I've been using Nexo to earn interest on crypto I hodl for passive gains as part of my crypto accumulation strategy.  In this article I'll discuss how it works and provide an overall opinion.

Nexo is a crypto lending platform first and foremost, and it is able to provide some of that lending based on other customers holding crypto with them, and hence they offer an incentive for people to do that.  In general their interest rates are pretty good compared to other sites, and the offer it on a range of coins (24 in total - see pic below): 

Its really easy to earn interest, you simply have to have it held with them, and it will automatically start earning at their flex rate.  With the flex rate, there is no lock in period, and interest is paid daily (and compounds).

The interest rate varies from coin to coin, and there are a number of different tiers of rates.  You also have to hold a minimum amount of currency per coin to start earning interest, but on the whole those amounts are quite small (eg, 1 coin of Nexo to start earning interest on any NEXO you hold).  The following table provides an overview of interest rates:

The rates above are all without locking your crypto into a fixed rate.  As can be seen, buy holding quite a small amount of Nexo, you increase in loyalty level and get better interest rates.  Also, if you select to have your interest paid in Nexo, you get a 2% bonus on all rates (except for the Nexo rate). 

In the example below, you can see that I'm only on the base loyalty rate, but have selected to be paid in Nexo, so my sol interest rate is 6%

You also have the opportunity to take fixed terms, to get higher interest rates.  For standard coins like BTC, this gives an extra 1% when fixed for one month.  I've tried it, but I prefer to have access to my crypto - so I just tend to stick with the standard rates.   When locked into a fixed term, the interest does not appear in your account until the end of the term.

What I really like about Nexo is the bonus rates.  They offer bonus rates now and again, for example, when they introduced AVAX to the platform they increased the base rate from 4% to 12%.  In my case that works out as 14% because I've selected to be paid interest in Nexo.  At the time of writing they are offering the same bonus rate on AVAX and DOT until the 30th of Nov.  I took advantage of this and added DOT to collect at the higher interest. 

In terms of whether you should select to get paid in Nexo or not, I cant really answer that, it would be your choice - but I do it because I want the bonus interest.  As can be seen by the following chart from CoinMarketCap, Nexo token has had its ups and down, over the last year but is currently doing quite well.  

In summary, I like the platform and actively use it.  Its easy to use, the rates are pretty good compared to a lot of other sites and you can deposit crypto fairly easily.  It caters for 24 coins in total which again is pretty good compared to other sites, and you dont have to have much in there to start earning interest. So I'll continue to use it and would like to see some other coins I'm hodling added, like SHIB. 

Anyway, I hope this was helpful !

 Links:

Nexo https://nexo.io/ref/d23jpvszkx?src=web-link earn great interest rates on the crypto you hodl with Nexo

Others:

Coinbase https://www.coinbase.com/join/JBVEN3 free crypto from their learn and earn function

CAKE DEFI https://app.cakedefi.com/ Referral code 877089 - Free $5 crypto and ~55% APY staking