execution interval. This can be in hours, minutes, or both. Keep in mind that the current Futures price will be used to place the order and you can decide what amount to enter with. From the ‘Open’ tab, you can set orders which are to be opened. On the other hand, from the ‘Close’ tab, you can close orders but only if you have an open futures position.

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𝙀𝙭𝙖𝙢𝙥𝙡𝙚 : You decide to place a TWAP order for 1 BTCUSDT contract by betting on the price movement of BTC using the USDT from your Trading Balance. You will be shown the amount of the contract at the current Futures market price. Setting the execution time can be done with ease but note that the minimum interval is 5 minutes and the highest 48 hours. Assuming we have selected 4 hours and 30 minutes, the calculations will be as follows:

1 BTCUSDT / 4.5 hours = 0.22 BTCUSDT per hour

0.22 BTCUSDT / 6 = 0.037 BTCUSDT every 10 minutes

𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁: Since the Futures rate constantly fluctuates for all trading pairs, the total amount of the asset that you acquire in the end may be different from the initial value shown on your screen at the time of placing the TWAP order.

Official Stop Market orders on the Futures Exchange

A Stop Market order on the Futures Exchange is an order type, which performs a Market order once a prespecified price has been reached. The price of execution is defined by the client, and once it is crossed or exceeded, the Stop Order acts as a Market Order and is carried out.

With Stop Market orders, you can increase the odds of achieving a trade at a desired entry or exit price. Stop Market orders are as beneficial to entries, as they are for leaving a position. They act in a way as Stop Loss or Take Profit orders for your futures positions.

It is important to note that Stop Market orders will be filled only if the Trigger Price is reached. However, the resulting Market order does not guarantee the price, nor the precision at which the order will be completed. In other words, despite the fact that we will aim to fill the order at the best available price at the time of execution, the final price could be much different than expected in fast-paced market conditions.

How to place a Sell Stop Market order 

1. First, you should navigate to the Futures Exchange.

2. From there, you have to select the ‘Stop market’ order type, as illustrated:

stop1.png

3. Then, you can set a Trigger Price in terms of USDT (e.g. 22,000 USDT) and Amount in terms of the contract currency (e.g. BTC). Keep in mind that the current Futures price will be used to place the order and you can decide what amount to enter with. From the ‘Open’ tab, you can set orders which are to be opened once the Trigger Price is reached. On the other hand, from the ‘Close’ tab, you can close orders at a specific Trigger Price but only if you have an open futures position.

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4. Once placed, the Stop Market order will remain active in your ‘Open Orders’ until it is filled or cancelled.

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Using the Open Stop Market option 

With this mechanism, you can set a pending order which is to be executed when your Trigger Price is reached. You can place both Long and Short orders simultaneously. For example:

The current price of BTC is 25,000 USDT and you place a 1 BTCUSDT Open Long order in the price of 26,000 USDT (can be triggered if the price is higher), expecting the price of Bitcoin to increase. Simultaneously, you place an Open Short order at a price of 24,000 USDT (can be triggered if the price is lower), in case the price of BTC declines.

That way, regardless of whether the market is rising or falling, you would have two well-defined orders which will be triggered only when the prespecified price is hit.


Using the Close Stop Market option 

To better explain the underlying mechanisms behind this order type, we will run an exemplary scenario:

Let us say that you have an open perpetual futures contract at 2x leverage in the amount of 1 BTCUSDT and you have chosen to go long. The price of BTC is currently 27,000 USDT. You can secure profits and minimise losses at the same time by placing both a Close Long and a Close Short order. For instance:

  • You place a Close Long order at Trigger Price = 29,000 USDT. If the price is reached or exceeded, the order will be performed and you will exit with a profit.
  • Simultaneously, you place a Close Long order at a Trigger Price of 25,500 USDT. Should this price or a lower one be reached instead, you will exit the position and prevent further loss.

By doing that, you define a threshold of how much you are willing to profit or fall back on your futures positions. Using the above example, the same can work for you if you plan to go Short instead and place two Close Short orders at different price levels.

Official Trailing orders on the Spot Exchange

A Trailing order can be thought of as a modified version of a Stop Loss or a Take Profit order. In a nutshell, a Trailing order follows (trails) the Spot price at a specified distance. It automatically adjusts itself and steadily follows the market’s price movement as long as it moves in the chosen direction.

Trailing orders can offer greater peace of mind and increased flexibility. The Trailing order moves by a specified percentage or amount when the price favors the trader. A Trailing order enables you to limit losses and settle on profits by steadily following the price movement. Your profit will be locked and the trade will remain open as long as the price moves in the desired direction.

The ability to choose between a Trailing Buy or a Trailing Sell allows higher mobility when managing your Nexo Pro portfolio.

How to place a Trailing order

1. First, you should navigate to the Spot Exchange.

2. From there, you have to select the dropdown arrow at the ‘Trailing’ order type, as illustrated:

trail.png 

3. Then, you can choose between Price Distance (Option 1 on the image) or % Distance (Option 2). One is a static number (e.g. 1,000 USDT) and the other a fixed percentage (e.g. 5%). Keep in mind that the current Spot price will be used to place the order and you can decide what amount to enter with.

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Entering a position with a Trailing Buy

Utilizing a Buy strategy enables you to trigger an order when the market turns around from a decline, increasing your odds of purchasing at a beneficial price To demonstrate the underlying mechanisms of the Trailing Buy order, we will use this example: 

Suppose you have 28,000 USDT and would like to buy Bitcoin at the best possible price. Knowing that the current price of 1 BTC is 25,000 USDT, you place a Trailing Buy order at a 10% Price Difference. 

In this particular example of a Trailing buy order, when the BTC price decreases to X USDT, the Buy price will be recalculated at X + 10%. However, when the BTC price goes up, the Buy Price will remain at its latest value (X + 10%). The order will be filled when the latest Buy Price matches the current BTC price.

Here is how things work out:

Step Current price of 1 BTC Buy Price Buy Price Status
1 25,000 27,500 Initial
2 26,300 27,500 Unchanged
3 24,500 26,950 Recalculated
4 23,000 25,300 Recalculated
5 24,000 25,300 Unchanged
6 22,800 25,080 Recalculated
7 22,500 24,750 Recalculated
8 24,000 24,750 Unchanged
9 24,500 24,750 Unchanged
10 24,750 24,750 Price match

In the end, the buy order for 1 BTC is filled at the price of 24,750 USDT, as this value matches the latest recalculated Buy Price. Here is an in-depth explanation of each step:

  • Step 1: The order is placed at 25,000 USDT price for 1 BTC and the Buy Price condition is 25,000 + 10% = 25,000 + 2,500 = 27,500 USDT.
  • Step 2: The price of Bitcoin increases to 26,300 USDT. In case of a Trailing buy order, when the price of the asset we wish to purchase goes up, the Buy price remains the same: 27,500 USDT.
  • Step 3: The price of BTC decreases to 24,500 USDT, which is below our initial value of 25,000 USDT. Thus, the Buy Price will be recalculated: 24,500 + 10% = 24,500 + 2,450 = 26,950 USDT.
  • Step 4: The price of BTC falls to 23,000 USDT. Therefore, the Buy Price will be updated once again. The new Buy Price will be 23,000 + 10% = 23,000 + 2,300 = 26,300 USDT.
  • Step 5: The price of BTC increases to 24,000 USDT, hence there will be no change in the Buy Price. It will remain at 26,300 USDT.
  • Step 6: The BTC price goes down to 22,800 USDT, which is below the last price of 23,000 USDT. Thus, our new Buy condition (Buy Price) will be 22,800 + 10% = 22,800 + 2,280 = 25,080 USDT.
  • Step 7: The price of BTC drops to 22,500 USDT. Our new Buy Price is 22,500 + 10% = 22,500 + 2,250 = 24,750 USDT.
  • Step 8: The BTC price increases to 24,000 USDT and the Buy price remains at 24,750 USDT.
  • Step 9: The BTC price further increases to 24,500 USDT. The Buy Price remains unchanged: 24,750 USDT.
  • Step 10: The price of BTC hits 24,750 USDT. This value matches our latest Buy Price, calculated in Step 9. A Market Buy order is triggered at 24,750 USDT for 1 BTC.

Entering a position with a Trailing Sell

The Trailing Sell strategy enables you to trigger an order when the market takes a downturn, increasing your odds of making a profit at the highest possible price. To demonstrate the underlying mechanisms of the Trailing Sell order, we will use this example: 

Suppose you have 1.17 BTC worth 28,000 USDT and would like to sell most of it, or more precisely 1 BTC, at the best possible price. Knowing that the current price of 1 BTC is 24,000 USDT, you place a Trailing Sell order at a 7% Price Difference. 

In this particular example of a Trailing sell order, when the BTC price increases to X USDT, the Sell Price will be recalculated at X – 7%. However, when the BTC price goes down, the Sell Price will remain at its latest value (X – 7%). The order will be filled when the latest Sell Price matches the current BTC price.

Here is how things work out:

Step Current price of 1 BTC Sell Price Sell Price Status
1 24,000 22,320 Initial
2 23,500 22,320 Unchanged
3 24,300 22,599 Recalculated
4 26,700 24,831 Recalculated
5 25,500 24,831 Unchanged
6 27,300 25,389 Recalculated
7 29,350 27,296 Recalculated
8 28,670 27,296 Unchanged
9 27,850 27,296 Unchanged
10 27,296 27,296 Price match

In the end, the sell order of 1 BTC is filled at the price of 27,296 USDT, as this value matches the latest recalculated Sell Price. Here is an in-depth explanation of each step:

  • Step 1: The order is placed at 24,000 USDT price for 1 BTC and the Sell Price condition is 24,000 – 7% = 24,000 – 1,680 = 22,320 USDT.
  • Step 2: The price of Bitcoin decreases to 23,500 USDT. In case of a Trailing sell order, when the price of the asset we wish to sell goes down, the Sell price remains the same: 22,320 USDT.
  • Step 3: The price of BTC increases to 24,300 USDT, which is above our initial value of 24,000 USDT. The Sell Price will be recalculated: 24,300 – 7% = 24,300 – 1,701 = 22,599 USDT.
  • Step 4: The price of BTC further increases to 26,700 USDT. Therefore, the new Sell condition will be 26,700 – 7% = 26,700 – 1,869 = 24,831 USDT.
  • Step 5: The BTC price drops to 25,500 USDT. The Sell Price remains unchanged: 24,831 USDT.
  • Step 6: The price of BTC goes up to 27,300 USDT. Thus, our new Sell condition is 27,300 – 7% = 27,300 – 1,911 = 25,389 USDT.
  • Step 7: The price of BTC further increases to 29,350 USDT. The Sell Price will be recalculated as 29,350 – 7% = 29,350 – 2,055 = 27,296 USDT.
  • Step 8: The BTC price decreases to 28,670 USDT. The Sell Price remains at 27,296 USDT.
  • Step 9: The BTC price goes down to 27,850 USDT and again the Sell Price remains unchanged: 27,296 USDT.
  • Step 10: The BTC price hits 27,296 USDT. This value matches our latest Sell Price, calculated in Step 9. A Market Sell order is triggered at 1 BTC = 27,296 USDT

Combining Trailing and Stop Loss or Take Profit orders

With a Take Profit order, the idea of the trade is to aim for an upward price trend and break high (that is, to sell at a higher price and make a profit). In the case of Stop-Loss orders, the aim is to minimize the losses. However, in both Take Profit and Stop-Loss orders, you are limited to the Trigger Price selected. A Trailing Sell order, on the other hand, locks in profit and limits losses at the same time. When the price of the asset increases, it pulls the trailing Sell Price along with it. However, when the asset’s price decreases, the stop-loss price (Sell Price) does not change: it remains at the previous level, thus locking in profits and protecting you from losses as the price reaches new peaks.

Official Do NEXO Tokens kept in my Nexo Pro account count towards my Loyalty level?

At this time, NEXO Tokens moved from your Savings Wallet to your Nexo Pro portfolio do not count towards your Loyalty Tier on the Nexo platform.

If you wish to transfer some of your NEXO to Nexo Pro, while continuing to reap the benefits of your Loyalty level, you will need to ensure that the amount of NEXO left across your Nexo platform balances is enough to maintain the desired Loyalty Tier.

Official Nexo Pro Balances – Explained

– Total Equity:

Total Equity represents the total balance that you own in Nexo Pro, minus all borrowed funds through.

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– Total Balance:

Total Balance means the total amount of all Digital Assets in the Nexo Pro Account, regardless of whether they are borrowed or not.

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– Outstanding Loan:

The Outstanding Loan represents the amount borrowed across the Trading Balance assets, minus the Total Equity. The Outstanding Loan is the sum of all Active Debts.

