If you have any interest to buy Nexo (NEXO), you will be required to have either Bitcoin abbreviated as (BTC) or Ethereum (ETH) for trading purposes. I have reviewed the major cryptocurrency exchange Binance in this post to help you determine the best sites to buy cryptocurrency using a credit card or bank account. Take a read and get tips on the best cryptocurrency trading.
Step 1: How to create a Binance account:
1.1 Visit Binance’s Website (https://www.binance.com/en)
1.2 Fill in your trading details
1.3 Allow 2FA-Two-factor authentication (Optional)
Step 2: Buying your first Bitcoin (BTC)
I highly recommend buying Bitcoin first and then trading it for the right amount of Nexo (NEXO).
Step 3: Transferring Your Cryptos to an Altcoin Exchange HotBit
Now let us purchase Nexo (NEXO) using your investment from Binance.
But, not every crypto can be traded in Binance we need to transfer our coins to an exchange that Nexo (NEXO) can be traded.
So let me guide you to Hotbit which is a famous exchange to trade altcoins. We will use the link below to register your new account.
If you have completed similar processes as we’ve done before with Binance you are ready to transfer your Bitcoins.
Step 4: Depositing BTC to Exchange
You have to deposit to hotbit once you have created your trading account setup at one of the exchanges that trades Nexo (NEXO), you will need to transfer your BTC from Binance to that specific exchange.
Use your wallet system to do this. Next, move your mouse over to wallet on the top right and click “Deposit”. You have to make sure the setup 2FA in this part. Find “BTC” from Token section and copy the given “Deposit Address”
This part may be difficult to do, it is easier than a bank transfer. But once you copy your unique BTC wallet address go back to Binance.
Then move your cursor to “Wallet” on the right hand side of the topbar and once the popup shows up, click on “Fiat and Spot (Deposit & Withdrawal)”. Look for BTC in the list and click on “Withdraw” on the right hand side.
Next, paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Then type the amount that you want to withdraw (you may click the Max button if you want to withdraw all).
Then click on the Submit button to begin with the withdrawal process. To continue with the withdrawal, Binance may ask you for your 2FA code and also you will have to confirm the withdrawal with an e-mail.
That’s all, now you should wait for a while so that the blockchain to confirm your transaction.
Step 5: Trading Nexo (NEXO)
Now you need to go back to Bitmart to buy Nexo (NEXO) with the Bitcoins you sent.
Then click “Exchange” and you will see trading menu. hotbit trade In the left column make sure to choose“BTC” pair and in the search bar type in “NEXO”.
If you have moved your coin click on it and now you will see a price chart of NEXO/BTC in the middle of the page. Select the “Market” tab as that is the most straight-forward type of buying orders.
Also you can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons.
After you have confirmed everything, click “Buy NEXO”. You have your own your NEXO!
Other Exchanges to Buy Cryptos
The following are other sites you can buy from these exchanges:
HotBit (Which permits US investors)
MXC (This exchange allows US investors)
On top of the above-listed exchanges, there are some more common crypto exchanges where daily trading volumes and a huge user base is available. This helps to ensure that you can sell your coins any time you want and the charges for the trading are not high. It is recommended that you should also register on these exchanges because whenever Nexo gets listed there it give the traders who have already registered a large amount of trading volumes, that means you will be provided with some great trading opportunities!
Final Step: How to Store Nexo securely in hardware wallets
1. Ledger Nano S
- Easy to set up and has a friendly trading interface.
- Allows use on desktops and laptops
- Lightweight and Portable too
- Has been designed to Support most blockchains and a wide range of (ERC-20) tokens
- Has many trading languages.
- Designed by a well-established company found in 2014 with great chip security
- It is not expensive but can be acquired at affordable price
2. Ledger Nano X
- It made with a more advanced and secure element chip (ST33) than Ledger Nano S
- Also Lightweight and Portable and has a built-in rechargeable battery
- Has a Larger screen
- Comes with more storage space compared toLedger Nano S
- It supports most blockchains and wide range of (ERC-20) tokens
- Provides several languages for every customer
- It was designed by a famous company found in 2014 with great chip security
- Can be obtained at an affordable price
If you still have plans to stay at hodl” as some people call it, basically misspelt “hold” (which become famous as time passes) your Nexo for some long time, you need to find ways to ensure it stays safe safe,
Frequently Asked Questions
Is it possible to buy Nexo with cash?
The answer is No. Because there is no way you can directly buy Nexo with cash. But, using marketplaces such as LocalBitcoins to first buy Bitcoin, and completethe rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
How do I Buy Bitcoin from local sellers?
What are the quickest ways I can buy Nexo while living in Europe?
Can I use alternative platforms to purchase Nexo or Bitcoin with credit cards?
What Is Nexo (NEXO)?
Nexo is a blockchain-based lending platform that offers users instant cryptocurrency-backed loans. Users deposit an accepted token — such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC) or XRP (XRP) — as collateral to receive a loan in the form of a fiat currency or stablecoin.
