With more than 1,500,000 users around the world, Nexo is one of the most popular cryptocurrency-focused platforms in the world. Although that might not be entirely surprising given how much its customers have raved about its services.
Who doesn't want the potential to earn double-digit interest returns every single day, as well as being able to borrow, send, and spend your favorite cryptocurrencies around the world? Knowing this, you're naturally curious about how to buy Nexo.
Nexo's native cryptocurrencies play a huge role in its ecosystem-wide growth, as a token that has yielded very nearly $10-million worth of dividend payments to its holders in the last three years. Not only does holding it in your Nexo account allow you to earn higher interest earnings, but also lower rates on your loans.
Or, you could just hold on for its appreciative value. If you'd like to be a part of this new and exciting future, read along to find out how to buy Nexo for your portfolio.
Where to Buy Nexo – Top 5 Exchanges
At the time of writing this how to buy Nexo guide, its native NEXO cryptocurrencies are among the most valuable tokens today, with a market capitalization ranking of #60. NEXO tokens continue to be used and adopted fairly popularly in day-to-day use as the Nexo platform continues to grow its user base.
Considering that Nexo would prefer that you buy NEXO tokens through its very own platform, it's unsurprisingly difficult to find NEXO tokens elsewhere.
Outside of Nexo, their NEXO tokens are missing from even the most acclaimed and largest cryptocurrency exchanges, such as Binance, Kraken, Coinbase, and so forth. You could always use sites such as CoinMarketCap or CoinGecko to find the full comprehensive list of all marketplaces that have NEXO listed for sale.
However, we do at least have Huobi among the large-cap exchanges, as well as HitBTC and Hotbit. Otherwise, you're stuck with decentralized exchanges.
A Step-By-Step Guide on How to Buy Nexo
Next up in our how to buy Nexo guide, we'll be showing you a step-by-step process on how you too can get your hands on NEXO tokens. For our demonstration, we'll be using HitBTC, but you could very easily emulate our steps here to cover everything from registering for an account, depositing your funds, and then going ahead to purchase NEXO. There will be differences, especially so if you're planning to use a decentralized exchange (DEX) such as Uniswap or 1inch.
For beginners and casual users, we recommend that you stick with regular, centralized marketplaces for now. While each exchange will be unique to one another, such as their differing deposit options, whether you'll need to fill in KYC and AML forms, or how the trading process works. Nonetheless, our examples shown here with HitBTC should give you a good idea of what you should expect in knowing how to buy Nexo.
Step 1 – Create an Account on HitBTC
First and foremost, you'll need to register and set up an account on the HitBTC exchange. Although before we do anything else, it's a good time to check and see if you've visited the correct website for HitBTC and not a malicious copy of the site. This can be very deceiving, as you could be lured into giving away your personal data to a fake webpage, not to mention allowing a fake HitBTC website to download all viruses or malware onto your computer.
The easiest way to do this is by checking the URL and see if there are any spelling errors. If it says ‘hitbtc.om', ‘hiibtc.com,' or anything similar, then this is not the real HitBTC website. These differences can be very subtle, so be sure to pay close attention. Often, however, Googling “HitBTC” will most likely yield the actual website up top in the search results.
Once you're on the real HitBTC page, mouse over the big red tab along the upper right that says, ‘Sign Up.'
Click this, and then follow the on-screen prompts to proceed and open an account on HitBTC. This is simple enough, and we recommend that you use a complex password when signing up for our how to buy Nexo guide.
Another important detail to note is that HitBTC, just like other cryptocurrency exchanges, is completely free to open an account. This is different from regular banks, which may require a small initial deposit to be made.
Step 2 – Complete the Set-Up Process for Your HitBTC Account
Once you've finished with this initial registration phase, HitBTC will send over an authentication link to your email address. Don't be alarmed, as this is normal with practically every other digital or online service to verify that you've authorized this account to be made under that email address. Find that email in your inbox, and then click on the provided authentication link. This should send you back to HitBTC, as you're one step closer to finalizing the account creation.
Before we jump into anything else for our how to buy Nexo guide, be sure to turn on two-factor authentication (2FA) for your new HitBTC account. This is technically an optional step, but we highly recommend turning it on to improve the security of your account, just in case.
You can access this by clicking on the gear icon along the upper right after logging in under your account settings. You can then pair this with an authenticator app, such as Google Authenticator.
Now, you'll be asked to verify with 2FA codes for actions such as logging into your account or withdrawing funds from HitBTC. This is done to ensure that you and only you can authorize these important actions to take place.