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– Weekly PnL (7d) & Daily PnL (24h):

Weekly and Daily PnL represents the total Profit and Loss incurred in total for a 7-day period or a 24-hour period respectively. You may toggle between 24H and 7D PnL by selecting the corresponding button.

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– Trading Balance:

Total Trading balance is comprised of Total Equity and Outstanding Loan.


– In Orders:

Assets allocated In Orders are pending execution on the Spot Exchange and are treated as locked until their price targets are met or until the user does not cancel the Limit Order.

– Active Debt:

Active Debt refers to the total amount of an asset owed by the trader for a given margin trade.

Official How do I open a trade on the Futures Exchange?

The Futures Exchange allows you to profit from price movements in both positive and negative direction by either opening a Long or a Short position, respectively. Futures Positions are denominated and settled upon closing in USDT. 


To open a position on the Nexo Pro Futures Exchange, you need to: 

1. Select a trading pair.

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2. Click ‘Open’ on the panel, located on the right side of the trading screen, and enter the amount.

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3. To place the order, select either the ‘Open Long’ or the ‘Open Short’ option, depending on whether you anticipate the price of the underlying asset to increase (‘Open Long’) or decrease (‘Open Short’).

futures2.png

4. Your open position will be shown in the ‘Positions’ tab at the bottom of the screen.


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𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁:

  • Margin Trading and the Futures Exchange are currently unavailable for residents of the United States of America, Canada and Australia.
Official Margin Trading on the Spot Exchange

In order to place a leveraged order on the Spot Exchange, you will need to ensure that margin trading is activated on your Nexo Pro account.

Margin trading is built on the principle of leverage, meaning that as a result of the trade you will receive the desired asset in a larger amount (up to 5x leverage). In other words, the value of the purchased asset will be up to 5 times greater than the value of your initial balance. 


When placing a leveraged order, you can borrow funds to trade with, on top of your initial balance (in other words, your
margin), with the maximum leverage of 5x. During a margin trade, the initial balance plus the borrowed amount will be sold to obtain the counter asset.


Keep in mind that the borrowed amount will be reflected in your account in the form of a loan under
Active Debt, whereas the purchased amount (the counter asset) will be used as collateral along with your other assets which are not In Orders for this debt and reflected in your Trading Balance.


𝙀𝙭𝙖𝙢𝙥𝙡𝙚 : Your initial balance is 0.5 BTC totalling 10,000 USD and you decide to buy NEXO/BTC with 5x leverage. Suppose the NEXO/BTC rate is 0.00005.

The 5x leverage means that your total purchasing power increases fivefold – to a total of 2.5 BTC (or 50,000 USD). In this case, 0.5 BTC (or 10,000 USD) is your margin (initial, non-borrowed balance) and the remaining 2 BTC (or 40,000 USD) is the borrowed amount, which will be placed in the Active Debt. As a result of the trade, 2.5 BTC, or 50,000 USD, will be sold to purchase the counter asset (NEXO) at the rate of 0.00005:


2.5 BTC / 0.00005 = 50,000 NEXO

Once the order is closed, 50,000 NEXO will be reflected in your Trading Balance. This amount will be used as collateral for your Active Debt in the amount of 2 BTC (or 40,000 USD).

It is important to note that trading with borrowed funds comes with a periodic interest that will be charged on your Active Debt. 


We strongly recommend reviewing the following articles about Margin Trading before placing margin orders on Nexo Pro:


𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁
:

  • Margin Trading and the Futures Exchange are currently unavailable for residents of the United States of America, Canada and Australia.
Official What is Cross Margin?

Nexo Pro utilizes the 𝗖𝗿𝗼𝘀𝘀 𝗠𝗮𝗿𝗴𝗶𝗻 method, meaning that all of the assets stored in your Nexo Pro portfolio will be used as collateral for all of your loans generated through margin trades on the Spot Exchange.


For example, if you open a margin-based Buy order on the 𝗕𝗧𝗖/𝗨𝗦𝗗𝗧 pair and also have DOT and AXS in your Nexo Pro portfolio, the latter two assets will be treated as collateral for your loan along with your USDT balance and will count towards the Current Margin Level. If the Margin Level falls below the Liquidation Threshold, the system will sell parts of your collateral to restore the Margin Level above the liquidation threshold. During severe market downturns, a significant portion of the collateral could be sold to maintain the healthy state of your loan.


Keep in mind that only the balances stored in the Nexo Pro account are shared across your margin-based trades. If your Margin Level decreases, funds stored in your Nexo Savings Wallet will not be automatically transferred to Nexo Pro to secure your positions. If your Total Balance on Nexo Pro depreciates in value, you will need to move assets from the Nexo Platform manually in order to increase your collateral.

Official How do I activate/deactivate Margin Trading?

In order to activate Margin Trading on your Nexo Pro account, you will need to click on the gear wheel icon located in the upper-right corner of the screen on the Nexo Pro platform and select ‘Margin Trading’ from the dropdown menu. Once you are on the Margin Trading screen, toggle ‘Enable margin trading’ to ”ON”. You can use the same toggle to deactivate Margin Trading on your Nexo Pro account.

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Alternatively, you can turn Margin Trading on and off using the ‘Margin’ toggle in the Buy/Sell panel on the right of the Order Book on the Spot Exchange.

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𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁:

  • On Nexo Pro, margin-based orders are only available to customers who understand and accept the risks of leveraged trading. To activate this feature on your account, you will be required to carefully read and agree to the Nexo Pro Crypto Credit General Terms and Conditions and successfully complete our Margin Trading questionnaire.
  • Margin Trading and the Futures Exchange are currently unavailable for residents of the United States of America, Canada and Australia.

Nexo Token

Official What is the NEXO Token and what are the benefits of owning NEXO Tokens?

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At Nexo we value all of our customers greatly which is why we devised the NEXO Token, the world’s first compliant, interest-bearing token, featuring the following benefits:

nexo_benefit.png

  1. To learn more about Interest Discount please read this article.
  2. To learn more about Bonus Yields please read this article.
  3. To learn more about Free withdrawals please read this article.
  4. You can also earn up to 12% annual interest on your NEXO (including the collateralized tokens) paid out daily.

Nexo’s Loyalty Levels and benefits:

loyalty_july.png

If you want to be a part of the Nexo enterprise and earn along with the company, buying NEXO via our Nexo Exchange is as easy as purchasing any other crypto asset.

Binance, Huobi Global, Bitfinex and Bitstamp are among the major Exchanges where NEXO is available. A complete list of all exchanges where NEXO Tokens are traded can be found here.

We consider the NEXO Token a means of giving investors the opportunity to participate in Nexo’s financial blessings, and we hope you enjoy it.

Official What is the circulating and total supply of the NEXO Token?

The total token supply is 1 000 000 000 NEXO Tokens.

You can check the circulating supply on our Coinmarketcap profile page: https://coinmarketcap.com/currencies/nexo/

Official On which blockchain is the technology built?

The NEXO Token operates via contemporary standards on two of the most popular networks in the Crypto Space:

  • Ethereum network – via the ERC-20 standard
  • Binance Beacon Chain network – via the BEP2 token standard
Official What are the ICO funds used for?

Almost all funds from the Token Sale were used to fund clients’ Crypto-backed Loans requests.

We are not one of those companies that pretend they will spend $20M on IT with a roadmap for launching in 2020. Our IT infrastructure is self-funded.

Nexo’s primary mission is to enable the community to enjoy its crypto-wealth without selling it.

The team firmly believes that the vast majority of the raised funds need to find their way back to the people that need funding for meeting a short-term obligation, seizing an attractive investment opportunity or leveraging their business operations.

Official Can I have a link to your GitHub repo to check the smart contract?

Please use the following link to check Nexo smart contract: https://github.com/nexofinance/NEXO-Token.

Official What is the smart contract address, token symbol and decimals?

You can find it here: https://etherscan.io/address/0xb62132e35a6c13ee1ee0f84dc5d40bad8d815206

Address: 0xb62132e35a6c13ee1ee0f84dc5d40bad8d815206

Symbol: NEXO

Decimals: 18

Please note that this is not a deposit address. If you want to transfer funds to your Nexo account, please refer to this article – How to deposit crypto assets?

Official How to buy NEXO Tokens?

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Owning NEXO Tokens brings a number of benefits, from lower borrow interest rates to higher earn yields on your idle assets.

There are a few ways to go about purchasing NEXO Tokens:

1. By using our Nexo Exchange* on the mobile app or the web platform. Further down in this article, you can find the steps you need to follow

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*Exchanging crypto for fiat or vice versa, buying crypto with card, and the Nexo Booster are unavailable for clients residing in Australia

2. By purchasing directly from the leading exchanges such as Binance, Bitstamp, Bitfinex, Huobi Global, FTX, and others. The full list of exchanges on which NEXO is traded is available here

3. By using LocalCoinSwap. More info can be found here

How to buy NEXO Tokens on the Nexo Exchange?

1. Open the Nexo web platform or the Nexo Wallet app and log in to your account

2. On web, click on the “Exchange” page and choose “Buy” (if purchasing with a fiatX currency) or “Swap” (if using crypto you already have in your Nexo account)

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3. On mobile, tap on “Exchange” from the menu, and then select either Buy or Swap, depending on the currency you will be using to purchase NEXO with

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4. Pick the currency you would like to pay with and enter your desired amount. For Receive, choose NEXO. Then click “Preview Exchange” to review your order

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5. If happy with the trade, click “Exchange” to confirm it

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6. The NEXO Tokens you bought will be credited to your Nexo Account in a few seconds

Important:

  • Trading NEXO tokens on the Nexo Exchange is currently unavailable for US citizens and US residents.
Official Buying NEXO Tokens via Binance DEX

In order to swap assets (BTC, BNB) for NEXO Tokens on the Binance DEX exchange, users need to register a wallet and connect it with the Binance Decentralized Exchange. In this article, you will find a step-by-step guide about how to set your wallet and transfer NEXO efficiently and cheaply across the BEP2 network.

Step 1 & 2: Open your wallet by going to binance.org and clicking on ‘Wallet’ as shown on the screenshot below:

image.png

Step 3: You will need to select the browser you are using or are planning to use:

image__1_.png

Step 4: Download and install the extension to your browser:

image__2_.png

Step 5: Open the Binance extension and Create Wallet:

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Step 6: Create a Strong Password for your wallet:

image__4_.png

Step 7: Seed Phrases*:

image__5_.png

IMPORTANT: type the seed phrases in the order presented on a piece of paper and store this information in a safe place – the seed phrase is presented only once and it is the only way to recover access to your wallet!


Step 8
: Finding and Adding the NEXO Token into your wallet*:

image__6_.png

Inputting NEXO Token now will allow you to withdraw it to your Nexo account after the exchange on the DEX. You can always leave this step for later.


Step 9: Accessing the Binance DEX exchange:

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Step 10: Sync/connect your newly created wallet with the Exchange:

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Step 11: Select the Binance Wallet and it will automatically obtain the newly created wallet:

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Step 12 & 13: All setup is done. Your wallet is created and connected with the decentralized exchange. You should see the wallet on the top right corner of the platform. From here we proceed with executing the trade for NEXO Tokens. In our example we will swap BNB (Binance Coin) for NEXO (NEXO Tokens):


image__10_.png

Step 14 & 15: Properties and how to set the order. Please bear in mind that you may only set ‘Limit Orders’. This means that a counter-party needs to find your rate favorable and swap against your offered rate. You may either type the amount of BNB you wish to swap or use the 25%,50%,75%, or 100% scaler to exchange your BNB for NEXO Tokens.

Upon clicking on ‘Buy NEXO’ you will have a pop-up window where you need to click ‘Confirm’ to set the position (please see the second screenshot):


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How can I buy $NEXO?
  • (Non-US only)Using the NEXO Exchange within the app. Load up an asset by either transfering it to your Nexo wallet, or transfering via wire. Once you have funds, go into the exchange option, and swap said asset to NEXO tokens.
  • Bitmart.com exchange.
  • Changelly (Via the Nexo app, click on the banner on the homepage, at the top) [Note: very high fees/interest rate, but easy to use]
  • (Non-US only) Huobi.com – Send USDT, BTC, ETH to your Huobi wallet, trade it for Nexo. If you complete KYC you get a $10 fee deduction on trades.
  • (Non-US only) BitFinex
  • Uniswap. You have to buy ETH first somewhere and then swap it to Nexo. Good solution for 4 figure exchanges and under, above that, there is too little liquidity.
  • Buy BNB from Binance, use Binance DEX to convert BNB to Nexo.
  • Hotbit.io exchange (very low liquidity)
  • ChangeNow.io – Swap to NEXO
  • CoinEx
  • Bancor Nexo Pool
  • QuickSwap
Outdated or Irrelevant If I put NEXO up as collateral in my account, do I still receive dividends on it while repaying the loan?

