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How to buy and sell Nexo (NEXO)
Review our step-by-step guide to buying and selling NEXO tokens.
Launched in April 2018, the Nexo platform offers instant crypto-backed loans to customers. This allows users to retain full ownership of their digital assets while at the same time being able to access cash.
Nexo’s native token, NEXO, is a US Securities and Exchange Commission (SEC)-compliant security token that pays ongoing dividends to holders. For more details about how these tokens work and how and where to buy them, keep reading.
Where to buy NEXO in Philippines
Nexo tokens are listed on the following crypto exchanges:
A step-by-step guide to buying NEXO
Want to buy NEXO tokens but don’t know how? Keep reading for step-by-step instructions.
Step 1. Register for an account with an exchange that lists NEXO
Compare the fees and features of the exchanges that list NEXO in one or more currency pairs. Once you’ve decided on the best platform, register for an account by providing your email address and creating a password.
Some exchanges will then require you to provide additional information, including your full personal details and proof of ID, before you can start trading. If required, this step is designed to satisfy Know Your Customer and Anti-Money Laundering (KYC/AML) regulations.
Before going any further, make sure you’ve enabled 2-factor authentication on your account.
Step 2. Deposit funds into your account
As there’s no way to directly purchase NEXO tokens using Philippine pesos or even US dollars, you’ll need to first obtain either bitcoin (BTC) or ether (ETH), both of which are listed in trading pairs with NEXO. For advice on how to acquire either of these currencies, our how to buy BTC and how to buy ETH guides contain everything you need to know.
To deposit either BTC or ETH into your account, you’ll need to find the address for your exchange wallet. For example, if you’re using Hotbit, this can be done by clicking “Fund” from the top menu and selecting “Deposits & Withdrawals” from the drop-down menu that appears. Find the currency you want to use, click “Deposit” and then copy the wallet address or scan the QR code so that you’ll transfer the funds to the right address.
Step 3. Buy NEXO
Now it’s time to purchase your tokens, which you can do by navigating your way to the exchange page on your chosen platform and then specifying how many NEXO tokens you want to buy.
For example, if you’re on Hotbit, you’ll need to click the “Exchange” tab at the top of the screen and search for the pair you want to trade, such as NEXO/ETH. You can then enter the amount of NEXO you want to buy, making sure to review all the details of your transaction before clicking “Buy NEXO”.
How to sell NEXO
If you want to sell your NEXO tokens, the process is similar to that detailed in step 3. However, once you’re on the exchange page you’ll need to make sure you enter your transaction details in the “Sell” tab instead of the “Buy” tab.
As NEXO is only available in a few currency pairs, bear in mind that you may not be able to make an immediate exchange for the currency you want.
Which wallets can I use to hold NEXO?
While you can leave your tokens on an exchange if you wish, doing so will expose you to the risk of hacking and theft. To avoid potential security breaches, it’s generally considered much safer to move your tokens into a secure wallet that lets you control your private keys.
NEXO tokens are ERC20 tokens issued on Ethereum, so you’ll need an ERC20-compatible wallet set up to store your holdings. Examples of wallets you might consider include MyEtherWallet, the MetaMask browser extension, or a hardware wallet like the Ledger Nano S or TREZOR.
How NEXO works
Nexo is powered by Credissimo, a European fintech company founded in 2007. This online lender is regulated by multiple European banking and financial services regulators, and launched the Nexo platform in April 2018.
Nexo is an instant lending platform that allows users to offer their crypto holdings as collateral for loans. To access a loan, customers need to transfer their crypto assets into a Nexo wallet. They can then access instant cash in fiat currencies like the US dollar, euro and Japanese yen, with loans secured by the market value of the crypto assets stored in the Nexo wallet.
This gives Nexo quick and easy access to cash anywhere around the world. It’s all handled through an automated platform that uses 256-bit encryption, there are no credit checks required, and clients retain ownership of their digital assets. There are also no platform or transaction fees to worry about, and users can request a bank transfer or access a free credit card for convenient everyday spending.
As well as individuals looking to access the wealth tied up in their cryptocurrency holdings, Nexo says its platform can also be used by:
- Miners who need to cover capital expenses needed to stay competitive
- Hedge funds looking to leverage their crypto portfolio and take advantage of new investment opportunities
- Cryptocurrency exchanges needing to access funds to finance margin lending and trading services
- Crypto companies that need to access funds raised from an ICO
- Gamers who hold in-game and virtual reality assets but who don’t want to sell those items and lose the chance to use them in the future
What to consider if buying NEXO
Cryptocurrencies are complicated assets that are also notoriously volatile. Make sure you’re fully aware of the risks associated with trading cryptos before buying any coins or tokens.
You’ll also need to carefully assess any factors that could have an influence on the future price of a currency. If you’re thinking of buying NEXO, consider the following:
- Supply. The total supply of NEXO tokens is capped at 1 billion NEXO. According to CoinMarketCap, as of November 2020, the circulating supply was 560,000,011 NEXO.
- The token. The NEXO token is backed by the underlying assets of Nexo’s loan portfolio and complies with US SEC regulations. NEXO token holders are entitled to 30% of the company’s profits, distributed to holders as monthly dividends.
- Interest rate discounts. Customers who make loan repayments using NEXO tokens can receive a discounted interest rate. The tokens are also accepted as loan collateral on the Nexo platform.
- Token distribution. NEXO’s token distribution is as follows:
- 52.5% to investors
- 25% overdraft funding reserves subject to 12 months vesting (following March/April 2018 ICO) with 6 months cliff
- 11.25% to founders and team subject to 48 months, vesting quarterly
- 6% for community building and airdrop campaigns subject to 18 months, vesting quarterly
- 5.25% for advisors, legal team and PR subject to up to 12 months vesting
- Whitepaper. For more details on how Nexo works and its value proposition, check out the project’s whitepaper. For additional information on NEXO tokens and the Nexo roadmap, the NEXO Token Terms guide is another useful resource.
Disclosure: At time of writing the author holds ADA, IOTA and XLM.ph
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