This translates to 25% return in a single month (if I annualize it, that's 300% annual return - but obviously we are only getting a one-time payout).
There's 2 payouts in this NEXONOMIC program:
- Referral bonus - yes, we're gunning for this as the regular referral is $10 (so a 2.5x increase for a short period)
- $100,000 prize pool (competitive)
Before I elaborate a little more on the referral bonus... $100,000 prize pool? As a small user of Nexo (and if you are too), I would suggest to let this go. It requires you to be a platinum user and unless you are heavily invested in Nexo (native crypto), this is not practical for regular users who choose to get their rewards in-kind (i.e. in the same cryptocurrency deposited).
Alright - let's know more of this referral bonus (in full disclosure - this is for both referrer (me) and referree (you) ).
When is this promo period?
This is running all the way till end of the year.
Extract from: https://nexo.io/referral (this page is meant for referrers, but has good info for those interested to sign up)
What info is required?
As this is a cefi (centralised finance) platform, it will require you to KYC and provide your personal info during sign-up. Nexo calls it "Advanced Verification".
When will we get the bonus?
In a month's time.
How much to invest?
Well, $100 minimally. Or if you're interested in earning the interest using their Earn program (which I am), you can put in an amount comfortable for you. In case you're wondering, I have some ETH in there earning 5% (fixed term / lock up of 1 month. Do note that this rate is for the lowest tier in Nexo).
So, where to sign up?
Below is my referral for your consideration, do click through below link to sign up for the bonus $25. And if you are following some other authors, you can also consider using their referral codes! Happy to share the bonus among the community.
What's the best method?
Well, in my humble opinion, it'll work best to invest $100 in BTC. Why BTC? As a new user, you are entitled to 1 free withdrawal per month in the base tier. When you get the $25 worth of BTC rewards, you'll be holding just 1 cryptocurrency, and you can withdraw your $100 + $25 to your other wallet(s). If you choose to put in currency other than BTC, you'll have to space your free withdrawals a month apart which is a slight inconvenience. Of course - this isn't an issue if you're considering to use Nexo long term but it's always good to know our exit strategy.
Extract from: https://support.nexo.io/hc/en-us/articles/360017445559-Nexo-Loyalty-Program-Explained
Everything in the crypto world comes with a risk. Please do your own due diligence, and as what others always say - this is not financial advice.
Have fun exploring crypto guys & gals!