Yes, you will receive dividends on all NEXO Tokens held in your Nexo account. To learn more about Nexo dividends: https://medium.com/nexo/nexo-dividends-explained-6636804db3a.

In other words – it does not matter in which wallet Credit Line or Savings you hold your NEXO Tokens.

Outdated or Irrelevant Where do I need to hold NEXO Tokens, in order to receive dividends?

Nexo pays 30% of its Net Profit in the form of dividends.

Dividends are available to all NEXO Token holders, regardless of how many tokens they own and in which wallet Credit or Savings they are held, as long as two conditions are met:

  1. NEXO Token holders must undergo one-time KYC (Advanced Verification), just as they would do at any other compliant digital assets institution. Nexo’s KYC process is straightforward, fully automated and usually takes less than two minutes;
  2. NEXO Tokens must be held/staked in your Nexo account (Credit or Savings Wallet) at the ex-dividend date. The ex-dividend date will be communicated in advance.

The latest official information about dividend payments has been carefully explained here.

Can NEXO Token be mined?

There is a fixed circulating supply of Nexo, the remainder the Team have said are locked until TBA.

So there isn’t a dilution, as there are no new Nexo created – the dividend paid in Nexo needs to be bought from existing circulating supply by the company in order to be paid to holders.

Is there a way to see a list of top Nexo holders?

Sadly, not really. Most whales hold their tokens on the app, with Nexo, for dividends daily interest, for using as collateral, etc. There is not official/public list of top-token holders.

Official Do NEXO Tokens kept in my Nexo Pro account count towards my Loyalty level?

At this time, NEXO Tokens moved from your Savings Wallet to your Nexo Pro portfolio do not count towards your Loyalty Tier on the Nexo platform.

If you wish to transfer some of your NEXO to Nexo Pro, while continuing to reap the benefits of your Loyalty level, you will need to ensure that the amount of NEXO left across your Nexo platform balances is enough to maintain the desired Loyalty Tier.

NFT Lending

Official NFT Lending

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If you are the owner of digital artwork looking to tap into the value of your collections without selling them, Nexo’s got you covered. You are now able to use your NFTs as collateral and borrow against them through our OTC service. Below are the keypoints:

Supported collections: Bored Ape Yacht Club & CryptoPunks. More collections are on the way and will be announced in the following weeks.

Loan currencies: Stablecoins and ETH among other cryptos are availаble for loan withdrawals.

Loan-to-Value ratio: up to 20%

No Credit Checks: Prompt loan approval without the hassle of credit scores and inquiries.

White-Glove Service: You will be assigned a dedicated account manager to help you fully utilize our new product.

How to Get Started?

Since the NFT Lending Desk is an OTC service, clients who wish to apply for NFT-backed loans will have to fill out our specialized contact form. Here is how:

  1. Go to the NFT Lending page and click the “Apply Now” button.
  2. Fill out the form. Make sure you have your Bored Ape/CryptoPunk’s ID, you’ll need it to complete this step.
  3. Once you submit the form, a Nexo representative will contact you promptly.

Please, be aware that due to our team’s capacity, we will only respond to requests that include the required information about the client’s ownership of an NFT from one of the supported collections.

Source: NFT Lending

Platform

Official How to transfer assets between the Savings Wallet and the Credit Line Wallet?

In order to transfer your crypto assets from your Credit Line Wallet to your Savings Wallet and vice versa please follow the steps below:

1. Log in to your Nexo account.

2. Scroll to the bottom of the page where all supported cryptocurrencies are displayed. Please click on the “Manage Wallets” icon next to the assets you want to move to your Savings Wallet:

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3. You will be shown a new window with information concerning your Savings Wallet and Credit Line Wallet along with the sum (excess collateral) you can currently move to your Savings Wallet.

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4. Please click on the “Transfer Between Wallets” button. In the new popup window, you can choose how much of your excess collateral you want to move to your Savings Wallet. After you are ready please click on the “Transfer” button.

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5. You have successfully moved your assets from the Credit Line Wallet to the Savings Wallet.

How to transfer funds from the Savings Wallet to the Credit Line Wallet?

Please follow the same steps above in order to transfer your funds from the Savings Wallet to the Credit Line Wallet. When you reach the 4th step, please click on the arrows to change the direction of the transfer:

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Please keep in mind that upon requesting a loan crypto assets may be automatically transferred from Savings wallet to Credit Line wallet if there is not enough collateral in the Credit Line wallet to support the loan.

Important:

  1. 24-48h cool-off period applies to assets moved from the Credit Wallet to the Savings Wallet. This is in order to prevent improper use of the Nexo Platform and to safeguard Nexo as a company, but more importantly, our clients and investors.
  2. Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA
Official Nexo Loyalty Program – Explained

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The Nexo Loyalty program is a four-tier system, comprising Base, Silver, Gold, and Platinum levels, which extends benefits depending on the amount of NEXO Tokens you hold across your Nexo Savings and Credit wallets, as combined in the Portfolio Balance*.

The requirements for each tier are as follows:

  • Base: No NEXO Tokens are needed
  • Silver: At least 1% of the Portfolio Balance in your account must comprise NEXO Tokens
  • Gold: At least 5% of the Portfolio Balance in your account must comprise NEXO Tokens
  • Platinum: At least 10% of the Portfolio Balance in your account must comprise NEXO Tokens

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* The Portfolio Balance is the combined value of your Credit Line and Savings Wallets. The Loyalty program bases rewards tiers on the ratio of NEXO Tokens vs. the value of all the assets in your Portfolio Balance, which must be at least 1%, 5%, or 10% respectively for each tier. For the time being, NEXO Tokens held in your Nexo Pro portfolio will not contribute toward your Loyalty level.

Loyalty Benefits:

The Loyalty program’s Base, Silver, Gold, and Platinum tiers progressively give you greater rewards the more NEXO Tokens you hold, simultaneously reducing your borrowing rates for the Instant Crypto Credit LinesTM, increasing your yields with the Earn on Crypto & FiatX suite in conjunction with our Flex and Fixed-term deposits, and increasing the number of free crypto withdrawals you can make per calendar month:

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We have also integrated a feature that indicates which Loyalty tier you are currently in, with a function displaying how much more NEXO you need to hold to access the next Loyalty tier, which makes it even easier to keep a tab on your rewards.

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Due to changes applied, the exact interest rates, depending on the user’s Loyalty tier and bonuses applicable for fixed terms and/or earning in NEXO Tokens, are indicated on the Nexo platform.

Only the amount above the threshold in your current Loyalty level is impacted. The threshold applies to each asset separately, not your entire portfolio.

For example, if you are in the Base Loyalty level and have 40,000 USD worth of BTC in FLEX terms, you will be earning up to 3% annual interest on 25,000 USD, and up to 1.5% annual interest on the remaining 15,000 USD which are above the threshold.

You also get higher interest rates for keeping your assets on Fixed Terms and opting to have your interest paid out in NEXO.

The Loyalty program is designed to help you grow and manage your wealth now and in the long term. Below are the ways this new system takes our services to the next level:

  • Flexibility: You can choose the ratio of NEXO staking to get the bonuses that best suit your needs, goals, and investment strategy.
  • Dynamics: Like our credit line, our loyalty scheme is dynamic, meaning you would still get the bonus rates associated with Silver even if you miss the 5% or 10% thresholds for the Gold and Platinum tiers respectively.
  • Accessibility: With the new lower thresholds for Nexo bonuses, our services are even more inclusive and easily accessible.
  • Usability: We are introducing a smoother, clearer user experience, making it easier to calculate and keep track of the NEXO needed for bonuses.
  • Build-up: The tiered model allows us to implement further perks for clients in the near future.

Important: Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA

Official What is Automatic Collateral Transfer?

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If your collateralized assets decrease in value and you do not add additional assets to your Nexo account after receiving warnings from the Nexo blockchain oracle, the Nexo Oracle may initiate partial automatic loan repayments to rebalance the Loan-to-Value back within limits.

To avoid this scenario, you can enable our Automatic Collateral Transfer feature. Here’s how it works: when you don’t cover the required LTV ratio, the Nexo Oracle will automatically transfer a small portion of your assets from the Savings Wallet to the Credit Line Wallet to fulfil the gap, thus keeping your loan health in check.

This option is ON by default and we strongly recommend that it is kept that way as it creates an extra buffer against automatic repayments. In case the crypto in your “Credit Line” wallet is no longer able to support your loan due to sudden loss of value, the system will transfer in extra crypto from your “Savings” wallet to improve your LTV ratio and keep it below the automatic repayments threshold.

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If your collateral appreciates in value, your credit line limit also goes up. You’re free to withdraw more credit or leave your current loan as is.

You can also use the extra value of your crypto to pay off part of your credit. If your assets have met your price target, then you can:

  • Place an order in your Nexo Wallet to sell a fraction of the crypto assets in your account.
  • Repay part or all of your outstanding balance.

The transaction is performed without any additional fees on Nexo’s part. Any resulting charges are fees from the exchange that facilitated the trade.

Official Limited crypto assets – Explained

We are thrilled to announce the launch of the so-called “limited” assets on Nexo’s platform. They share the same functionalities as the rest of the currently supported digital currencies, i.e. you can earn interest (both in Flex and Fixed terms), borrow against them, or swap them for other currencies. They can also be transferred between your Credit Line and Savings wallets to suit your financial strategies.

So how are they different then?

Limited Assets can only be obtained and swapped through our own exchange, meaning you cannot directly deposit/withdraw them to/from our platform. The introduction of designated wallets and the underlying blockchain integration that powers on-chain transfers is a rather complex and time-consuming process. This is where Limited Assets step in: they allow you to diversify your portfolio and tap into the power of an even wider range of cryptocurrencies right here, right now.

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What currencies will be available as Limited Assets?

The cryptocurrencies currently onboarded as Limited Assets are THORChain’s RUNE token, Solana’s SOL token, Avalanche’s AVAX token, Fantom’s FTM token, Cosmos’ ATOM token, Kusama’s KSM token, NEAR Protocol (NEAR), Optimism’s OP token, Terra (LUNA2), Terra Classic (LUNC), TerraClassic USD (USTC), Ethereum PoW (ETHW), GMX (GMX), Aptos’ APT with others to follow shortly after.

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Here is a summary of the features and functionalities of the Limited Assets:

Important:

  1. Exchanging crypto for fiat or vice versa, buying crypto with card, and the Nexo Booster are unavailable for clients residing in Australia

  2. Trading Terra Classic (LUNC) via the Nexo Exchange is currently unavailable
  3. The Nexo Earn Interest Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA

  4. Our Earn Product is unavailable for 1INCH, AAVE, CRV, MANA, GALA, MKR, Terra (LUNA2), Terra Classic (LUNC), TerraClassic USD (USTC), SUSHI, SAND, UNI, FTT, HT and OP

Official Nexo Referral Program – Explained

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Invite & Earn $25 per Referral. For each friend who joins Nexo we will give both of you $25 in BTC*.

Get rewards when you invite a friend to join Nexo and they top up $100 or more to their newly opened account. You will receive $25 in BTC for every friend you refer to Nexo with our Referral Program.

The Details

  • Get $25 in Bitcoin for each friend that opens a Nexo account and tops up $100 or more of any asset supported on the platform.
  • You can refer an unlimited number of friends, but they must be new Nexo users.
  • Once a friend tops up, you will both get your rewards within 48 hours after the 30-day period is over.

Important: The portfolio of everyone you refer has to remain above $100 throughout the whole 30-day period for the bonus to be awarded.

How It Works

  1. Register/Login to your Nexo account and make sure to complete Identity Verification.
  2. Copy the unique link in your profile from the Referral tab.
  3. Share it with a friend, ask them to create a Nexo account and complete Identity Verification as well.
  4. Once they do and add at least $100 within 90 days of the registration date, you’ll both get $25 in BTC as a pending transaction. Please note that the bonus transaction will be generated within 24 hours after topping up the required amount.
  5. Your referral must hold a value of at least $100 over the course of 30 days for the bonus to be successfully reflected in both yours and their account.


You both will be able to see the bonus transaction in your Nexo accounts, however, its status will be pending. The bonus shall be credited to your balance within 48 hours after the 30-day period is over provided that the requirements above have been met and your portfolio is at least $100 at that time.

FAQs

How do I invite friends to join Nexo?

You can start inviting friends as soon as you create your Nexo account.

  • Log into your Nexo account and select the ‘Invite a Friend’ icon in the settings menu.
  • Click/tap your referral link to copy it and send it to your friends.

How many friends can I refer?

You can refer an unlimited number of friends, but they must not have created a Nexo account before – only brand new customers are accepted.

Why didn’t I get my referral reward?

You can always sign in to your account and check your reward status.