Another optional step would be to get your identity verified by sending over some personal details and documents. However, this is only necessary if you're planning to trade with large volumes or access certain services, not needed for how to buy Nexo.
Step 3 – Choose a Deposit Option to Fund Your HitBTC Account
The next step in our how to buy Nexo guide would be depositing some funds into your HitBTC account. We'll be using these monies to later buy up NEXO tokens. Other exchanges will vary in what options they provide, but in the case of HitBTC, there are generally two ways.
This is, unfortunately, the easiest path forward if you don't have any cryptocurrencies lying around. Alternatively, you could make a direct deposit of cryptocurrencies into your HitBTC wallet, which we can then swap with Nexo's NEXO tokens.
This latter option is the best of the two, given that there are fewer steps required, and you could avoid needing to pay the processing fees for buying cryptocurrencies with a credit card. In our how to buy Nexo guide, we'll look at both options.
Step 4 – Buy Cryptocurrencies With a Credit Card
Our first option here would be buying up some cryptocurrencies with a credit card. As of writing this how to buy Nexo guide, you only have the option of making a said purchase with a credit card; no bank transfers, PayPal, or other third-party payments are accepted.
If you can accept this, then hover your mouse over the upper right of the HitBTC page, and click the ‘Deposit' tab, highlighted in green text and with a small ‘+' (plus) symbol. This will take you to your HitBTC wallet.
The alternative would be clicking on the ‘Account' tab on the upper left, and this will take you to the same page. Within the wallet page, you can see a large banner along with the top mentioning, ‘Buy Bitcoin With Credit Card.' Click this, and you'll be sent to a check-out style of page, where you can choose and input your fiat currency of choice, the type of cryptocurrency (only Bitcoin and Ethereum for now), the amount you'd want to buy, as well as the payments provider.
This latter choice lets you pick from Moonpay and Banxa for Mastercard or VISA, with support also for ApplePay. Otherwise, this process is very simple to follow. Just fill in all the details as you see on the screen, and the purchasing process shouldn't take too long. For our how to buy Nexo guide, you're free to choose to purchase either Bitcoin or Ethereum, as there are trading pairs for both.
If you've done this, then skip ahead to Step 6 to see how we can swap them for Nexo.
Step 5 – Deposit Cryptocurrencies into Your HitBTC Wallet
Aside from a purchase using fiat, you could instead opt for a deposit of funds into your HitBTC wallet with cryptocurrencies. But before we move on any further in looking at how to buy Nexo, we should note that not all cryptocurrencies can support exchanging with Nexo.
Trading with NEXO tokens is only supported with Bitcoin (BTC), Ethereum (ETH), and the USD Tether (USDT) stablecoin. To prevent needing to swap tokens around again, you should only deposit either of the three.
Now, click on the green ‘Deposit' button along the upper right once again or the ‘Account' tab on the upper left to bring you into your wallet page. Now, go through the long list of cryptocurrencies that HitBTC is officially compatible with. You could use the search bar to make this easier. Now, find the cryptocurrency that you're planning to deposit with. Remember, only BTC, ETH, and USDT if you'd want to avoid any additional hassle.
Let's say we take a Bitcoin deposit, for example. Find Bitcoin (or its ticker symbol, ‘BTC') and then click on the ‘+' symbol under the ‘Deposit' column of the table within the wallet page, next to the row under ‘Bitcoin.' You'll then be shown a QR code and a complex Bitcoin deposit address.
It's worth reminding you to be careful with this step and double-check that you've selected the right cryptocurrency. To deposit BTC into HitBTC, you'll need to withdraw BTC from elsewhere.
For instance, if you choose to withdraw Ethereum (ETH) and deposit that into a Bitcoin (BTC) address, your Ethereum might be lost forever and cannot be recovered. With this in mind, simply copy over the Bitcoin address that you see on HitBTC, and then paste it character by character into the withdrawal page at wherever you're withdrawing Bitcoin from. Cryptocurrency addresses are long, and they comprise a complex mix of numbers, symbols, and letters.
Double-check this address to make sure that not even a single character is missing, as that could result in you failing the transfer or sending your cryptocurrencies over to someone else by mistake.
To make this easier, you could just scan the QR code shown on the HitBTC deposits page. For example, if you're withdrawing Bitcoin from a mobile wallet app on your phone, simply scan the QR code with your camera, and it should automatically input the right address.
After this, simply choose how much Bitcoin you'd like to deposit from that other wallet and wait for it to be confirmed before appearing on your HitBTC wallet. This might take a little while.
