NEXO Wallet Review with Loyalty Levels and Best Interest Rates 2022

NEXO Wallet Review with Loyalty Levels and Best Interest Rates 2022

Welcome, here you will find all information regarding Nexo wallet review, loyalty levels and interest rates for 2022.

How do you earn the best crypto interest rates and get the highest yields with Nexo io wallet?

Nexo Best Interest Rates and APY 2022

In the table below, you can find some of the best interest rates and APY from Nexo in 2022.

For most stablecoins Nexo is offering 8-12% APY and for most cryptocurrencies Nexo is offering 4-8% APY. However, there are exceptions like Matic and Polkadot as you can see in the table.

How to receive the maximum interest on Nexo?

To receive the maximum interest rate and APY you need to fulfill 3 criteria

  1. Be a Platinum loyalty member (read more about conditions below)
  2. Lock your funds for 1 month 
  3. Chose to receive your interest payouts in the Nexo token

Crypto

APY

Nexo IO Wallet Review 2022 Intro

Nexo.io is offering a desktop and a mobile wallet where you can lend and borrow crypto.

By lending your crypto on the Nexo.io application you can earn crypto passive income.

Nexo.io is an EU licensed and regulated financial institution. They have a 350 million insurance on all custodial assets.

Nexo has a user base with over 3.000.000 users and 4.6 rating on Trustpilot.

NEXO features and services

Nexo is offering the services

  • Earn daily compounding interest on your crypto, stablecoins and EUR, GBP and USD
  • Collateralize your crypto and borrow instantly with Nexo’s crypto credit lines
  • Nexo card – Spend the value of your crypto without selling it. Get instant cashback on all purchases and take advantage of flexible repayment options and zero fees.
  • Nexo exchange – Trade 175+pairs and earn up to 0.5% cashback on each swap

How to active Earn in NEXO and receive payouts in NEXO token?

You have to activate Earn in NEXO to receive the payouts in the NEXO token and get access to the best interest rates.

  • In the NEXO app, click wallet
  • Click on the cryptocurrency you want to manage
  • Press on “Manage wallets”
  • Click on “Interest Breakdown”
  • Click on “Saving interest preferences”
  • Here, you can chose to receive your payouts in the NEXO token

Note: Please be aware that due to regulatory restrictions Earn in NEXO is currently not available to US clients.

How to get the best Nexo Interest Rates?

Nexo.io wallet is offering interest rate accounts for cryptocurrencies and stablecoins.

The Nexo.io interest rates are 

  1. For stablecoins 8-12%
  2. For cryptocurrencies 4-8%

One important thing to notice when you compare interest rates between different companies are loyalty levels and in what currency the interest is paid.

For example, with Crypto.com and Celsius Network, there are several different loyalty levels that also determines you interest rate. On top of that, you can also choose if you want the interest paid in their native token for Crypto.com and Celsius which will also affect you interest rate.

Read more about loyalty levels in the next section.

Nexo Loyalty Program Review 2022

In the table below, you can see all the Nexo.io loyalty levels for 2022.

It´s a complicated table but basically it means

  1. There are 4 different levels: Base, Silve, Gold, Platinum. You can see the requirement under each symbol
  2. For cryptos and stablecoins, you will earn 0.25% extra per loyalty level 
  3. You can earn 2% on any level if you chose to receive the payouts in the NEXO token
  4. You can earn 1% on any level if you chose to lock your funds 1 month

Nexo Wallet Card Review 2022

Right now you can sign up to get early access for the Nexo crypto card. The Nexo crypto credit card is connected to Mastercard.

The Nexo card gives you the following features.

  • Freeze and unfreeze your Nexo Card with a single tap
  • Receive instant notifications about all transactions
  • Create free virtual cards for safe online purchases
  • Monitor all your transactions in real-time
  • Get 2% cashback with all purchases
  • View your PIN and change it at any ATM if needed
  • Accepted by 40+ million merchants worldwide
  • Payments in local currencies
  • NO FEES (no monthly fees, no FX fees)
Compare these rewards and benefits with the Binance Visa card or Crypto.com CRO Visa card.

What is the Nexo Exchange?

With the Nexo Exchange features, you can buy, sell, and swap instantly between 175+ market pairs within the Nexo desktop platform or the Nexo app. 

There are no limits on the number of swaps you can make.

The minimum and maximum order values are $30 and $250,000, respectively.

Note: The Nexo Exchange requires Advanced Verification. The NEXO Token is currently unavailable to US citizens.

How to get cashback on each swap in the NEXO exchange?

You can earn instant cashback on every swap on the NEXO exchange.

You have to make sure at least 1% of your Portfolio Balance consists of NEXO Tokens.

The cashback you get depends on your Loyalty Tier as you can see below

  • Silver Tier. Cashback Rate: 0.10%
  • Gold Tier. Cashback Rate: 0.25%
  • Platinum Tier. Cashback Rate: 0.50%

What is the NEXO Booster?

The Nexo Booster is a leverage trading functionality on the NEXO exchange. You can boost your exposure to crypto without allocating additional capital.

The new feature works by using your existing crypto holdings and allowing you to borrow additional assets to grow your position in a certain asset.

You can get between 1.25x up to 3x leverage on your crypto holdings. The permitted LTV (Loan to the value of your collateral) is up to 70%.

You can also get cashback on your NEXO booster transactions. See the section above for more information about cashback. 

The maximum amount per booster transaction is $250K but you can make as many booster transactions as you want.

  • Аvailable Currencies: BTC, ETH, AVAX, SOL, MATIC, LUNA, UNI, ADA, DOT, XRP, BCH, LTC, BNB, EOS, XLM, LINK, TRX, PAXG, DOGE. 

What is the Nexo Token?

According to Nexo, the NEXO Token is the world’s first compliant token with utility features, that will be offered to qualified investors in accordance with all applicable laws. 

The NEXO Token is ERC20-compliant and embedded in the Ethereum blockchain as a smart contract.

 

What is the utility of the NEXO token?

Both a lender and a borrower on Nexo can benefit from the NEXO token.

  • A lender can receive higher interest rates if he/she chose to receive payouts in the NEXO token
  • In addition, you can receive even higher interest rates if you hold a certain amount of NEXO tokens (NEXO loyalty levels)
  • A borrower receives better interest conditions if he/she holds a certain amount of NEXO tokens in the account

By doing the above, Nexo is creating a great demand of the Nexo token. 

In the long term, this will be refelcted in the NEXO token price as you can see in the next section.

Where to Buy NEXO tokens?

It is now possible to buy the NEXO token in the NEXO exchange. NEXO supports the following trading pairs.

  • NEXO / BTC
  • NEXO / ETH
  • NEXO / USDT
  • NEXO / USDC
  • NEXO / USDx
  • NEXO / EURx
  • NEXO / GBPx

How to report Tax on Nexo IO interest Payouts?

You have to report tax on your Nexo IO interest payouts. The easiest way to do this is to use a crypto tax software. We prefer Koinly because it´s affordable and very easy to use, even for a beginner.

Koinly Logo

Nexo IO Review 2022 Summary

We believe Nexo Io definitely should be a part of your crypto passive income portfolio in 2022. 

We ourselves have an equal portion in Nexo, Crypto.com, BlockFi and Celsius of our total holdings.

We think these four are the greatest players when it comes to interest accounts and easy-of-use. Also, they have a good online reputation.

Compare our Nexo review with our Crypto.com app review.

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