  • Perhaps your friend hasn’t topped up yet – so gently remind them to do so.
  • Keep in mind that it takes 30 days for the reward to be processed.
  • Please note that you only have to complete the Identity Verification. However, your friend has to meet the top-up requirement as well. You both must satisfy the respective conditions within 90 days from the registration date. Failing to do so would mean that the bonus transaction will not be triggered in either account.
  • Bear in mind that the transaction should be sent from an external wallet (outside of Nexo); Any internal deposit transactions (from other Nexo users) during the 90-day period after registering with a referral link will make you no longer eligible for the referral reward.
  • Instances, where the referrer and the referred person use the same top-up/withdrawal addresses or generate activity from the same IP address, will be flagged by our system. The latter will make both parties no longer eligible for any pending referral bonuses they have and may lead to further restrictions.


Why did I get less than 25$ in BTC after 30 days?

The size of the bonus is determined by the USD/BTC course as of the day the referral bonus transaction is generated. As the price of Bitcoin is dynamic, the bonus value could be different in 30 days.

Can I earn on my assets?

Everyone referred to Nexo who adds the equivalent of $100 or more in any digital currency to their account will automatically begin to earn interest on these funds. They can also swap them for other assets on the Nexo Exchange, which won’t affect their $25 reward.

We’re eager to see you use our Referral program to earn some extra cash. And remember, the more friends you invite, the more free crypto you’ll get!

*Referral transactions generated before 15:00 UTC on Jan. 31st, 2022 will be paid out according to the past conditions of the program.

Important:

  • Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA.
  • As of July 7, 2022, the Nexo Referral Program is unavailable to clients residing in Turkey, Argentina, Russia, Belarus, and Ukraine.
  • As of July 26, 2022, the Nexo Referral Program is unavailable to clients residing in Sri Lanka, Vietnam, Uganda, Uzbekistan, Bangladesh, Azerbaijan, and Venezuela.
  • As of August 22, 2022, the Nexo Referral Program is unavailable to clients residing in Indonesia.
  • As of August 30, 2022, the Nexo Referral Program is unavailable to clients residing in Panama.
Official Buying crypto using a credit/debit card – Explained

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You can purchase crypto instantly with your Visa and Mastercard debit or credit card on the Nexo Exchange. This functionality is simple and quick, allowing you to make the most of this bull run and enjoy crypto purchases on the go. Plus, it’s great to use when you want just a little bit more NEXO Tokens.

How to buy crypto with your card?

You can find а detailed explanation of the steps to take in order to buy crypto on the Nexo Exchange’s web and app version here. You can also watch our quick tutorial on the topic:

Card purchase fees:

  • Standard fee will be applied to the “Pay With” amount specified: 1.49% for EU and 3.49% for non-EU countries
  • The Processing Fee is provided on the final confirmation page and is visible before you complete the purchase
  • There are no hidden or additional fees, and the USD Amount shown on the Order Confirmation page is what Nexo will charge to your card
  • Important: Depending on your card issuer’s policy, they may charge additional fees for online card purchases and currency conversion. These fees are independent of Nexo’s fee and are outside of our control

Limits:

Minimum transaction: Dynamic and depends on the asset (you will see the exact amount during the purchase)
Maximum transaction: $15,000
Daily: $15,000
Monthly: $450,000 (on a 30-day rolling basis)

Important: The above limit values include the fees, if any were applied.

You should also know that:

  • The available settlement currencies* are USD, EUR, and GBP but you can pay with a card in any currency. Once you select a Credit/Debit card as the payment method, the purchases will be charged to your card with the selected “Pay With” currency
  • You must have passed our identity verification and not be residing in an unsupported country. You can find a list of all of the countries where the feature is available down below
  • You must hold a valid Visa or Mastercard in the same legal name as your Nexo account for your purchases to be processed
  • Withdrawals to cards are not supported. Should you wish to withdraw crypto or fiat currencies, you will need to request it via the Withdrawal screen of the desired asset in your Nexo Account
  • Your card details are securely processed via a third-party provider

*What is a settlement currency?

You can use any fiat currency to buy crypto with your card, however, if this currency is different from USD, GBP, and EUR, the funds you’re paying with will be converted into one of our three available settlement currencies (USD, GBP, EUR). The conversion fee will be charged by your bank and will depend on their exchange rates. When buying crypto with your card, you can select the settlement currency that is best for you.

Save your card details

Please check this article to see how you can save your card details for future purchases of crypto.

Supported countries:

Åland Islands, Albania, Algeria, American Samoa, Andorra, Angola, Anguilla, Antarctica, Antigua and Barbuda, Argentina, Armenia, Aruba,Austria, Azerbaijan, Bahamas (the), Bahrain, Barbados, Belarus, Belgium, Belize, Benin, Bermuda, Bhutan, Bolivia (Plurinational State of), Bonaire, Sint Eustatius and Saba, Bosnia and Herzegovina, Botswana, Bouvet Island, Brazil, British Indian Ocean Territory (the), Brunei Darussalam, Burkina Faso, Cabo Verde, Cambodia, Cameroon, Canada, Cayman Islands (the), Chad, Chile, Christmas Island, Cocos (Keeling) Islands (the), Colombia, Comoros (the), Congo (the Democratic Republic of the), Congo (the), Cook Islands (the), Costa Rica, Côte d’Ivoire, Croatia, Curaçao, Cyprus, Czechia, Denmark, Djibouti, Dominica, Dominican Republic (the), Ecuador, Egypt, El Salvador, Equatorial Guinea, Eswatini, Ethiopia, Falkland Islands (the) [Malvinas], Faroe Islands (the), Fiji, Finland, France, French Guiana, French Polynesia, French Southern Territories (the), Gabon, Gambia (the), Georgia, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guadeloupe, Guam, Guatemala, Guernsey, Guinea, Guinea-Bissau, Guyana, Haiti, Heard Island and McDonald Islands, Holy See (the), Honduras, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Kuwait, Kyrgyzstan, Lao People’s Democratic Republic (the), Latvia, Lebanon, Lesotho, Liberia, Liechtenstein, Lithuania, Luxembourg, Macao, Madagascar, Malawi, Malaysia, Maldives, Mali, Malta, Marshall Islands (the), Martinique, Mauritania, Mauritius, Mayotte, Mexico, Micronesia (Federated States of), Moldova (the Republic of), Monaco, Mongolia, Montenegro, Montserrat, Mozambique, Namibia, Nauru, Nepal, Netherlands (the), New Caledonia, New Zealand, Nicaragua, Niger (the), Nigeria, Niue, Norfolk Island, Northern Mariana Islands (the), Norway, Oman, Pakistan, Palau, Palestine (State of), Papua New Guinea, Paraguay, Peru, Philippines (the), Pitcairn, Poland, Portugal, Puerto Rico, Qatar, Republic of North Macedonia, Réunion, Romania, Rwanda, Saint Barthélemy, Saint Helena, Ascension and Tristan da Cunha, Saint Kitts and Nevis, Saint Lucia, Saint Martin (French part), Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Sint Maarten (Dutch part), Slovakia, Slovenia, Solomon Islands, South Africa, South Georgia and the South Sandwich Islands, South Korea – Republic of Korea, Spain, Sri Lanka, Suriname, Svalbard and Jan Mayen, Sweden, Switzerland, Taiwan (Province of China), Tajikistan, Tanzania (United Republic of), Thailand, Timor-Leste, Togo, Tokelau, Tonga, Trinidad and Tobago, Turkey, Turkmenistan, Turks and Caicos Islands (the), Tuvalu, Uganda, Ukraine, United Arab Emirates (the), United Kingdom of Great Britain and Northern Ireland (the), United Nations Interim Administration Mission in Kosovo (UNMIK), United States Minor Outlying Islands (the), United States of America (the), Uruguay, Uzbekistan, Vanuatu, Viet Nam, Virgin Islands (British), Virgin Islands (U.S.), Wallis and Futuna, Western Sahara, Zambia

Important: Exchanging crypto for fiat or vice versa, buying crypto with card, and the Nexo Booster are unavailable for clients residing in Australia.

Note: The service of buying crypto on the Nexo Exchange, using a credit or debit card is enabled by Nexo Services UAB. Nexo Services UAB partners with third-party payment partners for the purpose of providing the functionality.

Official Supported Crypto Assets

Below you may find a list of all cryptocurrencies supported by Nexo at present:

BTC, ETH, NEXO, XRP, USDT, USDC, USDP, TUSD, BUSD, DAI, BCH, LTC, EOS, BNB, XLM, PAXG, LINK, TRX, ADA, DOT, DOGE, UNI, AXS, MATIC, GALA, SUSHI, CRV, AAVE, APE, 1INCH, MKR, MANA, SAND, FTT, HT, LDO, ENS, SWEAT, GRT, COMP, GMT, SNX, CHZ, CVX, FXS, DYDX

Limited Assets*: RUNE, SOL, AVAX, USTC, LUNA2, LUNC**, FTM, АТОМ, KSM, NEAR, OP, ETHW, GMX, APT

Important:

*Limited assets cannot be deposited or withdrawn to/from the platform. For more information, please check this article

**Trading Terra Classic (LUNC) via the Nexo Exchange is currently unavailable

To ensure effortless transmission of your crypto, you may want to know which Blockchain networks we support. In order to obtain more information, please review this article

Official Blockchain networks supported by Nexo

Please keep in mind that each cryptocurrency has to be transferred to/from Nexo via their native blockchain/network. To avoid potential loss of assets we encourage you to refer to the list below and make sure you use the correct network for your deposits/withdrawals:

Asset Network
BTC Bitcoin network
PAXG, AXS, UNI, MANA, SAND, GALA, CRV, APE, USDP, TUSD, 1INCH, MKR, SWEAT, ENS, LDO, FTT, HT, GMT, COMP, SNX, GRT, CHZ, CVX, DYDX, FXS Ethereum network (ERC-20)
ETH, USDT, USDC, DAI, LINK, AAVE, SUSHI Ethereum network (ERC-20)
Polygon network
NEXO Ethereum network (ERC-20)
Binance Beacon Chain (BEP-2)
BUSD Ethereum network (ERC-20)
Binance Smart Chain (BEP-20)
BNB

Binance Beacon Chain (BEP-2)

Binance Smart Chain (BEP-20)

MATIC Ethereum network (ERC-20)
Polygon network
LTC Litecoin network
BCH Bitcoin Cash network
XRP Ripple network
XLM Stellar network
EOS EOS Public Network
TRX TRON network
ADA Cardano network
DOT Polkadot network*
DOGE Dogecoin network

*Although there are no restrictions for incoming transfers (deposits), please note that Nexo DOES NOT support withdrawals to DOT wallet addresses beginning with ‘5’ nor to Kusama wallet addresses (beginning with ‘C’, ‘D’, ‘F’, ‘G’, ‘H’, and ‘J’). In case you would like to make a withdrawal to a wallet in the above-mentioned formats, please use this tool to convert the address into the Polkadot Relay Chain format supported by Nexo (see screenshot below). More information on this matter can be found here.

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Important:

  • TRX transfers to Nexo from smart contracts are not supported and will result in a permanent and irreversible loss of assets.
  • Nexo does not support withdrawals to smart contracts via the ERC20 network (ETH and ERC20 tokens) and the Polygon network (MATIC, ETH, and ERC20 tokens). Such an occurrence will lead to the transferred assets being returned to our withdrawal wallet, and we will thereupon credit the amount to the originating Nexo account manually. This process may take a substantial amount of time, so please be kindly advised to first check the recipient wallet type with the receiving party before initiating a withdrawal.
  • Nexo does not support SWEAT transfers over the NEAR network.

To find out how long it takes for your deposit to be processed, please check this article.

Official How to buy crypto using a credit/debit card?

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Below you can find the steps you need to take in order to purchase crypto on the Nexo Exchange with a credit/debit card. Everything else you should know about the process is outlined in this article.

How to buy crypto with your card on the web platform?

1. Open the Nexo web platform and log in to your account.

2. Click on the ‘Exchange’ tab and choose ‘Buy with card’

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3. For your security, we need to verify your card before you can use it to make crypto purchases. If you have not taken advantage of our ‘Buy with Card’ feature so far, you would first need to complete this step before making a purchase. To do so, you can tap on the ‘Link Credit/Debit Card’ button. Your verified cards will be securely stored and displayed for future purchases.

You can also click on ‘Preview Exchange’ as it will automatically prompt you to link and verify your card.

