How to Earn Passive Income with Your Cryptocurrency Using Nexo
Most crypto newbies don’t know how to earn interest from their invested funds. Today, cryptocurrency holdings offer numerous ways to profit passively. One of these is Nexo, which is easily accessible while providing rewarding opportunities. Let’s look at the interests Nexo offers and how to earn passively.
What Exactly Is Nexo?
Nexo is a crypto wallet with an integrated exchange that offers significant returns. It is a nominal wallet with many functions, including exchange. Its platform provides attractive chances of generating interest in cryptocurrency.
Since its establishment in 2018, Nexo has grown to manage assets under management worth more than $13 billion. They aim to provide a simple and safe solution for every crypto owner to earn passively. Keep reading to get a closer picture of how Nexo can help you gain crypto interest.
Is it Possible to Earn Interest on Crypto?
It is possible to earn interest on crypto in two ways; crypto lending and crypto staking. Nexo has made the process simple. With the daily payouts, you can get massive interest by holding.
Earning Interest in Crypto
Nexo allows you to earn from your idle assets. To achieve this, it has options with an APR between 1% and 36%. While interest opportunities may be overwhelming, stored crypto rates vary depending on storage and payment method. It also has a feature showing interest rates, when to conduct free months, and when to conduct free monthly withdrawals.
You will need to create a Nexo account with assets to earn interest from them. You can start investing with as low as $1. If you have a supported asset, then you are good to go.
How to Receive Interest From Nexo
Nexo pays daily but yearly. NEXO Token holders enjoy higher rates and some outliers like DOGE. You can still use Bitcoin and Stablecoins for up to a 6% rate. The platform doesn’t allow defined lockups so that you can stay logged in or log out whenever you want and still enjoy the compound interest.
How Much Can You Earn In Nexo?
The assets you hold and the kind of earnings you choose (NEXO Token payouts or in-kind payments) determine the interest rate you earn.
Except for DOGE, NEXO pays 6% interest rates for in-kind payouts. NEXO payouts start at 3% interest in DOGE and 1% for in-kind payouts. Ethereum, Bitcoin, and others earn an annual 6% interest. MATIC can receive NEXO payments with a high-interest rate of 20%. You can choose options that yield a 10% rate for in-kind and 12% for NEXO.
These rates are among the highest in the current market. It is also good for beginners to start small and put in little effort.
Is Nexo Safe?
Nexo is known for operating at minimal risks. Its business structure is specifically made safe for an average user. Crypto borrowers are mostly wealthy institutions or individuals. Borrowers with Nexo must take more significant risks since they should provide collateral and accept fair and considerable interest rates.
Nexo policies are clear; no borrowing without collateral. It is still worth it. Since they are not insured by FDIC or any other traditional banking insurance, they have taken these alternatives:
• Borrowers provide collateral
• Saved $375 million on insurance through collaborations with custodians such as Ledger Vault and BitGo and their funds.
In crypto, minimizing risks like traditional banks is not yet achievable. Crypto and traditional institutions, however, have licensed Nexo. Nexo has gone beyond essential standards and requirements and ensured enough insurance lest the worst happen. So Nexo is safe for earning cryptocurrency interest.
How to Get Started
To start earning interest with Nexo, you need to have an account and wallet with the platform. Opening an account is simple with these steps:
• Click the “Create Account” button on the website or download the Nexo app and go to the profile page
• Enter your email address and new password
• A brief test will confirm that you are human
• Tap on the “Sign Up” button
• Complete email address verification
• Set up 2FA to make your account safer
2. Transferring assets
After passing KYC, you have successfully created a Nexoaccount. To earn interest, you will need to add some assets. You can fund your wallet with crypto. If you don’t already have them, Nexo Exchange allows you to purchase assets from the site. You will access it automatically since it is linked with your account.
Every digital asset has APYs offered. Ensure you check out the offers before purchasing. The percentage of interests ranges from 1% to 20%. In-kind on ETH, BTC, and other popular cryptos may earn you 36% per annum.
Nexo has a great welcome bonus just for you! Get $25 worth of bitcoins when you sign up as a new user. Hurry up now and claim your reward!