When I first started trading and amassing cryptocurrency, I found it to be a dauntless task finding and keeping track of which wallets I was keeping my different assets in. I found myself signing up and making accounts for all kinds of different wallets, and for a couple unfortunate times, getting my crypto locked up in a wallet with minimum withdrawal or exchange amounts.
Then, as I began to learn more and more about crypto, I realized that just letting my assets just sit was simply a waste. If you hold cryptocurrency, I would highly recommend putting it to work, whether that's through staking or yield farming.
Ultimately, I stumbled across a company which I use to this date, and I want to share it with you all, new traders and old.
This company, Nexo is a UK based loan company that accepts crypto as collateral. They also offer Interest Accounts where you can store your cryptocurrency.
Currently in Nexo, you can store and accrue interest on twelve different crypto assets. However, it is very important to highlight, as I feel I owe this to anyone I share crypto information to, Nexo DOES have minimums as a part of their account structure. They are still quite reasonable, and they are below:
Currently, I keep the bulk of my assets in Nexo, and have found their UI to be seamless and user-friendly. But now, as most of you reading this probably clicked on my article, the biggest reason I have been using Nexo is because they offer daily compounding interest with competitive rates. Getting small deposits of the cryptocurrencies I have invested in, and believe in, is unbeatable.
What sets Nexo apart from other financial institutions offering crypto interest options, and are open to the average consumer, is the loyalty level system that Nexo has and operates with their native NEXO token. NEXO, a token that exists currently as BOTH ERC20 and BEP-2 is used to distinguish different accounts within Nexo, as well as determine their interest rates. Even with zero NEXO tokens, Nexo account holders will still earn interest on their deposited cryptocurrency. The tiers are below:
But how does one get NEXO tokens?
Currently, NEXO tokens can be earned by switching the interest setting to pay out in NEXO tokens for non-US customers. What's more, switching your interest settings will give you a bonus 2% across the board for both cryptocurrency and stablecoins. Nexo will also pay the network fee for a couple withdrawals each month based on your loyalty level! Need to move some ETH but the network fees are high? Not a problem. Granted, I have found out that the monthly free withdrawals will be applied to the very first amount of withdrawals that month. You don't get a choice. Nevertheless, one of the coolest things about NEXO tokens is that for all Nexo account holders, Nexo will pay out a 30% dividend divided amongst token holders holding NEXO in their Nexo accounts, based on the profits from their crypto-collateral loans.
More information about NEXO tokens and their market can be found from the link below:
But for US customers, all is not lost. I have found the easiest and most efficient way to get NEXO tokens in your NEXO account. It is a very easy step by step process which I just below:
- Download the Trust Wallet on a mobile device
- Deposit BNB into the Trust Wallet from any source (You can also exchange your cryptocurrency to BNB directly in Nexo instantly)
- Go to the built-in DEX exchange in the Trust Wallet and search out the BNB/NEXO crypto pair. Here you can make your exchange. Although I believe it is automatically set to the BEP-2 network for the BNB/NEXO pair, make sure that you which kind of NEXO token you are receiving, because you will need to choose which wallet address (ERC20 or BEP-2) will receive the NEXO tokens from the Trust Wallet.
- Finally, send your new NEXO tokens back over to your Nexo account, and your loyalty level will be updated.
From my experiences with them so, Nexo has been a dream come true for me in the crypto space. Not only am I keep my crypto safe with a trusted, insured company, I am also earning daily interest and can exchange them seamlessly on a built-in instant exchange! I have had almost zero technical problems with Nexo, and would implore everyone who finishes reading this to go over to their website and do a little research to find out if they could benefit from a Nexo account, and keeping their cryptocurrency with them.
There are many ways to play in the current crypto space, with many incentives and rewards being thrown at you all the time. It is sometimes hard to validate which are real, and which are too risky. But take it from me and my personal experience, Nexo is a great company with a great future, and I would highly recommend it to any crypto holder.