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4. Enter your card details and click ‘Link Card’

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5. Each Card Verification request comes with a $0.10 3DS authorisation hold, which will be reflected on your card statement. The aforementioned amount will be blocked only for a short period of time and will be released afterwards. Any linked cards will first appear in your account with a ‘Pending’ status and, once reviewed, either as ‘Approved’ or ‘Rejected’

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6. Once your card is validated, pick the currencies you would like to exchange and enter your desired amount. Then click on ‘Preview’. You will once again need to complete a 3DS verification

7. After authorising the purchase, you will be redirected back to the Nexo platform, where you will have 20 minutes to confirm it. On the confirmation screen, you will see the exact Exchange Rate at which your purchase will be executed. Please, confirm the said purchase only if you are happy with the rate offered

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8. The purchased digital assets will be credited to your Nexo Account in a few seconds

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How to buy crypto with your card on the Nexo App?

You can watch this quick tutorial to learn how to buy crypto on the Nexo app. The process is intuitive and it takes seconds.

Alternatively, you can follow these simple steps:

1. Open the Nexo App and log in to your account

2. Tap “Add Funds” on the Dashboard

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3. Select “Credit/Debit Card

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4. Choose the currency you would like to buy

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5. Make sure you have selected your previously linked card as a Payment Method.

You can change the currency of the card from the“Pay with Currency” drop-down menu.

Enter your desired amount. Below it, you will see the amount of crypto, as well as cashback (if any), that you will receive.

Then tap “Continue” to enter your card details.

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6. Authorize the purchase through 3DS if applicable

7. Once your card is validated, review your order on the next screen and confirm it by tapping on “Confirm Order“. On the confirmation screen, you will see the exact Exchange Rate at which your purchase will be executed. Please, confirm the said purchase only if you are happy with the rate offered

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8. The digital assets bought will be credited to your Nexo Account in a few second

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Important:

  • Exchanging crypto for fiat or vice versa, buying crypto with card, and the Nexo Booster are unavailable for clients residing in Australia.
  • Buying crypto with a card issued from Wise (formerly TransferWise) or Crypto.com is unavailable.
Official Address Book and Whitelisting – Explained

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The Address Book is the place where you can save your withdrawal addresses for all supported crypto assets on the Nexo platform. This option would save you time and add additional security as you would not have to re-enter the same address every time. The number of addresses you can keep a record of is unlimited. Both personal wallets or wallets of exchanges can be added to your Address Book.

It is important to note that saved addresses are not whitelisted unless Whitelisting is enabled.

Whitelisting is a security feature that limits withdrawals to only the addresses you have added to your Address Book. Upon enabling it you will be required to set up your Extra Security option. This is a feature that allows you to select the length of the security delay for adding new addresses or disabling Whitelisting altogether. You can choose between the three pre-set options – ‘None‘, ‘24h‘, ‘72h‘, or you can enter a ‘Custom‘ timeframe that best suits your needs. It can be as low as 5 hours or as much as 10,000 hours.

Once Whitelisting is activated you have a 4-hour cool-off window to add new addresses instantly or disable the whitelisting. After this period ends, you have to wait for the pre-set Extra Security time to pass before any changes you make come into effect.

Important notice: The Whitelisting option applies to the whole portfolio and all of the supported crypto assets. If it is turned ON, you will be able to withdraw only to the addresses from your Address Book. You will NOT be able to withdraw assets for which you have not added a withdrawal address in the Address Book. Please make sure you do so before enabling Whitelisting or within the 4-hour cool-off period. In case you have not done this, you can still whitelist an address, but you will be required to disable the Whitelisting and wait for the Extra Security timeframe to pass (if you have set an Extra Security Level other than ‘None’).

Please review the following articles for detailed instructions on:

How to access and edit the Address Book?

How to enable/disable Whitelisting?

Official How to access and edit the Address Book?

How to access the Address Book?

There are two general ways you can access the Address Book.

1. You can reach it from the ‘Withdraw button next to the crypto asset you wish to withdraw, following the steps provided below:

  • Click on the ‘Withdraw button for the desired asset.

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  • Then select ‘Address Book‘ and click on the ‘Go to Address Book button.

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2. Alternatively, you can access it from the Security tab under your profile, as shown in the following screenshots:

  • Access the drop-down menu from the blue icon in the upper-right corner of the Nexo platform, and click on ‘Security‘.

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  • Thereupon, you have to select the ‘Address Book‘ tab.

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Once you access the Address Book page you can add a new address, edit an already existing one, or remove a pre-existing wallet.

How to add a new crypto address?

  • Click on the ‘New Address‘ button at the top of the page.

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  • Enter the details of your wallet and click on the ‘Save Address‘ button.

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  • Enter your Two-Factor Authentication (2FA) code.

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Important: If you have the Whitelisting option turned on, you will not be able to add a new address until the pre-set Extra Security time has passed (if any).

How to edit an existing crypto address?

  • Click on the pencil icon next to the wallet which you would like to edit.

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  • Make the desired changes to your pre-saved wallet and click on the ‘Save Changes‘ button.

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Important: If you have the Whitelisting option turned on, you will not be able to edit your existing addresses until the pre-set Extra Security time has passed.

How to remove a pre-saved crypto address?

  • Click on the bin icon next to the wallet which you would like to delete.

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  • Confirm your decision by clicking on the ‘Remove‘ button.

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  • Enter your Two-Factor Authentication (2FA) code.

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Important: If you have the Whitelisting option turned on, you will not be able to re-enter the same address until the pre-set Extra Security time has passed.

For more information regarding the Address Book and the Whitelisting feature, please review the following articles:

Address Book and Whitelisting – Explained

How to enable/disable Whitelisting?

Official How to enable/disable Whitelisting?

To enable/disable the Whitelisting feature, you would first need to access the Address Book page. There you can add a new address, edit an already existing one, or remove any pre-existing wallets you may have.

How to enable ‘Whitelisting’?

  • Click on the ‘Whitelisting‘ toggle button on the Address Book page.

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  • Chose one of the provided Extra Security timeframes or enter a Custom one, and click on the ‘Enable Whitelisting‘ button.

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  • Enter your Two-Factor Authentication (2FA) code.

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How to disable the Whitelisting feature?

  • Click on the ‘Whitelisting’ toggle button on the Address Book page.

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  • Confirm your decision by clicking on the ‘Disable Whitelisting‘ button.

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  • Enter your Two-Factor Authentication (2FA) code.

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  • Thereupon, a confirmation email will be sent to your Nexo-registered email account. You will have to confirm your decision within 10 minutes, or the email will expire.

Once the disabling is confirmed via email, there are three possible scenarios:

  1. If you have set an Extra Security Level other than ‘None’, and the 4-hour cool-off period has passed.

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    In this scenario, the Whitelisting toggle button will become yellow and a timer will appear next to it.

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    This timer will represent the Extra Security Level you have previously set, and it will count down the remaining time that must pass before the Whitelisitng is turned off. Until it reaches zero, the Whitelisting will remain active and you will not be able to make any changes to your Address Book.

    However, you can instantly re-enable the Whitelisting option without having to wait for the Extra Security time to pass.

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  2. If you have set an Extra Security Level other than ‘None’, but the 4-hour cool-off period has NOT passed.
  3. If the Extra Security Level is set to ‘None‘.

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In the second and third scenarios, you will regain full access to all of the platform’s features right after the disabling of the Whitelisting option is confirmed via email.

For more information regarding the Address Book and the Whitelisting feature, please review the following articles:

Address Book and Whitelisting – Explained

How to access and edit the Address Book?

Official Nexo Booster Explained

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With its ​​intuitive functionality, the Nexo Booster allows you to amplify the purchasing power of your current holdings and boost your exposure to crypto without allocating additional capital.

The feature requires Identity Verification and can be accessed both within the Nexo mobile application and the browser version of the platform. It works by using your existing crypto holdings and allowing you to borrow additional funds to grow your position in a certain asset. That is right, we give you credit that you can instantly use to acquire more crypto assets through a single leverage transaction.

Below are the key points that best describe the Nexo Booster:

  • Leverage: Get between 1.25 and 3x leverage on your portfolio.
  • Fully Collateralized: A permitted LTV of the transaction with up to 70% gives you the security that Nexo never lends on an uncollateralized basis.
  • A variety of currencies that you can find in the Nexo Booster tab* **
  • $250K Maximum per transaction. You can make as many booster transactions as you want.
  • Cashback: Get up to 0.5% cashback on the booster transaction.

* The NEXO Token is excluded from the Nexo Booster, you cannot pay with or boost NEXO.

** You can use crypto, Stablecoins, and EURx, GBPx, and USDx for the “Pay With” currency in the Nexo Booster, but keep in mind that you will NOT be able to select EURx, GBPx, USDx or stablecoins for your “Receive” currency.

Tip: Once an asset you’ve purchased with the Nexo Booster increases in value, you can use the ‘new available credit line’ to repay your outstanding credit.

Are Booster Transactions 100% Collateralized?

Yes! Leverage via the Nexo Booster works by collateralizing your existing holdings for an initial part of the loan. Naturally, that isn’t enough collateral for the rest of a 3x leverage transaction. As collateral for the rest of your loan, Nexo immediately collateralized the assets you are acquiring through your booster transaction, making your credit fully collateralized.

In effect, Nexo uses your existing crypto holdings plus the newly-acquired asset as collateral to give you a bigger crypto-backed credit line to finance the aforementioned acquisition.

What Are the Fees?

Fees for the Nexo Booster are factored into your outstanding credit line balance. There are three different fee tiers that are determined by your LTV. The fee to be charged will be included in the “Borrowed funds” amount in the “After Purchase” section which you can check before finalizing your booster transaction.

The fees are as follows:

  • < 50% LTV: 1%
  • 50-60% LTV: 2%
  • 60-70% LTV: 3%

Upgraded Exchange Interface & The Booster

Since the Nexo Booster lives in the Exchange section of the Nexo App, our team took this as an opportunity to tie up a few loose ends on that front and give you a more intuitive experience. In relation to this, we are integrating the following change:

Instead of the Buy, Sell, and Swap tabs of the Exchange section, you will see only two tabs: Convert and Booster. The Convert Tab encompasses all three of the former options – this is where you would go to buy, sell or swap assets. The Booster option in turn is naturally where you would tap if you’re looking for a leverage transaction.

Important: Please note that Nexo Booster loans repaid in less than 30 days are charged interest for the remainder of the 30-day period at the standard APR of 13.9% regardless of your loyalty tier. This is in order to prevent improper use of the Nexo Platform and to safeguard Nexo as a company, but more importantly, our clients and investors.

This information is also available on the Credit Line Repayment screen as seen in the sample screenshot below:

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Disclaimer 1: Currently excluded from Nexo’s Nexo Booster product per the Nexo Earn Interest Product General Terms and Conditions and the Nexo Exchange Service General Terms and Conditions, as amended on occasion are citizens or residents of Bulgaria, Estonia, the United States of America, Canada and Australia, as well as of other jurisdictions subject to certain limitations or restrictions as may be applicable at times.

Disclaimer 2: You understand and agree that you use the Nexo Booster at your own risk. Needless to say, as a leverage trading product, the Nexo Booster can work in both ways – it amplifies your gains when the chosen asset appreciates, yet magnifies the losses when prices are falling. In order to make an educated decision, you need to have a thorough understanding of how the Loan-to-value ratio and price-based margin calls and liquidations work. You should, therefore, carefully consider whether such use is suitable for you in light of your circumstances and financial resources. If you are uncertain, please seek independent legal advice.

Official How to boost your portfolio?

Boosting your portfolio is a simple and user-friendly process. You don’t need to be a professional trader to be able to use the service. The steps in the below illustrate where to find the Nexo Booster both in our app and on web and how to navigate your way around the feature.


Since the Nexo Booster is available both within the mobile app and on web, within this article, you can find detailed steps respective to each method of use.


How to boost your portfolio via the mobile app?

1. Go to the Exchange Tab and select “Booster

2. Add your “Pay with” and “Receive” currency

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3. Drag the Leverage marker to how much (1.25-3x) you want to boost your assets

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4. Beneath the “Receive” currency on the Nexo Booster screen, you’ll see the Profit Projection bar. Drag the bar back and forth to project the profits of the booster transaction you’ve set depending on how the price of your chosen asset fluctuates in the future. This is essentially a calculator for potential future profits or losses.

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5. Check the “After Purchase” section where you will find a breakdown of your booster transaction. It displays the LTV your Credit Line will be at once you finalize your leverage, the amount you will borrow, and your available credit before and after the transaction is complete. It is a useful tool to review before hitting the “Exchange” button on your leverage transaction.

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6. Preview your order. At this stage, you will be presented with a rate on the trading pair of your choice. Please, confirm the trade only if you are happy with the rate you will get.

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7. Tap “Exchange” and you’re done

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How to boost your portfolio via the web platform?

Having in mind your convenience, the web browser version is set to operate in a straightforward manner that replicates the on mobile. In the screenshot below you can find the main steps you would need to take to initiate a successful boost through your browser.

