My CeFi experience #3: Nexo

By Lucasgaio | The Microcoiner | 21 Mar 2022

I am always looking for new income and passive income opportunities and this time I present Nexo. It is a CeFi platform, that is, belonging to centralized finance, which deals with loans and offers quite interesting income. It is not the first platform that I review: in the course of my research, in fact, I have written several articles regarding the possibility of receiving passive income. Some of these are:

Now let's see in detail what Nexo is and how to receive an APY of up to 17% on Bitcoin.


What is Nexo and how is it used?

Nexo is one of the largest and most reliable credit institutions, which has been operating in the crypto world since 2018. Over the years, the company has moved in a very prudent way, forging strategic partnerships such as the one with Ledger or Paxos. In addition, it boasts insurance coverage for each individual user and audits from companies such as Armanino. All of these are very important names, which contribute to placing Nexo among the safest choices for obtaining an income from their cryptocurrencies.
Nexo also provides the user with a convenient application for Android smartphones and for IOs that allows you to do all the operations that would be done from the website's web interface, including KYC verification.

Now let's see how to use this application in a few simple steps:

1. To start the registration, use this link which will allow you to receive a welcome bonus of $100 in Bitcoin after having transferred at least $1000 (or $25 after having transferred $100).

2. Click on the “Create new account” option.

3. Fill in your details (email) and a password to create your account.

4. Input the authentication code sent to your email.

5. Fill in your personal information to get verified.

6. Upload a government-issued ID and wait for confirmation from their support team (it is very fast).

Finally, among the services offered by Nexo we find:

  • Interest on deposits: the funds that users deposit on the platform accumulate a base interest, which can be increased up to 17% with the benefits obtained by holding the $NEXO token, or by choosing to block the capital for a certain time. Interest is paid daily and you can choose whether to receive it directly in the deposited cryptocurrency or in the form of the $NEXO token (+ 2%).

  • Loans: you can get stablecoin loans for as low as $50. The collateral on which Nexo issues them is the one that the user deposits, on which an LTV of 50% is calculated. Here too, based on the loyalty tier, it is possible to obtain benefits.

  • Exchange: the platform allows swap between many cryptocurrencies at market price (300+ market pairs). This feature is very handy if you choose to receive interest in the form of the platform token and want to sell it to get another currency. Furthermore, based on the level obtained by the percentage of tokens that you hold, it is possible to obtain a cashback on the exchange fees of up to 0.5%.

  • Nexo Card: the card issued by Nexo is a rechargeable card that returns a cashback of up to 2% on the costs incurred.


Nexo token and Nexo Card

$NEXO is the native token of the platform and is intended to confer numerous benefits to those who hold it. Specifically, $NEXO holders can take advantage (based on the percentage they hold) from loan discounts, higher interest on deposits, free withdrawals or higher cashbacks on exchanges. In particular, there are 4 different loyalty levels (Base, Silver, Gold and Platinum) which can be accessed based on the percentage of tokens held (respectively: <1%, <5%, <10% and> 10%). Finally, from November 2021 Nexo has launched a buy-back program that provides for a periodic purchase of the tokens at market price by the company and the subsequent burn. This was done to incentivize the appreciation of the value and holding of $NEXO, as well as to improve its tokenomics.

The Nexo Card, on the other hand, is a rechargeable card that uses the funds deposited on Nexo to pay the expenses we make, through the Mastercard circuit. It guarantees a cashback of up to 2%, credited in $NEXO or $BTC directly to the Nexo wallet. The order of the card can be done directly from the smartphone application or from the website and will be delivered directly to your home. Furthermore, it offers the possibility of having different digital-cards for online purchases and also of associating it with services such as Google Pay or Apple Pay.




Under the heading "Security" of the site you can read various well-known names from the point of view of security including Ledger and Armanino. It is a series of partnerships and collaborations that the platform has entered into with external entities to ensure maximum safety for its users and provide services without dangers for them. Also, a feature that I really appreciate is the ability to check in real time ( the collateralization rate of the loans offered by Nexo and consequently if your deposited funds are covered. This service is not offered by Nexo but by an external body (Armanino), which increases its reliability.



My impressions

I approached Nexo on the advice of friends and I must say that I immediately found myself very well. Before, I used Celsius Network and also BlockFi, two platforms that I have extensively reviewed, to rent my assets. Now, especially for the purpose of diversification, I have decided to spread the assets across all three platforms as I believe they are all very reliable and convenient from an income point of view. Receiving a passive interest on the capital in which you have invested is a very important thing for an investor as it allows you to maximize the return. Nexo offers discrete APYs and almost low risks, characteristics that make this platform an excellent candidate in my opinion. The security that this platform offers is very high, in my opinion, and the transparency also left me positively impressed. The ability to check loan coverage in real time is a feature I haven't found anywhere else in the CeFi.
Continuing with the impressions, the annuity service and the integrated exchange, on the other hand, are a great combination to get the most out of it without excessively exposing yourself to the $NEXO token. In fact, I chose to block my deposits for 30 days, obtaining a 1% increase on the APY, and to receive the interest in $NEXO (+ 2% on the APY). Bitcoin from 4 to 7% per year, which I think is good. Comparing this yield with that offered by the other CeFi platforms mentioned above, it is immediately evident that that offered by Nexo is well 2 percentage points higher. All this, obviously, must be added to the fact that the interests are not credited monthly or weekly, but every day.
Finally, I chose not to use all the services it offers: the card, for example, is not for me as I already use another one (Binance Card) and loans are not part of my speculative strategies.

I conclude this review by saying that I really liked Nexo as an annuity platform (the main purpose for which I wanted to try it) and that I will certainly continue to use it for both high APY and to diversify my portfolio.


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The Microcoiner
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