Note, some other cryptocurrencies may require additional details for the deposit process into your HitBTC wallets, such as extra tagging or IDs. The same process applies here as well, just copy over the data from the withdrawal page on your other wallet and double-check.
Step 6 – Exchange Cryptocurrencies into Nexo (NEXO) Tokens
At this stage of our how to buy Nexo guide, you would already have some funds in the form of cryptocurrencies in your HitBTC wallet. After this, we can start to exchange (or swap) those tokens into Nexo's NEXO. Along with the navigational tab on the HitBTC webpage, find and click on ‘Exchange' along the upper left. This will send you to the main trading section of HitBTC for buying, selling, and exchanging cryptocurrencies.
To make this easier to read, the interface is split into separate windows or panels. Under the ‘Instruments' window, which is placed near the middle, use the search bar and type in “Nexo.”
This should bring up every single trading pair that is interchangeable with NEXO tokens. You can then click around the mini tabs underneath the search bar, so you can filter the exact trading pair matched to NEXO tokens, such as ‘BTC' or ‘ETH.'
As we mentioned earlier in our how to but Nexo guide, only three trading pairs are supported with Nexo's NEXO tokens – BTC/NEXO, ETH/NEXO, and USDT/NEXO. If you weren't able to deposit either Bitcoin, Ethereum, or USD Tether into your HitBTC wallet, you'll first need to swap out those tokens with either one of the three. Otherwise, you'll not be able to buy NEXO. Now, let's move onto the ‘Buy NEXO' panel to the right of the ‘Instruments' window.
Let's say you want to buy Nexo with Bitcoin. After picking this trading pair, you can now choose to buy NEXO tokens either by ‘Market,' ‘Limit,' or ‘Scaled' trading. For now, we'll only pay attention to the former two.
‘Market' trading will automatically set your buying price and then completing that order within an instant based on the market prices set in the order books. This will require only one input from you, and it's the amount of Bitcoin you'd like to sell to buy Nexo.
This is a very quick and simple option if you don't want to spend too much time. However, it doesn't give you as much control compared to ‘Limit' trading, as how much NEXO you get will be based on the market. With ‘Limit,' you can have more options to match and set your prices granularly to game the market and order books.
You can input your preferred buying price and let that order sit on the HitBTC exchange until the order books have a corresponding selling price.
Best Wallets to Hold Nexo
If you've made it this far, then you're now the lucky owner of a few NEXO tokens. In following up on our step-by-step guide, we thought it would be doubly helpful to give you some suggestions on how you can store those new and shiny Nexo cryptos. But, you might ask, why not just keep it inside of your HitBTC wallet? Well, although cryptocurrency exchanges have massively stepped up their security, keeping your assets held inside of an exchange account is not the safest means of storage.
To avoid joining the many billions of dollars lost through hacking and cyber theft campaigns, we should instead consider getting a dedicated cryptocurrency wallet set up to keep our Nexo tokens safe. There are generally two types of cryptocurrency wallets; software-based ‘hot‘ wallets, which offer you always-on connectivity, and hardware-based ‘cold‘ wallets that give you robust security. Here are some of the best (aside from the Nexo app) for our how to buy Nexo guide.
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More Information About Nexo
Nexo is a digital banking and financial services platform where users can easily apply for cryptocurrency-backed loans or open up cryptocurrency-bearing interest accounts. With support for 18 different cryptocurrencies, as well as a number of fiat currencies, you can get instant credit lines to borrow either cash or stablecoins for as low of the interest payment as 5.9% APR. On the flip side, you could instead deposit crypto and fiat assets and earn up to 12% yearly earnings paid daily.
Having quickly grown to a massive userbase, Nexo now has more than $12-billion worth of assets under management, made available in over 200 countries worldwide in around 40 different native fiat currencies.
They've since expanded their crypto-focused financial platform with the Nexo Card, which is a Mastercard and VISA-powered debit card, now allowing you to seamlessly spend cryptocurrencies and earn 2% cashback with more than 40,000,000 merchants worldwide.
How to Buy Nexo – Conclusion
We can now conclude our how to buy Nexo guide with hopes that our step-by-step examples have been useful in your quest to get a piece of the NEXO pie. With the continued mainstream adoption of digital assets such as cryptocurrencies or stablecoins, there's no doubt that Nexo, along with its other peers in the digital-only banking sector, will benefit from this growth. Fair, accessible, and equitable are traits that have never been attached to banks… At least before Nexo entered the fray.