How to buy Nexo Token online
This page explores everything you need to know before you invest in Nexo. We explain how to buy NEXO and where to buy NEXO, how Nexo works, and the best NEXO wallets to store your tokens.
Compare where to buy Nexo Token, and open an account
If you already know everything you need to know about Nexo and NEXO tokens, and you are ready to invest in NEXO, check out our table below for a selection of our recommended brokers. If none of them are to your liking, check out our reviews for more options. To learn more about Nexo, keep scrolling.
What is Nexo?
Nexo is the world’s first provider of crypto-backed loans and NEXO is the platform’s native token. Essentially, instead of selling their cryptocurrency, users can borrow against it with no hidden fees. The platform’s instant credit system allows fast loans of over 40 fiat currencies across more than 200 jurisdictions, and a variety of cryptocurrencies can be used as collateral including Bitcoin, Litecoin, and Ripple (XRP). NEXO tokens can be purchased like any other cryptocurrency.
Having been developed by FinTech company Credissimo and launched in 2018, Nexo now regards itself as the ‘world’s largest and most trusted lending institution in the digital finance industry.’ Nexo has now processed a total of $4 billion for in excess of 1,000,000 clients, and the company’s long-term vision of disrupting the global financial system seems feasible.
How does Nexo work?
Nexo allows users to take out loans without the protracted process of applying for one. With conventional bank loans, users have to fulfill certain loan criteria such as credit ratings, personal finances, employment, and property status. Nexo bypasses these traditions via an instant credit system, allowing users to borrow based on the size of their security deposit that is payable in popular cryptocurrencies. Generally, you will be offered 50% of the value of your deposit when using Bitcoin or Ethereum.
Nexo shares 30% of its profits in the form of base and loyalty dividends for NEXO holders based on how long each token has been stored in your Nexo wallet. NEXO holders also receive discounted interest rates on Nexo loans. If you want to learn more about how cryptocurrencies work, check out our guide.
How to buy NEXO online – step-by-step guide
Step 1. Find an exchange to buy NEXO
If you want to know where to buy NEXO, use a cryptocurrency exchange. These are platforms that allow users to swap their account funds for cryptocurrencies. We have some of our recommended options at the top of the page, and here are two of the best exchanges where you can buy NEXO:
- ChangeHero: Combine a clean interface with a reliable reputation and you get Changehero. The platform began supporting NEXO in 2019, and it is a good option for those looking to buy NEXO. Open an account with ChangeHero by following this link >
- Binance: As one of the most well-known crypto exchanges, Binance needs little introduction. The platform is reliable and innovative, and NEXO is one of its supported tokens. If you want to buy NEXO, see what Binance can do for you and open a Binance account now >
Step 2. Sign up and fund your account
Exchanges commonly require users to sign up before executing any transactions. Expect an identify verification check, so get a copy of your photo ID ready.
It used to be the case that exchanges would not accept fiat money to fund your account, but many now do. You can choose to load your account with fiat currency, or you can buy crypto from an exchange like bitFlyer to use as funds.
Step 3. Buy NEXO
If your account has been set up and funded, you are ready to buy NEXO. If your account is funded with fiat money like GBP, search the exchange for the NEXO/GBP pair. If your account is funded with crypto like Bitcoin, look for the NEXO/BTC pair. Once you are happy with the conditions of your exchange, execute your transaction.
Step 4. (Optional) Get a suitable wallet
If you want to invest in NEXO for the long term, you should consider opening a NEXO wallet to store your tokens securely. NEXO wallets work like Bitcoin wallets, and there are a variety of options available. Below are two of the best wallets that support NEXO and other cryptocurrencies.
- Freewallet: Supporting in excess of 100 cryptocurrencies, including NEXO, Freewallet is one of the most popular NEXO wallets. It is easy to open and use a Freewallet; open one today and see if it suits you >
- Guarda Wallet: After partnering with Nexo in 2019, Guarda Wallet became one of the most popular Nexo wallets, and it can also be used to securely store over hundreds of other assets. Open a Guarda Wallet for your NEXO today >
How to trade NEXO – step-by-step guide
Step 1. Find a broker
To trade NEXO and make returns, traders need to capitalise on short-term market fluctuations by opening and closing positions quickly. Brokers allows traders to accomplish this. Before selecting a broker to trade NEXO with, make sure it supports NEXO. Not every broker does, but if any broker is likely to it will be a major one like eToro or Plus500 that supports a variety of coins and tokens.
