Numerous variables, including location and protocol, are taken into account when purchasing cryptocurrencies. The centralized exchange operated by Coinbase does not currently support Nexo. On Coinbase Wallet, your portal to the cryptocurrency world, you can still purchase Nexo. Here’s how you can buy Nexo using Coinbase wallet:
How To Buy Nexo Tokens
All you need is a smartphone or computer, an internet connection, a form of identification with a photo, and money to complete the process, which can be completed in as little as 15 minutes.
Compare crypto exchanges
A cryptocurrency exchange is the best place to purchase NEXO. Finding one with the features you want, such as affordable costs, simplicity of use, or round-the-clock customer support, is made possible by comparing the offerings in the table below.
Create an account
You must confirm your email address and identity in order to register for an account on an exchange. Have your phone and some form of photo identification available.
Make a deposit
Once your identity has been confirmed, you can deposit money using the method that works best for you. Credit cards, wire transfers, silvergate exchange network (sen), and signature-based payments are all commonly accepted.
Buy NEXO
You can now buy NEXO with your money. This can be done by simply entering the desired purchase amount and clicking the buy button on exchanges that are simpler to use. You can now withdraw your NEXO and put it in your own wallet, if you’d like.
Buy Nexo Tokens On Coinbase
1. Download Coinbase Wallet
To buy Nexo, you need a self-custody wallet like Coinbase Wallet. Both a browser extension and a mobile app are offered for Coinbase Wallet. Install the Coinbase Wallet.
2. Choose a Coinbase Wallet username
You must select a username when setting up your Coinbase Wallet. Other Coinbase Wallet users can send you cryptocurrency with ease if they use this username. Although you can choose to keep your username private, you will still need one to access the account.
3. Securely store your recovery phrase
A recovery phrase made up of 12 random words will be provided to you when you create a new self-custody wallet. Your recovery phrase serves as the encryption key for your crypto, making it accessible to anyone who knows it. Avoid telling anyone your recovery phrase.
We strongly advise writing these down on paper, keeping them in a safe place, and using Coinbase Wallet’s cloud backup function.
Never divulge your recovery phrase to anyone. Your recovery phrase will never be requested by Coinbase. Coinbase cannot assist you in accessing your wallet if you lose your recovery phrase.
4. Understand and plan for Ethereum network fees
The amount you pay depends on the complexity of the transaction, how busy the network is, and how quickly you need the transaction to be finished. Don’t forget to budget for fees. Find out more information about Ethereum fees here.
5. Buy and transfer ETH to Coinbase Wallet
To purchase Ethereum (ETH), you must first create a Coinbase account if you don’t already have one. Find out more here about how to sign up for a Coinbase account and purchase Ethereum (ETH). Depending on whether you’re using the mobile app or the Chrome extension, there are different ways to add Ethereum to your Coinbase Wallet. See here for thorough directions.
6. Use your ETH to buy Nexo in the trade tab
Nexo can be purchased directly within the Coinbase Wallet app on a smartphone. On the Assets tab, click the (+) Buy. Then tap on the “Trade” tab, where you can swap ETH for any token that runs on the Ethereum standard (called “ERC-20 tokens”). Tap “choose coin” and select To exchange ETH for Nexo, enter the desired amount. To account for transaction fees, don’t forget to leave enough. Follow the on-screen instructions to complete your purchase after you confirm your purchase.
If you’re using Coinbase Wallet extension, tap the “Convert” button. Enter your desired amount of ETH to exchange for Nexo when searching for Nexo. Don’t forget to budget for transaction costs. Confirm your purchase and follow the on-screen instructions to complete.
How Can I Purchase Nexo Tokens Through 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)
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
4. Choose the money you want to use for the transaction and type in the desired amount. Choose NEXO under Receive. Then click “Preview Exchange” to review your order
5. If happy with the trade, click “Exchange” to confirm it
6. The NEXO Tokens you bought will be credited to your Nexo Account in a few seconds
Store Your Nexo In A Wallet
The next step is to store your newly acquired NEXO tokens in a cryptocurrency wallet after purchasing them. You can choose from a variety of cryptocurrency wallets to keep your NEXO holdings safe. Online or “hot” wallets are typically provided by exchanges. You can easily conduct frequent trading because the wallets will store your cryptocurrencies online. Online wallets, however, are not secure.
A cold wallet is another type of wallet that keeps your cryptocurrencies offline. Hot wallets are less secure than cold wallets. You will find it challenging to regularly trade LSK tokens if you keep your cryptocurrency in a cold wallet, though. Therefore, it is appropriate for those who hold large amounts of NEXO tokens.
How To Sell Nexo
Sell NEXO tokens by following the same steps you used to buy them. When you are ready to sell NEXO, log into your exchange account and enter the desired amount. Following your confirmation, you will receive an email with more information about your transaction, just like you did during the purchase process.
You can exchange your NEXO tokens for other cryptocurrencies like Bitcoin or sell them for USD that you can later withdraw from the exchange. You can also take the money you received from the sale of the tokens and transfer it from the exchange to your bank account.
Are Nexo Tokens Worth Holding?
On the tokens kept in both the Savings and Credit Line wallets of their Nexo accounts, Nexo token holders can earn up to 12% annual interest. Additionally, you are added to Nexo’s loyalty program by simply possessing the token. Holders of the program receive up to a 50% increase in Earn on Crypto suite yield as well as up to 0.5% cashback on cryptocurrency trades and purchases made through the Nexo exchange. In addition to this, there are access to up to 5 free cryptocurrency withdrawals, and the borrowing rate starts at just 0% APR.
- Higher yields: By holding the token, holders can raise their loyalty tiers and increase their interest income. By choosing to earn in Nexo tokens, they can also receive an additional 2% in interest.
- Exchange Cashback: For every cryptocurrency purchase or trade, you receive cashback, which is automatically deposited into your savings account. In other words, interest begins to accrue right away.
- Discount on borrowing: As a Nexo token holder’s loyalty tier rises, the borrowing rate automatically decreases.
- Card cashback: If you have a larger portfolio of Nexo tokens, the cryptocurrency rewards you receive when using your Nexo card will rise. Additionally, if you buy Nexo tokens or bitcoin, you can get up to 2% or 0.5% cashback.
- No matter their loyalty level, Nexo token owners will receive 7% APR in daily interest.
Since one Nexo is equal to one vote, owning Nexo tokens gives you the chance to take part in any future Governance Votes to decide how Nexo will be run in the future. Moreover, while they are in the Nexo account and are used as loan collateral, Nexo tokens will accrue interest.
The restricted securities known as Nexo tokens are traded. Holders can use them as repayments to Nexo, as we previously explained, with a 50% discount on the interest rate if you do. A total of one billion Nexo tokens are available, and there are currently $323,948,441 in circulation.
Conclusion
The safety of its user funds and network is the responsibility of Nexo, a private company. Both its token and smart contracts had undergone successful independent audits.