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As mentioned, the steps from above apply:


1.
Go to the Exchange Tab and select ‘Booster’
2. Add your “Pay with” and “Receive” currency
3. Adjust the Leverage marker to how much (1.25-3x) you want to boost your assets
4. Drag the ‘Profit projection’ bar back and forth to project the profits of the booster transaction
5. Check the ‘After Purchase’ section where you will find a breakdown of your booster transaction.
6. Preview your order and confirm the trade only if you are happy with the rate you will get.
7. Tap ‘Confirm Order’ to complete your boost.

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For a detailed information on how the Nexo Booster works, please refer to this article.

Official Nexo Booster – Cashback

While the Nexo Booster is its own integrated product, in the background it uses the infrastructures of two of Nexo’s existing services: our Exchange and the Instant Crypto Credit Lines. This being the case using the Booster triggers our 0.5% Exchange Loyalty Cashback on all swaps.

This is what’s happening behind the scenes:

With booster transactions for a single asset, the crypto you’re putting forth is collateralized and the rest of the needed sum is issued to you as a USDT loan which is then swapped via our Exchange into the “Receive” currency (also your original asset in this case). The exchange initiated at the end of this booster transaction gets 0.5% cashback.

If your boost involves two different assets, then the initial sum you put forward is exchanged into your “Receive” currency and you get cashback on this swap. But you also get cashback on the exchange that takes place when the USDT loan set to cover the rest of your booster transaction is converted into your “Receive” currency.

However, have in mind that you’ll receive cashback if you haven’t exceeded your Exchange Loyalty Cashback limit.

For a detailed information concerning the Nexo Booster, please refer to this article.

Official Ways you can use the Nexo Booster

There are two ways you can use the Nexo Booster:

  • Boosters with two assets
    Boost a cryptocurrency from 1.25x to 3x its value, and receive the boosted equivalent in another cryptocurrency.
    Example: Boost ETH to get BTC.

Detailed example:

BTC price: $40,000, ETH price: $4,000

You select to receive BTC with 3x leverage and decide to pay with 10 ETH of your own. These 10 ETH worth $40,000 you put forth are sold for 1 BTC. For the remaining 2 BTC, we issue you with a loan for $80,000 sourced from your Available Credit Line. As a result, you receive $120,000 in BTC which in this example is 3 BTC. The “After Purchase” page will show an LTV ratio of 68.66% and Borrowed Funds of $82,400 ($80,000 loan + $2,400 booster fee).

  • Boosters with a single asset
    Boost a cryptocurrency from 1.25x to 3x its value, and receive the boosted equivalent in the same asset.
    Example: Boost BTC and get more BTC.

Detailed example:

BTC price: $40,000

You select to receive BTC with 3x leverage and pay with BTC of your own. The 1 BTC you put forth is evaluated at $40,000 and then we issue you with a loan for $80,000 sourced from your Available Credit Line. As a result, you receive $120,000 in BTC which in this example is 3 BTC. The “After Purchase” page will show an LTV ratio of 68.66% and Borrowed Funds of $82,400 ($80,000 loan + $2,400 booster fee).

For detailed information concerning the Nexo Booster, please refer to the dedicated article.

Official How to complete Address Verification?

To be in full compliance with regulatory requirements, Nexo might instruct you to complete Address Verification for you to avail the full range of services of our platform. The provided information is only used for identity verification purposes. Your data is always encrypted and securely stored on our system.

For the completion of the verification process, you will need a document proving you are a resident at the address you have entered while filling in the ‘Personal Information’ details.

The document has to contain the following information:

  • First and last name
  • Full address
  • Issuing authority details and logo
  • Issue date within the last 90 days

Supported documents by our partner Jumio:

  • Council bill
  • Credit card statement
  • Lease agreement
  • Superannuation statement
  • Tax return
  • Utility bill

To complete the process, log in to your Nexo account, tap on the “My Profile” icon in the upper left corner of the Dashboard screen and then on “Verify Identity“.

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On the following screen, click on “Continue Verification“.

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Select the type of document you would like to submit based on the options and click on ‘Start Verification’.

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Note: If you do not see your Proof of Address document type in this list, you can select the option that matches most closely and proceed with the upload.

Examples:

  • If you have a Bank statement – choose Credit card statement.
  • If you have a Home insurance statement – choose Lease agreement.


Scanning and uploading the document will only take a minute. Once submitted, the verification might take up to 1 business day.

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Watch our step-by-step video guide for more detailed instructions.

Official How to verify your identity?

In order to gain access to all of Nexo’s products, you need to verify your identity. Our verification process is easy, intuitive and usually takes just a few minutes. The provided information is only used for identity verification purposes. Your data is always encrypted and securely stored on our system.

How to Verify Your Identity

  1. Fill in your Personal Info details, such as address and mobile number.
  2. Complete your Identity Verification by scanning your ID and taking a selfie.
  3. In some rare cases, we might ask you to provide additional documents, such as а bank statement or utility bill.

To begin the verification process, log in to your Nexo account, tap on the “My Profile” icon in the upper left corner of the Dashboard screen and then on “Verify Identity“.

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Tap “Start Verification” to start with the first part of the verification – Personal Info, and follow the instructions on the screen.

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Personal Info

In order to complete this part, you will need to provide your legal name, residential address, and employment details.

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After submitting that information, you will need to verify your phone number. Enter it in the respective fields and tap “Submit”. You will receive an SMS with the verification code needed to complete the process.

Please be informed that this will automatically activate your two-factor authentication (2FA) using SMS as an authentication method. Should you wish to, you can later change this from “My Profile” > “Security” > “Two-factor authentication”. For detailed steps on how to do this, check this article.

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This completes the “Personal Info” portion of the verification. Click on “Continue Verification” to proceed with “Identity Verification” or alternatively, you can resume the process later.

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Identity Verification

Here, you will be asked to scan your ID and take a selfie.

You will be prompted to choose the type of document you wish to scan.

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After that, you will be requested to take pictures of the front or both the front and the back of any double-sided documents. Please click here to check which documents from your country are supported by our KYC partner Jumio.

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Take a selfie following the instructions provided on-screen. Do not be alarmed if the image appears like a sketch or is grey – this is completely normal.

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Once you have submitted all required photos and they have been uploaded successfully, the review process usually takes a few minutes or in rare cases up to one business day. You will receive an email and an in-app notification with the outcome of your application.

Keep in mind that you might also be asked to verify your residential address. You will be notified both in-app and via email if this is required from you. More information on the Address Verification process can be found in this article.

Watch our step-by-step video guide for more detailed instructions.

Official Welcome Bonus Promotion – Explained

Get a $100 welcome bonus, paid out in Bitcoin, when you sign up with Nexo through our dedicated promo link, top up $1,500 or more and hold it for 30 days. Earn an extra $50 in BTC if you swap at least $1,500 on the Nexo Exchange by 14:00 UTC on July 1. Check out the details below.

How does it work?

  1. Create your Nexo account between 00:00 UTC on May 5, 2022 and 14:00 UTC on July 1, 2022. You will need to do it using our dedicated promo link, available through the landing page of the Welcome Bonus Promo advertising bonuses based on top-up amount and exchange amount.
  2. Complete Identity Verification.
  3. Buy or top up from an external wallet at least $1,500 worth of supported assets within the promotion timeframe.
  4. Once you buy/top up the required amount, you will receive a $100 Welcome Bonus as a pending transaction. Please note that the bonus transaction will be generated within 24 hours after topping up the required amount.
  5. Hold the value for at least 30 days after you have received the bonus as a pending transaction. Your portfolio has to remain above $1,500 at the end of the 30-day hold period for the bonus to be awarded.
  6. To get an extra $50 in BTC, swap $1,500 or more in volume on the Nexo Exchange during the 30-day hold period.

When will I get my $100 welcome bonus?

Throughout the 30-day hold period, you will be able to see the bonus transaction in the Transactions section of your Nexo account, however, its status will be pending. The bonus will be credited to your balance within 48 hours after the 30-day period is over, provided that the requirements above have been met.

When will I get the additional bonus of $50 in BTC?

If you meet the criteria stated above, you can expect the reward to land in your Nexo account between August 1 and August 10, 2022.

Note: Assets swapped after 14:00 UTC on July 1 will not qualify for the additional $50 bonus reward in BTC.

Why didn’t I get my Bitcoin reward?

You can always sign in to your account and check your reward status. Here are some possible reasons why you didn’t get your top-up bonus:

  • Perhaps you haven’t topped up yet – so this is a gentle reminder to do so.
  • The 30-day holding period might not be over yet. Also, keep in mind that it could take up to 48 hours for the reward to show up inside your Nexo account after the 30-day period is over.
  • Your top-up came from another Nexo account. The funds should be sent from an external wallet as internal transactions aren’t eligible for the Welcome Bonus. Any internal deposit transactions (from other Nexo users) during the 90-day period after registering with a referral link will make you no longer eligible for the referral reward.
  • You didn’t hold the equivalent of $1,500 or more in supported assets for 30 days or your portfolio didn’t remain above $1,500 at the end of the 30-day holding period.
  • It’s also important to note that only first-time users who open their personal Nexo account through the promo link within the duration of the promotion will be eligible for the Welcome Bonus.
  • You must satisfy the above-mentioned conditions within 90 days from the registration date. Failing to do so would mean that the bonus transaction will not be triggered in your account.

Can I earn on my assets?

Once you top up your Nexo account with the equivalent of $1,500 or more in any eligible digital currency*, you will automatically begin to earn interest on these funds. You can also swap them for other assets on the Nexo Exchange. This won’t affect your reward and is even encouraged as you can get an extra $50 in BTC if you trade at least $1,500 on the Nexo Exchange during the 30-day hold period for the Welcome Bonus. And it gets better – once you receive your reward, you will automatically start earning interest on it, too.

Important:

  • Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA.
  • As of July 7, 2022, the Nexo Welcome Bonus Program is unavailable to clients residing in Turkey, Argentina, Russia, Belarus, and Ukraine.
  • As of July 26, 2022, the Nexo Welcome Bonus Program is unavailable to clients residing in Sri Lanka, Vietnam, Uganda, Uzbekistan, Bangladesh, Azerbaijan, and Venezuela.
  • As of August 22, 2022, the Nexo Welcome Bonus Program is unavailable to clients residing in Indonesia.
  • As of August 30, 2022, the Nexo Welcome Bonus Program is unavailable to clients residing in Panama.
  • Exchanging crypto for fiat or vice versa, buying crypto with card, and the Nexo Booster are unavailable for clients residing in Australia.

  • Trading Terra Classic (LUNC) via the Nexo Exchange is currently unavailable

*Our Earn Product is unavailable for 1INCH, AAVE, CRV, MANA, GALA, MKR, Terra (LUNA2), Terra Classic (LUNC), TerraClassic USD (USTC), SUSHI, SAND, UNI, FTT, HT and OP.

Official How to Add, Remove, and Edit your MetaMask Wallet

How to connect a MetaMask wallet to your Nexo account

1. Scroll down to the desired ERC-20 asset and click on the ‘Top Up’ button.

Important:

  • The MetaMask integration is not available on the Nexo wallet App. This service is accessible only through the web browser version of the Nexo platform.
  • Currently, Nexo supports the MetaMask integration only via the ERC-20 network. For all assets which support multiple transfer networks, from the dropdown menu, you must select the ERC-20 option.

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2. Click on the ‘Top Up from MetaMask’ button.

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3. A pop-up window from the MetaMask extension on your web browser will appear in the top right corner of your screen. There, you have to select the MetaMask account you would like to connect, and click ‘Next’.

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Important:

  • If you do not have the MetaMask browser extension installed on the web browser you are using, a pop-up disclaimer will prompt you to complete this step before proceeding with setting up your MetaMask wallet on Nexo.

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  • If you are not logged in to your MetaMask account, you will be redirected to a second page where you will be required to complete this step before proceeding with setting up your MetaMask wallet on Nexo.

4. On the next screen of the MetaMask extension, you will be able to review your MetaMask address to ensure you have selected the correct one. If everything is in order, click ‘Connect’.

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5. Once connected to your Nexo account, you will be able to track your available MetaMask wallet balance directly on the Top Up screen.

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  • Disclaimer: The MetaMask integration works only for the web browser on which it has been set up. If you use multiple browsers, you must complete the above-mentioned steps on each of them!

How to remove and edit your MetaMask wallet

1. Scroll down to the desired ERC-20 asset and click on the ‘Top Up’ button.

  • Important: Currently Nexo supports the MetaMask integration only via the ERC-20 network. For all assets which support multiple transfer networks, from the dropdown menu, you must select the ERC-20 option.

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2. Click on your MetaMask address.

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3. Click ‘Disconnect’ to remove the current MetaMask wallet connected to your Nexo account.

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4. Once disconnected, you can connect to the new MetaMask account you would like to use by following the steps provided in the first section of this article. Additionally, if you have connected multiple MetaMask wallets to your Nexo account, you can change which one you want to use directly from the MetaMask browser extension.