Step 2. Deposit money
Brokers allow you to fund your account with fiat money (like GBP, EUR and USD). Before you execute a trade, make sure you watch out for trading fees because these can quickly add up when rapidly opening and closing positions.
Step 3. Decide how you’d like to trade
If you want to trade NEXO successfully, you will need a great trading strategy that focusses on technical indicators. There are also a variety of different trading methods, such as spread betting, CFDs, using leverage and shorting.
Step 4. Start trading
You are now ready to start trading NEXO. Before you put real capital on the line, we recommend learning the ropes with a demo account so you can discover how market fluctuations affect your trades. Trading NEXO is not without its risks, and you should make sure you are comfortable with these before making any trade.
You can go long or short when trading NEXO. Going long is investing in NEXO with the belief that it will rise in value over time, whereas going short involves investing in NEXO with the belief that it will fall in value over time. Both strategies can be profitable when trading with NEXO, but you must make sure you have carefully considered the options available to you before deciding your strategy.
You can also trade with leverage, which means you gain additional exposure to the price movements of NEXO without having to buy additional NEXO outright. However, if the market goes against you, your exposure to the downside is also heightened. Leverage should be avoided by inexperienced NEXO traders.
Still undecided?
Pros
- Nexo has a first-mover advantage as the world’s first US SEC-compliant, asset-backed token
- Advisory board includes prominent industry leaders
- Dividends for token holders
- Instant crypto credit line
Cons
- Short-term loan model could put borrowers under financial pressure and affect long-term success of Nexo
- Competitors beat NEXO on interest
If you still aren’t ready to invest in Nexo, check out our list of three key considerations below.
1. Is now a good time to buy NEXO?
To answer this question, you need to confirm whether your investment strategy is long-term or short-term. If you invest in NEXO for the long term, this could prove to be a profitable decision as decentralised finance (DeFi) becomes more popular and individuals seek solutions to the drawbacks of bank loans. If you believe Nexo offers a necessary loan solution and has the first-mover advantage, now could be a good time to invest as the price of NEXO rises.
If you would rather trade NEXO with a short-term strategy, the future potential of Nexo and NEXO tokens is less important. You need to pay close attention on the technical side of things to buy low and sell high. To keep informed about Nexo and NEXO tokens, check out our latest analyses below:
Nexo (NEXO) price prediction for January
2. What problem does Nexo solve, and what are its investment prospects?
Nexo makes loans easier and faster to access and reinforces them with the security of a smart contract. Loanees no longer have to go through protracted and scrutinous checks before accessing a loan.
If the adoption of DeFi continues to increase, Nexo is well-positioned to take advantage as one the world’s leading digital lending platforms. It will undoubtedly face competition that may offer better interest rates or dividends, so Nexo must continue to innovate to stay on top. If Nexo is successful, its earnings will increase, making the value of its dividend-paying native token NEXO increase too.
To keep track of the latest news surrounding Nexo’s development and the value of NEXO tokens, click one of the links below:
Nexo (NEXO) price analysis: A correction or end of the rally?
Nexo (NEXO) faces lawsuit over unlawful suspension of XRP payments
NEXO in price discovery mode: pay attention to this level
3. Do you want to hold Nexo for the long term?
Holding NEXO for long periods of time and trading it over short periods of time are two contrasting methods, and both have their owns pros and cons that are outlined below.
Considerations for a long term investment strategy
If you believe in the long-term vision of Nexo and believe NEXO tokens will rise in value, purchase NEXO tokens through an exchange and consider storing them in a wallet. Just like investing in a stock, make sure you conduct a detailed fundamental analysis of NEXO and work out what you think it is worth right now, and what you think it will be worth in the future. The aim is to get in whilst Nexo is at an early stage in its development and hold until long-term growth comes to fruition.
Considerations for a short term trading strategy
If trading NEXO quickly for an accelerated profit is more conducive to your investment goals, sign up to a reliable broker and buy some NEXO. If you can effectively predict price movements using charts and technical analysis, you could potentially make good returns.
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