Nexo has a native token, NEXO, that when locked in the platform grants users benefits such as discounts on interest accumulated on loans and the opportunity to receive interest payments on funds deposited. Token holders also receive dividends from Nexo’s profits.
Who Are the Founders of Nexo?
Nexo was founded by a team of finance professionals and crypto enthusiasts, who turned to blockchain to create the crypto equivalent to a service well established in traditional finance, but hitherto non-existent in digital finance— borrowing against the value of your assets while retaining ownership. In 2018, the team launched the Nexo platform, offering the world’s first crypto credit lines that allowed digital asset holders to obtain fiat and stablecoin loans against their cryptocurrency, and thus setting the foundations of the crypto lending niche.
The collective behind Nexo has a combined experience of over 30 years in financial services, including non-crypto lending, investment banking, mergers and acquisitions, and hedge funds, with Co-founder and Managing Partner Antoni Trenchev additionally contributing with experience in Finance Law and in KYC and AML solutions.
Trenchev, who has acted as the public face of Nexo’s leadership, has a track record in advocating for wider blockchain and crypto adoption, notably serving as member of parliament in Bulgaria’s National Assembly from 2015 to 2017, where he promoted the implementation of blockchain solutions for e-government services, as well as frequently commenting on crypto and digital finance-related current events to mainstream media, including Bloomberg, The Independent, and CNBC.
Nexo currently services over a million users across 200+ jurisdictions, managing over $4 billion in assets. The company currently has 150 employees, with its management based in London.
What Makes Nexo Unique?
According to its whitepaper, Nexo is the first-ever provider of instant cryptocurrency-backed loans and it intends to solve inefficiencies in the lending market. Its automated lending process uses smart contracts and an oracle on the Ethereum blockchain to manage loans. After a user transfers cryptocurrency to a Nexo-controlled wallet, the oracle establishes the loan and the user is instantly allocated the funds. When the user makes a deposit in order to repay the loan, the oracle returns the cryptocurrency and records the transaction on the blockchain. Smart contracts are used to power NEXO and to record user balances.
Nexo is marketed to individual and institutional investors, cryptocurrency companies, exchanges, miners and others who want liquidity from their assets. The company makes a profit from the interest accumulated on loans, and it also offers institutional lending and consulting services.
Nexo seeks to build a user base of clients that continue to use the platform and remain invested in NEXO. As such, the company announced a loyalty program that rewards those who keep NEXO in their accounts, giving them preferential interest rates on loans and higher yields on savings. Nexo also distributes 30% of its profits to NEXO token holders in the form of dividends.
Learn about SALT, another crypto-collateralized lending platform.
Learn about Maker, one of the most popular crypto lending platforms.
Curious about oracles? Read an in-depth guide on Alexandria, CoinMarketCap’s online educational resource.
How Many Nexo (NEXO) Coins Are There in Circulation?
Nexo has a fixed supply of 1 billion tokens. Of this amount, the supply was allocated in the following manner:
- 250 million NEXO (25%) for the company’s overdraft funding reserves, subject to a 12-month vesting period with a six-month cliff;
- 112.5 million NEXO (11.25%) for the founders and team, subject to a 48-month quarterly vesting period;
- 60 million NEXO (6%) for community building and airdrop campaigns, subject to an 18-month quarterly vesting period;
- 52.5 million NEXO (5.25%) for advisors, legal costs and marketing, subject to a 12-month vesting period;
- 525 million NEXO (52.5%) for sale to investors.
While Nexo initially planned to have a public presale and main token sale, it later canceled its public sales due to an overwhelming amount of interest from investors in its private sale.
In October 2020, the company announced that it was launching a “Nexonomics” initiative to drive its tokenomics and increase the value of NEXO. The company subsequently revealed that it would buy back $12 million worth of NEXO.
How Is the Nexo Network Secured?
Nexo is a privately owned company and, as such, is responsible for the security of its networks and user funds. Nexo stores its digital assets with BitGo, a crypto-asset custodian that keeps tokens in cold storage wallets and is covered by a $100 million insurance policy. In November 2019, Nexo reported that it was ISO/IEC 27001:2013 certified after being audited by RINA and the Consortium for IT Software Quality.
Its native token, NEXO, is an ERC-20 token issued on the Ethereum blockchain, meaning that any on-chain NEXO transactions are validated and secured by the Ethereum mainnet using its Ethash proof-of-work consensus algorithm. Miners compete among each other to add new blocks to the blockchain, and a majority of all nodes in the network must validate a record for it to be posted.
Where Can You Buy Nexo (NEXO)?
NEXO can be purchased on cryptocurrency exchanges such as Huobi Global, UPEX, Hoo and Bitrue, among others. It can be traded against fiat currencies such as the South Korean won and the Indian rupee, cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), and the stablecoin Tether (USDT).