Related articles:

How to Top Up Crypto from MetaMask

Official How to link your card to buy crypto

To take advantage of our ‘Buy with Card’ feature, you would need to link and verify your card before making a purchase. Within this article, you can find follow-along instructions on how to complete this step via the Nexo mobile application. If you are accessing your account through the browser version of the Nexo platform or you need further guidance on purchasing your crypto, feel free to refer to this article.

How to link your card via the mobile app?

1. Tap on ‘My Profile’

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2. Tap on ‘Payment Methods’

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3. Tap on ‘Link New Card’

For your increased security, you will need to validate your card following a few simple steps before you can start using it to buy crypto. In order to do that, please select “Link New Card” and follow the on-screen instructions to enter your card details and complete 3DS verification.

Important: Verifying your card is mandatory before using it to purchase crypto. The Card Verification feature is supported in all countries where our Buy with Card product is available (see the full list here).

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4. Fill in the card details and tap on ‘Link card’

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5. Complete 3DS verification and click ‘Continue’

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6. Your card is now being verified. The validation is usually completed within a few minutes but in rare cases the processing time may extend to a few hours.

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Once the request is reviewed, you will receive a push notification and an email containing further information, regardless of the outcome. You can also check the verification status of your card in ‘My Profile’ > ‘Payment Methods’.

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Important:

  • Please note that each Card Verification request comes with a $0.10 authorisation hold, which will be reflected on your card statement. The aforementioned amount will be blocked only for a short period of time and will be released afterwards.
  • You can link as many cards as you would like and remove them when needed.

How to remove a linked card?

1. Click on the ‘Payments Methods’ section in ‘My Profile’

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2. Click on the specific card you would like to remove

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3. Then click on ‘Remove Card’

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4. You will be asked to additionally confirm the action. Once confirmed, the previously linked card will be successfully removed

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Important:

  • Exchanging crypto for fiat or vice versa, buying crypto with card, and the Nexo Booster are unavailable for clients residing in Australia

  • Trading Terra Classic (LUNC) via the Nexo Exchange is currently unavailable
  • Trading NEXO and XRP is currently unavailable for US citizens and US residents
  • Buying TerraClassic USD (USTC) on the Nexo Exchange is not subject to cashback
Official Limits for buying crypto with a credit/debit card

Depending on the partners responsible for facilitating the card transactions, the limits vary country-wise as follows:

Limits A)

Minimum transaction: $50
Maximum transaction: $15,000
Daily: $15,000
Monthly: $30,000 (on a 30-day rolling basis)

Important: The above limit values include the fees, if any were applied.

Åland Islands, Albania, American Samoa, Andorra, Armenia, Aruba, Azerbaijan, Benin, Bermuda, Bonaire (Sint Eustatius and Saba), Bosnia and Herzegovina, Brazil, British Indian Ocean Territory (the), Brunei Darussalam, Cameroon, Curaçao, Dominica, Ethiopia, Faroe Islands (the), French Polynesia, Gabon, Gambia (the), Gibraltar, Greenland, Grenada, Guadeloupe, Guam, Guernsey, Guyana, Holy See (the), Isle of Man, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Kuwait, Kyrgyzstan, Lao People’s Democratic Republic (the), Lesotho, Liechtenstein, Macao, Madagascar, Malawi, Malaysia, Maldives, Marshall Islands (the), Martinique, Mauritania, Mauritius, Micronesia (Federated States of), Moldova (the Republic of), Monaco, Montenegro, Mozambique, New Caledonia, Niger (the), Oman, Palau, Panama, Papua New Guinea, Paraguay, Republic of North Macedonia, Saint Barthélemy, Saint Martin (French part), Saint Vincent and the Grenadines, San Marino, Senegal, Serbia, Seychelles, Sint Maarten (Dutch part), Sri Lanka, Suriname, Svalbard and Jan Mayen, Tajikistan, Tanzania (United Republic of), Thailand, Togo, Turkmenistan, Turks and Caicos Islands (the), United States Minor Outlying Islands (the), Uruguay, Virgin Islands (British), Virgin Islands (U.S.), Zambia

Limits B)

Minimum transaction: Dynamic and depends on the asset (you will see the exact amount during the purchase)
Maximum transaction: $15,000
Daily: $15,000
Monthly: $450,000 (on a 30-day rolling basis)

Important: The above limit values include the fees, if any were applied.

Algeria, Angola, Anguilla, Antarctica, Antigua and Barbuda, Argentina, Austria, Bahamas (the), Bahrain, Barbados, Belarus, Belgium, Belize, Bhutan, Bolivia (Plurinational State of), Botswana, Bouvet Island, Burkina Faso, Burundi, Cabo Verde, Cambodia, Canada, Cayman Islands (the), Chad, Chile, Christmas Island, Cocos (Keeling) Islands (the), Colombia, Comoros (the), Congo (the Democratic Republic of the), Congo (the), Cook Islands (the), Costa Rica, Côte d’Ivoire, Croatia, Cyprus, Czechia, Denmark, Djibouti, Dominican Republic (the), Ecuador, Egypt, El Salvador, Equatorial Guinea, Eritrea, Eswatini, Falkland Islands (the) [Malvinas], Fiji, Finland, France, French Guiana, French Southern Territories (the), Georgia, Germany, Ghana, Greece, Guatemala, Guinea, Guinea-Bissau, Haiti, Heard Island and McDonald Islands, Honduras, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Jamaica, Japan, Latvia, Lebanon, Liberia, Lithuania, Luxembourg, Mali, Malta, Mayotte, Mexico, Mongolia, Montserrat, Namibia, Nauru, Nepal, Netherlands (the), New Zealand, Nicaragua, Nigeria, Niue, Norfolk Island, Northern Mariana Islands (the), Norway, Pakistan, Palestine (State of), Peru, Philippines (the), Pitcairn, Poland, Portugal, Puerto Rico, Qatar, Réunion, Romania, Rwanda, Saint Helena (Ascension and Tristan da Cunha), Saint Kitts and Nevis, Saint Lucia, Saint Pierre and Miquelon, Samoa, Sao Tome and Principe, Saudi Arabia, Sierra Leone, Singapore, Slovakia, Slovenia, Solomon Islands, South Africa, South Georgia and the South Sandwich Islands, South Korea – Republic of Korea, Spain, Sweden, Switzerland, Taiwan (Province of China), Timor-Leste, Tokelau, Tonga, Trinidad and Tobago, Tunisia, Turkey, Tuvalu, Uganda, Ukraine United Arab Emirates (the), United Kingdom of Great Britain and Northern Ireland (the), United Nations Interim Administration Mission in Kosovo (UNMIK), United States of America (the), Uzbekistan, Vietnam, Wallis and Futuna, Western Sahara

How long does Verification/KYC take?

Generally, it takes about 2 business days, although lately with the increase of users signing up it can take a big longer. If you don’t hear back after a week I’d suggest contacting their support.

Does NEXO have a bonus/referral system?

No, you can not get $ or bonus for referring other users right now. The only thing you can do is share a link to the CARD page, to increase your position in the waiting list. Edit: Yes, Nexo now has a referral system: Link

Can I hide small balances on the app?

Sadly not right now, only on the web-app.

Promotions / Campaigns

Outdated or Irrelevant Official Buy & HODL Crypto Challenge – Explained

limited-promo.jpg

Get up to $1,500 extra for holding some of the hottest coins with the Nexo’s Buy & HODL Crypto Challenge – a rewards program available to both new and existing Nexo clients.

The promo starts at 00:00 UTC on 17.03.2022 and ends on 17.07.2022 at 00:00 UTC.

How it works

  1. Buy or top up at least $5,000 in SOL, ADA, MATIC, BNB, DOT, or AVAX.*
  2. Hold the assets in your secure Nexo account for 90 days.
  3. Get a reward of up to $1,500 in NEXO Tokens!

The details

The challenge starts on March 17 and will have two stages.

Stage 1 – Buy & Top up Stage (17.03.2022, 00:00 UTC until 17.04.2022, 00:00 UTC) – You will have one month to load your Nexo account with each or all of the promo eligible assets mentioned above by either buying them directly on the Nexo Exchange or by topping up from any external wallet. To be eligible for a promo reward you should have at least $5,000 worth of one of the promo-supported assets. Note that you can not stack multiple cryptos to reach a given tier – i.e., you can not buy $8,000 worth of SOL and $2,000 worth of DOT to be eligible for the $10,000 tier. However, you will be allowed to stack the same asset multiple times. For example, if you initially buy $8,000 in SOL and then top up $2,000 in SOL, you will be eligible for the $10,000 tier, as long as it is during the Buy & Top up Stage.

The promo rewards are as follows:

  • Buy/Top Up $5,000 worth of any promotional asset during the Buy & Top up stage & receive $150 extra in NEXO

  • Buy/Top Up $10,000 worth of any promotional asset during the Buy & Top up stage & receive $250 extra in NEXO

  • Buy/Top Up $25,000 worth of any promotional asset during the Buy & Top up stage & receive $600 extra in NEXO

  • Buy/Top Up $100,000 worth of any promotional asset during the Buy & Top up stage & receive $1,500 extra in NEXO

Important:

  • The bonus will be defined by the USD value of the Buy/Top Up crypto balance/s that will be captured on the first day following Stage 1 of the promotion – April 17, 2022, at 00:00 UTC, which amount should be kept during the HODL stage.

  • You will be eligible to receive a promo reward for each of the topped up/bought currencies as long as the worth of each one is at least $5,000 during the snapshot at 00:00 UTC on April 17, 2022.

  • Assets transferred prior to 00:00 UTC on March 17, 2022, will not be considered as an eligible balance for the promo.

  • Withdrawing previous balances from the Nexo account and topping up the funds back will not be considered as an eligible balance for the promo.

  • Exchanging for promo assets using balances present in your Nexo account before 00:00 UTC on March 17, 2022, will not be considered as an eligible balance for the Buy & HODL promo.
  • Internal transfers between Nexo accounts will not be considered as an eligible balance for the promo.

  • Please make sure to only transfer supported crypto assets over the respective Blockchain network supported by Nexo. Тransferring unsupported assets to your Nexo account will result in permanent loss.

Stage 2 – HODL Stage (17.04.2022, 00:00 UTC until 17.07.2022, 00:00 UTC) – During the second stage, you must keep the captured in-kind crypto balance of each of your assets eligible for a promo reward in your Nexo account for a period of 90 days. In the meantime, you are allowed to either collateralize the assets for a credit or simply earn interest on them. You would only need to ensure that at the end of the 90 day period, you have the same, or higher, in-kind amount of the respective eligible crypto assets that were captured at 00:00 UTC on April 17, 2022.

For example, if you bought 300 SOL on March 18 and topped up another 5,000 DOT on April 5, to qualify for the challenge you will need the same in-kind amount of SOL and DOT on July 17, regardless of the price movements of either asset.

Important:

  • Withdrawing the balance/s you entered the HODL stage with makes you no longer eligible for the respective promo reward.

  • Repaying using the balance/s you entered the HODL stage with makes you no longer eligible for the respective promo reward.

  • Exchanging the balance/s you entered the HODL stage with makes you no longer eligible for the respective promo reward.

  • The bonus will be paid within 15 days after the end of the promo.

  • The Buy & HODL Crypto Challenge is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia, and the USA.

* Top-ups are available for DOT, MATIC, ADA, BNB. Limited Assets such as SOL, AVAX can only be obtained and swapped through our own exchange, meaning you cannot directly deposit/withdraw them to/from our platform.

Outdated or Irrelevant Official Referral Race Promo – Explained

Have you ever considered unlocking the full potential of your referring power? Think no more because the Nexo Referral Race Promo has got your back on this. You now have the special opportunity to participate in an exclusive two-layer promo.

The promo starts at 00:00 UTC on 26.05.2022 and ends on 26.07.2022 at 23:59 UTC.

Referral Bonus Reward:

As usual, both you and the referred buddy can receive a $25 reward in BTC, as explained in this article. Here is how:

  1. Login to your Nexo account and make sure to complete Identity Verification if you have not done so already.
  2. Copy the unique referral link in your profile from the Referral tab and share it with a friend.
  3. Ask them to create a Nexo account and complete Identity Verification.
  4. Once they do and add at least $100 you’ll both get $25 in BTC as a pending transaction.
  5. Your referral must hold a value of at least $100 for 30 days for the bonus to be successfully reflected in both your and their account.

Important:

  • If you have not received your reward, you can always sign in to your account and check the $25 reward status. Perhaps your friend hasn’t topped up yet – so gently remind them to do so.
  • Bear in mind that the transaction should be sent from an external wallet (outside of Nexo); Any internal deposit transactions (from other Nexo users) during the 90-day period after registering with a referral link will make both you and the referred person no longer eligible for the $25 referral reward.
  • Please note that your friend has to complete Identity Verification and meet the top-up requirement. You both must satisfy the respective conditions within 90 days from the registration date. Failing to do so would mean that the bonus transaction will not be triggered in either account.

