How to buy and sell Nexo (NEXO)

Nexo is a lending platform that offers cash loans in return for cryptocurrency deposits. This allows users to retain full ownership of their digital assets while at the same time being able to access cash. In 2021 the company opened a cryptocurrency exchange with support for EUR, USD and GBP pairs.

Nexo's native token, NEXO, is a dividend-paying token that distributes 30% of the platform's profits to token holders several times a year. NEXO holders are also eligible for a range of discounts and benefits on the Nexo platform, including up to 25% additional interest on assets deposited with Nexo.

Where to buy NEXO in Australia

Nexo tokens are listed on the following crypto exchanges:

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Name	Product	Deposit methods	Fiat Currencies	Cryptocurrencies
Huobi Cryptocurrency Exchange		AdvCash, Cryptocurrency, SWIFT, Wire transfer	GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+ more	219 cryptocurrencies	Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.	View details	Compare	loading Fetching your data...
IDEX Cryptocurrency Exchange		Cryptocurrency	-	257 cryptocurrencies	A decentralised cryptocurrency exchange where you can trade over 250 ERC20 tokens.	View details	Compare	loading Fetching your data...
Hotbit Cryptocurrency Exchange		Cryptocurrency, Epay	USD	512 cryptocurrencies	A multi-currency exchange with 150+ pairings that can be accessed through desktop as well as a mobile app.	View details	Compare	loading Fetching your data...

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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 Australian 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

In 2021 Nexo launched a cryptocurrency exchange with a modest range of cryptocurrencies and three fiat currencies (GBP, USD and EUR).

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:

Disclosure: At time of writing the author holds ADA, IOTA and XLM.