The Prize Pool Rewards:

On top of these individual $25 rewards, you can also get a slice of the $50,000 Prize Pool. Each of your referrals who have made an eligible deposit during the promo period, 00:00 UTC on 26.05.2022 and 23:59 UTC on 26.07.2022, will be counted towards the promotion.

$50,000 in NEXO* tokens will be distributed among the top 50 participants with the most eligible referrals as follows:

  • Places 1-5 will each receive $5,000 in NEXO
  • Places 6-10 will each receive: $2,000 in NEXO
  • Places 11-20 will each receive: $700 in NEXO
  • Places 21-30 will each receive: $400 in NEXO
  • Places 31-50 will each receive: $200 in NEXO

* The reward for US citizens or residents shall be paid out in BTC instead.

To elevate your position, you have to refer more friends to join Nexo. You can refer an unlimited number of friends, but they must not have created a Nexo account before – only brand new customers are accepted. Only those of your referrals who have made an eligible deposit within the promo period and have subsequently met the Referral Bonus requirements will be considered successful referrals for the Referral Race. Clients who you have referred prior to the beginning of the Referral Race (not earlier than 90 days) but have not yet met the requirements will still be considered successful referrals as long as they meet the Referral Program requirements during the Referral Race.

Checkpoints for the Prize Pool

In order to keep the community informed, there will be three mid-term checkpoints on which we will share a leader-board with the top 50 participants who have made the most referrals up to this moment:

  • 1st checkpoint: 15.06.2022
  • 2nd checkpoint : 30.06.2022
  • 3rd checkpoint: 15.07.2022

The winners will be announced between 25.08.2022 – 30.08.2022.
The prizes will be paid-out in NEXO or BTC to the Winner’s Nexo Account within the period 25.08.2022 – 01.09.2022 based on the average exchange rate for USD/NEXO and NEXO/BTC as of the day of pay out.

Important notes:

  • Everyone referred to Nexo who adds the equivalent of $100 or more in any digital currency to their account will automatically begin to earn interest** on these funds. They can also swap them for other assets on the Nexo Exchange, which won’t affect their $25 reward.
  • **Nexo Earn Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA.
  • Instances of one external wallet funding multiple Nexo accounts will lead to disqualification from the Referral Program ($25 reward & $50,000 Prize Pool) for both the referrer and the referral.
Are there any airdrops/giveaways/freebies?

No. There are currently no airdrops. If you get contacted via Facebook, Twitter, Telegram or anywhere else, it’s a scam. The only “giveaway” that is currently running is the fact that you can win 100k Nexo tokens for voting for which coin should be added next to the platform (You can do this via the app, on the home screen, scroll the top banners to the right until you find the one about voting.)

Edit: They occasionally do community giveaways now, but that is ALWAYS announced on Nexo.io site.

Official ETHchange Promo – Explained

Get up to 10 ETH for trading at least $100 on the Nexo Exchange or the Nexo Pro Spot Exchange by participating in Nexo’s ETHchange Promo.


The promo starts at
16:00 UTC on 05.09.2022 and ends on 20.09.2022 at 23:59 UTC.

The details


How can I qualify for a reward?


Make a trade for at least $100 using any of the supported pairs by either acquiring or selling ETH. Alternatively, you can buy ETH using your credit/debit card. Every $100 in qualifying trades will count as a single entry. To increase your odds of receiving a reward, you can perform more trades during the promo period. For instance, by trading $2,500, you would effectively make 25 entries.

Note: As usual, you get up to 0.5% cashback on all trades made on the Nexo Exchange.

What are the rewards and when will I receive mine? 


We have allocated a total of 15 ETH in the prize raffle. It will be divided between eleven people, as follows:

  • 1x random winner will get 10 Ether (ETH)
  • 10x random winners will each get 0.5 Ether (ETH)

The rewards will be paid out on September 30, 2022.

Important notes:

  • The ETH worth of each separate transaction is captured as of the time of the transaction’s execution
  • A single person can receive only one reward: either 10 ETH or 0.5 ETH
  • Whether you’ve previously used the Nexo Exchange or Nexo Pro will not affect your ability to participate in the promo
  • Exchanging crypto for fiat or vice versa, buying crypto with card, and the Nexo Booster are unavailable for clients residing in Australia
  • Trading XRP is currently unavailable for US citizens and US residents
  • The Nexo Pro applicable fees are not excluded from the trade volume

Regulations

Official Where is Nexo registered and is it regulated?

The Nexo Group has legal entities in various locations throughout the world, in order to service 200+ jurisdictions in the most efficient manner and is in compliance with all applicable global and local regulations.

Please rest assured that Nexo is compliant everywhere it provides services and retains top-tier legal counsels in the jurisdictions of its operation. All aspects of Nexo’s activities are vetted before execution by the relevant legal and compliance teams.

An up-to-date list of all our Licences & Regulations you can find here.

Official In which jurisdictions is your product available?

While Nexo is a global company, there are specific jurisdictions in which we do not operate:

  • Bulgaria
  • The Central African Republic
  • Cuba
  • Estonia
  • Iran
  • The US state of Alaska
  • The US state of New York
  • The US state of Vermont
  • North Korea
  • Syria

Please note that some products and/or services may be unavailable in certain jurisdictions. For more information, please refer to the corresponding Terms on our website.

Official Security and Insurance

SECURITY_Safe_Coins.gif

Nexo partners with the foremost providers of security in the blockchain space, including BitGo, Ledger Vault and Bakkt, among others. Collectively, they carry $775M in insurance protections for digital assets held on the Nexo platform via the most prestigious syndicates of underwriters.

Our partners

BitGo

BitGo, the leader in digital asset financial services, is our long-standing partner. They provide us with cold storage wallets, bank-grade Class III vaults through their SOC 2 Type 2-certified custodianship program, along with a $100 million insurance packet via Lloyd’s of London.

The insurance policy comes in at no additional cost and covers digital assets where the private keys are held 100% by BitGo in the event of:

  • Third-party hacks, copying, or theft of private keys
  • Insider theft or dishonest acts by BitGo employees or executives
  • Loss of keys

Nexo has chosen BitGo as its custodian because BitGo provides 100% cold storage technology in bank-grade Class III vaults and the BitGo platform is SOC 2 Type 2 certified. Nexo is also making use of BitGo’s Enterprise Solution which incorporates the Cryptocurrency Security Standard Level 3. The CCSS Level 3 requires multiple actors for all-critical actions, as advanced authentication mechanisms are employed to ensure the authenticity of data, while assets are distributed geographically and organizationally.

More information can be found here and here.

Ledger Vault

Ledger Vault insures digital assets for up to $150 million through a customized insurance program backed by Arch and Marsh. Leveraging Ledger’s industry-leading and independently-certified security technology, the Ledger Vault SaaS solution provides a cloud-based digital assets custody infrastructure for financial institutions and professional investors to securely control their crypto assets with a multi-authorization self-custody management solution.

You can read our dedicated article for more details.

Bakkt

Bakkt is a trusted digital asset platform providing Nexo with Bitcoin and Ethereum custody in the Bakkt Warehouse, the company’s regulated custodian, which comprises both online (warm) and air-gapped (cold) digital asset storage to minimize risks. For additional layers of protection of Nexo users’ assets, Bakkt’s warm and cold wallets are built on secure wallet architecture, along with multi-zone physical security, including bank-grade vaults. Bakkt is regulated by the New York Department of Financial Services, registered as a Money Service Business with FinCEN, and has a BitLicense through the New York Department of Financial Services. Nexo users also benefit from $125M of insurance in place at the Bakkt Warehouse.

If you would like to learn more, visit our blog.

Armanino

To increase transparency, Nexo is working with Armanino to conduct a Proof of Reserves assessment and provide real-time attestations over the company’s custodial holdings. With this pioneering move for the crypto lending space, we give you the ultimate peace of mind that Nexo is able to meet client obligations at all times.

See today’s report here.

Platform and data security

  • 2FA Authentication: SMS verifications, email verifications, authenticator app support
  • Biometric Identification: Using fingerprint or face recognition
  • Whitelisting: Manage your crypto addresses or improve the security of your account even further by enabling Address Whitelisting. Instructions can be found here.
  • Withdrawal Confirmations & Log-in Alerts
  • Data Protection and Confidentiality: Your personal information is contained behind secured networks and is only accessible to a limited number of persons who are required to keep the information confidential. Аll sensitive/credit information you supply is encrypted via Secure Socket Layer (SSL) technology.
  • Accredited Information Security Management Systems: ISO/IEC 27001 guarantees that Nexo’s security infrastructure is of the highest standard, thus ensuring the safety of the enterprise and minimizing risks for all clients and investors. Being ISO/IEC 27001 certified, Nexo utilizes the most rigorous security policies, impeccable risk assessment, data protection, and state-of-the-art cybersecurity.

Please note that it is the account holders’ responsibility to safeguard their accounts by means including but not limited to using a strong password, enabling two-factor authentication and controlling all login credentials to Nexo. Clients remain owners of the crypto assets placed into Nexo accounts. You can check out our tips on how to keep your Nexo account safe and protect yourself from internet phishing.

To learn more, please visit https://nexo.io/security

You can also find more information about Nexo’s custody and insurance in depth and at length in this article.

Is NEXO compliant with the SEC?

Yes: https://www.sec.gov/Archives/edgar/data/1732097/000173209718000004/xslFormDX01/primary_doc.xml

Source: SEC.Gov
Could SEC investigate NEXO the same way they did with Ripple (XRP)?

Nexo is registered and compliant with the SEC when they did their ICO (Initial Coin Offering), there is nothing to worry about.

What is NEXO’s insurance?

Nexo use BitGo (https://www.bitgo.com/) as their cold storage provider. This includes a $100m (Update: now $250m) policy that covers third-party hacks, theft, loss of keys, etc.

The safety of clients funds is the main priority for Nexo. Cold storage Wallets are provided by BitGo, the leader in digital asset financial services. BitGo Custody carries $250,000,000.00 in insurance protections through a syndicate of underwriters through the Lloyd’s, the world’s specialist insurance and reinsurance market. And this premium service comes in at no additional cost (details can be found here and here).

The $250 million policy covers digital assets where the private keys are held 100% by BitGo in the event of:

  • Third-party hacks, copying, or theft of private keys
  • Insider theft or dishonest acts by BitGo employees or executives
  • Loss of keys

Nexo has chosen BitGo as its custodian because BitGo provides 100% cold storage technology in bank-grade Class III vaults and the BitGo platform is SOC 2 Type 2 certified. Advanced authentication mechanisms are employed to ensure the authenticity of data, and assets are distributed geographically and organisationally.

It is the account holders’ responsibility to safeguard their accounts by means including but not limited to using a strong password, enabling two-factor authentication and controlling all login credentials to Nexo. Clients remain owners of the crypto assets placed into Nexo accounts.

Nexo recently partnered with Ledger, bumping up Nexo’s total insurance portfolio to 375.000.000 (Update: now $775,000,000) USD. The Vault insures digital assets for up to $150 million through a customized insurance program backed by Arch and Marsh. This upgrade is a part of Nexo’s broader plan to increase our insurance to over $1B in 2021 via a syndicate of leading insurers (details can be found here: https://nexo.io/blog/nexo-security-infrastructure-grows-with-ledger-vault-partnership).

Nexo also recently partnered with Bakkt. Bakkt is a trusted digital asset platform providing Nexo with Bitcoin and Ethereum custody in the Bakkt Warehouse, the company’s regulated custodian, which comprises both online (warm) and air-gapped (cold) digital asset storage to minimize risks. For extra protection, Bakkt’s wallets are covered by an insurance policy from a leading global carrier.

Check out their full article on security and insurance here: https://support.nexo.io/hc/en-us/articles/360017628093-Security-and-Insurance

Why is their insurance only for $775m if they have $12B+ in assets under management (AUM)?

(Previously $375m, now $775m)
They don’t keep the all of their assets in the one wallet.

Their custodian, BitGo, keeps funds in many smaller wallets – the likelihood of all those wallets being hacked at the same time is something approaching zero.

Are there any details on Nexo’s bank license?

In the latest AMA, they announced the bank acquisition/license should be around the corner, with a EU license coming first, and a US license after that. No news since then.

What does an ISO/IEC 27001 certificate mean?

Nexo’s information security management system (ISMS) has been successfully audited by CISQ, a member of IQNet and the world’s largest provider of management system certification, and by RINA, who have decades of experience in certifications, ensuing in an ISO/IEC 27001 compliance certificate. This g